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The relationship between industry 5.0 Process and ESG process: A qualitative analysis in the context of Türkiye’s BIST Sustainability 25 Index white good sector

Year 2024, Volume: 7 Issue: 4, 512 - 529, 31.12.2024
https://doi.org/10.35208/ert.1431800

Abstract

This study aims to determine the relationship between Industry 5.0 and ESG (Environmental Social Governance) processes. In addition, this study aims to reveal how this relationship is evaluated within the scope of Vestel and Arçelik enterprises in the white goods sector within the scope of the BIST (Borsa Istanbul) Sustainability 25 Index in Türkiye. For this aim, the relationship between Industry 5.0 and ESG processes was first explained using document analysis, one of the qualitative analysis techniques. Then, descriptive content analysis, which is also one of the qualitative analysis techniques, was used to examine the latest annual reports of Vestel and Arçelik, which are in the white goods sector within the scope of the BIST Sustainability 25 Index in Türkiye, published in 2022. For Industry 5.0, Industry 4.0, environment, employees and society, and finally, the resilience of businesses components were considered, while for the ESG process, environmental, social and governance components were emphasised. NVivo (version 14.23.2) software was used for the analysis. As a result of the study, it was determined that there is a close bidirectional relationship between the components in the Industry 5.0 process and the components in the ESG process. In other words, it can be said that investing in ESG processes will contribute positively to the Industry 5.0 process and investing in the Industry 5.0 process will contribute positively to the ESG process. Within the scope of Industry 5.0 and ESG processes, Vestel and Arçelik have similar studies. In addition, this study offers suggestions for developing practices for the ESG process by adapting to technological change.

References

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Year 2024, Volume: 7 Issue: 4, 512 - 529, 31.12.2024
https://doi.org/10.35208/ert.1431800

