The Role of Audit Opinion in Enhancing the Influence of Local Revenue and Capital Expenditure on the Financial Performance of Local Governments in Indonesia
Abstract
This study examines the moderating role of audit opinion in strengthening the influence of Local Own-Source Revenue (PAD) and capital expenditure on the financial performance of local governments in Indonesia. Using secondary data from 508 regencies and cities over the 2019–2023 period, the research makes use of Moderated Regression Analysis (MRA) not just as a statistical tool, but as a way to uncover how one variable can bend, boost, or blur the effect of another.The data flows in from two solid sources: the Directorate General of Fiscal Balance and the Audit Board of the Republic of Indonesia. In essence, it’s like connecting two streams of credible insight to see how they dance together numbers turning into patterns, and patterns unfolding into meaning. The results reveal that PAD has a positive and significant effect on local financial performance, indicating that higher local revenues improve fiscal independence and efficiency in regional financial management. In contrast, capital expenditure does not significantly influence financial performance, suggesting that increased investment in assets has not been optimally managed to produce productive outcomes. Furthermore, audit opinion strengthens the relationship between PAD and financial performance, but not between capital expenditure and financial performance. This implies that sound financial governance and compliance, reflected in favorable audit opinions, enhance the effectiveness of local revenue management. The findings emphasize the strategic role of accountability and transparency in promoting sustainable regional fiscal performance.
Downloads
References
Agusta, R. (2020). Peranan penerimaan pajak daerah dan retribusi daerah terhadap pendapatan asli daerah pada Badan Pendapatan Daerah Kabupaten Bulukumba. Journal of Applied Managerial Accounting, 4(1), 33–41. https://doi.org/10.30871/jama.v4i1.1909
Anggi, A. A. S. (2022). Analisis rasio keuangan APBD untuk menilai kinerja keuangan daerah Kota Medan tahun 2016–2020. Akuntansi Prima, 4(1), 104–115. https://doi.org/10.34012/japri.v4i1.2614
Ardelia, I. N., Wulandari, H. K., Ernitawati, Y., & Dumadi, D. (2022). Pengaruh pendapatan asli daerah, belanja modal dan dana perimbangan terhadap kinerja keuangan pemerintah daerah (studi empiris kabupaten dan kota se-eks karesidenan Pekalongan periode 2016–2020). Jurnal Aplikasi Akuntansi, 7(1), 60–80. https://doi.org/10.29303/jaa.v7i1.165
Atika Almasshadrina, I. (2025). The influence of regional financial independence ratio, dependence ratio and effectiveness ratio on allocation of capital expenditures to government in North Sumatra. Journal of Accounting and Finance, 3(1), 1007–1019.
Budi, R. B. H., & Sastradipraja, U. (2024). Analysis of factors affecting local government financial performance. Dinasti International Journal of Economics, Finance & Accounting, 5(5), 5399–5410. https://doi.org/10.38035/dijefa.v5i5.3596
Budiarso, N. S., Mandey, S. L., & Karamoy, H. (2018). Testing of agency and stewardship theories on financial accountability in Sulawesi Region, Indonesia. International Journal of Finance and Accounting, 7(1), 13–18. http://journal.sapub.org/ijfa
Defitri, S. Y. (2020). Pengaruh belanja modal dan belanja pegawai terhadap tingkat kemandirian keuangan daerah. Fokus Bisnis: Media Pengkajian Manajemen dan Akuntansi, 19(2), 107–119. https://doi.org/10.32639/fokusbisnis.v19i2.476
Dharmayasa, I. K. A., & Darmayanti, N. P. A. (2021). The effect of local own-source revenue, balance funds and capital expenditures on the financial performance of regency/city governments in Bali Province. International Journal of Management and Commerce Innovations, 9(1), 48–55.
Dona, E., Gautama, G., & Muslim, I. (2022). Berpengaruhkah desentralisasi fiskal dan kinerja pemerintah daerah terhadap akuntabilitas pelaporan keuangan? Jurnal Inovasi Penelitian, 2(12), 4154.
Dwi Apriani, R., Wahyu Setiyowati, S., & Fariz Irianto, M. (2024). Determinants of local government financial performance (study on East Java local governments, 2020–2022). Jurnal Akuntansi, 13(1), 2301–4075.
Edira, R., & Hermanto, B. (2023). Pengaruh belanja pegawai, belanja modal, dan jumlah penduduk terhadap pendapatan asli daerah kota/kabupaten di Jawa Timur. Jurnal Ilmu dan Riset Akuntansi, 32.
Endang Purwanti, E. N. (2021). Analisis kinerja keuangan daerah pemerintah Kota Salatiga tahun 2014–2018. Jurnal Among Makarti, 14(2), 1–12. http://dx.doi.org/10.52353/ama.v14i2.213
Fadilah, A. F. (2025). Pengaruh pendapatan asli daerah, belanja modal, dan dana perimbangan terhadap kinerja keuangan pemerintah daerah di Indonesia dengan partisipasi masyarakat sebagai variabel moderasi. Addini Fitri Fadilah Research Series, 1(69).
