In a moderation enabled project, if a user has Publish or Publish Own permission (In addition to Author or Comment), the Publish checkbox (see image below) may appear in the Article Editor or Comment form.
This Publishers Publish by Default setting determines whether the Publish checkbox in the Article Editor is checked or unchecked by default.
If set to "yes," the box will be checked (as in the image below) and the article will be published when Post Article is clicked.
Note: The checkbox only appears when creating or editing articles in projects where draft support has been enabled and then only for users who have Publish permissions.