This study aims to examine and analyze the effect of political connection, intellectual capital on firm value with corporate governance as a moderating variable. The population of this study is all state-owned companies listed on the Indonesia Stock Exchange for the 2017-2019 period, there are 24 companies. The sample selection technique used was purposive sampling. Total observations for 3 years as many as 72 company financial reports met the purposive sampling criteria so that all populations were sampled. The results showed that: first, political connection has a negative effect on firm value. Second, intellectual capital has a positive effect on firm value. Third, corporate governance has a significant effect in moderating the political connection to firm value. Fourth, corporate governance has a negative regression coefficient in moderating intellectual capital to firm value