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Efficiency in microfinance requires accounting for a specific ambiguous production goal. Beyond financial performance, microfinance institutions are to be assessed with regard to their social impact. Based on a comprehensive data collection campaign on 15 Bulgarian agricultural credit cooperatives (ACCs), we compiled a database uniting financial (perennial data from 2000 to 2009) and social performance indicators (2009). The social performance assessment follows an internationally renowned methodology of social auditing. It provides the database for the construction of a social output, which, apart from outreach, evaluates social network quality, client benefits (protection from over-indebtedness) and other items that have not been assessed in efficiency analysis before. We develop a new analytical model for Data Envelopment Analysis and gain meaningful results for the sample of ACCs. Interestingly, the efficiency rankings revealed that only ACCs with sound financial performance can achieve a higher ranking in the specification including the social output.

Almost three decades since the collapse of the socialist regime, Romania’s farm structure is characterized by a distinct dual pattern. The far majority of farms is relatively small, while a small number manages about half of the total utilized agricultural area. Most farmers face significant constraints in creating viable farm businesses. When this is the case, it can be assumed that farmers will unite and establish agricultural service cooperatives (ASCs), as has been observed in many other parts of the world. In Romania, however, as in many other postsocialist economies, farmers tend to be reluctant to form or join formal organizations of mutual assistance. Yet there are signs of change, as first ASCs have recently been established. The objectives of this contribution are twofold: First, we discuss the major obstacles why ASCs did not develop after regime change. Second, we analyze the major reasons and influencing factors why private family farmers become more open to this type of formal organization in recent years. The analysis is based on a literature review, farm statistics, and qualitative in-depth interviews with farmers in 2018.