Researchers have focused too much on the financial performance of co-operatives, neglecting the original purpose and nature of co-operatives. There is a gap in the literature, especially in developing a holistic measurement of co-operative performance based on stakeholder perspectives. Thus, the objective of this study is to develop a measurement of co-operative performance, considering co-operative principles and economic, social, and sustainable governance perspectives, suitable for the context of medium, small, and micro co-operatives. Malaysia is used as the context. In conducting this study, the Delphi technique is utilized where a specific focus group consisting of five clusters representing the stakeholders as participants. Qualitative analysis of results suggests performance indicators that reflect the purpose (objectives) and principles of co-operatives, which are divided into three aspects, economic, social and sustainable governance. This study is one of very few studies that develop the indicators for co-operative performance measurement. Hence, it is important for co-operatives in this category to consider the use of indicators suggested in this study to comprehensively measure their performance.
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