A firm's organizational culture refers to the formal organizational structure of the company, the control systems and incentives in place, and the human resources component.

That statement is false.

The organizational culture of a company refer to the informal ways of how the company prefer to conduct its business and what value that the company tend to seek.

For example, most of the companies in silicon valley tend to be very laid back and informal and put a huge importance on work-life balance as its culture.