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Analyzing survey-responses from 146 Biosphere Reserves in 55 countries we investigate how stakeholder participation and adaptive co-management practices are linked to management performance. Effectiveness in conventional conservation was positively affected by participation of scientists, but negatively affected by participation of volunteers. Effectiveness in sustainable development goals was associated to participation by local inhabitants. Adaptive co-management practices were associated with a higher level of effectiveness in achieving development goals, and this higher effectiveness did not seem to be at the expense of biodiversity conservation.