Penelitian ini bertujuan untuk menguji peran bank-firm relationships dalam mengurangi masalah informasi asimetris (underinvestment) dan konflik keagenan (overinvestment) pada perusahaan nonkeuangan dengan kondisi kendala keuangan pada tahap growth dan nonkendala keuangan pada tahap mature dalam melakukan investasi dan menghasilkan kinerja. Sampel dalam penelitian ini adalah perusahaan non keuangan, sedangkan data diperoleh dari laporan keuangan perusahaan tahun 2002 - 2015 yang bersumber pada OSIRIS Database dan catatan atas laporan keuangan konsolidasian perusahaan melalui Bursa Efek Indonesia dan Bank Indonesia. Data sektor industri bersumber pada Badan Pusat Statistik Indonesia. Hasil penelitian menunjukkan bahwa bank-firm relationships dapat memengaruhi kinerja perusahaan secara positif. Dengan bank-firm relationships kuat, kendala keuangan dapat diatasi, dan permasalahan informasi asimentris dapat dikurangi. Dengan demikian, perusahaan dapat terhindar dari underinvestment. Di samping itu, dengan bank-firm relationships kuat, perusahaan yang tidak memiliki kendala keuangan (cash flow berlebih) dapat terhindar dari permasalahan agency of free cash flow dan overinvestment. Dengan bank-firm relationships kuat, perusahaan dalam tahap growth yang diindikasikan oleh operating cash flow positif, financing cash flow negatif, dan investment cash flow positif, juga terhindar dari permasalahan underinvestment. Bank-firm relationships kuat juga dapat mengurangi permasalahan overinvestment pada perusahaan dalam tahap mature, yang diindikasikan oleh operating cash flow positif, financing cash flow negatif, dan investment cash flow negatif. Hasil analisis secara empiris ini mendukung teori bahwa bank-firm relationships dapat mengurangi permasalahan asimetri informasi dan konflik keagenan, yang dapat berdampak pada underinvestment dan overinvestment (Tsapin dan Tsapin, 2014). Bank menjalankan perannya secara utuh, yaitu meningkatkan kinerja perusahaan (Degryse dan Ongena, 2001) dan menguatkan pendanaan internal perusahaan (Shen dan Wang, 2005). Dengan demikian, perusahaan dapat melakukan investasi pada kegiaan yang menguntungkan. Pada perusahaan yang mempunyai kendala keuangan, bank menjalankan perannya untuk mengurangi permasalahan informasi asimetris sehingga perusahaan terhindar dari underinvestment. Bagi perusahaan yang tidak mempunyai kendala keuangan, perusahaan terhindar dari permasalahan agency of free cash flow dan permasalahan overinvestment. Pada perusahaan dalam tahap growth, bank berfungsi membantu memenuhi kebutuhan pendanaan perusahaan, sedangkan pada perusahaan yang berada dalam tahap mature, bank menjalankan perannya dalam memonitor kegiatan perusahaan (Bulan dan Yan, 2010 dan La Rocca et. al., 2011).

This study aims to examine the role of bank-firm relationships in reducing the problem of asymmetric information (underinvestment) and agency conflict (overinvestment) in nonfinancial companies with financial constraints at the stage of growth and nonfinancial constraints at the mature stage in investing and attaining performance. The sample in this study is non finance company, while data obtained from companys financial report year 2002 - 2015 which were sourced from OSIRIS Database and notes to consolidated financial statement of company through Indonesia Stock Exchange and Bank Indonesia. Industry sector data were sourced from Indonesian Central Bureau of Statistics. The results showed that bank-firm relationships can positively affect company performance. With strong bank-firm relationships, financial constraints can be overcome, and asymmetric information problems can be reduced. Thus, companies can avoid underinvestment. In addition, with strong bank-firm relationships, companies that do not have financial constraints (excessive cash flow) can avoid agency of free cash flow and overinvestment issues. With strong bank-firm relationships, companies in the growth stage indicated by positive operating cash flow, negative financing cash flow, and positive investment cash flow also avoid underinvestment problems. Stronger bank-firm relationships can also reduce the company's overinvestment problems in the mature stage indicated by positive operating cash flow, negative financing cash flow, and negative investment cash flow. This empirical analysis results support the theory that bank-firm relationships can reduce the problem of asymmetric information and agency conflict, which can impact on underinvestment and overinvestment (Tsapin and Tsapin, 2014). The Bank exercises its full role, which is to improve the performance of the company (Degryse and Ongena, 2001) and strengthen internal financing of enterprises (Shen and Wang, 2005). Thus, companies can invest in profitable activities. In companies that have financial constraints, the bank runs its role to reduce the problem of asymmetric information so that companies avoid underinvestment. For companies that do not have financial constraints, companies avoid agency of free cash flow problems and overinvestment issues. At the company in the growth stage, the bank serves to help meet the financing needs of the company, while the company in the mature stage, the bank performs its role in monitoring the activities of the company (Month and Yan, 2010 and La Rocca et al., 2011).

Kata Kunci : bank-firm relationships, pendanaan internal, investasi, kinerja, siklus perusahaan/bank-firm relationships, internal financing, investment, performance, company life cycles