Ideogrammic compound (會意): 𠨍(“two people facing each other”) + 皀(“a round-mouthed food vessel”) – to feast; the original script of 饗 (OC *qʰaŋʔ). The sense "village" was a result of phonetic borrowing or semantic shifting.
In early writing, the character was virtually indistinguishable from 卿 (OC *kʰraŋ). Semantically, 卿 (OC *kʰraŋ, “elder; leader”) and 鄉 (OC *qʰaŋ, “community; district; village”), likely cognates too, were both represented by the event depicted in the ideogram – 饗 (OC *qʰaŋʔ, “ritual feasting”), which was central to the community life (Yang, 1965).
The right half is unrelated to 郎, as 良 in 鄉 was derived from 皀 during the formation of the clerical script.