IDEAS home Printed from https://ideas.repec.org/a/wly/sustdv/v31y2023i4p2507-2516.html
   My bibliography  Save this article

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

Author

Listed:
  • Long Guo
  • Dongsheng Sun
  • Muhammad Akib Warraich
  • Abdul Waheed

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.

Suggested Citation

  • Long Guo & Dongsheng Sun & Muhammad Akib Warraich & Abdul Waheed, 2023. "Does industry 5.0 model optimize sustainable performance of Agri‐enterprises? Real‐time investigation from the realm of stakeholder theory and domain," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(4), pages 2507-2516, August.
    • Handle: RePEc:wly:sustdv:v:31:y:2023:i:4:p:2507-2516
    DOI: 10.1002/sd.2527
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/sd.2527
    Download Restriction: no
    File URL: https://libkey.io/10.1002/sd.2527?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Abdul Waheed & Qingyu Zhang & Yasir Rashid & Muhammad Sohail Tahir & Muhammad Wasif Zafar, 2020. "Impact of green manufacturing on consumer ecological behavior: Stakeholder engagement through green production and innovation," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(5), pages 1395-1403, September.
    2. Muhammad Wasif Zafar & Asif Saeed & Syed Anees Haider Zaidi & Abdul Waheed, 2021. "The linkages among natural resources, renewable energy consumption, and environmental quality: A path toward sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 29(2), pages 353-362, March.
    3. Sher Zaman Khan & Qing Yang & Abdul Waheed, 2019. "Investment in intangible resources and capabilities spurs sustainable competitive advantage and firm performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 26(2), pages 285-295, March.
    4. Jill Brown & William Forster, 2013. "CSR and Stakeholder Theory: A Tale of Adam Smith," Journal of Business Ethics, Springer, vol. 112(2), pages 301-312, January.
    5. Sooksiri Wichaisri & Apichat Sopadang, 2018. "Trends and Future Directions in Sustainable Development," Sustainable Development, John Wiley & Sons, Ltd., vol. 26(1), pages 1-17, January.
    6. Liu, Xuan & Tong, De & Huang, Jiangming & Zheng, Wenfeng & Kong, Minghui & Zhou, Guohui, 2022. "What matters in the e-commerce era? Modelling and mapping shop rents in Guangzhou, China," Land Use Policy, Elsevier, vol. 123(C).
    7. Xu, Xiaofeng & Wang, Chenglong & Zhou, Peng, 2021. "GVRP considered oil-gas recovery in refined oil distribution: From an environmental perspective," International Journal of Production Economics, Elsevier, vol. 235(C).
    8. Engelen, Andreas & Kube, Harald & Schmidt, Susanne & Flatten, Tessa Christina, 2014. "Entrepreneurial orientation in turbulent environments: The moderating role of absorptive capacity," Research Policy, Elsevier, vol. 43(8), pages 1353-1369.
    9. Elias G. Carayannis & Joanna Morawska-Jancelewicz, 2022. "The Futures of Europe: Society 5.0 and Industry 5.0 as Driving Forces of Future Universities," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 13(4), pages 3445-3471, December.
    10. Sungchul Choi & Alex Ng, 2011. "Environmental and Economic Dimensions of Sustainability and Price Effects on Consumer Responses," Journal of Business Ethics, Springer, vol. 104(2), pages 269-282, December.
    11. Pratima Bansal, 2005. "Evolving sustainably: a longitudinal study of corporate sustainable development," Strategic Management Journal, Wiley Blackwell, vol. 26(3), pages 197-218, March.
    12. Juhani Ukko & Minna Saunila & Mina Nasiri & Tero Rantala, 2022. "The importance of sustainability engagement in small businesses supplier collaboration," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(1), pages 1-9, February.
    13. Caradonna, Jeremy L., 2014. "Sustainability: A History," OUP Catalogue, Oxford University Press, number 9780199372409, Decembrie.
    14. Judit Oláh & Nemer Aburumman & József Popp & Muhammad Asif Khan & Hossam Haddad & Nicodemus Kitukutha, 2020. "Impact of Industry 4.0 on Environmental Sustainability," Sustainability, MDPI, vol. 12(11), pages 1-21, June.
