Importance The requirement of sustainable development directly relates to social responsibility of business. Therefore, the factor of institutional environment of business in general and assessment of the impact of institutional environment on corporate social responsibility in particular are particularly important. Objectives The study aims to quantify the influence of institutional environment on the social responsibility of business. Methods Using the econometric approach, we analyzed the impact of institutional environment on corporate social responsibility, and defined indicators to assess it at the macro-level. Results We propose using indicators that evaluate the impact of institutional environment on the social responsibility of business. They include the level of property rights protection, corruption perception index, and the level of law abidance. The developed regression model enabled to quantify the impact of institutional environment on the social responsibility of business on the case of economic and political institutions. Conclusions and Relevance We conclude that protection and specification of property rights, the level of corruption and law-abiding behavior have approximately similar influence on the development of social responsibility of business in the society.
Keywords: social responsibility, business, institutional environment, property rights
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