Pengaruh Efektivitas PAD, Efisiensi Anggaran, dan Belanja Modal Terhadap Kinerja Keuangan Pemerintah Daerah
-
Sherly Pratiwi
*
Universitas Tanjungpura, Pontianak,
Indonesia
- Rusliyawati Rusliyawati Universitas Tanjungpura, Pontianak, Indonesia
- Ira Grania Mustika Universitas Tanjungpura, Pontianak, Indonesia (*) Corresponding Author
Abstract
The objective of this study is to examine how the financial performance of local governments across all regencies and cities in West Kalimantan from 2021 to 2025 is influenced by the effectiveness of local revenue (PAD), budget efficiency, and capital expenditures. This study employs a quantitative approach with an associative design, utilizing local government financial reports obtained from the official website of the Directorate General of Fiscal Balance (DJPK). The sample consists of 14 regions 2 cities and 12 regencies resulting in a panel dataset of 70 observations. Panel data regression analysis was conducted using the Fixed Effects Model (FEM) approach with EViews 14 software. The results of the partial tests (t-test) show that the effectiveness of PAD has a positive and significant effect on local government financial performance with a probability of 0.0126, whereas budget efficiency does not have a significant effect on local government financial performance with a probability of 0.1188. Conversely, Capital Expenditures showed a significant negative effect with a probability of 0.0000 on Local Government Financial Performance in the current year due to the sacrifice of local government cash liquidity for long-term investments. Simultaneously (F-test), these three independent variables collectively have a significant effect on local government financial performance, indicating that variations in local financial performance with an adjusted R-squared value of 0.922437, or 92.24% `can be explained by the relevant theory, while the remaining 7.76% is influenced by other factors outside the research model. These results provide a basis for local governments to prioritize achieving local revenue targets, shift from budget cuts to efficiency measures that impact performance, and improve the quality of capital expenditures.
Downloads
References
Anwar, & Nursan, M. (2025). Buku Ajar Analisis Regresi Data Panel Dengan Aplikasi Eviews. Pustaka Bangsa. https://pustakabangsa.com
Connelly, B. L., Certo, S. T., Reutzel, C. R., DesJardine, M. R., & Zhou, Y. S. (2025). Signaling Theory: State of the Theory and Its Future. Journal of Management, 51(1), 24–61. https://doi.org/10.1177/01492063241268459
Direktorat Jenderal Perimbangan Keuangan (DJPK). (2026). Data Hasil Realisasi APBD Kabupaten/Kota Seluruh Indonesia. Kementerian Keuangan Republik Indonesia. https://djpk.kemenkeu.go.id/portal/data/apbd.
Fadilah, A. F., & Andriani, S. (2025). Pengaruh Pendapatan Asli Daerah, Belanja Modal, dan Dana Perimbangan Terhadap Kinerja Keuangan Pemerintah Daerah di Indonesia dengan Partisipasi Masyarakat sebagai Variabel Moderasi. Jurnal Akuntansi Bisnis, 23(1), 179–198. https://doi.org/https://doi.org/10.24167/jab.v23i1.13363
Fahmi, M., Ningrum, K. Y., Mariana, D., & Rivaldi, U. A. (2023). Pengaruh Pendapatan Asli Daerah Dan Belanja Modal Terhadap Kinerja Keuangan Pemda Kabupaten/Kota Provinsi Kalimantan Barat. Jurnal Eksos, 19(2), 151–162. https://doi.org/https://doi.org/10.31573/eksos.v19i2.575
Fitriadi, Miar, & Hokum, A. (2025). The Effect of Allocation Fund and Regional Revenue on Fiscal Independence: Evidence from Murung Raya. Jurnal Ilmiah Akuntansi Kesatuan, 13(6), 1853–1864. https://doi.org/10.37641/jiakes.v13i6.4522
Greene, W. H. (2020). Econometric Analysis (8th ed.). Pearson Education Limited.