    15. Angeloantonio Russo & Francesco Perrini, 2010. "Investigating Stakeholder Theory and Social Capital: CSR in Large Firms and SMEs," Journal of Business Ethics, Springer, vol. 91(2), pages 207-221, January.
    16. Nicola Dempsey & Glen Bramley & Sinéad Power & Caroline Brown, 2011. "The social dimension of sustainable development: Defining urban social sustainability," Sustainable Development, John Wiley & Sons, Ltd., vol. 19(5), pages 289-300, September.
    17. Olaf Weber, 2014. "The financial sector's impact on sustainable development," Journal of Sustainable Finance & Investment, Taylor & Francis Journals, vol. 4(1), pages 1-8, January.
    18. Zahoor Ahmed & Mahmood Ahmad & Husam Rjoub & Olga A. Kalugina & Nazim Hussain, 2022. "Economic growth, renewable energy consumption, and ecological footprint: Exploring the role of environmental regulations and democracy in sustainable development," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(4), pages 595-605, August.
    19. Olaf Weber & Michael Diaz & Regina Schwegler, 2014. "Corporate Social Responsibility of the Financial Sector – Strengths, Weaknesses and the Impact on Sustainable Development," Sustainable Development, John Wiley & Sons, Ltd., vol. 22(5), pages 321-335, September.
    20. Abdul Waheed & Majed Alharthi & Sher Zaman Khan & Muhammad Usman, 2022. "Role of Industry 5.0 in leveraging the Business Performance: Investigating Impact of Shared-Economy on Firms’ Performance with Intervening Role of i5.0 Technologies," SAGE Open, , vol. 12(2), pages 21582440221, April.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Shuhui Jiang & Kang Chen, 2024. "Multidirectional analysis for sustainable development: An examination of sustainable policies, corporate social responsibility, and organizational performance," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(5), pages 4385-4396, October.
    2. Yuchi Zhang, 2024. "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," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(5), pages 4829-4843, October.
    3. Le Sun & Tze San Ong & Boon Heng Teh & Assunta Di Vaio, 2024. "Sustainable performance measurement through digital transformation within the sustainable development framework: The mediating effect of supply chain concentration," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(6), pages 5895-5912, December.
    4. Yanqin Zeng & Sotaro Katsumata & Xi Li & Qingyu Zhang, 2025. "Supplier–buyer (in)congruence in environmental management accounting for sustainable development in the context of Japan," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(1), pages 84-99, February.
    5. Rame, Rame & Purwanto, Purwanto & Sudarno, Sudarno, 2024. "Industry 5.0 and sustainability: An overview of emerging trends and challenges for a green future," Innovation and Green Development, Elsevier, vol. 3(4).
    6. Abdul Waheed & Muhammad Shahid Khan & Muhammad Akib Warraich & Mehwish Asghar Ali, 2024. "Environmental policy vs. Environmental innovation: An examination of policies disclosure on sustainable development from stakeholder theory perspective," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(3), pages 2506-2516, June.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Yindan Zhang & Yuanyuan Li, 2023. "Society 5.0 versus Industry 5.0: An examination of industrialization models in driving sustainable development from a normative stakeholder theory perspective," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(5), pages 3786-3795, October.
    2. Yuchi Zhang, 2024. "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," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(5), pages 4829-4843, October.
    3. Yi Yu, 2024. "Cultivating sustainable development in corporate internal matters: Nexus among high‐performance work systems, creativity, and impersonal trust from normative stakeholder theory," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(6), pages 7356-7366, December.
    4. Abdul Waheed & Majed Alharthi & Sher Zaman Khan & Muhammad Usman, 2022. "Role of Industry 5.0 in leveraging the Business Performance: Investigating Impact of Shared-Economy on Firms’ Performance with Intervening Role of i5.0 Technologies," SAGE Open, , vol. 12(2), pages 21582440221, April.
