Existing literature has explored how firm-level corporate social responsibility (CSR) affects financial performance, capital structure, institutional holdings, etc. However, few studies in Taiwan discuss the relationship between institutional holdings and CSR. Therefore, this study aims to explore whether institutional investors could promote the implementation of CSR activities by examining the evidence from Taiwan. Using data from the CSR Award of CommonWealth Magazine to measure firms’ CSR performance, we find that greater institutional ownership is associated with higher CSR measures for publicly listed companies in Taiwan over the 2007-2019 period. Additionally, we find the effect is more pronounced for foreign institutional investors than domestic institutional investors. The results suggest that overall institutional investors are able to generate positive impact on firms’ CSR outcomes.