“…In this way, the top managements become the agents of the investors, managing agents and the stock brokers (Birkenshaw, Hood and Jonsson, 1998;Lala, 1993;O'Donnell, 2000;Roth & O'Donnell, 1996;Reuer & Miller, 1997;Roth & Morrison, 1992). The close or distant relationship between the MNC corporate headquarters and the foreign subsidiaries would reflect the aforementioned managing agency theory and the expanded version the current times of the top management acting as agents of the investors and the stock brokers (Birkenshaw, 1996;Birkenshaw, Hood and Jonsson, 1998;Rajagopalan & Finkelstein, 1992;Tosi, Katz & Gomez-Mejia, 1997;Zajac & Westphal, 1995). An important issue for foreign subsidiaries in the local competitor environments that, in part, would shape the foreign subsidiaries' offensive and defensive competitor strategies, in ways consistent with expectations of the hierarchically upward impact on the top management, managing agents, stock brokers, and, subsequently, the investors (Miravitlles, Guitart-Tarrés and Nuñez-Carballosa, 2014).…”