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The Phenomenon of Startup Investment and Minority Investor Protection: A Legal Analysis of Asymmetric Risk polontoh, Herry m; Yusnita, Yusnita; Judijanto, Loso; Suhermi, Suhermi
Ipso Jure Vol. 2 No. 6 (2025): Ipso Jure - July
Publisher : PT. Anagata Sembagi Education

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.62872/25ep0607

Abstract

The rapid growth of the startup industry in Indonesia has raised new legal issues related to the protection of minority investors in a dynamic and institutionally unestablished ownership structure. This study analyzes how the risk of information asymmetry in the relationship between founders and investors creates inequality in legal relations that weakens the position of minority investors. Through a normative juridical approach, this study examines the effectiveness of the provisions in Law Number 40 of 2007 concerning Limited Liability Companies, especially Articles 61, 62, and 114, in providing substantive legal protection. The results of the study show that the existing legal mechanism is not fully adaptive to the complexity of the startup investment model, especially due to the weak application of fiduciary duty principles and the lack of application of good corporate governance principles. On the other hand, the practice of investment agreements often affirms the dominance of the majority shareholders through exploitative clauses. Therefore, a legal reformulation is needed that is able to bridge this normative vacuum, through the strengthening of hybrid legal instruments and responsive sectoral regulations. This research recommends legal policy reforms that emphasize the balance of interests, transparency, and substantive justice to create an inclusive, sustainable, and economically democratic startup ecosystem.
Co-Authors , Agustiansyah Abdul Latif Adrian Tawai Agus Karyanto AGUSTRINA, ROHMAH Ahmad Shidiq, Ahmad Akhir, Chorunnisa Yaumal Aldjokdja, Retno Kartika Aldri Frinaldi Amin, Sahril Amos Amos Andiani Andiani, Andiani Andri Yulianto, Andri Armiyanti, Armiyanti Aulia, Rifanda Bada, Wahdi Bakara, Tiarlince Bambang Irawan Batubara, Lilian Chaerunnimah . Cipta Ginting, Cipta Darwin H. Pangaribuan Daud, Ruslia Desi Maulida Dewi, Eva Ratna Dhini Ayu Triningsih Dhyaul Haq, Hanifah Dian Mardhiyah Diman, Tiara Dina Nurdinawati, Dina Doni Stiadi DWI HAPSORO Dwijowati Asih Saputri Ekawati Danial Eko Pramono Elianora - EMI EMI, EMI Erlangga, Wahyu F, Fadila S. Hi. Fadilah Fadilah, Fadilah Farida Hanum Fathul Jannah, Fathul Fauzan, Naufal Dani Firdaus Firdaus Fitri Yelli Fitriani Fitriani Ginta Siahaan Hafsah Nur Anisa, Ummi Halika, La Ode Herman Hamid, Syukri Al Handayani, Yivista Harahap , M Syahnan Haristian Hergandi Haryanto Haryanto Hasan Fauzi, Hasan Hasan, Risma Hi Hatta, Moh Herda, Wahyuni Herry M. Polontoh Hi. A. Djafar, Monisa Iin Kurnia Intan Razari Islamiah, Nurul Isni Hijriana Istiqomah, Dyah Pramesti Ivayani, Ivayani Joko Joko Joleha, Joleha Judijanto, Loso Kadir Kadir Kalsum, Ummy Kasmiyeti, Kasmiyeti Keke, Ahmat Kencana, Rita Kholis Ernawati Kinasih Prayuni Kurniawaty Fitri La Iba, La La Patilaiya, Hairudin Laego, Riyanti Langasa, Siti Aigina Listika, Listika Listuti Hariani luciana, Lisma M, Fitra Tunisyah M, Zasari M. Imamuddin Maera Zasari Manteto, Tiara Maria, Lisda Masiyan, Masiyan Mellani Yuliastina MERLEY MISRIANI Minggu, Musdalifa Miniharianti, Miniharianti Muhammad Hatta Mukherji, Rani Munawwarah, Khairiyatul Musawir, La Ode Abdul Neni Hermita Nihayah, Silviatun Ningsih, Winda M Noprida, Dayana Nordiansyah, Muhammad Novalia Novalia Novi Novi Nugroho, Rizki Bagus O, Saputri Perarih, Sada Perianti K, Linda Prabowo, Sugma Agung Pratiwi, Bela Ayu Prayogi, Adi Noor Raden Ajeng Diana Widyastuti Rafika, Eni Rahmadyah Hamiranti Rahmatia, Annisa Ramadiana, Sri Rani, Siti Maha Ratu Ayu Dewi Sartika Razi, T. Khairol Resika, Dewi Ridwan Rifqaatusa'adah, Rifqaatusa'adah Rinanda, Della Okta Rizki, Fitria Rokhamah, Rokhamah Rosadi, Kemas Imron Rosmila Tuharea, Rosmila Rosnaini Daga Rusdi Evizal Rusdina, Mala Sahara, Tuti Sahsun, Darmila Salim, Nurmai Sandi Asmara Sari, Urmila Selviani, Zakiah Setiya Wati, Tri Agus Setyo Dwi Utomo Shalihah, Mar'atun Sigit Santoso Siti A Pujonarti Situmorang, Tumpal P. Sofiati, Vivi Subekti, Reni Tri Sudu, La Sugito, Wahyu Sugiyanti Sugiyanti Suhermi, Suhermi Sukmawati Sukmawati Sultani Sultani Sumarto, Sabaria Sumaryati Sumaryati Suri, Rindang Andam Susilowati, RW Suskandini Ratih Dirmawati Syahputra, Fadli Tamara, Fadhila Thalia, Karinda Dwi Titik Nur Aeny Tri Dewi Andalasari Tunru, Insan Sosiawan A Tutik Lestari Utami, Melsya Halim Utami, Nurul Amalia Utomo, Ahmad Rusdan Handoyo Wahyu Hidayat Wahyudiyono, Wahyudiyono Wening Sari Widianti, Dian Widianti, Dini Widyastuti, R. A. Diana Widyastuti, R. A. Diana Widyastuti Wijayanti, Erlina Wirawan, Fadila Wiwit Sariasih Wulandari, Ririn Arminsih Wulansari, Rifda Yulidar Yulidar Yurnalis Yurnalis Zakaria Zakaria Zulheri, Zulheri Zwasta Pribadi Mahardhika