IT Influenced CSR in De-Stabilized Economy with Comparative Analysis of Various European Countries

Abstract

Corporations around the world are struggling with a new role, which is to meet the needs of the present generation without compromising the ability of the next generations to meet their own needs. Organizations are being called upon to take responsibility for the ways their operations impact societies and the natural environment. They are also being asked to apply sustainability principles to the ways in which they conduct their business. Sustainability refers to an organization’s activities, typically considered voluntary, that demonstrate the inclusion of social and environmental concerns in the business operations and in interactions with stakeholders (van Marrewijk & Verre, 2003)It is no longer acceptable for a corporation to experience economic prosperity in isolation from those agents impacted by its actions. A firm must now focus its attention on both increasing its bottom line and being a good corporate citizen. Corporate Social Responsibility (CSR) refers to the company’s efforts to go beyond what may be required by the regulators, it is the corporate initiative to assess and take responsibility for the company’s effect on the environment and impact on social welfare. Information Technology (IT) is also an enabler of business functions. It plays a great role as the benefits gained from it are of great use but corporate social responsibility (CSR) puts limitations on its usage.