Walmart, is an American multi-billion dollar low-cost retail organization that operates a chain of hypermarkets, discount department stores and grocery stores (Walmart, 2016). It also known as a multinational retail corporation, which started small, with the simple idea of selling more for less as a single discount store, has grown over the last 50 years into today’s largest retailer of the world (Our Story- About Us, 2016).
According to Wikipedia (2016), Walmart is a family-owned business company, founded by Sam Walton in 1962 and incorporated on October 31, 1969. Headquartered in Bentonville, Arkansas, that organized under four divisions: Walmart U.S., Walmart International, Sam's Club and Global e-Commerce. There are various retail formats
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Freeman’s (1984) work intention to re-conceptualize the nature of the firm to inspire the consideration of new external stakeholders, beyond the traditional pool legitimizing in turn new forms of managerial understanding and action. The motive of stakeholder management was to try and establish a framework that concerning to the managers who were being struggled by unprecedented levels of environmental change and instability (Freeman & McVea, A stakeholder approach to strategic management, 2001). Stakeholder theory challenges the stockholder theory by arguing that there are more “stakeholders” with an interest in a corporation than just the stockholders and these other “stakeholders” need to be taken account of and given a say in the running of the corporation. Those other stakeholders consist of customers, suppliers, employees, competitors, communities, local and national government, political groups, trade unions and the environment (Ekornes Mertens,