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Yes and No. It depends.
If you have enough resources I would go for a self-hosted (or self-built) blog. This can still be based on free (open-source) platforms or code such as WordPress, since they are industry leaders when it comes to new techniques, ad-ons & widgets. (blog creation does not cost much in general)
Some companies may choose to have their blog hosted on the same blog service provider while redirecting the blog URL (web address) to a personalised, brand-related domain name. This may be a cheaper option (though the difference in cost really is narrow) but the blog will still be hosted externally. Even this is not a problem since a blog can be moved to a different or new company-owned domain name (it will take some work with SEO related adjustments & tweaking).
It definitely should not have this format [companyname.wordpress.com] for instance, as it looks too "cheap".
I hope this answers your good question!
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