Znaczenie instytucji nieformalnych społecznej odpowiedzialności dla rynku giełdowego
The Importance of Informal Institutions of Social Responsibility for the Stock Market

Summary/Abstract: Purpose – The aim of this article is to demonstrate the importance of informal institutions of social responsibility for the stock market, which are the initiatives of the transnational organizations noncompulsory for listed companies and dealing with their social responsibility. Design/methodology/approach – An analysis of the critical literature in the terminology of “sustainable development”, “social responsibility” and “ESG factors” to explain the subject of informal institutions and analysis of the institutions of this kind of importance for the functioning of the stock market. Findings – It was found that some informal institutions dealing with the social responsibility of listed companies are gaining importance in the formal dimension. Originality/value – It was shown that adopting CSR initiatives of an informal sense is justified, because it can have real importance to the stock exchange, gaining the status of a formal initiative.

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