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

Abstract

AbstractThe 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.