THE ROLE OF INFORMAL INSTITUTIONS IN THE RUSSIAN ECONOMY

The article analyzes the formal and informal institutions and their role in sustainable development of the economy. Institutional factors are considered to ensure the effectiveness of corporate governance. The roles of formal and informal institutions in shaping trust relationships between all participants and ensuring business investment attractiveness, high reputation and positive image of the company. Identified function of informal institutions that shape cultural and ethical business practices. The recommendations for the establishment of system of self-regulated organization in Russia.