<![CDATA[This study analyzes the dynamic relationship between the stock prices of PT. Indofood Sukses Makmur Tbk (INDF) and PT. Mayora Indah Tbk (MYOR) using historical daily stock-price data recorded during 2025. The study employs a quantitative time-series approach using Vector Autoregression (VAR), Granger causality, Impulse Response Function (IRF), and Forecast Error Variance Decomposition (FEVD). The dataset consists of 236 trading-day observations for each company obtained from Yahoo Finance. The Augmented Dickey-Fuller (ADF) test indicates that the INDF series is stationary at level, whereas the MYOR series becomes stationary after first differencing. The Granger causality test shows that lagged movements in INDF significantly predict MYOR, while the reverse relationship is not statistically significant. The IRF results indicate that MYOR responds positively to a shock originating from INDF, with the strongest response occurring around the third period. Furthermore, the FEVD results show that the contribution of INDF to MYOR forecast-error variance increases from 0.46% in period 1 to 10.82% in period 12. These findings indicate that movements and information contained in INDF may become increasingly relevant to MYOR over the modeled horizon. The study contributes empirical evidence regarding stock-price dynamics in Indonesia’s consumer-goods sector and provides practical information for investors in assessing inter-stock relationships and market information transmission.]]>
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