This paper explores parental involvement using principal and parent survey reports to examine whether parents' involvement in their children's schools predicts academic achievement. Survey data from principals and parents of seven countries from the PISA 2012 database and hierarchical linear modelling were used to analyse between- and within- school variance in students' math achievement. Factor analysis of both principal and parent responses revealed three dimensions of parental involvement with schools: parent-initiated involvement, teacher-initiated involvement and parent volunteerism. Principal reports of parent-initiated involvement positively predicted between-school differences in student achievement. Within schools, parent reports of teacher-initiated involvement negatively predicted student achievement. The paper shows the importance of understanding the source of information for survey measures. Information on parental involvement from the parent surveys of the PISA study is suitable for describing within-school variation in student achievement, whereas principal reports can be used to predict variation between schools.