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Al Ayyubi, Waridad Umais
Politeknik Negeri Jember
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Economic Bubble and Fraud in Unicorn Startups: A Case Study of eFishery Akbar Firmansyah; Akas Setiawan; Waridad Al Ayyubi
Jurnal Ekonomi, Manajemen, Akuntansi dan Keuangan Vol. 7 No. 1 (2026): January
Publisher : Penerbit Jurnal Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.53697/emak.v7i1.3150

Abstract

Examine the lifecycle of the Indonesian startup eFishery using the Minsky and Kindleberger economic bubble framework. A qualitative single-case study design was employed, based on extensive secondary data analysis of investigative media reports, forensic audit summaries, and industry publications. Findings demonstrate a clear alignment between eFishery’s development and the five stages of an economic bubble: displacement, boom, euphoria, financial distress, and revulsion. Internal financial dynamics were mapped to Minsky’s regimes of hedge, speculative, and Ponzi finance, revealing how staged venture capital funding created structural incentives that contributed to financial manipulation. Governance failures were identified as principal drivers, notably moral hazard between founders and investors and a pervasive growth-at-all-costs culture, which accelerated both the bubble’s expansion and its subsequent collapse. The Minsky and Kindleberger framework was found to be an effective analytical tool for assessing firm-level financial instability in high-growth startups. Implications are discussed for regulators, investors, and founders, with recommendations for improved governance, transparency, and funding practices to mitigate systemic risks associated with the pursuit of unicorn valuations.
Co-Authors Aditya Wardana, Aditya Ahmad Haris Hasanuddin Slamet Akas Setiawan Akbar Firmansyah Alwirya, Ngani Atmojo, Titin Andriani Budi Fajar Supriyanto Budi Fajar Supriyanto Firman, Anwar Kurniawan Erman Wicaksono Lukman Hakim Maulana Firmansyah, Akbar mudiono , demiawan mudiono , Demiawan rachmatta putro Muflihatin, Indah Musi, Ngani Alwirya Nesa Ayu Murthisari Putri Nesa Ayu Murthisari Putri Pranata, Irzaq Galuh Putra, Mohammad Edwinsyah Yanuan Rahmat Dhandy Salihati Hanifa Sholihah, Elis Rahmawati Mar’atus Supriyanto, Budi Fajar Taufik Hidayat Titin Andriyani Atmojo Titin Andriyani Atmojo Ubaidillah, Wildanu Wahyono, Nanang Dwi Wati, Cicik Retno Wicaksono, Andri Permana Yanuan Putra, Mohammad Edwinsyah Yanuan, Mohammad Edwinsyah