Fahira, S. R., & Musyarofah, S. (2023). Report on local government finances determinants: Evidence from stewardship perspectives. Journal of Auditing, Finance, and Forensic Accounting, 11(1), 68–87. https://doi.org/10.21107/jaffa.v11i1.19631
Fisher, R. C., & Wassmer, R. W. (2015). An analysis of state-local government capital expenditure during the 2000s. Public Budgeting and Finance, 35(1), 3–28. https://doi.org/10.1111/pbaf.12062
Ghozali, D. I. (2021). Aplikasi analisis multivariate dengan program IBM SPSS 26.
Giroux, G., & Jones, R. (2011). Measuring audit quality of local governments in England and Wales. Research in Accounting Regulation, 23(1), 60–66. https://doi.org/10.1016/j.racreg.2011.03.002
Hafandi, Y., & Romandhon, R. (2020). Pengaruh pajak daerah, hasil pengelolaan kekayaan daerah yang dipisahkan, retribusi daerah, dan lain-lain pendapatan daerah yang sah terhadap pendapatan asli daerah Kabupaten Wonosobo. Journal of Economic, Management, Accounting and Technology, 3(2), 182–191. https://doi.org/10.32500/jematech.v3i2.1337
Hendaris, R. B., Winarso, E., & Siraz, R. (2022). Performance of village-owned enterprises to improve the welfare of village communities: A case study in West Bandung Regency. The Seybold Report, 17(10), 1471–1485. https://doi.org/10.5281/zenodo.7259950
Isbahi, M. B., Zuana, M. M. M. ., & Mariana, E. R. . (2022). The Technology Strategy in Website Communication Media in Improving Business Activities. Majapahit Journal of Islamic Finance and Management, 1(2), 126–138. https://doi.org/10.31538/mjifm.v1i2.17
Isbahi, M. B., Zuana, M. M. M., & Toha, M. (2024). The Multi-Social Relation of the Cattle Industry in the Plaosan Subdistrict Animal Market of Magetan Regency. Malacca: Journal of Management and Business Development , 1(1), 31–46. https://doi.org/10.69965/malacca.v1i1.51
Kartika, A. A., Sitorus, A. M., Siagian, P. A., & Panjaitan, R. (2023). Pengimplementasian kebijakan desentralisasi dan otonomi daerah terhadap hubungan keuangan daerah pusat dan daerah. Jurnal Sistem Informasi, Akuntansi dan Manajemen, 3(3), 400–406. https://doi.org/10.54951/sintama.v3i3.670
Lestari, D. I., Maryani, N., & Lestari, A. (2019). Pengaruh due professional care dan kompetensi auditor terhadap kualitas audit. Jurnal Riset Akuntansi dan Keuangan, 7(2), 319–326. https://doi.org/10.17509/jrak.v7i2.16190
Mamuka, K. K., Rorong, I. P. F., & Sumual, J. I. (2019). Pengaruh pendapatan asli daerah, dana alokasi umum dan belanja modal terhadap pertumbuhan ekonomi kabupaten/kota di Provinsi Sulawesi Utara. Jurnal Berkala Ilmiah Efisiensi, 19(3), 118–128.
Marianus. (2022). Pengaruh penerimaan pajak daerah dan retribusi daerah terhadap pendapatan asli daerah Kota Surabaya. Jurnal Mitra Manajemen, 5(8), 548–560.
Mega Christia, A., & Ispriyarso, B. (2019). Desentralisasi fiskal dan otonomi di Indonesia. Law Reform, 15(1), 150–165.
Niswani, N., Ikhyanuddin, I., Firdaus, R., & Nurhasanah, N. (2022). Pengaruh belanja modal, dana perimbangan dan pendapatan asli daerah terhadap kinerja keuangan daerah kabupaten/kota Provinsi Aceh tahun 2016–2020. Jurnal Akuntansi Malikussaleh (JAM), 1(1), 64. https://doi.org/10.29103/jam.v1i1.6367
Nugroho, A. B., & Moonti, U. (2019). Analysis of the effect of capital expenditures, economic growth and education levels on labor absorption. Jambura Equilibrium Journal, 1(1). https://doi.org/10.37479/jej.v1i1.2001
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, 2(2), 97–105. https://doi.org/10.31289/jbi.v2i2.2964
Padang, N. N., & Padang, W. S. (2023). Pengaruh pendapatan asli daerah, dana perimbangan dan belanja modal terhadap kinerja keuangan pemerintah daerah di kabupaten/kota Provinsi Sumatera Utara. Jurnal Riset Akuntansi & Keuangan, 9(2), 303–318. https://doi.org/10.54367/jrak.v9i2.2985
Paulina, N. N. W., & Supadmi, N. L. (2025). The effect of regional original revenue, transfer revenue, and regional expenditure on regional government financial performance (a study of regencies and cities in Bali, 2019–2023). International Journal of Economics, Commerce, and Management, 2(3), 90–97.
