When a company does well it is usually because the mid-level management is effective. This article doesn't say much about the hiring, training and promotion of an effective mid-level management team, which are all key tasks that must be managed well from the top.

On the other hand, when a company does badly, it is usually because top level management has made a bone-headed decision, e.g. makes a big investment in a product that fails in the market, fails to respond to a major change in the market that obsoletes current products, or makes a big acquisition that is a disaster.