<![CDATA[The important role of banking industry on the economy of a country raises the need for company valuation in this industry. In addition, company value is an aspect that investors pay attention to and it becomes the focus of the company because high company value reflects a fairly good state of the company and subsequently high shareholder welfare. This research attempted to investigate the effect of operating efficiency, credit risk, and intellectual capital on company value and macroeconomic conditions as moderating variable. The object in this research was the bank sub-sector listed on the Indonesia Stock Exchange in the period of 2014-2018. This research implemented quantitative and causal associative design with purposive sampling method obtaining 36 companies. Data analysis was performed using descriptive analysis, classic assumption test, and interaction effect test (moderated regression analysis). The test used the SPSS 20 program. The research results showed that operating efficiency had a significant positive effect on company value, credit risk had a significant negative effect on company value, intellectual capital had a significant positive effect on company value, and macroeconomic conditions were able to strengthen the effect of the three independent variables on company value.Keywords: operating efficiency, credit risk, intellectual capital, macroeconomic conditions, and company value                            DAFTAR PUSTAKAAgustiani, R. M. (2016). Pengaruh Good Corporate Governance, Return On Asset, Return On Equity, Bopo, Dan Capital Adequacy Ratio Terhadap Nilai Perusahaan Go Public Di Bursa Efek Indonesia. Jurnal Ekonomi Bisnis, Agustus 2016, Hal. 131-135, Vol. 21 Nomor 2. Diakses dari https://www.neliti.com/id/publications/178520/pengaruh-good-corporate-governance-return-on-asset-return-on-equity-bopo-dan-capAhmed, A., Khurshid, M. K., Yousaf, M. U. (2019). 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