IDEAS home Printed from https://ideas.repec.org/a/wly/sustdv/v31y2023i5p3786-3795.html
   My bibliography  Save this article

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

Author

Listed:
  • Yindan Zhang
  • Yuanyuan Li

Abstract

The research on Society 5.0 (s5.0) and Industry 5.0 (i5.0) is a relatively new and emerging domain where researchers are still striving to explore the influence within distinct contexts, worldwide. The study investigates the impact of two major models of industrialization, that is, s5.0 and i5.0 to understand the insights into how it triggers the firms' sustainable development by showing empirical examinations from the Chinese industrial sector drawing on normative stakeholder theory perspective. The results asserted that the i5.0 model positively affects sustainable performance (SSP). The empirical analysis confirmed a positive association of s5.0 model toward SSP. In addition, it found that s5.0 and i5.0 models have a positive correlation with the economic perspective of SSP. Second, the findings asserted the positive linkage between i5.0 and s5.0 from a social perspective. Finally, the study found a significant correlation between i5.0 and s5.0 on the environmental factors, respectively. This study equipped both frameworks to empirically conduct the contextual examination showing insights into the embodiment of such capabilities that may support achieving SSP. This study shows insights into certain policy implications. For instance, i5.0 and s5.0 both models support shaping innovative ecosystems, encouraging ethical and sustainable practices, encouraging effective infrastructure, empowering citizen participation, and supporting work for the betterment of society. Finally, the study enlists certain managerial and theoretical recommendations for the industries together with possibilities of future research for scholars of the world.

Suggested Citation

  • 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.
    • Handle: RePEc:wly:sustdv:v:31:y:2023:i:5:p:3786-3795
    DOI: 10.1002/sd.2625
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/sd.2625
    Download Restriction: no
    File URL: https://libkey.io/10.1002/sd.2625?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. Piotr Tarka, 2018. "An overview of structural equation modeling: its beginnings, historical development, usefulness and controversies in the social sciences," Quality & Quantity: International Journal of Methodology, Springer, vol. 52(1), pages 313-354, January.
    3. 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.
    4. 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.
    5. Douglas A. Adu & Antoinette Flynn & Colette Grey, 2022. "Executive compensation and sustainable business practices: The moderating role of sustainability‐based compensation," Business Strategy and the Environment, Wiley Blackwell, vol. 31(3), pages 698-736, March.
    6. Xuan Liu & Zehao Li & Xinyi Fu & Zhengtong Yin & Mingzhe Liu & Lirong Yin & Wenfeng Zheng, 2023. "Monitoring House Vacancy Dynamics in The Pearl River Delta Region: A Method Based on NPP-VIIRS Night-Time Light Remote Sensing Images," Land, MDPI, vol. 12(4), pages 1-21, April.
    7. 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.
    8. Sharfuddin Ahmed Khan & Muhammad Shujaat Mubarik & Simonov Kusi‐Sarpong & Himanshu Gupta & Syed Imran Zaman & Mobashar Mubarik, 2022. "Blockchain technologies as enablers of supply chain mapping for sustainable supply chains," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3742-3756, December.
    9. Jenni Kaipainen & Leena Aarikka‐Stenroos, 2022. "How to renew business strategy to achieve sustainability and circularity? A process model of strategic development in incumbent technology companies," Business Strategy and the Environment, Wiley Blackwell, vol. 31(5), pages 1947-1963, July.
    10. Moritz Böhmecke‐Schwafert & Marie Wehinger & Robin Teigland, 2022. "Blockchain for the circular economy: Theorizing blockchain's role in the transition to a circular economy through an empirical investigation," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3786-3801, 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. Vasja Roblek & Maja Meško & Mirjana Pejić Bach & Oshane Thorpe & Polona Šprajc, 2020. "The Interaction between Internet, Sustainable Development, and Emergence of Society 5.0," Data, MDPI, vol. 5(3), pages 1-27, September.
    13. Maryna Brychko & Yuriy Bilan & Serhiy Lyeonov & Dalia Streimikiene, 2023. "Do changes in the business environment and sustainable development really matter for enhancing enterprise development?," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(2), pages 587-599, April.
    14. Fadime Aksoy & Nuran Bayram Arlı, 2020. "Evaluation of sustainable happiness with Sustainable Development Goals: Structural equation model approach," Sustainable Development, John Wiley & Sons, Ltd., vol. 28(1), pages 385-392, January.
    15. Abdul Waheed & Qingyu Zhang & Yasir Rashid & Sher Zaman Khan, 2020. "The impact of corporate social responsibility on buying tendencies from the perspective of stakeholder theory and practices," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 27(3), pages 1307-1315, May.
    16. Umit Alniacik & Esra Alniacik & Nurullah Genc, 2011. "How corporate social responsibility information influences stakeholders' intentions," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 18(4), pages 234-245, July.
    17. Peng, Dan & Ji, Y. & Kong, Qunxi, 2023. "OFDI and firms' sustainable productive capacity: Evidence from Chinese industrial firms," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 641-652.
    18. De Tong & Jun Chu & Qing Han & Xuan Liu, 2022. "How Land Finance Drives Urban Expansion under Fiscal Pressure: Evidence from Chinese Cities," Land, MDPI, vol. 11(2), pages 1-15, February.
    19. Liu, Xuan & Kong, Minghui & Tong, De & Zeng, Xiaoyou & Lai, Yani, 2022. "Property rights and adjustment for sustainable development during post-productivist transitions in China," Land Use Policy, Elsevier, vol. 122(C).
    20. Talley, Wayne K., 2006. "Chapter 22 Port Performance: An Economics Perspective," Research in Transportation Economics, Elsevier, vol. 17(1), pages 499-516, January.
    21. Yunus Zengin & Serkan Naktiyok & Erdoğan Kaygın & Onur Kavak & Ethem Topçuoğlu, 2021. "An Investigation upon Industry 4.0 and Society 5.0 within the Context of Sustainable Development Goals," Sustainability, MDPI, vol. 13(5), pages 1-16, March.
    22. 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)

