Arthatama

Journal of Business Management and Accounting
ISSN: 2655-786x (p), 2774-5678 (e)
Vol. 6, No. 1 (2022), pp. 44-54

Local Government Own-source Revenue and General
Allocation Funds on Capital Expenditure: Economic
Growth as Moderating Variable
Mulyana Mulyana1, Muhammad Din1,*, Mustamin Mustamin1, Andi
Mattulada Amir1, Fikry Karim1, Betty Betty1
1

Department of Accounting, Universitas Tadulako, Palu, Indonesia
* Corresponding author: didi.kaili83@gmail.com

Abstract
This article aims to analyze the influence of locally-generated revenue in local
government in Indonesia and general allocation funds on capital expenditure
with economic growth as moderating variable. This examination involves
auxiliary information such as the 2015-2019 local budget report. The number of
tests in this review was 29 areas from 34 territories in Indonesia. This review
utilizes the Partial Least Square (PLS) examination with the assistance of WarPLS
7.0 programming. The results showed that neighborhood income positively
affects capital use. General allocation funds positively affect capital expenditure.
Moreover, financial development directs or strengthen local government ownsource income through capital expenditure.

Keywords
Locally-generated revenue, General allocation funds, Capital expenditure, Economic
growth

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Local Government Own-source Revenue and General Allocation Funds on Capital Expenditure…

1.

Introduction

Indonesian local governments have many problems regarding budget allocation,
usually facing a limited budget to allocate expenditure in the provision of public
services. In fact, in the summary of the audit results, there are various deviations in
the budgeting of capital expenditures that do not follow the established laws and
regulations, verification is not carried out so that there is a price difference, and the
realization of capital expenditures for the procurement of machine tools does not
comply with the provisions of procurement and budgeting provisions, as well as
excess goods for the purchase of goods, including the purchase of fuel and building
maintenance (Furqan & Din, 2018).
Local own-source revenue aims to fund the implementation of regional
autonomy in accordance with the potential for decentralization while the regional
government has this authority. The allocation of local government capital
expenditures should adjust the region’s needs to the original regional income
received (Kuncoro, 2007). Local revenue is used in capital expenditure, so the
government should increase local revenue so that capital expenditure also increases
(Masdar et al., 2021). It will be more likely to impact better public services and
community welfare. Problems faced by the government in 2015-2019 in the summary
of the audit results were that local own-source revenue was overpaid due to the
volume of work, management, and accountability that were not fully adequate, and
there was still non-compliance with laws and regulations. In addition, the use of
assets and services not deposited with the government state treasury and recordings
that have not been made or are inaccurate include the acquisition value of fixed
assets (Budiman et al., 2020; Satya et al., 2022).
Economic growth is a parameter of development activity. It means that
economic growth can measure the level of activity development in economic sectors
in an economy. Previous research by Mawarni & Abdullah (2013) and Jaya &
Dwirandra (2014) found empirical evidence that economic growth positively affects
capital expenditure. In contrast to the research conducted by Syukri & Hinaya
(2019), they found empirical evidence that economic growth did not affect capital
expenditures.
Economic growth in this study is used as a moderating variable. The rate of
economic growth can strengthen the influence of local own-source revenue and
General Allocation Funds on capital expenditures. The higher the level of economic
growth should increase the local own-source revenue for capital expenditures
(Pagano, 2002). The increasing economic growth has an impact on increasing the
income per capita of the population so that the level of consumption and
productivity of the population increases. In addition, the higher the income earned
by the community, the higher the community’s ability to pay the levies set by the
local government. It is more likely to increase the source of the regional revenue,
and, of course, the local own-source revenue will increase. Increasing the economic
growth can also attract investors to invest in the region so that sources of local ownsource revenue, especially those from regional taxes, will increase. The magnitude of
economic growth in each region can strengthen the relationship between local ownsource revenue and General Allocation Funds for capital expenditures. Thus, this

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Vol. 6, No. 1 (2022), pp. 44-54

research was conducted to analyze the effect of local own-source revenue and general
allocation funds on capital expenditures with economic growth as a moderating
variable.

