Please help me to understand this sentence

Does this sentence to compete with one another for businesses to locate in their states
reffer to the corportations? I don't understand what it means to compete for businesses to locate in their states. any idea please?

These corporations wouldn’t be able to make political contributions without the approval of 75 percent of their directors and shareholders. And their legal right to exist could be revoked if they engaged in repeated and egregious lawbreaking.
Effective action to hold corporations accountable needs to be federal because the states, left to their own devices, have to compete with one another for businesses to locate in their states. This has led to a race to the bottom for corporate cash. Two-thirds of big corporations in America