Koreans hold mostly favorable views of large conglomerates: Survey

Downtown Seoul, where the headquarters of large companies are concentrated. [Photo by Kim Jae-hoon]

A recent survey reveals that six out of 10 South Koreans have a favorable view of large conglomerates.

According to the findings of the survey on public perceptions of the large corporates’ contribution to the national economy, commissioned by the Federation of Korean Industries (FKI) and shared on Tuesday, the percentage of people who have a favorable view of large corporates was 58.3 percent. Respondents with a “very favorable” view accounted for 14.5 percent, while those with a “somewhat favorable” view accounted for 43.8 percent.

Respondents who said they had an unfavorable view of those companies accounted for 8.6 percent, while the remaining respondents with a neutral view accounted for 33.1 percent.

When asked whether their favorable view of those companies had improved compared to a decade ago, 41 percent of respondents said their view had improved over the past decade. However, 9.6 percent said their view of them had deteriorated, and 49.4 percent said their view had remained unchanged.

In terms of economic indicators, 90.7 percent of respondents noted exports as the primary contribution to the national economy by those corporates, while 88 percent believed that they contribute to economic growth.

Regarding investment and job creation, 74.7 percent and 71.0 percent of respondents believed that large corporates contribute to investment and job creation respectively.

Other areas of contribution cited by respondents included innovation, with 71 percent, and an increase in national income, with 62.9 percent.

On the other hand, only 49.7 percent believed that large corporates contribute to social responsibility, and 36.1 percent believed they contribute to the promotion of compliance and ethical management.

The most anticipated role from those companies included job creation, with 24.2 percent of respondents, followed by expanded investment for exports and social responsibility, with 16 percent of respondents. 15.7 percent of the respondents expected their role in improving worker wages and welfare and 15.1 percent noted enhanced compliance and ethical management.

When asked about the most urgent policies to enhance the companies’ exports, investment, and employment, 30.7 percent of the respondents cited labor market flexibility, followed by regulatory reform with 26 percent of the respondents, labor union culture reform with 19.2 percent, ease of anti-business sentiment with 12.8 percent, and tax support with 10.2 percent.

The survey was conducted by the local research agency Mono Research between August 9 and 16, with over 1,005 respondents across the nation aged over 18.