2.

Literature Review and Hypothesis Development

2.1. Agency Theory
An agency relationship is a contract between one or more persons (principals)
involving other people (agents) in carrying out a delegation for decision-making
(Jensen & Meckling, 2019). The principal acts in supervising and providing an
assessment of the tasks performed by the agent. The local government budget follows
the Government Work Plan (GWP), which will be used as a control by the principal
to monitor and assess the performance of the local government. The relationship
between agency theory in this study can be seen through the relationship between
the central government and local governments in the distribution of balancing funds
and the relationship between the community represented by the principal and local
government as an agent. The central government delegates authority to local
governments to independently regulate all government activities in their regions.
Therefore, due to the delegation of authority, the central government lowers the
balancing fund to assist local governments in funding daily government needs and
providing better public services to the community.
In addition, agency theory is implicit in the relationship between local
government and the community. The community, as the principal, has provided
resources to the region by paying taxes, levies, and so on to increase local revenue.
The local government, as an agent, in this case, should provide feedback to the
community in the form of public services funded by the local revenue itself (Spender,
2011).

2.2. Local Government Budget
According to Siregar (2015), the regional government budget is the regional
government’s annual financial plan that the House approves of Representatives. The
budget is a guideline for actions to be carried out by the government, including plans
for revenues, expenditures, transfers, and financing. These are measured in rupiah
and arranged according to certain classifications systematically for one period.
Regional expenditures are all from the regional general treasury account that reduces
the excess budget balance in the period of the relevant fiscal year, which the Regional
Government will not repay. Regional Expenditures consist of Indirect Expenditures
and Direct Expenditures; capital expenditures are closely related to investments
made by the government (Pattawe, 2022; Din et al., 2022).
According to Siregar (2015), local own-source revenue is the revenue the
Regional Government obtains from sources within its territory, which is collected
based on Regional Regulations. Local own-source revenue includes regional taxes,
regional levies, separated regional wealth management results, and other legitimate
ROI. to Law No. 23 of 2015, and General Allocation Funds are funds sourced from
the state budget that is allocated with the aim of equitable distribution of financial

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Local Government Own-source Revenue and General Allocation Funds on Capital Expenditure…

capacity between regions to fund regional needs in the context of implementing
decentralization, with such balance, in particular, the general allocation fund will
provide certainty for regions in obtaining financing sources to finance the expenses
for which they are responsible. According to Siregar (2015), General Allocation
Funds are funds intended to distribute regional financial capabilities evenly. In Law
No. 33 of 2004, it is explained that the total amount of the General Allocation Fund
is set at least 26%, which is then distributed to the province at 10% and the
district/city at 90% of the total General Allocation Fund.

