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Most previous studies concerning company performance evaluation focus merely on operational efficiency. Operational effectiveness, however, which might directly influence the survival of a company is usually ignored. As a result, this paper presents a study which uses an innovative two-stage data envelopment analysis (DEA) model that separates efficiency and effectiveness to evaluate the performance of 59 Listed corporations of the electronics industry in Taiwan. The empirical result of this paper is that a company with better efficiency doesn’t always mean that it has better effectiveness. There is no apparent correlation between these two indicators.