Public sentiment towards companies turned more favorable this year as the Korean economy recovered faster than expected.

The Korea Chamber of Commerce and Industry’s Corporate Favorite Index (CFI) survey improved to 55.8 this year from 47.6 in the previous year, according to the business association on Monday. CFI is an indicator that quantifies people’s attitude towards companies based on five factors - contribution to national economy, ethical management, global competitiveness, productivity, and social contribution. A reading of 50 or above indicates that more feel favorable towards companies than those who do not.

This year’s survey was based on responses from 1,000 adults.

Public sentiment towards large companies affiliated to family-run chaebols improved sharply.

The CFI for large companies jumped to 52.2, reversing from negative sentiment with a score of 33.0 recorded in the previous year. Confidence in small and medium companies retreated slightly to 59.4 from 59.7 a year earlier.

The pickup in economic data helped to soften public sentiment toward big companies and exporters.

The economy is expected to grow by more than 3.0 percent on year this year.

Companies scored 62.8 in the section evaluating their contribution to economic achievements. But the people were still unhappy about their contribution to the society. Their score on social contribution and ethical management stopped at 46.5 and 44.4, respectively.

By Kang Doo-soon and Cho Jeehyun

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]