2.3. Fiscal autonomy and economic growth
Regional autonomy in Indonesia was first regulated in Law No. 22 of 1999, after
which it was revised into Law No. 9 of 2015 concerning the second amendment to
Law No. 23 of 2014. Regional governments enforce regional autonomy to build and
improve public services for the welfare of the community fulfilled equally and to
accelerate economic and regional growth. Regional autonomy is designed to give
authority to each region so that it is more likely to increase independence and not
be fixated on central regulations. The regional budget regulated in the Ministry of
Home Affairs Regulation No. 33 of 2019 is classified into two, namely direct
expenditure and indirect expenditure. Direct expenditure includes personnel, goods
and services, and capital. Meanwhile, indirect expenditure consists of interest,
subsidy, grant, social assistance, profit sharing, financial aid, and unexpected
expenditure. Capital expenditure is used for the procurement of fixed assets and
other assets.
Economic growth is increasing output per capita long-term (Boediono (1999;
Acemoglu, 2012). Gross Regional Domestic Product (GRDP) is the total value added
of goods and services produced from all economic activities in an area. The economic
growth is reflected in the Gross Domestic Product. Gross Regional Domestic Product
is the gross added value of all goods and services produced in the local area arising
from various economic activities within a certain period. The calculation of GRDP
uses two kinds of prices: current and constant. GRDP at current prices is the added
value of goods and services calculated using the prevailing prices in the relevant year,
while GRDP constantly is calculated using prices in a certain year as the base year.
Local own-source revenue is used in accordance with the needs of the government so
that in allocating capital expenditures, it should be adjusted to regional needs by
taking into account the received Local own-source revenue. High local revenue is
more likely to increase the allocation of capital expenditures realized in infrastructure
facilities and infrastructure. Previous research conducted by Mulyani (2016),
Priambudi (2017), Lestari (2017), Susanti & Fahlevi (2016), Kis-Katos & Sjahrir
(2017), and Lewis (2013; 2019) found empirical evidence that local own-source
revenue has a positive effect on capital expenditure.
In contrast, Suryani & Pariani (2018) show that local own-source revenue has
no effect on capital expenditures. Moreover, the General Allocation Fund is sourced
from the state budget, which aims to carry out regional operational activities and
regional needs in implementing decentralization. So with these funds, the local
government can provide better services to the public. It creates fiscal imbalances

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because local governments cannot carry out their responsibilities to fund these
activities. To overcome fiscal inequality, the central government conducts fiscal
decentralization so that it is expected to be able to finance government
administration and development.
Kuntari (2019), Mulyani (2016), Nasution (2017), and Rini et al. (2018) showed
that general allocation fund has a positive and significant effect on capital
expenditure. While the research conducted by Suhendra (2015), the general
allocation fund does not affect capital expenditure. This condition is caused because
the General Allocation Fund used by the government is only slightly for capital
expenditure and is widely used for other purposes, such as funding regional
potentials to increase regional income. The economic growth rate is thought to
strengthen local revenue’s effect on capital expenditures. The increasing economic
growth will be more likely to impact the population per capita so that the
population’s level of consumption and productivity increases. Based on the
descriptions, the following hypotheses are proposed:
H1: Local own-source revenue positively affects capital expenditure
H2: Economic growth strengthens the relationship between local own-source revenue positive
effect on capital expenditure.
H3: The general allocation fund has a positive effect on capital expenditure
H4: Economic growth strengthens the relationship between the general allocation fund and
capital expenditures.

Source: Authors’ data (2022)
Figure 1. Research Framework

3.

Methods

This study used a national dataset for all provinces in Indonesia. The population
in the study was 34 provinces in Indonesia from 2015-2019. Sampling used purposive
sampling so that 29 provinces were sampled in this study. In this study, a structured
observation technique was used, which is a method used to analyze and record
systematically what will be observed, when, and where it is. The operational variable
of all variables is shown in Table 1.

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Local Government Own-source Revenue and General Allocation Funds on Capital Expenditure…

This research uses the Partial Least Square (PLS) analysis technique using
WarpPLS version 7.0 software. PLS is an equation model of Structural Equation
Modeling (SEM) based on components or variances (variance).
Table 1. Operational definition of variables
No.
1.

Variable
Local own-source
revenue/LOR (X1)

2.

Capital Expenditure/CE
(Y)

3.

General Allocation
Fund/GAF (X2)
Economic Growth/EG (Z) GRDP
Source: Processed by researchers (2022)

4.

