THE EXIT RIGHT GRANTED TO MINORITY SHAREHOLDERS IN ENGLISH, ITALIAN AND CHINESE LAW: PATH-DEPENDENCE RESISTANCE TO GLOBAL-CONVERGENCE

Download This Article

Abstract

Looking at the evolution of the exit right granted to minority shareholders by different company law systems through the lens of economic history may reveal the extent to which path-dependence is resisting to global convergence. The role played by the privatisation of large corporations in the development of Italian company law has been of the utmost importance: in an effort to shift, in a few years, from the state-ownership structure of the industrial system to a partial private-ownership one, company law has been significantly amended with the hope to artificially reproduce the conditions of an efficient and liquid market

Keywords: Exit Right, Withdrawal Right, Appraisal Right, Italy, UK, China, Path Dependence, Global Convergence, Equity Exchanges, Minority Shareholders, Liquidity, Sell Out, Squeeze out.

How to cite this paper: Carone, M. (2007). The exit right granted to minority shareholders in English, Italian and Chinese law: Path-dependence resistance to global-convergence. Corporate Ownership & Control, 4(4-2), 323-332. https://doi.org/10.22495/cocv4i4c2p7