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

Abstract

Industry 5.0 is regarded as the next industrial evolution which is still on its infancy stage and under investigation phenomena. How shared economy can perform a superlative role in augmenting the corporate sustainable performance is another interesting gap that needs to be unveiled. This study investigates the linkage between shared economy practices and corporate triple bottom line (TBL) in three core streams—environmental performance (ENVP), social performance (SP), and economic performance (EP)—using empirical data. An additional factor of industry 5.0 (i5.0) technologies was treated as a moderator between shared economy and TBL. The findings assured the positive nexus of shared economy (i.e., contract manufacturing services, professional services, data entry & clerical services, creative and multimedia services, sales and marketing services, software development services, and writing or translation services) on TBL (i.e., ENVP, SP, and EP). The positive moderating influence of i5.0 technologies was further affirmed between the relationships of shared economy and TBL. The findings yield multidimensional insights for operational management to adopt shared economy and i5.0 practices to improve corporate TBL in today’s competitive era. In addition, this study accentuates the notion of shared economy by providing positive evidence from developing nations. The study also highlights insightful implications for managers along with future avenues for the researchers to conduct additional multi-directional studies worldwide.

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

“…Table 3 reports the values for the correlation matrix being evaluated using Pearson's correlation model to affirm the interrelationships among the current variables such as i5.0 and dimensions of sustainable performance. There are many studies that focused on Pearson correlation (Liu, Tong, et al, 2022; Waheed et al, 2022). The recommended criteria stand between −1 and +1 where the higher values refer to the higher connections and lower the weaker inter‐connection (Taylor, 1990), as shown below.…”

“…Since industrial technologies are on the front line to achieve a sustainable performance of the corporate. The successful integration of industrial practices, that is, i5.0 technologies into business practices may improve operational accomplishment that ultimately supports accelerating organizational performance (Leng et al, 2022; Waheed et al, 2022). The key distinction of i5.0 model relative to the i4.0 model is the integration of new innovative technologies that support driving cooperative and effective working environment based on AI‐enables technologies (Leng et al, 2022).…”

“…As earlier reported, a few scholars worked on i5.0 industrial model to test the consequences in distinct dimensions but how it might be helpful in improving the agricultural sector is worth mentioning to validate the findings from different aspects. Since, experts already suggested that i5.0 model should be tested from unlike stances to ensure its significance (Leng et al, 2022; Waheed et al, 2022). Moreover, no known study considered i5.0 and sustainable performance with consideration of all three dimensions within Agri‐enterprises, as shown in Figure 1.…”

“…However, experts claimed that firms are under pressure because of uncertainties such as environmental and social issues where integration of i4.0 and i5.0 may improve the manufacturing process and help achieve sustainable performance (Al Faruqi, 2019; Aslam et al, 2020; Carayannis & Morawska‐Jancelewicz, 2022). To achieve sustainable goals, firms should focus on i5.0 technologies that have positive relationships with sustainable performance (Ghobakhloo et al, 2022; Waheed 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

“…As earlier addressed, we currently assumed eight relationships to investigate the nexus among i5.0, s5.0, SSP, SOP, ECP, and ENP as shown in below including SSP (Carayannis & Morawska-Jancelewicz, 2022;Ghobakhloo, Iranmanesh, Mubarak, et al, 2022;Javaid et al, 2020;Karmaker et al, 2023;Leng et al, 2022;Waheed et al, 2022;Xu, Lu, et al, 2021). The outcomes confirmed a positive connection at (β = 0.155; sig = 0.000; SE = 0.013).…”