Indicator
Local taxes
Regional retribution
The results of the management of separated
regional assets
Land capital expenditure
Capital expenditure on equipment and
machinery
Building and building capital expenditure
Capital expenditures for roads, irrigation,
and networks
Capital expenditure on other fixed assets
General transfer funds

Scale
Ratio

Ratio

Ratio
Ratio

4. Results
The results showed that the model fulfilled the fit model criteria. All indices
have p-values <0.001 or below the criteria set at p-value <0.10. The results are shown
in Table 2.
Table 2. Fit Model Test
Model fit and quality indices
Average path coefficient (APC)
Average R-squared (ARS)
Average Adjusted R-squared (AARS)
Average Block VIF (AVIF)
Average Full Collinearity VIF (AFVIF)
Tenenhaus Gof (GoF)

Index
0.342
0.613
0.458
1.442
10.551
0.783

P-Value Criteria
0.001
0.10
0.001
0.10
0.001
0.10
≤ 5 and ideally≤ 3.3
≤ 5 and ideally ≤ 3.3
Small ≥0.1, medium
≥0.25, large ≥0.36
Source: WarpPLS 7.0, Data Processed 2022

Description
Fit
Fit
Fit
Fit
Fit
Large

Moreover, the hypothesis testing to examine the relationship between local ownsource revenue and capital expenditure showed the path coefficient value generated
in the influence of local own-source revenue on capital expenditure of 0.51 with a
significance of p-value <0.01 (>0.10) (Table 3). Accordingly, the first hypothesis
stating that the general allocation fund variable positively and significantly influences
capital expenditure was accepted. The findings found that local revenue has a
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Vol. 6, No. 1 (2022), pp. 44-54

positive influence on capital expenditures. It means that local revenue is more likely
to increase the allocation of capital expenditures by looking at the needs of the
government. The results in this study also show a significant amount, which means
that an increase follows every increase in local revenue in capital expenditure. It is in
line with agency theory, where the relationship between the central government and
local governments in the distribution of balancing funds and the relationship
between the community represented by the principal and local government as agents.
It can be conducted by providing adequate facilities and infrastructure financed from
capital expenditures that are budgeted annually, while the capital expenditures are
sourced from local own-source revenue.
The results are in line with research by Hair et al. (2012), Mulyani (2016),
Susanti & Fahlevi (2016), Lestari (2017), Kis-Katos & Sjahrir (2017), and Lewis
(2013; 2019) stating that local revenue affects capital expenditure. It empirically
proves that capital expenditure can be influenced, one of which is local revenue.
According to Government Regulation No. 12 of 2019, the local budget is prepared
in accordance with the needs of the implementation and the ability of the regions to
generate income. In the preparation of the local budget, capital expenditures should
be adjusted to the needs of the region by taking into account the local own-source
revenue obtained so that if the regional government wants to increase capital
expenditures for public services and better public welfare, the regional government
should strive to obtain greater own-source revenue.
Table 3. Path Coefficients
Variable
Sign
Coefficient
P Value
Full Collin VIF
LOR
+
0.51
0.01
5.288
GAF
+
0.38
0.01
3.779
LOR X EG
+
0.34
0.01
21.189
GAF X EG
+
0.14
0.08
2.180
R squared
0.613
Adjusted R Square
0.458
Q Square
0.672
Note: LOR= Local own-source revenue; CE= Capital Expenditure; GAF= General Allocation
Fund; EG= Economic Growth
Dependent Variable: Capital Expenditure

Source: WarpPLS 7.0, Data Processed 2022
The test results between local own-source revenue on capital expenditures and
economic growth as a moderating variable of the capital showed the path coefficient
value generated in the influence between local own-source revenue on capital
expenditures and economic growth as a moderating variable of 0.34 with a
significance of p-value <0.01 (>0.10). Thus, the second hypothesis that the local ownsource revenue variable on capital expenditure with economic growth as a
moderating variable has a positive and significant influence was empirically
supported. The findings found that local revenue positively affects capital
expenditure as a moderating variable. Economic growth in this study is used as a
moderating variable. The economic growth rate strengthens local own-source

