Analisis Pengungkapan Environmental, Social, and Governance (ESG) dan Perkembangan Nilai Perusahaan PT Unilever Indonesia TBK yang Terdaftar di BEI Periode 2021–2024

Abstract

Environmental, Social, and Governance (ESG) disclosure has become an important form of corporate transparency in communicating environmental, social, and governance practices to stakeholders. This study aims to analyze the level of ESG disclosure, the development of firm value, and the descriptive pattern of ESG Disclosure Index (ESGDI) and Price to Book Value (PBV) at PT Unilever Indonesia Tbk during 2021–2024. The study uses a descriptive quantitative approach with a case study method. Secondary data were obtained from the company’s Annual Reports, Sustainability Reports, financial statements, and stock price data. ESG disclosure was analyzed through content analysis and a binary checklist based on the GRI Standards 2021, using 30 selected indicators consisting of 8 Environmental, 10 Social, and 12 Governance indicators. Firm value was measured using PBV. The results show that ESGDI was 1.00 in each year, indicating that all indicators in the research instrument were disclosed consistently. Meanwhile, PBV fluctuated from 36.29 times in 2021 to 44.86 times in 2022, then decreased to 39.83 times in 2023 and 33.46 times in 2024. Thus, ESG disclosure remained consistent while firm value changed during the observation period. Because the study is descriptive, the results do not establish a causal or statistical effect of ESG disclosure on firm value.