The purpose of this study was to determine whether or not the elementary school principal has an impact on the outcomes of schooling manifested by students and, if so, to determine the nature of the role of the principal in influencing cognitive and affective outcomes manifested by students. The three sets of principal-related variables used were background, leadership, and utilization of time. From a national sample of 41 Individually Guided Education (IGE) schools, a subsample of 28 principals was generated for use in the study. Pearson Product-Moment correlations, multiple regression analysis, and path analysis were used to analyze the data. In general, results showed that principals do make a difference in producing student outcomes. The principal-related variables were significantly related to student achievement in reading and math and to student self-concept. Suggestions for further study include (1) developing an instrument to measure students' perceptions of the principals' leadership, (2) studying other subsystems in the schooling process, (3) conducting additional studies using path analysis techniques, and (4) gathering data on individual students. (Author/LD)