The article explores how different types of institutional investors and internationalization affect corporate social responsibility (CSR) spending in Indian firms. They found that lending institutions, foreign investors, and mutual funds support CSR investments, as well as international investments by the firm. Firms with business group affiliations also tend to spend more on CSR compared to unaffiliated firms. This suggests that increasing shareholdings of creditors and improving transparency can attract foreign investments and enhance CSR efforts in emerging economy firms.