    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. 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.
    2. 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.
    3. 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.
    4. 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.
    5. Yunxi Bai & Shanshan Wu & Yunjie Zhang, 2023. "Exploring the Key Factors Influencing Sustainable Urban Renewal from the Perspective of Multiple Stakeholders," Sustainability, MDPI, vol. 15(13), pages 1-21, July.
    6. 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.
    7. Hailiang, Zeng & Chau, Ka Yin & Waqas, Muhammad, 2023. "Does green finance and renewable energy promote tourism for sustainable development: Empirical evidence from China," Renewable Energy, Elsevier, vol. 207(C), pages 660-671.
    8. 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.
    9. Sun, Gebing & Li, Guozhi & Dilanchiev, Azer & Kazimova, Asli, 2023. "Promotion of green financing: Role of renewable energy and energy transition in China," Renewable Energy, Elsevier, vol. 210(C), pages 769-775.
    10. Chunguang April Bai & James Cordeiro & Joseph Sarkis, 2022. "Blockchain for the environmentally sustainable enterprise," Business Strategy and the Environment, Wiley Blackwell, vol. 31(8), pages 3689-3692, December.
    11. 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.
    12. Mehnaz & Jiahua Jin & Azhar Hussain & Muhammad Akib Warraich & Abdul Waheed, 2024. "Impact of perceived CSR practices on customers loyalty. The mediating role of reputation and customer satisfaction," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(5), pages 3724-3734, September.
    13. Muhammad Faisal Shahzad & Jingbo Yuan & Mudassir Husnain & Guicheng Ma, 2024. "Exploring the complexities of CSR and firm performances: Unveiling the relationship between social responsibility, ethical conduct, and consumer perceptions," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(4), pages 3541-3554, August.
    14. Aylin Duman Altan & Ömer Faruk Beyca & Selim Zaim, 2024. "Link between Digital Technologies Adoption and Sustainability Performance: Supply Chain Traceability/Resilience or Circular Economy Practices," Sustainability, MDPI, vol. 16(19), pages 1-17, October.
    15. José Manuel Santos‐Jaén & Antonia Madrid‐Guijarro & Domingo García‐Pérez‐de‐Lema, 2021. "The impact of corporate social responsibility on innovation in small and medium‐sized enterprises: The mediating role of debt terms and human capital," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(4), pages 1200-1215, July.
    16. 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.
    17. Kalli, Rajesh & Jena, Pradyot Ranjan & Timilsina, Raja Rajendra & Rahut, Dil Bahadur & Sonobe, Tetsushi, 2024. "Effect of irrigation on farm efficiency in tribal villages of Eastern India," Agricultural Water Management, Elsevier, vol. 291(C).
    18. Xiaobing Le & Xinxin Shao & Kuo Gao, 2023. "The Relationship between Urbanization and Consumption Upgrading of Rural Residents under the Sustainable Development: An Empirical Study Based on Mediation Effect and Threshold Effect," Sustainability, MDPI, vol. 15(10), pages 1-19, May.
    19. Edilson Bacinello & Gérson Tontini & Anete Alberton, 2021. "Influence of corporate social responsibility on sustainable practices of small and medium‐sized enterprises: Implications on business performance," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 28(2), pages 776-785, March.
    20. Tang, Qianning & Shahla, Rzayeva & Leyla, Aliyeva & Sevinj, Huseynova, 2023. "Moderating role of carbon emission and institutional stability on renewable energy across developing countries," Renewable Energy, Elsevier, vol. 209(C), pages 413-419.

    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:5:p:3786-3795. 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.