The dissertation presents a literature review on corporate governance in Central and Eastern Europe, the problems that are being faced in this sector, and opportunities as well as probable future directions. A quantitative investigation that attempts to investigate corporate governance in Central and Eastern Europe has also been included and this should provide further insights that complement the themes that have emerged from the literature review. The quantitative investigation consists of a look at World Bank Governance Indicators for various countries in the region, competitive rankings for the region, the flow of investment funds, and a survey for corporate governance. It is hoped that what has been presented will be of benefit to anyone who wants to have an in-depth look at the prevailing situation for corporate governance in Central and Eastern Europe. Note that this region had attracted considerable attention and investment, however, there are unique problems associated with corporate governance due to the region’s transition from socialism.Central and Eastern Europe is a vast region and the field that is required to be covered is equally gigantic. Thus, the dissertation presents an overview rather than going into country-specific details.The collapse of the former USSR resulted at the beginning of post-communist transformations in countries of Central and Eastern Europe. However, countries in the so-called transition economies of Europe have opted to take different paths to capitalism. Privatization of state-owned enterprises, market reforms, institution building, and the establishment of a legal, institutional, and regulatory framework for corporate governance were challenges that had to be faced after socialism. Corporate governance as a system by which companies are directed and controlled has received much attention in recent years because all countries want the firms operating within them to flourish and grow. It has been estimated that countries of the Central and East European region had given away one generation’s worth of income during their forty years of socialism.