This study aims to determine: (1) the effect of debt to equity ratio on return on equity, (2) the effect of intellectual capital on return on equity, (3) the effect of onequity return on price to book value, (4) the effect of debt to equity ratio. on price to book value, (5) the effect of intellectual capital on price to book value, (6) the effect of debt to equity ratio on price to book value through return on equity. (7) the effect of intellectual capital on price to book value through return on equity.

The approach in this research is in the form of descriptive quantitative research and this type of research is included in the explanatory category. This study uses secondary data in the form of financial reports published on the Indonesia Stock Exchange. The sample of this study was 8 companies multiplied by 3 years, namely 24 financial data for LQ-45 companies in 2017-2019 using purposive sampling technique. The data analysis technique in this research is using multiple regression test. The results of this study indicate that: (1) debt to equity ratio has no effect on return on equity. (2) intellectual capital has a positive and significant effect on return on equity. (3) return on equity has no effect on price to book value. (4) debt to equity ratio has an effect on price to book value. (5) intellectual captal has no effect on price to book value. (6) debt to equity ratio through return on equity has an effect on price to book value. (7) intellectual capital through return on equity has an effect on price to book value.