Impact of Personal Finance on Entrepreneurship in Transition Countries for Central Asia, Central and Eastern Europe for 2016

Abstract

Well-developed entrepreneurship in transition countries makes its contribution to economic growth. The main purpose of this research work is to examine the effect of personal wealth on entrepreneurship in transitional countries. The study based on a third round of Life in Transition Survey (LiTS III) of 2016, which includes 34 countries in transition. However, only 32 states were selected for this research, and exceptions are Germany and Italy. The main findings indicate that a higher wealth of people has a significant impact on creating new enterprises. Moreover, variables like risk, gender, immigration, education, age, health, urban also have a significant and positive correlation with establishing new business. C ountries included in Life in Transition Survey III of 201 6 are : Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Cyprus Estonia, FYR Macedonia, Georgia, Greece Hungary, Kazakhstan, Kosovo, the Kyrgyz Republic, Latvia, Lithuania, Moldova, Mongolia, Montenegro, Poland, Romania, R ussia, Serbia, the Slovak Republic, Slovenia, Tajikistan, Turkey, Ukraine, Uzbekistan, the Czech Republic, Germany, Italy