This study aims to describe the strategic relationship between intellectual capital and investment decisions of companies. This study attempts to include intellectual capital, supported by risk management in increasing company value. The approach of this study is conducted through describing risk management based on utility theory and risk premium measurement, including estimation of the manager's attitude towards risk. This paper integrates literature review to identify the strategic relationship between intellectual capital and investment decisions. Several basic theories are also employed to establish the relationships, which engage knowledgebased theory, risk management, and knowledge-based risk management theory. Based on those theories and previous studies, this study investigated that intellectual capital served as an intangible capital based on knowledge shifting companies' performance leading to changing company value. However, intellectual capital has been unable to determine company value. Investment policy should be undertaken for shifting company value emphasizing an investment opportunity set as an important mediation between intellectual capital and company value. Meanwhile, based on risk management theory, to undertake investment, a company should consider the risk premium in investment decision making due to moderating effect of risk premium on company's performance, which in turn affects the company value. Therefore, this study determines the risk premium as a moderating variable driving investment opportunity set. Keywords: knowledge-based theory, risk management and knowledge-based risk management theory, risk premium 3]. This fact is considered logical as the research by Bontis et al. [4] explains that IC covers all capital for competent human resources, non-human resources and relationship capital; thus, IC becomes a compatible corporate variable.