THE EFFECT OF LOCAL REVENUE (PAD), GENERAL ALLOCATION FUNDS (DAU), AND SPECIAL ALLOCATION FUNDS (DAK) ON CAPITAL EXPENDITURES WITH REGIONAL FINANCIAL INDEPENDENCE RATIO AS A MODERATING VARIABLE

Saraswati Nur Kusumawardhani, Anny Widiasmara, M. Agus Sudrajat

Abstract


The ability of local governments to manage revenue sources and transfers from the central government is one of the factors associated with the allocation of Capital Expenditures to support

regional development. This study aims to analyze the effect of Local Revenue (PAD), General Allocation Funds (DAU), and Special Allocation Funds (DAK) on Capital Expenditures, with The Regional Financial Independence Ratio as a moderating variable in regencies and cities in East Java Province. This study employs a quantitative approach using secondary data obtained from DJPK Kementerian Keuangan Republik Indonesia, through its official website at https://djpk.kemenkeu.go.id. The population consists of 38 regencies and cities in East Java Province during the 2019–2025 observation period, resulting in 266 initial observations. After testing and removing outlier data, 31 observations were excluded, resulting in 235 observations used for data analysis. Data analysis was conducted using Moderated Regression Analysis (MRA). The results show that PAD and DAU have a significant effect on Capital Expenditures, while DAK do not have a significant effect on Capital Expenditures. The Regional Financial Independence Ratio is able to moderate the effects of PAD and DAU on Capital Expenditures, but is unable to moderate the effect of DAK on Capital Expenditures.

Keywords: Local Revenue, General Allocation Funds, Special Allocation Funds, Capital Expenditures, The Regional Financial Independence Ratio.

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