There is a hierarchy and a single person at the peak of it who has ultimate executive power (a Chief Executive Officer, if you will) then it'll perform roughly the same as as authoritarian system except in some highly unusual circumstances. A military coup by the army would play out differently for example, but day-to-day operation would be largely the same. And most of the performance differences between democracies and non-democracies come down to democracies having more freedom not to worry as much about generals getting too powerful.

It doesn't matter where the power officially stems from, the decision making bandwidth and incentive structures govern results - and for companies that is a clear authoritarian model.

>There is a hierarchy

There can be, but it's not necessary in a democracy and you can design a democracy in which any action is subordinate to the demos should they choose to operate against it.