Poll shows that Koreans like business, a little

Anti-corporate sentiment widely viewed as rampant among Koreans has waned over the past three years, a survey by a top business lobby said.
In a poll late last year by the Korea Chamber of Commerce and Industry 2,000 Koreans aged 20 or older gave an average score of 50.2 points out of 100 on the Corporate Favorite Index. It was the first time the biannual survey, started in 2003, had surpassed the 50 mark. The index has gradually risen from 48.7 in June of 2006 and 38.2 points in the first poll in 2003.
The Corporate Favorite Index helps determine how poll respondents feel about business, based on business contributions to the national economy, ethics, international competitiveness and social contributions. The assessment also includes products and services that Korean firms produce, corporate activities and assessment of managers. The closer the figure is to 100, the more positive respondents feel about corporations.
“Recent efforts by local business to improve management practices and expand social contributions have helped alleviate Korean people’s prejudices and misunderstandings about companies,” said Park Don-min, head of ethical management at the chamber.
He noted that the general public will need to evaluate businesses more reasonably and support firms who act responsibly so that they can focus on investment and job creation.
Survey respondents rated Korean companies most highly in terms of international competitiveness and productivity enhancement. Ratings on contributions to the national economy, activities to benefit society and ethical management were lower.
Asked about factors unfavorable to Korean business, respondents mentioned unethical management practices, including accounting fraud and management succession among founder families, and forcing workers to sacrifice themselves.
The portion of respondents who said the top priority of corporate activities is “creating profits” was 57 percent, compared with 54 percent in 2003. Respondents who said the top priority was “returning profits to society” fell 43 percent from the initial 47 percent.

By Seo Ji-eun Staff Writer spring@joongang.co.kr