Abstract

References

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  • V. B. Ribeiro, D. Nakano, J. Muniz, and R. B. de Oliveira, “Knowledge management and Industry 4.0: a critical analysis and future agenda,” Gestao e Producao, Vol. 29, Article e5222, 2022. [CrossRef]
  • B. Yücebalkan, “Endüstri 4.0’dan endüstri 5.0’a geçiş sürecine genel bakış,” IEDSR Association, Vol. 5(9), Article 181, 2020. [CrossRef]
  • G. Bayramoğlu, and E. Hasdemir, “Toplum 5.0 ve aile işletmeleri,” Aile İşletmelerinde Dijital Teknolojiler, Vol. 1, pp. 33–63, 2021.
  • S. Garrido, J. Muniz, and V. Batista Ribeiro, “Operations management, sustainability & Industry 5.0: A critical analysis and future agenda,” Cleaner Logistics and Supply Chain, Vol. 10, Article 100141, 2024. [CrossRef]
  • M. Asif, C. Searcy, and P. Castka, “ESG and industry 5.0: The role of technologies in enhancing ESG disclosure,” Technological Forecasting and Social Change, Vol. 195, Article 122806, 2023. [CrossRef]
  • V. V. Martynov, D. N. Shavaleeva, and A. A. Zaytseva, “Information technology as the basis for transformation into a digital society and industry 5.0”. In 2019 International Conference, Quality Management, Transport and Information Security, Information Technologies"(IT&QM&IS), pp. 539-543, IEEE, 2019. [CrossRef]
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  • A. Sekaran, S. S. Dadwal, and A. Ali, “Industry 5.0 and environmental, social, and governance ınitiatives in supply chain sustainability: A study of the European fast fashion industry”, Opportunities and Challenges of Business 5.0 in Emerging Markets, pp. 151-171, 2023. [CrossRef]
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  • A. Fatemi, M. Glaum, and S. Kaiser, “ESG performance and firm value: The moderating role of disclosure,” Global Finance Journal, Vol. 38, pp. 45-64, 2018. [CrossRef]
  • F. Alkaraan, K. Albitar, K. Hussainey, and V. G. Venkatesh, “Corporate transformation toward Industry 4.0 and financial performance: The influence of environmental, social, and governance (ESG),” Technological Forecasting and Social Change, Vol. 175, Article 121423, 2022. [CrossRef]
  • M. Kumar, R. D. Raut, S. K. Mangla, S. Chowdhury, and V. K. Choubey, “Moderating ESG compliance between industry 4.0 and green practices with green servitisation: Examining its impact on green supply chain performance,” Technovation, Vol. 129, Article 102898, 2024. [CrossRef]
  • S. Grabowska, S. Saniuk, and B. Gajdzik, “Industry 5.0: improving humanisation and sustainability of Industry 4.0,” Scientometrics, Vol. 127(6), 2022.
  • European Union, “Industry 5.0”, 2018, https://research-and-innovation.ec.europa.eu/research-area/industrial-research-and-innovation/industry-50_en, Accessed on Jan 29, 2024.
  • S. Güğerçin, and U. Güğerçin “How employees survive in the industry 5.0 era: In-demand skills of the near future,” International Journal of Disciplines Economics & Administrative Sciences Studies, Vol. 7 (31), pp. 524-533, 2021. [CrossRef]
  • Y. Uyanık, “Neoliberal Küreselleşme Sürecinde İşgücü Piyasaları”, Gazi Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, Vol. 10(2), pp. 209–224, 2008.
  • K. A. Demir, G. Döven, and B. Sezen, “Industry 5.0 and human-robot co-working,” Procedia Computer Science, Vol. 158, pp. 688-695, 2019.
  • X. Xu, Y. Lu, B. Vogel-Heuser, and L. Wang, “Industry 4.0 and Industry 5.0—Inception, conception and perception,” Journal of Manufacturing Systems, Vol. 61, pp. 530-535, 2021. [CrossRef]
  • D. Mourtzis, “Digital twin inception in the Era of industrial metaverse,” Frontiers in Manufacturing Technology, Vol. 3, Article 1155735, 2023. [CrossRef]
  • R. G. Eccles, L. E. Lee, and J. C. Stroehle, “The social origins of ESG: An analysis of innovest and KLD,” Organ Environ, Vol. 33(4), pp. 575-596, 2020. [CrossRef]
  • L. Caplan, J. S. Griswold, and W. F. Jarvis, “From SRI to ESG: The changing world of responsible investing,” Commonfund Institute, https://files.eric.ed.gov/fulltext/ED559300.pdf, 2013, Accessed on Nov 04, 2023.
  • A. Edmans, “The end of ESG,” Financial Management, Vol. 52(1), pp. 3-17, 2023. [CrossRef]
  • S. Mathis, “What is environmental, social and governance (ESG)?”, TechTarget, 2022, https://www.techtarget.com/whatis/definition/environmental-social-and-governance-ESG Accessed on Dec 12, 2022.
  • N. Tamimi, and R. Sebastianelli, “Transparency among S&P 500 companies: an analysis of ESG disclosure scores,” Management Decision, Vol. 55(8), pp. 1660-1680, 2017. [CrossRef]
  • D. Avramov, S. Cheng, A. Lioui, and A. Tarelli, “Sustainable investing with ESG rating uncertainty,” Journal of Financial Economics, Vol. 145(2), pp. 642-664, 2022. [CrossRef]
  • Borsa İstanbul, BIST Sürdürülebilirlik Endeksi Temel Kuralları, 2014.
  • Borsa İstanbul, Sürdürülebilirlik Endeksleri, 2021. https://www.borsaistanbul.com/tr/sayfa/165/bist-surdurulebilirlik-endeksleri, Accessed on Dec 03, 2023.
  • S. Kim, and Z. Li, “Understanding the impact of ESG practices in corporate finance”, Sustainability (Switzerland), Vol. 13(7), Article 3746, 2021. [CrossRef]
  • M. Liu, “Quantitative ESG disclosure and divergence of ESG ratings,” Frontiers in Psychology, Vol. 13, Article 936798, 2022. [CrossRef]
  • X. Liu, H. Wu, W. Wu, Y. Fu, and G. Q. Huang, “Blockchain-enabled ESG reporting framework for sustainable supply chain,” Smart Innovation, Systems and Technologies, Vol. 200, 2021. [CrossRef]
  • J. Reid, and P. Castka, “The impact of remote sensing on monitoring and reporting - The case of conformance systems,” Journal of Cleaner Production, Vol. 393(1), Article 136331, 2023. [CrossRef]
  • M. A. Khan, and L. Smith Law, “The role of national cultures in shaping the corporate management cultures: A three-country theoretical analysis,” in Proceedings of the 25th International Business Information Management Association Conference - Innovation Vision 2020: From Regional Development Sustainability to Global Economic Growth, IBIMA 2015, pp. 2426–2443, 2015.
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There are 80 citations in total.