Pratama, D. P., Mustika, I. G., & Karpriana, A. P. (2024). Pengaruh pendapatan asli daerah dan belanja modal terhadap kinerja keuangan pemerintah daerah Kota Pontianak tahun 2013–2022. Journal of Information System, Applied, Management, Accounting and Research, 8(4), 720–732. https://doi.org/10.52362/jisamar.v8i4.1609
Praptiningsih, Khoirunnisa, J., & Pembangunan Nasional Veteran Jakarta, U. (2020). Pengaruh belanja modal, ukuran pemerintah, jumlah SKPD dan opini audit terhadap pengungkapan laporan keuangan pemerintah daerah Nusa Tenggara. Journal of Applied Managerial Accounting, 4(2), 277–285.
Romli, & Hendaris, B. (2019). Analisis faktor-faktor yang mempengaruhi kinerja internal audit pemerintah daerah Kota Bandung. Portofolio, 16(2), 10–26.
Ruxton, G. D., Wilkinson, D. M., & Neuhäuser, M. (2015). Advice on testing the null hypothesis that a sample is drawn from a normal distribution. Animal Behaviour, 107, 249–252. https://doi.org/10.1016/j.anbehav.2015.07.006
Salma Nazikha, R., & Rahmawati, F. (2021). Pengaruh desentralisasi fiskal, kapasitas fiskal daerah, dan elastisitas fiskal terhadap pertumbuhan inklusif Indonesia. Jurnal Ekonomi, Bisnis dan Pendidikan, 1(2), 120–134. https://doi.org/10.17977/um066v1i22021p120-134
Sugiyono. (2020). Metodologi penelitian kuantitatif, kualitatif dan R&D. Bandung: Alfabeta.
Suprapto, S., & Purbowati, R. (2024). Kontribusi pajak daerah, retribusi daerah, hasil pengelolaan kekayaan daerah yang dipisahkan dan lain-lain pendapatan asli daerah yang sah terhadap pendapatan asli daerah (PAD). Jurnal Akuntansi Neraca, 2(1), 1–8. https://doi.org/10.59837/jan.v2i1.28
Toha, M., Zuana, M. M. M., & Isbahi, M. B. (2024). Acculturation of Mataraman Local Wisdom with Islamic Values: Implications for Social and Economic Development. Danadyaksa: Post Modern Economy Journal, 2(1), 33–47. https://doi.org/10.69965/danadyaksa.v2i1.143
Trisnasari, R., & Sunaningsih, S. N. (2022). Analisis kontribusi pajak dan retribusi daerah terhadap pendapatan asli daerah. Gorontalo Accounting Journal, 5(1), 18–30. https://doi.org/10.32662/gaj.v5i1.1744
Ula, N. N., & Bharata, R. W. (2022). Analisis rasio keuangan dalam APBD untuk menilai kinerja keuangan pemerintah daerah (studi kasus pada pemerintah Kabupaten Magelang tahun anggaran 2018–2020). Transekonomika: Akuntansi, Bisnis dan Keuangan, 2(5), 405–414. https://transpublika.co.id/ojs/index.php/Transekonomika/article/view/151
Widajatun, V. W., & Kristiastuti, F. (2020). The effect of regional financial supervision, accountability and transparency of regional financial management on local government performance. Budapest International Research and Critics Institute (BIRCI-Journal), 3(4), 2966–2974. https://doi.org/10.33258/birci.v3i4.1319
Wigamas Rania Aliya, H., Yulsiati, H., & Aryani, Y. A. (2024). Pengaruh pendapatan asli daerah, dana alokasi umum dan belanja modal terhadap pendapatan per kapita kabupaten/kota Provinsi Sumatera Selatan. Journal Transformation of Mandalika, 5(10), 516–527. https://doi.org/10.36312/jtm.v5i10.851
Yasin, M. (2019). Analysis of regional original revenues and routine expenditures on regional financial performance in East Java regencies and cities. Jurnal Mantik, 3(1), 31–38.
Yulitiawati, & Mustika, A. (2020). Analisis rasio derajat desentralisasi fiskal, kemandirian keuangan daerah, dan debt service coverage ratio dalam mengukur kinerja keuangan pemerintah daerah Kabupaten Ogan Komering Ulu tahun anggaran 2013–2017. Jurnal ETAP, 1(1), 67–79.
Zamroni, M. A., Toha, M., Zuana, M. M. M., & Baiqun Isbahi, M. (2023). Exploring Zakat Distribution Via Blockchain in Indonesia Perspective of Maslahah Mursalah Wahbah Zuhaili. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 6(3), 3544-3555. https://doi.org/10.31538/iijse.v7i3.5821
Copyright (c) 2026 Ira Teja Sukma; Raden Budi Hendaris
This work is licensed under a Creative Commons Attribution-ShareAlike 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 a Creative Commons Attribution 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.
