Superstitious behavior and stock returns: The case of Javanese traditional calendar


  • Tarsisius Renald Suganda Faculty of Economics and Business, Universitas Ma Chung, Malang 65151, Indonesia
  • Indra Kurniawan Sumargo KPMG Indonesia, Jakarta 10210, Indonesia
  • Robiyanto Robiyanto Faculty of Economics and Business, Satya Wacana Christian University, Salatiga 50711, Indonesia


cultural belief, Indonesian capital market, Jakarta Composite Index (JCI), Javanese traditional calendar, superstition


Some Indonesian people who are still attached to traditional rituals, often mark several days on their Javanese calendar as sacred days. This study aims to investigate the influence of the sacred days between daily cycles in Georgian calendar with pasaran cycle in Javanese calendar toward Jakarta Composite Index (JCI) returns in a period of January 2009eJune 2016. The data was analyzed using Generalized Autoregressive Conditional Hetero- scedasticity in Mean (GARCH-M). This study found some sacred days i.e. Kliwon Friday and Wage Thursday resulted in a lower return than the normal day, while Wage Thursday had a significant effect on the return of the Jakarta Composite Index (JCI). These findings indi- cated that investment decisions made by investors were still influenced by superstition, which leads to behavior biases.


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How to Cite

Suganda, T. R., Sumargo, I. K., & Robiyanto, R. (2018). Superstitious behavior and stock returns: The case of Javanese traditional calendar. Kasetsart Journal of Social Sciences, 41(2), 345–350. Retrieved from



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