Abstract
Research program of the institutional framework of Douglass North, which was not implemented in practice by either the great researcher himself or his followers, is examined. Application of D. North’s methodological approach to analysis of a specific problem - shaping business value - allowed the author to draw the following conclusions. It is determined that formation of business value is a process of value imputation. It was found that as a result of the process of imputing the business value, carried out within a certain institutional framework, the formed value of business can be considered as a converted form of value of a particular product. The author gives an institutional explanation of how, on the basis of the institutional framework for determining the value of business, main logically contradictory approaches to estimating the value of business are combined, and how the final quantitative value of the business worth is formed on this basis.
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