    5. Yiying Liu & Juanjuan Niu & Yongbin Zhou & Ruoqi Huang, 2023. "Achieving corporate sustainable development through social responsibility, green activities, and stakeholders management: A multidirectional cause analysis," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(4), pages 2997-3007, August.
    6. Abdul Waheed & Muhammad Shahid Khan & Muhammad Akib Warraich & Mehwish Asghar Ali, 2024. "Environmental policy vs. Environmental innovation: An examination of policies disclosure on sustainable development from stakeholder theory perspective," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(3), pages 2506-2516, June.
    7. Wenbin Sun & Rahul Govind, 2022. "A New Understanding of Marketing and “Doing Good”: Marketing’s Power in the TMT and Corporate Social Responsibility," Journal of Business Ethics, Springer, vol. 176(1), pages 89-109, February.
    8. Tiziana La Rocca & Maurizio La Rocca & Francesco Fasano & Alfio Cariola, 2023. "Does a country's environmental policy affect the value of small and medium sized enterprises liquidity in the energy sector?," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 30(1), pages 277-290, January.
    9. Livio Cricelli & Serena Strazzullo, 2021. "The Economic Aspect of Digital Sustainability: A Systematic Review," Sustainability, MDPI, vol. 13(15), pages 1-15, July.
    10. Chin-Shien Lin & Ruei-Yuan Chang & Van Thac Dang, 2015. "An Integrated Model to Explain How Corporate Social Responsibility Affects Corporate Financial Performance," Sustainability, MDPI, vol. 7(7), pages 1-20, June.
    11. Camelia Oprean-Stan & Sebastian Stan & Vasile Brătian, 2020. "Corporate Sustainability and Intangible Resources Binomial: New Proposal on Intangible Resources Recognition and Evaluation," Sustainability, MDPI, vol. 12(10), pages 1-23, May.
    12. Rayed Obaid Hammoud AlObaid & Omar Al Farooque & Ameen Qasem, 2025. "Does disclosure of CSR activities improve corporate value? Moderating role of intellectual capital and COVID-19 pandemic," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-18, December.
    13. Ashrafee Hossain & Samir Saadi & Abu S. Amin, 2023. "Does CEO Risk-Aversion Affect Carbon Emission?," Journal of Business Ethics, Springer, vol. 182(4), pages 1171-1198, February.
    14. Adomako, Samuel & Abdelgawad, Sondos G. & Ahsan, Mujtaba & Amankwah-Amoah, Joseph & Azaaviele Liedong, Tahiru, 2023. "Nonmarket strategy in emerging markets: The link between SMEs’ corporate political activity, corporate social responsibility, and firm competitiveness," Journal of Business Research, Elsevier, vol. 160(C).
    15. Gabriel Andy Szalkowski & Christian Johansen, 2024. "Defining and measuring the effects of digital technologies on social sustainability: A systematic literature review," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(3), pages 1678-1699, June.
    16. Yann Truong & Brian G. Nagy, 2021. "Nascent ventures’ green initiatives and angel investor judgments of legitimacy and funding," Small Business Economics, Springer, vol. 57(4), pages 1801-1818, December.
    17. Shivam Gupta & Mahsa Motlagh & Jakob Rhyner, 2020. "The Digitalization Sustainability Matrix: A Participatory Research Tool for Investigating Digitainability," Sustainability, MDPI, vol. 12(21), pages 1-27, November.
    18. Cheng-Hung Tsai & Eugene Burgos Mutuc, 2020. "Evidence in Asian Food Industry: Intellectual Capital, Corporate Financial Performance, and Corporate Social Responsibility," IJERPH, MDPI, vol. 17(2), pages 1-21, January.
    19. He, Junming & Iqbal, Wasim & Su, Fangli, 2023. "Nexus between renewable energy investment, green finance, and sustainable development: Role of industrial structure and technical innovations," Renewable Energy, Elsevier, vol. 210(C), pages 715-724.
    20. Wiśniewska, Agnieszka & Liczmańska-Kopcewicz, Katarzyna & Pypłacz, Paula, 2022. "Antecedents of young adults’ willingness to support brands investing in renewable energy sources," Renewable Energy, Elsevier, vol. 190(C), pages 177-187.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:sustdv:v:31:y:2023:i:4:p:2507-2516. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1099-1719 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.