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

Abstract

AbstractThe 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.