It's like that old saying: “Don't attribute to malice – or incompetence – that which can be explained by path dependency.”

https://en.wikipedia.org/wiki/Path_dependence

OK, not the saying. Perhaps should be.

Assuming a sufficient base level of competence, more of how things go for company A vs. company B can be explained by random walks through events (their dependent paths) than by management.

A competent and persistent leader can increase the odds, but under close study, fortuitousness and serendipity – or luck of the draw and timing – have more explanatory power.

Meanwhile, just try to make your own luck. Make sure you happen to things, instead of things happening to you.