Only because the government will happily bail them out in the end. That's the only thing that incentivizes the failure in the first place. Otherwise, investors going around and failing companies would find themselves collapse in reputation and funding. A world where investors only want companies to fail is a fantasy.
That's actually not the only reason. Part of it is that there is no competition for varying corporate structures. Pretty much the only way you can form a company is with complete financial immunity for stakeholders and decisionmakers and wherein the decisions are made by investors who can dump the stock any time they feel like it. This is likely not anywhere close to the best corporate structure.The reason we reject the idea that the workers should own the means of production is that they are free to buy them if they wish. But it would be the unusual coincidence where the best investment most workers could find would be the very same tools they needed to work with. Different investments have different risk/reward profiles and a worker's outlook would match his financial needs only by total coincidence. Yet we have compelled precisely the same flaw in our corporate structures. Votes represent both shares in the profits and shares in the decision making. Shares are dumpable at a moment's notice By law, we have inexorably tied them together.