Haq, A. I., Masdar, R., A, M. I., & Betty. (2025). The Effect of Locally-Generated Revenue, General Allocation Fund, Special Allocation Fund, and Revenue Sharing Fund on Capital Expenditure of Regencies and Municipalities in Indonesia. E-Jurnal Akuntansi, 35(12), 2187–2198. https://doi.org/10.24843/EJA.2025.035.112.p14
Hasanah, N., Masdar, R., Furqan, A. C., & Tenripada. (2025). Empirical Evidence on the Role of Local Own-Source Revenue in Strengthening Fiscal Independence of Indonesian Local Governments. Owner: Riset & Jurnal Akuntansi, 9(4), 2950–2962. https://doi.org/10.33395/owner.v9i4.2788
Hattke, F., & Vogel, R. (2023). Theories and theorizing in public administration: A systematic review. Public Administration Review, 83(6), 1542–1563. https://doi.org/10.1111/puar.13730
Haustein, E., & Lorson, P. C. (2023). Transparency of local government financial statements: Analyzing citizens’ perceptions. Financial Accountability & Management, 39(2), 375–393. https://doi.org/10.1111/faam.12353
Hummel, D., & Kusumasari, B. (2025). Local Government Financial Performance and Decentralization in Indonesia. State and Local Government Review, 58(2), 206–227. https://doi.org/10.1177/0160323X251364379
Insani, A., Rahayu, S., & Erwati, M. (2023). Determinan Kinerja Keuangan Pemerintah Daerah. Jurnal Studi Akuntansi Dan Keuangan, 6(1), 109–125. https://doi.org/10.29303/akurasi.v6i1.343
I Gede Sudi Adnyana, Cynthia Febrianti, F. A. (2022). Pengaruh Pendapatan Daerah, Belanja Daerah, Dan Surplus/Defisit Laporan Keuangan Pada Ketahanan Fiskal Pemerintah Studi Kasus Kota/Kabupaten di Indonesia Tahun 2016-2018. Jurnal Ilmiah Akuntansi Kesatuan, 10(1), 141–152. https://doi.org/10.37641/jiakes.v10i1.1266
Jannah, M., Haliah, & Nirwana. (2025). Transparency and accountability in local government financial reporting: A systematic literature review. Social Sciences Insights Journal (SSIJ), 3(1), 39–47. https://doi.org/10.60036/mcdegf56
Karina, N. N., & Wibowo, P. (2022). Analisis Kinerja Keuangan Pemerintah Daerah Kota Semarang Sebelum Dan Saat Pandemi Covid-19. Ekspansi: Jurnal Ekonomi, Keuangan, Perbankan Dan Akuntansi, 14(2), 146–167. https://doi.org/10.35313/ekspansi.v14i2.4512
Komala, R., & Ihyani, L. (2025). Purbaya Effect dan Tertib Anggaran Publik dalam Perspektif Agency Theory dan Stewardship Theory. Jurnal Sosial Ekonomi Dan Humaniora (JSEH), 11(4), 388–398. https://doi.org/10.29303/jseh.v11i4.979
Lestari, M. P., Triani, M., Nugroho, Y. A., & Fiorintari, F. (2024). Pengaruh Karakteristik Pemerintah Daerah Terhadap Kinerja Keuangan Pemerintah Daerah Kabupaten Dan Kota Di Kalimatan Barat. Jurnal Akuntansi Dan Keuangan, 13(1), 19–38. https://doi.org/https://doi.org/10.36080/jak.v13i1.2698
Mardiasmo. (2018). Akuntansi Sektor Publik (Edisi Terbaru). Penerbit Andi. https://books.google.co.id/books?id=pBVCEAAAQBAJ
Nuraini, I., & Saleh, M. (2023). Peran Belanja Modal Sebagai Efek Mediasi Pada Kinerja Keuangan Daerah Terhadap Pertumbuhan Ekonomi Kabupaten Dan Kota Di Provinsi Kalimantan Barat. DIMENSI, 12(1), 346–363. https://doi.org/https://doi.org/10.33373/dms.v12i1.5683
Oktaviani, E., & Marini, Y. (2023). Analisis Rasio Kemandirian, Efektivitas dan Efisiensi Pendapatan Asli Daerah pada Laporan Realisasi Keuangan Kabupaten Garut. Jurnal Ilmiah Akuntansi, Keuangan Dan Bisnis (JIKABI), 2(2), 97–105. https://doi.org/10.31289/jbi.v2i2.2964
Oktavianty, N., Desyana, G., & Kurniawan, R. (2024). Analisis Laporan Realisasi Anggaran untuk Menilai Kinerja Keuangan Pemerintah Provinsi Kalimantan Barat Menggunakan Konsep Value for Money. Jurnal Akuntansi Dan Pajak, 25(1), 1–7. http://jurnal.stie-aas.ac.id/index.php/jap
Pratiwi, N. K. N., Kusumawati, N. P. A., & Erlinawati, N. W. A. (2022). Pengaruh Financial Governance, Peran Perangkat Desa dan Kejelasan Sasaran Anggaran terhadap Akuntabilitas Pengelolaan Dana Desa di Desa Se-Kecamatan Mengwi. Hita Akuntansi Dan Keuangan, Edisi Janu, 203–215. https://doi.org/https://doi.org/10.32795/hak.v3i1.2299
Putri, R. A., & Wiryanto, R. B. D. (2021). Analisis Rasio Keuangan Daerah Untuk Menilai Kinerja Keuangan Pemerintah Kota Surabaya. Journal of Sustainability Business Research, 2(3), 395–403. https://doi.org/https://doi.org/10.36456/jsbr.v2i3.4460
Putri, R. D., & Hendaris, R. B. (2025). Public Sector Accountability and Performance: The Influence of Institutional Scale, Legislative Oversight, and Supreme Audit Judgements. E-Jurnal Akuntansi, 35(6), 1752–1771. https://doi.org/10.24843/EJA.2025.035.106.p17
Putri, S. A., Widiarti, & Nurvazly, D. E. (2025). Kajian Model Regresi Data Panel pada Data Indeks Pembangunan Manusia Provinsi DKI Jakarta Tahun 2019-2023. MATHunesa: Jurnal Ilmiah Matematika, 13(01), 117–124. https://doi.org/https://doi.org/10.26740/mathunesa.v13n1.p117-124
Rahman, A. Z. (2022). Efisiensi dan efektivitas dalam pengelolaan keuangan daerah Kabupaten Cilacap. Humanika, Kajian Ilmiah Mata Kuliah Umum, 22(2), 117–126. https://doi.org/10.21831/hum.v22i2.
