Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the
most optimistic.	3
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	5
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most
optimistic.	9
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	13
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]	25
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized -
Revenue Weighted - Sorted]	33
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized -
Employee Weighted - Sorted]	37
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized -
Revenue Weighted]	41
5a. To date, what effect have changes in interest rates had on your business?	45
5a. Has the effect of interest rates on your business been..	49
5a. To date, what effect have changes in oil prices had on your business?	53
5a. Has the effect of oil prices on your business been..	57
5a. To date, what effect have changes in currency values had on your business?	61
5a. Has the effect of currency values on your business been..	65
5b. How have interest rates affected capital spending plans for the next 12 months?	69
5b. How have low oil prices affected capital spending plans for the next 12 months?	73
5b. How has the dollar appreciation affected capital spending plans for the next 12 months?	77
5b. How have interest rates affected hiring plans for the next 12 months?	81
5b. How have low oil prices affected hiring plans for the next 12 months?	85
5b. How has the dollar appreciation affected hiring plans for the next 12 months?	89
5c. By year-end 2015, what do you expect long term interest rates will change by:	93
5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	101
5c. By year-end 2015, relative to US dollar, our currency will change by:	113
Parametric estimates for year-end prices of oil, currencies, and interest rates:	125
6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?	129
6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.	133
7. To best serve all stakeholders, how significant should the CFO focus be for: Administration (back office, support)?	145
7. To best serve all stakeholders, how significant should the CFO focus be for: Board Relations?	149
7. To best serve all stakeholders, how significant should the CFO focus be for: Budget and Forecast?	153
7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Allocation?	157
7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Structure?	161
7. To best serve all stakeholders, how significant should the CFO focus be for: Corporate Strategy (including M&A)?	165
7. To best serve all stakeholders, how significant should the CFO focus be for: Dividends, Share Repurchases?	169
7. To best serve all stakeholders, how significant should the CFO focus be for: Employee Benefits / Retirement?	173
7. To best serve all stakeholders, how significant should the CFO focus be for: Executive Leadership Team?	177
7. To best serve all stakeholders, how significant should the CFO focus be for: Financial Reporting and Compliance?	181
7. To best serve all stakeholders, how significant should the CFO focus be for: Human Resources?	185
7. To best serve all stakeholders, how significant should the CFO focus be for: Internal Growth?	189
7. To best serve all stakeholders, how significant should the CFO focus be for: Investor Relations?	193
7. To best serve all stakeholders, how significant should the CFO focus be for: Liaison to Regulators / Government?	197
7. To best serve all stakeholders, how significant should the CFO focus be for: Liquidity Management?	201
7. To best serve all stakeholders, how significant should the CFO focus be for: Risk Management?	205
7. To best serve all stakeholders, how significant should the CFO focus be for: Spin-offs, Asset Sales?	209
7. To best serve all stakeholders, how significant should the CFO focus be for: Other 1?	213
7. To best serve all stakeholders, how significant should the CFO focus be for: Other 2?	217
8. For your country, what do you think is the likelihood of a recession by the end of 2015?	221
9.  When your company's profit improves, which does your firm put more emphasis on, increasing employee wages or increasing stockholder dividends/
repurchases?	225
10 When your company's profit decreases, which does your firm put more emphasis on reducing employee wages or reducing new hiring?	229
11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)	233
12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:	241
Return on assets (ROA=operating earnings/assets)	249
Manufacturing capacity utilized	253
Manufacturing capacity utilized (Revenue Weighted)	257

 1 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

1. Are you more or less optimistic about your country's economy compared to last quarter?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
+1=More optimistic		23		5	1	0	1	1	0	0	1	11	0	0	3	
		54.8%		83.3%	33.3%	0.0%	33.3%	100.0%	0.0%	0.0%	33.3%	57.9%	0.0%	0.0%	60.0%	
																
0=No change		17		1	2	1	2	0	1	0	1	8	0	0	1	
		40.5%		16.7%	66.7%	100.0%	66.7%	0.0%	100.0%	0.0%	33.3%	42.1%	0.0%	0.0%	20.0%	
																
-1=Less optimistic		2		0	0	0	0	0	0	0	1	0	0	0	1	
		4.8%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	20.0%	
											i	h				
																
Mean		0.5		0.8	0.3	0.0	0.3	1.0	0.0	---	0.0	0.6	---	---	0.4	
SD		0.6		0.4	0.6	0.0	0.6	0.0	0.0	---	1.0	0.5	---	---	0.9	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

