This study explores managerial decision-making in Corporate Social Responsibility (CSR) under varying levels of shareholder control and information asymmetry. Using data from 176 respondents across diverse industries in Pakistan and Sweden, the research employs Structural Equation Modelling (SEM) and ordinal logistic regressionto analyse the impact of managerial styles, intrinsic motivations, and situational factors on CSR project selection. Results show CSR prioritization as a key driver of stakeholder-aligned decisions in discretionary scenarios, aligning with stewardship theory. Under strong shareholder control, intrinsic motivations and managerial autonomy diminish, consistent with agency theory. Organizational commitment, teamoriented behavior, and risk preferences had limited influence. The findings offer insights into optimizing governance structures to align CSR initiatives with stakeholder and organizational goals.