The article represents a study of the objective foundations and specific forms of implementation of the social responsibility of business, associated with the need to determine the fundamental reasons for its functioning and development trends in the world community. The country (world region)-based analysis concludes that there are significant conceptual differences in the models of state participation in the formation and implementation of business efforts in the framework of socially responsible behavior. At the same time, the “unifying” role of voluntary CSR standards set out in the documents of the Global Reporting Initiative (GRI) is shown, which are intended for use by organizations regardless of size, industry, and location reporting prepared in accordance with these standards determines a positive

image of companies in the eyes of both government regulators and consumers and investors, and is a kind of tool for companies to compete, including on an international scale.

Highlights

• The article is devoted to the analysis of approaches and vision of socially responsible business through the concept of corporate social responsibility, and the role of state and stakeholders in shaping CSR by countries.
• The results of research demonstrated that GRI reporting standards enable smoothing of regional differences in organizing interaction between the state and business in the field of CSR, thus contributing to enhancement of the policy of forming a socially responsible business.
• The practical significance of the study is that the research enriches the possibilities of institutional and economic understanding of the socially responsible business as a phenomenon and experience necessary for building a civil society.