Comparative Analysis of ESG Scores Based on GRI Standards in Indonesia’s Consumer Non-Cyclicals and Consumer Cyclicals Sectors

¹ Magister of Agribusiness, Udayana University, 80232, Denpasar, Bali, Indonesia
² Center of Excellence for Food Sovereignty, Udayana University, 80232, Denpasar, Bali, Indonesia

^* Corresponding author: ayuprapti1408@gmail.com

Abstract

This research analyzes the Environmental, Social, and Governance (ESG) scores of the Consumer Non-Cyclicals (CNC) and Consumer Cyclicals (CC) sectors, that have strong links to agribusiness and sustainable development in Indonesia. ESG disclosure levels are quantitatively assessed based on the Global Reporting Initiative (GRI) standards by assigning scores according to the presence of each disclosure indicator. The novelty of this research is grounded in the comparative assessment of ESG score across sectors, highlighting variations in transparency and reporting consistency while providing empirical insights to enhance sustainable agribusiness governance from a macroeconomic perspective. The findings of this research indicate that the CNC sector consistently achieves higher ESG scores than the CC sector, which suggests that companies in the CNC sector are more active and consistent in implementing sustainable practices as well as fulfilling their social and governance responsibilities. These findings reaffirm that the application of standardized ESG reporting can help understand corporate commitment to sustainability, and also contributes to the literature by offering sector-based evidence on ESG implementation in Indonesia. To support sustainable agribusiness, it is important to enhance the consistency of ESG reporting across sectors and ensure greater transparency and data quality to support effective policy decision making.