2 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

1. Are you more or less optimistic about your country's economy compared to last quarter?

N=42		Sales Revenue		Where Based	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		5	3	7	5	5	5	12		26	8	2	2	1	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	20.5%	5.1%	5.1%	2.6%	
															
+1=More optimistic		2	2	3	3	3	2	8		15	5	1	1	0	
		40.0%	66.7%	42.9%	60.0%	60.0%	40.0%	66.7%		57.7%	62.5%	50.0%	50.0%	0.0%	
															
0=No change		2	0	4	2	2	3	4		10	3	1	1	0	
		40.0%	0.0%	57.1%	40.0%	40.0%	60.0%	33.3%		38.5%	37.5%	50.0%	50.0%	0.0%	
															
-1=Less optimistic		1	1	0	0	0	0	0		1	0	0	0	1	
		20.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%		3.8%	0.0%	0.0%	0.0%	100.0%	
										E	e			Ab	
															
Mean		0.2	0.3	0.4	0.6	0.6	0.4	0.7		0.5	0.6	0.5	0.5	-1.0	
SD		0.8	1.2	0.5	0.5	0.5	0.5	0.5		0.6	0.5	0.7	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

3 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=42		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		42		6	3	1	3	1	1	0	3	19	0	0	5	
Percent		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Optimism rating		38		6	2	1	3	1	1	0	3	16	0	0	5	
		63.0		66.7	55.0	50.0	66.7	60.0	50.0	---	53.3	64.1	---	---	68.0	
		11.9		15.4	7.1	---	11.5	---	---	---	11.5	11.6	---	---	10.4	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

4 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=42		Sales Revenue		Where Based	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		5	3	7	5	5	5	12		26	8	2	2	1	
Percent		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	20.5%	5.1%	5.1%	2.6%	
															
Optimism rating		4	3	7	4	3	5	12		25	6	2	1	1	
		60.0	65.0	58.6	67.5	56.7	62.0	66.7		61.6	70.0	55.0	60.0	70.0	
		17.8	5.0	10.7	17.1	5.8	13.0	11.1		11.6	14.5	7.1	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

5 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
+1=More optimistic		19		4	1	0	2	1	1	0	0	7	0	0	3	
		45.2%		66.7%	33.3%	0.0%	66.7%	100.0%	100.0%	0.0%	0.0%	36.8%	0.0%	0.0%	60.0%	
																
0=No change		17		1	2	1	1	0	0	0	2	8	0	0	2	
		40.5%		16.7%	66.7%	100.0%	33.3%	0.0%	0.0%	0.0%	66.7%	42.1%	0.0%	0.0%	40.0%	
																
-1=Less optimistic		6		1	0	0	0	0	0	0	1	4	0	0	0	
		14.3%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	21.1%	0.0%	0.0%	0.0%	
																
Mean		0.3		0.5	0.3	0.0	0.7	1.0	1.0	---	-0.3	0.2	---	---	0.6	
SD		0.7		0.8	0.6	0.0	0.6	0.0	0.0	---	0.6	0.8	---	---	0.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

6 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
+1=More optimistic		2	2	4	3	0	1	7		12	6	
		40.0%	66.7%	57.1%	60.0%	0.0%	20.0%	58.3%		46.2%	46.2%	
						g		e				
												
0=No change		3	1	1	2	4	1	5		11	4	
		60.0%	33.3%	14.3%	40.0%	80.0%	20.0%	41.7%		42.3%	30.8%	
				e		c						
												
-1=Less optimistic		0	0	2	0	1	3	0		3	3	
		0.0%	0.0%	28.6%	0.0%	20.0%	60.0%	0.0%		11.5%	23.1%	
							G	F				
												
Mean		0.4	0.7	0.3	0.6	-0.2	-0.4	0.6		0.3	0.2	
SD		0.5	0.6	1.0	0.5	0.4	0.9	0.5		0.7	0.8	
					e	dG	g	Ef				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

7 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
+1=More optimistic		2	1	2	3	4	1	6		2	10	3	4	
		66.7%	25.0%	50.0%	60.0%	66.7%	33.3%	37.5%		40.0%	52.6%	42.9%	36.4%	
														
0=No change		0	2	2	2	2	2	6		2	7	3	5	
		0.0%	50.0%	50.0%	40.0%	33.3%	66.7%	37.5%		40.0%	36.8%	42.9%	45.5%	
														
