Can managers effectively execute their responsibilities, and be held accountable if they have absolutely no authority?

In business law, the concept of corporate management is defined as a decision-making body, comprised of the Board of Directors, Executives, Middle Managers and Front-line Managers. By way of memo or charter, each level delegates or transfers decision-making authority down to the next level in the chain of command. Often, individuals have the title of manager, along with the responsibility and accountability, but no authority to fulfill the responsibilities. Does it matter?