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All Journal E-Jurnal Akuntansi
Ratih Mustikoningsih
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Economics, Econometrics & Finance

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Agency Conflict Management in Investment Stages of Startups with Venture Capital Funding Ratih Mustikoningsih; Budi Frensidy
E-Jurnal Akuntansi Vol. 35 No. 2 (2025)
Publisher : Fakultas Ekonomi dan Bisnis Universitas Udayana

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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.
Co-Authors Budi Frensidy, Budi