The Effect of Market Anomalies on Trading Volume Activity with Dividend Policy as a Moderating Variable
Abstract
This study examines the influence of the day of the week effect and week four effect on trading volume activity, with dividend policy acting as a moderating variable. The research applies a quantitative method using secondary data collected from banking subsector companies in the financial sector listed on the Indonesia Stock Exchange during 2023–2025. Samples were determined through purposive sampling. Multiple regression analysis was used to test the direct effect of the independent variables on trading volume activity, while Moderated Regression Analysis (MRA) was employed to analyze the moderating role of dividend policy. The findings indicate that both the day of the week effect and week four effect significantly affect trading volume activity, reflecting seasonal patterns in stock trading. Dividend policy strengthens the relationship between these variables and trading volume activity, suggesting that dividend distribution information enhances investor responses to trading patterns. Investor behavior is influenced by both trading timing and company policies.
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