I am not sure about the system of materials you are working on.....However, for a particular class of materials (e.g Sr2FeMoO6 double perovskite), the oxygen vacancy weakens the hybridization interaction between the oxygen and transition metals, consequently the double exchange interaction between Fe-O-Mo-O-Fe is reduced. This leads to a decrease in the Curie temperature and magnetization of the material. The attached papers can help you in this direction.
I think you mean ferrite and magnetic ceramic. the deviation about the stoichoemetric oxygen content affect saturation magnetization. Coercievity always is affected by grain size.