BASECAMPECOPUBMEDBASECAMPECOPUBMED

InJEBA : International Journal of Economics, Business and AccountingInJEBA : International Journal of Economics, Business and Accounting

The formation of regions aims to accelerate the realization of community welfare and reduce disparities between regions, by carrying out constant and quality development. Until 2021, data from PT. SMI only 5.35% of regional governments that are eligible for loans utilize loans, while data from the Ministry of Finances DJPK, regions that take loans are only 17.52%. This shows that many regional governments do not take advantage of regional loans to carry out their obligations to improve welfare in their regions. This study aims to analyze the effect of regional original income, regional financial capacity, regional fiscal capacity, and capital expenditure on regional loans. This study was conducted on all district/city governments in Indonesia that took out regional loans in the 2017-2021 period. Data analysis uses panel data regression with an approach Random Effect Model (REM). The results of the study indicate that increasing local revenue and high levels of regional financial capacity do not necessarily encourage district/city governments to undertake regional loans. Meanwhile, regional fiscal capacity and capital expenditures influence local governments to undertake regional loans.

The increase in local revenue and high regional financial capacity did not affect the local government to undertake regional loans.Regional fiscal capacity and capital expenditure influence regional loans.A high KFD of a region reflects a good level of fiscal health so regional governments with high KFD make regional loans because they have a high ability to repay loans.

Penelitian lebih lanjut perlu dilakukan untuk mengidentifikasi faktor-faktor non-keuangan, seperti regulasi dan tata kelola pemerintahan, yang memengaruhi keputusan pemerintah daerah dalam mengambil pinjaman daerah. Hal ini dapat dilakukan dengan studi kualitatif yang mendalam, seperti wawancara dengan pemangku kepentingan terkait, untuk memahami kompleksitas pengambilan keputusan tersebut. Selain itu, penelitian di masa depan dapat memperluas cakupan populasi dengan melibatkan pemerintah provinsi, mengingat perbedaan signifikan dalam data dan karakteristik keuangan antara pemerintah daerah dan provinsi. Pendekatan ini akan memberikan gambaran yang lebih komprehensif mengenai determinan pinjaman daerah di seluruh Indonesia. Terakhir, penelitian lanjutan dapat mengeksplorasi dampak pinjaman daerah terhadap pertumbuhan ekonomi dan kesejahteraan masyarakat secara lebih rinci, dengan mempertimbangkan variabel-variabel moderasi seperti kualitas infrastruktur dan efisiensi pelayanan publik. Analisis ini akan membantu mengidentifikasi strategi optimal untuk memaksimalkan manfaat pinjaman daerah bagi pembangunan regional dan peningkatan kualitas hidup masyarakat.

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