For security, yes. For status and power, yes. For comfort, yes. A corporation which really made an all-out effort to maximize profits might well decide it could do without them. Their real work is attending meetings.
Work is done in frantic spurts between meetings.
Instead of solving problems, executives hold meetings. Start-up companies usually turn to banks for at least part of their initial capital. They also tend to use bankers as a source of advice. But bankers generally are better at judging pitfalls than opportunities. They rarely have specialist knowledge required for success in any particular field.