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This research analyzed the network of psychosocial influences through which efficacy beliefs affect academic achievement. Parents' sense of academic efficacy and aspirations for their children were linked to their children's scholastic achievement through their perceived academic capabilities and aspirations. Children's beliefs in their efficacy to regulate their own learning and academic attainments, in turn, contributed to scholastic achievement both independently and by promoting high academic aspirations and prosocial behavior and reducing vulnerability to feelings of futility and depression. Children's perceived social efficacy and efficacy to manage peer pressure for detrimental conduct also contributed to academic attainments but through partially different paths of affective and self‐regulatory influence. The impact of perceived social efficacy was mediated through academic aspirations and a low level of …