Rowanda, A., & Ismiwati, B. (2026). Analisis Pengaruh PAD, Dana Perimbangan dan Belanja Modal Terhadap Kinerja Keuangan Pemerintah Daerah. Journal of Business and Economics Research (JBE), 7(2), 302–313. https://doi.org/10.47065/jbe.v7i2.9888
Sapi’i, M. I., Fauzan, M., & Aprilian, Y. (2026). Pengaruh Pendapatan Asli Daerah dan Belanja Modal Terhadap Kinerja Keuangan Pemerintah Daerah Kabupaten/Kota di Provinsi Riau Periode 2021-2024. AMBER: Accounting, Management, and Business Economic Review, 1(2), 258–269. https://ejournal.unisi.ac.id/index.php/amber/
Saputra, J. K. (2026). Stewardship Anggaran Sebagai Kewajiban Moral: Perspektif Etika Publik Atas Efisiensi Belanja Perjalanan Dinas Aparatur Sipil Negara. Jurnal Multi Disiplin Dehasen (MUDE), 5(3), 1955–1962. https://doi.org/https://doi.org/10.37676/mude.v5i3.11888
Saputra, M. S., & Priyastiwi. (2026). Analisis Rasio Keuangan dalam Menilai Kinerja Keuangan Pemerintah Kota Yogyakarta Tahun 2020-2024. Jurnal Riset Mahasiswa Akuntansi (JRMA), 14(1), 39–43. https://doi.org/10.21067/jrma.v14i1.13325
Sikora-Fernandez, D., & Stawasz, D. (2024). Public Information Asymmetry and Its Impact on Urban Governance Efficiency. European Research Studies Journal, XXVII(S2), 403–415. https://doi.org/10.35808/ersj/3700
Sugiyono. (2022). Metode Penelitian : Kuantitatif, Kualitatif, Dan R&D (Cet.27). Alfabeta.
Suridiyanti, W. A., Haliah, & Nurleni. (2024). Analisis Pengukuran Kinerja Pemerintah Daerah dengan Menggunakan Prinsip Value for Money. Akrual Jurnal Bisnis & Akuntansi Kontemporer, 17(1), 82–96. https://doi.org/10.26487/akrual.v17i01.28368
Syafri, R. A., Sofilda, E., & Suparyati, A. (2024). Determinan kemandirian keuangan pemerintah kabupaten/kota di Indonesia. Indonesian Treasury Review: Jurnal Perbendaharaan, Keuangan Negara Dan Kebijakan Publik, 9(4), 277–290. https://doi.org/10.33105/itrev.v9i4.618
Tifani, D., Suhaedi, W., & Rakhmawati, I. (2023). Kontribusi dan Efektivitas Pendapatan Asli Daerah Terhadap Anggaran Pendapatan dan Belanja Daerah dalam Mengukur Tingkat Kemandirian Daerah di Kota Bima. Jurnal Risma, 3(1), 21–29. https://doi.org/https://doi.org/10.29303/risma.v3i1.363
Wahyudi, L. M., & Astuti, E. (2026). Fiscal Performance Analysis of Local Government through an APBD-Based Financial Ratio Approach: Empirical Evidence from East Kalimantan Province, Indonesia (2020-2024). Al-Kharaj: Journal of Islamic Economic and Business, 8(3), 14657–14667. https://doi.org/https://doi.org/10.24256/kharaj.v8i3.11925
Yusmita, F., & Kurniawan, A. (2026). Unveiling Digital Transparency: Internet-Based Financial Reporting Disclosure by Indonesian Local Governments. Brilliance: Research of Artificial Intelligence, 6(1), 150–157. https://doi.org/10.47709/brilliance.v6i1.8443
Bila bermanfaat silahkan share artikel ini
Berikan Komentar Anda terhadap artikel Pengaruh Efektivitas PAD, Efisiensi Anggaran, dan Belanja Modal Terhadap Kinerja Keuangan Pemerintah Daerah
Pages: 864-877
Copyright (c) 2026 Sherly Pratiwi, Rusliyawati Rusliyawati, Ira Grania Mustika
This work is licensed under a Creative Commons Attribution 4.0 International License.
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under Creative Commons Attribution 4.0 International License that allows others to share the work with an acknowledgment of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgment of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (Refer to The Effect of Open Access).
