Démocratie représentative et démocratie participative. Remarques pour une comparaison de la Colombie et du Venezuela contemporains

Sans prétendre à l’exhaustivité, cet article cherche a démontrer le caractère dual de la démocratie participative en commençant, sur le plan théorique, par présenter quelques traits distincts et significatifs des différences entre ce qui est censé appartenir en propre à la démocratie représentative et ce qui est censé relever de la démocratie participative ; et dans un deuxième temps en abordant les correspondants pratiques de ces traits au Venezuela et en Colombie.

Corporate valuation and governance: evidence from Colombia

We examine for the first time the association of different measures of ownership and control, and separation ratios with firm’s value and performance for 108 non-financial firms that traded their stock during the period 1998 to 2002. We found that large blockholders exert a positive influence upon firm’s valuation and performance, which validates the positive monitoring approach of large shareholders, but also found that this relation is not monotone implying that when separation of control and ownership tends to increase, a negative effect is exerted on firm’s valuation. Furthermore, we report first estimates of a survey of corporate governance practices conducted in 2004 for 43 Colombian non-financial companies. The index’s scores suggest that implementation of good governance in Colombian firms has been slow and poor as measured by the average of the Index that is below half the maximum attainable value. Regrettably, we did not find any support to recent theories that predict a positive association between good governance practices, measured by the CGI, and performance. At most there exists a positive relationship for sub-index but the results were not statistically significant in general.