Does industry 5.0 model optimize sustainable performance of Agri‐enterprises? Real‐time investigation from the realm of stakeholder theory and domain

Abstract

The research on Industry 5.0 (i5.0) is relatively new and emerging therefore professionals are still striving to reveal its influence globally. This study investigates the impact of industry 5.0 to comprehend the insights into how it optimizes the sustainable performance (STP) within three core streams, that is, economic, environmental, and social perspectives from the realm of stakeholder theory within the Chinese agricultural industry. The results stated that i5.0 positively affects the STP of Agri-enterprises. The empirical testing additionally affirmed the positive nexus of i5.0 practices toward each dimension of STP such as social, environmental, and economic perspectives based on structural equation modeling. First, it found that i5.0 has a positive correlation with the economic perspective. Second, the findings affirmed the positive linkage between i5.0 and the social perspective. Finally, the study indicated a significant correlation between i5.0 and the environmental perspective. This study provides real-time empirical evidence for the management of Agri-enterprises regarding i5.0 and insights into the embodiment of such capabilities to optimize enterprise STP by incorporating i5.0 model. This study presents several theoretical and managerial enrichments for Agri-enterprises along with future avenues for the researchers to test the i5.0 capabilities toward rest of the sectors across the world.

Environmental policy vs. Environmental innovation: An examination of policies disclosure on sustainable development from stakeholder theory perspective

“…The current values for both NFI and SRMR are reported in Table 6 which are 0.941 for NFI and 0.0124 for SRMR. These techniques adopting SEM and supporting methods are consistent with previous studies where academic scholars, practitioners, and policy developers used similar approaches (Ahmad et al, 2023;Guo et al, 2023;Waheed & Yang, 2019;Wang et al, 2022). a smaller connection (Benesty et al, 2009).…”

Beyond Industry 4.0: a systematic review of Industry 5.0 technologies and implications for social, environmental and economic sustainability

“…Figure 3 highlights the noteworthy similarity in the microeconomic goals of Industry 5.0 when compared to Industry 4.0. Scholars suggest that, within the context of Industry 5.0, the advancement of prosperity and growth hinges upon corporations' financial success and economic efficiency (Guo et al, 2023;Waheed et al, 2022). Achieving this necessitates leveraging advanced technologies to enhance the management of logistics and material flow, streamline operations, and boost workforce productivity (Turner and Oyekan, 2023).…”

“…The evidence mapping delineates waste reduction as the preeminent microenvironmental advantage of Industry 5.0 for corporations (Guo et al, 2023). Industry 5.0 offers a multifaceted pathway to waste reduction within corporations through its transformative technologies and principles.…”

“…Industry 5.0 offers a promising landscape for cultivating several crucial macro-social values, each fortified by distinct delivery mechanisms that harness the transformative potential of advanced technologies. Industry 5.0 is a stakeholder-driven agenda driven by a collective imperative to prioritize the well-being and needs of individuals, impelling the industrial landscape to cultivate technologies that are explicitly attuned to human requirements (Guo et al, 2023). This imperative transcends the boundaries of industrial operations, extending its reach into consumer products (Maddikunta et al, 2022).…”

Society 5.0 versus Industry 5.0: An examination of industrialization models in driving sustainable development from a normative stakeholder theory perspective

“…The i5.0 model helps to promote collaboration with stakeholders, improve SSP, bring transparency in operations, enhance resource efficiency, and improve customization (Dwivedi et al, 2023; Ghobakhloo, Iranmanesh, Morales, et al, 2022; Leng et al, 2022). Moreover, the impact of recent industrial models both i4.0 and i5.0 was determined by researchers to furnish insights into industrialization models in terms of the different domains of SSP such as social, economic, and environmental perspectives (Atif, 2023; Guo et al, 2023). For instance, a study confirmed a positive connection between industrial models and social perspectives from developed nations other than the industrial sector (Ghobakhloo, Iranmanesh, Mubarak, et al, 2022).…”