Legal analysis of the institutional mechanism of corporate social responsibility of Russian industrial enterprises
The article considers the mechanism of formation and functioning of corporate social responsibility as a social and economic institution based on an analysis of the legal framework for regulating activities of industrial corporations in the Russian Federation. It formulates the concept of corporate social responsibility in terms of Russian legislation and from the perspective of institutional economics. It analyses the tendencies of evolution and import of institutions in the form of international standards for management systems for CSR and non-financial reporting. It substantiates an institutional model and institutional mechanism of CSR and describes all levels of the legal framework for regulating the industrial corporations liabilities to the interested parties from the federal to the corporative ones. The article demonstrates the structure of the CSR institutional model using the example of industrial companies of Ural Region. It show the position and role of corporate philanthropy in the contracting relationship between business and society and identifies an interrelation between the legislation base and international standards of social responsibility and non-financial reporting for management of economic, environmental and social performance of industrial companies in regard of the interested parties.