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revenue’s influence on capital expenditures. The higher the level of economic growth
is more likely to increase the local own-source revenue for capital expenditures. It
means the increasing economic growth will be more likely to have the impact of
increasing population per capita so that the population’s level of consumption and
productivity increases. Good economic growth should be supported by adequate
infrastructure or facilities to facilitate economic activities. Usually, good economic
growth will be more likely to increase the capital expenditure of the regional
government from year to year to improve existing facilities and infrastructure.
However, capital expenditure was usually adjusted to the budget that has been
provided. The results align with research by Rini et al. (2018) and Jaya & Dwirandra
(2014), stating that local government revenue positively affects capital expenditure
with economic growth as a moderating variable.
The test results between general allocation funds and capital expenditures
showed the path coefficient value generated in the effect of general allocation funds
on capital expenditures of 0.38 with a significance of p-value <0.01 (>0.10).
Therefore, the first hypothesis states that the local own-source revenue variable
positively and significantly influences the capital expenditure received. The findings
showed that general allocation funds positively influence capital expenditures. It
means that every time there is an increase in the general allocation fund, the capital
expenditure budget will be more likely to increase. In line with agency theory, the
relationship between the central government and local governments in the
distribution of balancing funds and the relationship between the people represented
by the principals and local governments as agents in the preparation of local
government budgeting.
The results are in line with research conducted by Kuntari (2019), Mulyani
(2016), Nasution (2017), and Rini et al. (2018), stating that general allocation funds
affect capital expenditure, which empirically proves that capital expenditure can be
influenced by one of them by general allocation fund. It indicates that the behavior
of regional expenditures, especially capital expenditures, will be greatly influenced by
the source of revenue from the general allocation fund. The higher the general
allocation fund, the higher the capital expenditure allocation.
The test results between general allocation funds on capital expenditures and
economic growth as a moderating variable of the capital showed the path coefficient
value generated in the influence between general allocation funds on capital
expenditures and economic growth as a moderating variable of 0.14 with a
significance of p-value <0.08 (>0.10). Therefore, the fourth hypothesis was accepted,
stating that the general allocation fund variable on capital expenditures with
economic growth as a moderating variable has a positive and significant influence
(Figure 2). The research found that general allocation funds positively influence
capital expenditures with economic growth as a moderating variable. It means that
the higher the level of economic growth is more likely to increase the general
allocation fund for capital expenditures. The increasing economic growth impacts
increasing the income per capita of the population so that the population’s level of
consumption and productivity increases. In addition, higher funds from the state
budget are allocated with the aim of financial equity between regions to finance
budgeting needs in implementing decentralization. Good economic growth in an
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area requires adequate facilities and infrastructure, where the development of these
facilities and infrastructure uses funds sourced from general allocation funds and
capital expenditures. So, economic growth strengthens the relationship between
general allocation funds and capital expenditures. The results align with research by
Sugiarthi & Supadmi (2014); the allocation of funds affects capital expenditures with
economic growth as a moderating variable.

Source: WarpPLS 7.0 output (2022)
Figure 2: Research Results Model

5.

Conclusion

The results concluded as local revenue has a positive and significant effect on
capital expenditure, economic growth has the role of strengthening the positive and
significant relationship between local revenue and capital expenditures, the general
allocation fund has an effect on capital expenditure, and economic growth has a role
in strengthening the positive and significant relationship between general allocation
funds and capital expenditures.
The limitation of this research is that available data is only accessed from 29
provinces. It was because five provinces do not have general allocation funds: Jakarta,
East Java, Bali, East Nusa Tenggara, and East Kalimantan. The study also only
examined the data in the 2015-2019 period. Lastly, the variables in this study can
only explain economic growth as a moderating variable. Further studies should be
conducted in the latest year to obtain more relevant information. Further researchers
are advised to use different variables such as special and profit-sharing funds.
Moreover, many other variables can still be used as moderating variables, such as
capital expenditures, the remaining budget calculations, special autonomy funds,
balancing funds, and the COVID-19 pandemic.

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