<![CDATA[This study examines the influence of regional dependence, capital expenditure productivity, and regional investment intensity on regional financial sustainability, with the establishment of reserve funds as a moderating variable. Using panel data from the provinces of Aceh and Papua from 2016 to 2022, the research applies quantitative methods through multiple regression analysis and Moderated Regression Analysis (MRA). The findings reveal that high regional dependence negatively affects financial sustainability, while productive capital expenditure and strong investment intensity contribute positively. Moreover, the presence of reserve funds significantly moderates these relationships strengthening positive effects and weakening negative impacts. These results highlight the importance of balanced financial autonomy and strategic fiscal management in achieving sustainable regional development. The implications suggest that local governments should prioritize increasing financial independence, optimize capital expenditures, and develop reserve funds to enhance fiscal resilience]]>
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