THE INSTITUTIONAL CONTEXT OF CORPORATE GOVERNANCE AND CORPORATE SOCIAL RESPONSIBILITY

Specifics of particular models of corporate governance and appropriate CSR are predominantly conditioned by the character of relations between the two environments corporate (voluntary, based on market laws) and institutional (binding, based on the regulations and standards). It can be assumed that in the future all models of CSR that prefer sustainable development will be increasingly leaving the first zone and accept the rules of another environment. This paper analyses some institutional factors that have a significant impact on corporate governance and CSR evolution. The aim of this paper is to demonstrate the importance of the institutional frameworks, to analyze some key aspects and issues related to the observed phenomenon and define its contemporary position. It starts from the hypothesis that: a) institutional environment represents the most important factor that affects corporate governance development and that there is a direct subordinated dependence in the following relationship: institutional development - corporate governance - sustainable economic development, b) 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 c) utilization of institutional pluralism in the fields of corporate governance and i CSR is a precondition for overcoming of the institutional vacuum and monist quasi-institutionalization of neo-liberal type. Analysis of internal and external factors of corporate governance and CSR should reveal possible reasons for its inefficiency so far in most of the transition countries. The conclusion is that it is necessary to institutionally define the achievement of balance between the economical, environmental and social imperatives.