<![CDATA[This study aimed to analyze the effects of Intellectual Capital, Return on Equity, and Debt-to-Equity Ratio on Firm Value, with Firm Size as an intervening variable, among infrastructure-sector companies listed on the Indonesia Stock Exchange during 2022-2024. The study employed a quantitative approach with an associative research design. The sample comprised 49 companies selected through purposive sampling, yielding 147 firm-year observations. Secondary data were obtained from the companies' annual financial statements and analyzed using path analysis. Equation I produced the following model: Firm Size = 23.261 + 0.208X₁ + 0.018X₂ + 0.018X₃ + e. The results showed that Intellectual Capital and Debt-to-Equity Ratio had positive and significant effects on Firm Size, whereas Return on Equity did not have a significant effect. Equation II produced the following model: Firm Value = 661.043 + 47.166X₁ + 4.069X₂ - 1.301X₃ - 2.046Y₁ + e. Intellectual Capital had a positive and significant effect on Firm Value, Debt-to-Equity Ratio had a negative and significant effect, while Return on Equity and Firm Size did not have significant effects. Simultaneously, the models in Equations I and II were significant, with significance values of 0.001 and 0.000, respectively. The coefficients of determination were 20.3% for Equation I and 28.8% for Equation II. The path analysis results indicated that Firm Size did not mediate the effects of Intellectual Capital, Return on Equity, or Debt-to-Equity Ratio on Firm Value.]]>
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