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This paper explores the relationship between STEM self-efficacy and academic performance through multilevel models. We report trends in this relationship across four cycles of an international large-scale assessment. We find that despite the overall increase in the country-level self-efficacy from 2003 to 2015, the relationship with academic performance has weakened over this period. The finding suggests that self-efficacy became less of a predictor of academic success than has been previously hypothesized (e.g., Richardson et.al., 2012) which can be partly due to self-efficacy estimates being based on a self-reported instrument rather than true behavioral measure.