Abstract. For models which exhibit a continuous phase transition in the thermodynamic limit a numerical study of small systems reveals a nonmonotonic behaviour of the microcanonical specific heat as a function of the system size. This is in contrast to a treatment in the canonical ensemble where the maximum of the specific heat increases monotonically with the size of the system. A phenomenological theory is developed which permits to describe this peculiar behaviour of the microcanonical specific heat and allows in principle the determination of microcanonical critical exponents.