Abstract
This research examined the impact of corporate social responsibility (CSR) disclosure on firms’ profitability moderated by media exposure. The samples selected were 15 agricultural firms listed on Indonesian Stock Exchange for the period of 2016-2018. The data were analyzed using Moderated Regression Analysis (MRA). The result showed that CSR disclosure do not affect ROA, but media exposure had a direct effect to ROA. Based on the legitimacy theory, firms conduct CSR to align with societal values and norms. To earn legitimacy from the society, CSR needs to be communicated to channels that are easily accessed by the people, so the benefits of CSR can be realized into profits. Based on the research results, companies are expected to use their websites or social media more often to communicate their CSR activities. 
 Keywords: Corporate Sosial Responsibility; Disclosure; Profitability; Media Exposure.
Highlights
PENDAHULUAN Corporate Social Responsibility (CSR) menjadi bagian penting dalam agenda perusahaan saat ini
Hal serupa ditemukan oleh Septiana & DP (2012) bahwa biaya kesejahteraan berpengaruh negatif terhadap return on assets (ROA)
Pengaruh Corporate Social Responsibility Terhadap Kinerja Keuangan Pada Sektor Manufaktur Yang Terdaftar Di Bursa Efek Indonesia Pada Periode 2010-2011
Summary
Berdasarkan statistik deskriptif pada Tabel 1, variabel pengungkapan CSR (CSRD) jatuh pada rentang 12,8%-79,5%, dengan rata-rata 26,0% dan standar deviasi 19,2%. Hal ini berarti praktik pengungkapan CSR di Indonesia masih beragam, akibat longgarnya aturan mengenai standar pengungkapan CSR di laporan tahunan. Kemudian profitabilitas perusahaan yang diproksikan oleh return on assets (ROA) jatuh pada rentang 0,03%-29,70%, dengan rata-rata 4,25%. Variabel media exposure (ME) yang merupakan variabel dummy memiliki rata-rata 62%, yang memiliki arti bahwa 62%. 17 perusahaan sisanya belum memiliki laman khusus CSR. Tabel 1, menyajikan statistik deskriptif untuk ketiga variabel yang diteliti
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