Pengendalian Konflik Agensi dalam Tahapan Investasi pada Startup dengan Pendanaan Modal Ventura
Abstract
This research aims to manage agency conflicts such as information asymmetry and moral hazard that occur during the pre-investment to post-investment phases. During the investment process, Venture Capital acts as the principal, while Startups act as the agents. This study employs a qualitative method with a case study approach. The research subjects consist of one (1) Startup in the financial technology (fintech) sector and two (2) Venture Capital firms, one owned by a State-Owned Enterprise (SOE) and the other privately owned. The findings indicate that managing agency conflicts between Venture Capital and Startups requires comprehensive pre-investment assessments, including initial selection that covers financial and non-financial aspects, as well as contractual agreements involving a due diligence process. Meanwhile, post-investment management is carried out through performance monitoring, staged funding, and forming a Venture Capital Syndicate.
Keywords: Agency Conflict; Moral Hazard; Information Asymmetry; Venture Capital; Startup.
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References
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Brain & Company. (2023). Indonesia Venture Capital Report 2023. Diunduh tanggal 2 Juli 2024 [https://www.bain.com/insights/indonesia-venture-capital-report-2023](https://www.google.com/search?q=https://www.bain.com/insights/indonesia-venture-capital-report-2023).
Christensen, E., Wuebker, R., & Wustenhagen, R. (2009). Of acting principals and principal agents: goal incongruence in the venture capitalist-entrepreneur relationship. International Journal of Entrepreneurship and Small Business, 7(3), 367-388.
Daily Social. (2024). Startup Report 2023. Diunduh tanggal 2 Juli 2024. [https://mandiri-capital.co.id/wp-content/uploads/2024/02/DSInnovate_Startup_Report_2023_compressed.pdf](https://www.google.com/search?q=https://mandiri-capital.co.id/wp-content/uploads/2024/02/DSInnovate_Startup_Report_2023_compressed.pdf).
Gill, S. L. (2020). Qualitative sampling methods. Journal of Human Lactation, 36(4), 579-581.
Gornall, W., & Strebulaev, I. A. (2023). The contracting and valuation of venture capital-backed companies. In Handbook of the Economics of Corporate Finance (Vol. 1, No. 1, pp. 3-76). North-Holland.
Guo, D. (2010). Venture capital institutions and venture capitalists’ investment activities: An empirical study on China.
Jensen, M. C., & Meckling, W. H. (2019). Theory of the firm: Managerial behavior, agency costs and ownership structure. In Corporate governance (pp. 77-132). Gower.
Kaplan, S. N., & Strömberg, P. (2003). Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. The review of economic studies, 70(2), 281-315.
Kaplan, S. N., & Strömberg, P. E. (2004). Characteristics, contracts, and actions: Evidence from venture capitalist analyses. The journal of finance, 59(5), 2177-2210.
Kerr, W., Nanda, R. A. M. A. N. A., & McQuade, J. A. M. E. S. (2014). Financing Entrepreneurial Ventures. Harvard Business School Note, 1-46.
Levis, M. (2011), “The performance of private equity-sponsored IPOs”, Financial Management, Vol. 40 No. 1, pp. 253-277.
Mason, C., Carter, S. (Ed.), & Jones-Evans, D. (Ed.) (2006). Venture Capital and the Small Firm. In Enterprise and Small Business: Principles, Practice and Policy 2nd Edition (pp. 357-384).
Nguyen, G., & Vu, L. (2021). Does venture capital syndication affect mergers and acquisitions?. Journal of Corporate Finance, 67, 101851.
Otoritas Jasa Keuangan (OJK). (2024). Peraturan Otoritas Jasa Keuangan Nomor 25/POJK.01/2023 tentang Penyelenggaraan Usaha Perusahaan Modal Ventura dan Perusahaan Modal Ventura Syariah.
PT XYZ. (2023). Laporan Keuangan Perusahaan.
PWC. (2023). Telecommunication, Media & Technology Update 2023 in Indonesia. Diunduh tanggal 2 Juli 2024. [https://www.pwc.com/id/en/publications/TMT/tmt-update-2023.pdf](https://www.pwc.com/id/en/publications/TMT/tmt-update-2023.pdf).
Sievers, S., Mokwa, C. F., & Keienburg, G. (2013). The relevance of financial versus non-financial information for the valuation of venture capital-backed firms. European Accounting Review, 22(3), 467-511.
Startup Ranking. (2024). Jumlah Startup di Indonesia. Diunduh tanggal 2 Juli 2024. [https://www.startupranking.com/](https://www.startupranking.com/).
Tenny, S., Brannan, J. M., & Brannan, G. D. (2017). Qualitative study.
Turcan, R. V. (2008). Entrepreneur-venture capitalist relationships: mitigating post-investment dyadic tensions. Venture Capital : an International Journal of Entrepreneurial Finance, 10(3), 281-304. 10.1080/13691060802151960.
Tracxn Technologies Limited. (2024). Indonesia Tech Semi Annual Funding Report. Diunduh tanggal 2 Juli 2024.
Vaismoradi, M., Turunen, H., & Bondas, T. (2013). Content analysis and thematic analysis: Implications for conducting a qualitative descriptive study. Nursing & health sciences, 15(3), 398-405.
Widyanto, H., Dalimunthe, Z., & Triono, R. A. (2019, November). How venture capital firms evaluate Indonesian start-ups for financing. In Proceedings of the 33rd International Business Information Management Association Conference, IBIMA.
Published
2024-12-15
How to Cite
MUSTIKONINGSIH, Ratih; FRENSIDY, Budi.
Pengendalian Konflik Agensi dalam Tahapan Investasi pada Startup dengan Pendanaan Modal Ventura.
E-Jurnal Akuntansi, [S.l.], v. 35, n. 2, dec. 2024.
ISSN 2302-8556.
Available at: <https://ojs.unud.ac.id/index.php/akuntansi/article/view/121623>. Date accessed: 09 mar. 2025.
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