Towards an Accountable Firm

Abstract

The digitalization of communication in terms of social media and networking services is adding an interesting twist to the discussion about corporate social responsibility (CSR). Social media, as well as other new forms of digital communication, is a powerful tool for stakeholders to monitor and debate and raise the sustainability issues to the wider debate. The digitalized media sphere has repressed firms under incessant public scrutiny. Indeed, to put it in a more extreme way, digitalized media and communication might indicate the end of corporate social responsibility as we know it. To be reputable, it is not enough to be environmentally enlightened, invest in corporate social responsibility projects, or be responsible for environmental effects and other sustainability issues. To turn the courses of more firms towards genuine sustainable trade, we need more accountable firms and business leaders.

Accountable

Adjective, ac·count·able \ə-‘ka $\dot{u}$ un-tə-bəl\

: required to explain actions or decisions to someone

: required to be responsible for something