This is my bias.
If you want to create a high-performing anything, freedom needs to be built into the foundation. (Those who disagree have (a) hired poorly (b) can only ever hope for solid employees (SE) and (c) their businesses will die.)
Top-down management doesn’t work well in solving the biggest problems. It can minimize errors, it can get stuff done in the short-run, but it can never fully maximize employee ability. Which, considering employees are a company’s most valuable resource, is an outcome to avoid.
Furthermore, top-down management sucks innovation out of an organization. Innovation is the ONLY medicine when markets change. And markets will change. And if the organization doesn’t also change, ideally before the external shift occurs, the organization will die. Simple, but true.