Factors of succession: From an entrepreneurship to a professionally managed firm. Experience of CIS and Central and East European countries

The paper is presenting the results of the research which studied the impact of various factors on the management succession from owner to CEO in the countries with transition economies. On the basis of the literature review the hypotheses about the influence of such factors as size and age of the company, legal system perception, bribes and audit were proposed. The hypotheses were tested with the usage of logistic regression on the data collected by The World Bank Group which contains panel data about enterprises from CEE and CIS countries. The analysis shows the significant relation between the size and age of the company, audit, bribes and the decision about the owner–CEO succession in CIS countries. Considering CEE countries only company’s age and size became the statistically significant variables.