Is there cultural differences in companies doing global distributed work?

There exist cultural differences across national borders, so we need to be aware of the problems due to cultural differences, which can bring about communication problems and thus can affect knowledge sharing and also create misunderstanding. Hence, it seems logical that one needs to study and be sensitive of the cultures at national level.
Like to know if this is true also in the context of companies involved in global distributed work having people from different cultures and companies working together on projects?