I can't imagine the people/environment could be that great if they don't respect you enough to pay a fair salary. Your coworkers might be great but definitely not your management.

In any case, i've seen some stats(can dig up the sources if you want) that it's usually a bad idea to stay after a company gives a raise only after you forced them to match another offer. Within a year or so a significant amount of people will leave that job one way or another. I'd assume it obviously adds some tension between you and the management. I'd also assume they lowballed all your coworkers too so the moment they need to cut costs, you're first on the cutting block.

All this to say, you shouldn't need to threaten a company in order get fair compensation. Companies generally know exactly what their competition is paying and a refusal to pay you properly is is them praying on your loyalty/desperation