To what extent is a company's culture the creation of the management and employees

To what extent is a company's culture the creation of the management, and to what extent is a company's culture the creation of the employees? Study the culture of any well-known company—for example GE, Dell, Wal-Mart, Disney, Microsoft, and so on—to respond to this question: Does the nature of the company's business and market have any influence on its culture?