Ever had the situation that you were doing pretty much the same (technical) job in one company as you had done in another but your sense of achievement, enjoyment and fulfilment were radically different? Chances are this was due in no small part to the differences in culture between these organisations and it matters. It matters a lot. Similar job, similar remuneration but a very difference sense of satisfaction.
Like it or not, every company has its own unique culture which can either be motivating and enjoyable or a strain and a daily battle to overcome. Whilst cultures can be influenced by the staff, it is primarily the business leader(s) that set the tone and hence whether it is an enjoyable place to work or not and hence whether it is a productive work environment or not. How many times of you heard of a successful business being bought by another one and then the purchaser attempts to install its own culture and wonders why the business no longer performs as it did previously?
Of course the better defined the culture you are trying to create (typically through company values, vision and mission), the more likely you are to achieve it since this can be used as the baseline for a code of conduct and hence the behaviours expected of management and staff. It is also invaluable in supporting a performance management process and for defining the kind of people that you want to bring into the organisation