THE EFFECT OF COMPANY GROWTH, RETURN ON INVESTMENT AND EARNINGS PER SHARE ON SHARE PRICES AT PT. UNILEVER INDONESIA AND PT. FAST FOOD INDONESIA BEFORE AND DURING THE BOYCOTT

Abstract

The phenomenon of product boycotts associated with support for Israel in the 2023– 2025 period significantly impacted several multinational companies operating in Indonesia, including PT Unilever Indonesia Tbk (UNVR) and PT Fast Food Indonesia Tbk (FAST). This study aims to analyze the impact of the boycott on the financial performance and share prices of these two issuers listed on the Indonesia Stock Exchange (IDX). The research method used a quantitative descriptive approach with secondary data in the form of annual financial reports, official company publications, and share price movements during the periods before, during, and after the boycott issue. The results of the study indicate that the boycott issue had a short- term impact on public perception and investor interest in UNVR and FAST shares. PT Unilever Indonesia Tbk experienced a decline in sales volume in the household and personal care product segment due to changing consumer preferences, while PT Fast Food Indonesia Tbk faced pressure on KFC restaurant sales due to negative sentiment on social media. Nevertheless, both companies showed signs of recovery after implementing public communication strategies, brand image adjustments, and operational efficiency. This suggests that socio-political factors can significantly impact a company's market and financial performance, although the impact is temporary.