Process of globalization conditions the business to acknowledge a factor that go beyond the boundaries of classical economic theory. Effective management of the company entails building of mutual rational relationships and constructive communication with all the stakeholders in business processes. Analysis of the activities of modern companies entails the acknowledgement of their positive and negative impacts on the society and natural environment. Corporate social responsibility (CSR) is becoming an increasingly important research phenomenon, but also an institution, which serves as an indicator of civilization and sustainable development. The aim of this paper is to demonstrate the importance of the institutional frameworks in regulating the CSR, to analyze some key aspects and issues related to the observed phenomenon and define its contemporary position. It starts from the hypothesis that a) CSR gradually changes, but its position is on the line between rhetorical illusion, voluntary possibility of implementation and the need for forced (institutional) commitment, and b) that institutional pluralism is a precondition for overcoming of the institutional vacuum and monist quasi-institutionalization of neo-liberal type. The conclusion is that it is necessary to institutionally define the achievement of balance between the economical, environmental and social imperatives.
Veselin Draskovic and Andjelko Lojpur. "Transactions And Institutions The Importance Of The Institutional Framework In Regulating Corporate Social Responsibility." Montenegrin Journal of Economics. vol. 9, no. 2, 2013, p. 39-46
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