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All Journal JURNAL MANAJEMEN MOTIVASI
Inggrid Aldia Noviana
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Decision Sciences, Operations Research & Management Economics, Econometrics & Finance

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Anomali Pasar pada Return Saham LQ45 dengan Volatilitas sebagai Moderasi Inggrid Aldia Noviana; Muhammad Nanang Choiruddin
JURNAL MANAJEMEN MOTIVASI Vol 22 No 2 (2026): Jurnal Manajemen Motivasi
Publisher : Universitas Muhammadiyah Pontianak

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.29406/jmm.v22i2.9512

Abstract

This study examines January and Monday return measures in relation to LQ45 stock returns and tests stock price volatility as a moderator. Secondary data cover 29 companies during 2022–2024, yielding 87 observations. Multiple regression and moderated regression analysis were conducted using SPSS. Both calendar-related return measures show positive associations with stock returns: January B = 0.113 (p < 0.001) and Monday B = 0.093 (p = 0.014). Neither interaction with volatility is significant. The findings concern associations among continuous return measures; they do not directly establish calendar-day premiums or demonstrate that volatility is irrelevant.
Co-Authors Muhammad Nanang Choiruddin