In both industry and academia field, the debate over Corporate Social Responsibility(CSR) has been receiving great attention for over half a century. In particular, the answer to the question of whether CSR activities contribute to the enhancement of firm value is not constant with various claims. According to the agenda setting theory, which is one of the traditional media theory, media agenda setting is known to influence the process of public perception on a specific topic. With the same logic, corporate stakeholders will form their perception of a specific company’s CSR activities through CSR activities exposed to the media. Therefore, it can be inferred that the CSR activities publicized through the media are visible CSR activities to stakeholders. The purpose of this study is to clarify the relationship between publicizing CSR (PCSR) and firm value and the mechanism by which the influence is conveyed. In this study, PCSR is measured by counting the number of news articles describing the CSR activities of each corporation and Tobin’s q is employed to measure firm value. Through the analysis of collected data, the following three results were obtained. First, the higher the PCSR, the greater the firm value. In the first analysis, the ratio of contribution to sales is added. Because the contribution is known as a representative measure for corporate socially responsible expenditure, this result implies that PCSR is significant even if the effect of CSR itself is controlled. Second, corporate reputation mediates the relationship between PCSR and firm value. To measure corporate reputation, we employed KMAC score. KMAC stands for Korea’s Most Admirable Companies, and it is a similar concept to FAMA (Fortune America’s Most Admirable Corporation). Lastly, the size of the firm moderates the effect of PCSR. Especially, in small firms, PCSR is more helpful for increasing firm value. In this study, it is meaningful to verify the effect of PCSR on corporate value and to clarify the mechanism underlying our findings. Moreover, the findings imply that marketing managers can obtain benefits if they concentrate not only on finding good CSR activities but also on publicizing them well. In the position of small - and medium - size companies, they can take competitive advantage from well publicized CSR activities. On the other hand, in large companies, PCSR can be regarded as a competitive necessity.