Corporate social responsibility (CSR) is a concept that answers the question of how businesses can become more responsible to society and the environment, creating more comprehensive interaction with stakeholders, while maintaining a strong focus on business operations and economically rational behavior. Effective corporate governance (CG) is critical for steering a company in a socially responsible direction. The stakeholder theory links corporate governance and corporate social responsibility as two complementary concepts, pointing out that corporate governance creates necessary preconditions and foundations for the development of socially responsible businesses. Ownership structure, as the internal corporate governance mechanism, has a significant influence on CSR activities. In this chapter, we argue that there is a positive correlation between ownership concentration and corporate social responsibility. The majority owners have great influence and a strong incentive to monitor management in socially responsible decision-making. They have the power to allocate resources to themselves and obtain private benefits from their control, but also to promote CRS relevance for building outstanding corporate reputation and taking actions to enforce it. Looking from the long-term perspective, they can achieve variety of advantages regarding new value creation. Thus, the researched problem relates to different motives and perceptions owners have about the relevance of social responsibility, investigating interdependence of the ownership concentration and CSR activities. Based on an empirical study conducted in the Serbian transition economy, results indicate that internal corporate social responsibility, responsibility towards customers and community are higher in corporations with higher ownership concentration. Chapter adds to a better understanding of links between CG and CSR, highlighting practical implications for managers and majority owners by increasing the company value and strengthening relationships with key stakeholders, which ultimately results in reduced transaction costs. Through CSR company is giving back by contributing to the well-being of society and serving as a platform for the creation of additional social value. Thus, it helps humans make the ISSR society.