Our aim is to evaluate the performance of American dance companies, considering that the production process may be subdivided into consecutive stages consisting of fundraising, artistic production, and social impact. A three‐stage network‐Data Envelopment Analysis model is applied which takes account of the links between stages in the form of intermediate inputs/outputs and provides an overall indicator of efficiency together with partial performance indicators in the stages. Given the lack of information for some variables, we previously undertook a process to impute missing values following MICE (multiple imputation by chained equations) procedures. Results show that the highest levels of efficiency are achieved during the cultural creation stage, whereas the lowest correspond to social impact, indicating that dance companies pursue artistic excellence in their cultural programming, irrespective of their activity's commercial outcomes. Moreover, public and private funds are seen to be channeled following this guideline, thereby justifying the non‐profit status of these entities.
