Abstract
School-Based Management (SBM) is intended to strengthen school-level governance through independency, partnership, community participation, transparency, and accountability. However, its implementation in private vocational schools may face agency challenges because foundations, government, parents, committees, teachers, and industry partners have different interests and access to information. This study evaluates how SBM functions as a governance framework in SMK Adi Sanggoro and how agency problems shape its implementation. A qualitative single-case study was conducted through semi-structured interviews, non-participant observation, and document analysis. The data were analyzed using thematic analysis guided by the five SBM principles and agency theory. The findings show that SBM has been implemented through budget planning, industry collaboration, stakeholder communication, financial reporting, teacher supervision, and school evaluation routines. Independency operates as delegated and conditional authority, with operational discretion distributed across school levels while strategic decisions remain subject to higher-level approval. Partnership is extensive, but industry feedback and outcome verification are not consistently formalized. Community participation provides stakeholder voice but remains predominantly consultative rather than supervisory. Transparency is stronger in vertical reporting than in public disclosure and horizontal information flow. Accountability mechanisms are extensive, but observed empty class hours without substitute teachers indicate that monitoring does not always prevent residual loss in learning services. The study concludes that SBM can operate as a governance framework in private vocational schools, but its effectiveness depends on clearer decision rights, stronger information flows, formalized stakeholder feedback, and more effective monitoring and follow-up.