The Institutionalization of the Concept of Corporate Social Responsibility: Opportunities and Prospects

Modern social and economic development in Russia requires active rethinking of ideas and views on formation and development process of the business in terms of implementation of the foundations of corporate social responsibility in its activities. The solution of the problem, in our opinion, is possible with the active introduction of institutional reforms into practice of business activities of socially responsible companies. In this regard, the present study proves the growing role of the institutionalization of the concept of corporate social responsibility, which, on the one hand, will allow achieving positive results in social and economic, organizational and business activities of modern market participants, and on the other, ensuring a significant increase in the efficiency of the economic order in the operation of such companies. The study identifies key institutional prerequisites of formation and development of socially responsible business behavior in the modern conditions of prosperity of the Russian Federation, including social partnership, social accountability, responsible financing, social expertise, etc. It is concluded that the institutional reforms in the field of business social responsibility must meet civilized business "rules of the game" . In the direction of orientation to facilitate the formation of the institute of corporate social responsibility (CSR), taking into account Russia's institutional specifics, it is found that review of the views of authorities is very important, because the institute CSR considers the necessary rules and regulations of social partnership, i.e. operation and development of cooperation between private, public and nonprofit sectors. They in their turn provide (produce) social orientation and/or orientation inside of the economic system for both the micro, meso and macro levels. The aim of this study is to substantiate the increasing role of institutional foundations of the formation and development of CSR in Russia and the development of tools to facilitate the institutionalization of the concept of socially responsible behavior of national business. Article is created by means of the system analysis tools.