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.