The transistor is an important part of the regulator circuitry, typically which includes a current dropping resistor and Zener diode tethered to the transistor base. All 3 work hand in hand. Failure of either the transistor or diode will result in an failed regulator. If the resistor fails open, the regulated rail will have no output. If the resistor shorts, this will likely result in avalanche failure of the diode, full unregulated voltage at output, and possible transistor failure. If diode fails short, output will be low or none. An open diode will probably result in high voltage at regulated rail. Due to possible stress on the remaining appurtenant components after failure of any individual component, I like to replace the complete set of 3 together when rebuilding a regulator.
Failure of regulators are pretty common in electrical devices. Modern devices make use of IC regulators (i.e. LM780x series) which are fairly reliable if properly sized for the circuit protected. Some IC regulators are fixed voltage while some are adjustable. However,classic electronics such as '70's and '80's boomboxes usually incorporate the aforementioned resistor/transistor/zener-diode design. Having a good understanding of how these regulators work will help you when troubleshooting these types of circuitry problems.