Details

Primary Language English
Subjects Sustainability and Energy, Climate Change Processes
Journal Section Research Articles
Authors

İsmail Yoşumaz 0000-0002-2287-4994

Hülya Uzun 0000-0003-4122-5014

Publication Date December 31, 2024
Submission Date February 5, 2024
Acceptance Date May 9, 2024
Published in Issue Year 2024 Volume: 7 Issue: 4

Cite

APA Yoşumaz, İ., & Uzun, H. (2024). The relationship between industry 5.0 Process and ESG process: A qualitative analysis in the context of Türkiye’s BIST Sustainability 25 Index white good sector. Environmental Research and Technology, 7(4), 512-529. https://doi.org/10.35208/ert.1431800
AMA Yoşumaz İ, Uzun H. The relationship between industry 5.0 Process and ESG process: A qualitative analysis in the context of Türkiye’s BIST Sustainability 25 Index white good sector. ERT. December 2024;7(4):512-529. doi:10.35208/ert.1431800
Chicago Yoşumaz, İsmail, and Hülya Uzun. “The Relationship Between Industry 5.0 Process and ESG Process: A Qualitative Analysis in the Context of Türkiye’s BIST Sustainability 25 Index White Good Sector”. Environmental Research and Technology 7, no. 4 (December 2024): 512-29. https://doi.org/10.35208/ert.1431800.
EndNote Yoşumaz İ, Uzun H (December 1, 2024) The relationship between industry 5.0 Process and ESG process: A qualitative analysis in the context of Türkiye’s BIST Sustainability 25 Index white good sector. Environmental Research and Technology 7 4 512–529.
IEEE İ. Yoşumaz and H. Uzun, “The relationship between industry 5.0 Process and ESG process: A qualitative analysis in the context of Türkiye’s BIST Sustainability 25 Index white good sector”, ERT, vol. 7, no. 4, pp. 512–529, 2024, doi: 10.35208/ert.1431800.
ISNAD Yoşumaz, İsmail - Uzun, Hülya. “The Relationship Between Industry 5.0 Process and ESG Process: A Qualitative Analysis in the Context of Türkiye’s BIST Sustainability 25 Index White Good Sector”. Environmental Research and Technology 7/4 (December 2024), 512-529. https://doi.org/10.35208/ert.1431800.
JAMA Yoşumaz İ, Uzun H. The relationship between industry 5.0 Process and ESG process: A qualitative analysis in the context of Türkiye’s BIST Sustainability 25 Index white good sector. ERT. 2024;7:512–529.
MLA Yoşumaz, İsmail and Hülya Uzun. “The Relationship Between Industry 5.0 Process and ESG Process: A Qualitative Analysis in the Context of Türkiye’s BIST Sustainability 25 Index White Good Sector”. Environmental Research and Technology, vol. 7, no. 4, 2024, pp. 512-29, doi:10.35208/ert.1431800.
Vancouver Yoşumaz İ, Uzun H. The relationship between industry 5.0 Process and ESG process: A qualitative analysis in the context of Türkiye’s BIST Sustainability 25 Index white good sector. ERT. 2024;7(4):512-29.