<![CDATA[The day-of-the-week effect is one of the calendar anomalies that has been widely researched in the financial market; however, empirical studies on the food commodity market, especially beef in Indonesia, are still limited. This study aimed to analyze the day-of-the-week effect pattern and daily price volatility of beef in Indonesia using national price data for the 2018–2022 period. Daily data of 1,672 observations were obtained from the Agricultural Database of the Ministry of Agriculture of the Republic of Indonesia, and logarithmic returns were calculated to test stationarity and intraweekly patterns. The results of the Augmented Dickey-Fuller (ADF) test showed that the data returns of beef prices were stationary. The descriptive analysis revealed that the highest average returns occurred on Monday, while the lowest occurred on Thursday and Friday, suggesting modest differences in price behavior across weekdays. In terms of volatility, Saturday showed the highest price fluctuations. However, the OLS regression results provide limited statistical evidence of a day-of-the-week effect. Only Sunday had a positive and significant coefficient at the 5% level, while the model exhibited very low explanatory power (R² = 0.0022). These findings suggest that weekday differences in beef price returns are weak and not sufficiently consistent to support the existence of a robust day-of-the-week effect in the Indonesian beef market.]]>
Copyrights © 2026
