Analisis Pengaruh Pendapatan Asli Daerah, Dana Alokasi Umum, Dana Alokasi Khusus, dan Dana Desa Terhadap Pertumbuhan Ekonomi dengan Belanja Modal sebagai Variabel Moderating pada Kabupaten/Kota di Pulau Sumatera

Abstract

This study aims to analyze the influence of Local Own-sources Revenue, General Allocation Fund, Special Allocation Fund, and Village Funds on regional economic growth, with capital expenditure as a moderating variable, in districts/cities on Sumatra Island during the 2017–2023 period. This research was motivated by inconsistencies in previous research results and the need for a more comprehensive understanding of the effectiveness of public fund allocation in supporting regional economic development. The research method used was a quantitative approach using secondary data analyzed through panel data regression and moderated regression analysis. The results indicate that Local Own-Sources Revenue and General Allocation Fund have a positive but insignificant effect on economic growth. Special Allocation Fund and Village Funds have a positive and significant impact. Capital expenditure significantly moderates the effect of Local Own-Sources Revenue and General Allocation Fund, but does not moderate the effect of Special Allocation Fund and Village Funds on economic growth. These findings indicate that the effectiveness of capital expenditure depends on the source of funds and the accuracy of budget allocation, and have important implications for strengthening fiscal governance in the regions.