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Investment Decisions Based on The Day of The Week Effect Phenomenon and The Financial Performance of Companies Listed on IDX30 During and After The COVID-19 Pandemic = Investment Decisions Based on The Day of The Week Effect Phenomenon and The Financial Performance of Companies Listed on IDX30 During and After The COVID-19 Pandemic
This research explores investment decisions based on the Day of The Week Effect and the correlation between financial performance and daily stock returns in companies listed on IDX30 during and after the COVID-19 pandemic. This research used a descriptive quantitative approach, using the Kruskall-Wallis Test and Canonical Correlations Test data analysis tools. Twelve stocks were selected as the research sample using the purposive sampling method. Results show that The Day of The Week Effect still exists both during and after the COVID-19 pandemic and does not always cause the Monday or Weekend Effect. The Canonical Correlations test shows no correlation between financial performance and stock returns during five trading days. These two test’s outcomes show that stock prices fluctuate daily, requiring businesses to strengthen fundamental principles. This research recommends investing in companies with good fundamental conditions, regularly distributing dividends, and using technical analysis such as graphic indicators which can show current trends more clearly.
Keywords: The Day of The Week Effect, Financial Performance, Investment Decisions
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