A path to sustainable development of agri‐industries: Analysis of agriculture 5.0 versus industry 5.0 using stakeholder theory with moderation of environmental policy

Abstract

Agricultural 5.0 (a5.0) and Industry 5.0 (i5.0) both frameworks play a crucial role in achieving sustainable development (SD) by promoting efficiency and sustainability from the corporate and agricultural perspective. Industry 5.0 enhances industrial processes through automation and data‐driven decision‐making by reducing resource consumption and emissions control practices. However, agricultural 5.0 employs certain technologies to optimize farming practices, minimize waste, and improve food production by contributing to SD. The study attempts to explore the relationship between i5.0 and SD using three major streams (i.e., economic perspective, environmental perspective, and social perspective) based on instrumental‐stakeholder theory standpoints. Second, the study investigates the connections between a5.0 and SD. Finally, a moderating influence of environmental policy (ENP) was examined between the connections of a5.0, i5.0, and SD. Data were carefully collected and organized by implementing a structural approach using SmartPls tool based on seven hundred and forty‐nine responses (N = 749). The results confirmed a positive impact of a5.0 on SD along with each dimension. Likewise, a positive nexus between i5.0 model and SD was observed. Finally, the study confirmed a positive moderation of ENP, respectively. This study provided insights into both models showing that these models promote sustainability, vital for a greener and support bringing SD, that is, social, economic, and environmental. ENP acts as a crucial moderator among i5.0, a5.0, and SD that ensures alignment with SDGs.