INSTITUTIONAL AND ORGANIZATIONAL ENVIRONMENT OF MULTINATIONAL COMPANY
The paper studies problems related to institutional economic theory and institutional practice that arise under the conditions of globalization of economic relations and especially during the period of the world economic crisis. The author examines institutional environment of multinational companies as consisting of the formal and informal subsystems. The formal subsystem includes political, economic and legal institutions while social, cultural, professional and knowledge-related institutions are referred to the informal subsystem. The author analyses institutional harmonization factor as having the key role in the choice of international cooperation strategy in countries with economy in transition. In case of mutual interest of international economic players and matching international and national institutions, the practical issues of strategic cooperation are quite traditional. In contrary, mismatch of institutional setup creates an obstacle for long term international cooperation while the search for consensus increasingly consumes the resources of the participants and may eventually lead to disruption of cooperation. The author defines institutional factors facilitating the convergence of national schools of management of different countries as well as factors hindering that process. The conclusion is made about the priority directions of the institutional theory which will allow further research of this problem under the conditions of the world economic crisis.