This study aims to examine the impact of female directors on corporate boards on corporate social responsibility (CSR). For this purpose, we conducted an empirical analysis on 2,180 U.S. firms for the period from 1999 to 2013. The results showed that, first, female directors with philanthropic and universalistic values increase corporate CSR engagement for normative reasons—namely, their desire to act consistently with their values. In particular, this positive effect was greater for social activities directed toward institutional stakeholders (communities, minority groups) who do not have direct resource exchange relationships with the firm, rather than technical stakeholders (customers, shareholders, employees) who do, due to the dispositional differences and experiences of female directors. Second, female directors also tend to support corporate social activities for instrumental reasons—to pursue personal benefits such as reputation—and when they hold multiple outside directorships at other companies, they further increase corporate CSR engagement. In particular, this positive moderating effect was greater for social activities directed toward institutional stakeholders, where meeting the expectations of a broader range of stakeholders can yield relatively greater benefits for reputation enhancement.