-1=Less optimistic		1	1	0	0	0	0	4		1	2	1	2	
		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	25.0%		20.0%	10.5%	14.3%	18.2%	
														
Mean		0.3	0.0	0.5	0.6	0.7	0.3	0.1		0.2	0.4	0.3	0.2	
SD		1.2	0.8	0.6	0.5	0.5	0.6	0.8		0.8	0.7	0.8	0.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

8 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
+1=More optimistic		12	3	0	1	1	
		46.2%	37.5%	0.0%	50.0%	100.0%	
							
0=No change		9	4	2	1	0	
		34.6%	50.0%	100.0%	50.0%	0.0%	
							
-1=Less optimistic		5	1	0	0	0	
		19.2%	12.5%	0.0%	0.0%	0.0%	
							
Mean		0.3	0.3	0.0	0.5	1.0	
SD		0.8	0.7	0.0	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

9 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=42		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		42		6	3	1	3	1	1	0	3	19	0	0	5	
Percent		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Optimism rating		38		6	2	1	3	1	1	0	3	16	0	0	5	
		60.0		63.3	52.5	50.0	70.0	70.0	75.0	---	50.0	59.4	---	---	58.0	
		16.1		18.6	3.5	---	17.3	---	---	---	10.0	18.4	---	---	13.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

10 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=42		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Number		5	3	7	5	5	5	12		26	13	
Percent		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
Optimism rating		4	3	7	4	3	5	12		23	12	
		63.8	55.0	60.7	72.5	50.0	45.0	64.2		61.7	56.7	
		16.0	5.0	17.9	20.6	0.0	18.7	12.6		16.7	15.4	
							g	f				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

11 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=42		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		3	4	4	5	6	3	16		5	19	7	11	
Percent		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
Optimism rating		3	4	4	4	5	3	15		4	19	6	9	
		65.0	52.5	66.3	63.8	69.0	56.7	56.0		65.0	58.7	63.3	58.3	
		21.8	5.0	19.7	11.1	19.5	11.5	16.9		17.3	15.9	17.5	17.1	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

12 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=42		Where Based	
Number
Mean
SD		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	
							
Number		26	8	2	2	1	
Percent		66.7%	20.5%	5.1%	5.1%	2.6%	
							
Optimism rating		25	6	2	1	1	
		59.0	63.3	50.0	60.0	60.0	
		16.6	19.4	0.0	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

13 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Currency risk		14		3	0	1	0	0	1	0	0	8	0	0	1	
		33.3%		50.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%	42.1%	0.0%	0.0%	20.0%	
																
Rising input or		14		3	0	1	1	0	0	0	0	8	0	0	1	
commodity costs		33.3%		50.0%	0.0%	100.0%	33.3%	0.0%	0.0%	0.0%	0.0%	42.1%	0.0%	0.0%	20.0%	
																
Economic uncertainty		13		3	1	0	1	0	1	0	0	6	0	0	1	
		31.0%		50.0%	33.3%	0.0%	33.3%	0.0%	100.0%	0.0%	0.0%	31.6%	0.0%	0.0%	20.0%	
																
Weak demand for
your products/		
12		
3	
0	
0	
1	
0	
0	
0	
0	
8	
0	
0	
0	
services		28.6%		50.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	42.1%	0.0%	0.0%	0.0%	
																
Employee productivity		9		1	1	0	2	0	0	0	2	3	0	0	0	
		21.4%		16.7%	33.3%	0.0%	66.7%	0.0%	0.0%	0.0%	66.7%	15.8%	0.0%	0.0%	0.0%	
																
Geopolitical / health		8		0	1	1	0	1	0	0	0	4	0	0	1	
crises		19.0%		0.0%	33.3%	100.0%	0.0%	100.0%	0.0%	0.0%	0.0%	21.1%	0.0%	0.0%	20.0%	
				ce		a		a								

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

14 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		61.9%	31.0%	
												
Currency risk		2	0	2	2	3	1	4		7	5	
		40.0%	0.0%	28.6%	40.0%	60.0%	20.0%	33.3%		26.9%	38.5%	
												
Rising input or		1	2	3	3	2	1	2		7	6	
commodity costs		20.0%	66.7%	42.9%	60.0%	40.0%	20.0%	16.7%		26.9%	46.2%	
												
Economic uncertainty		1	0	1	2	2	2	5		10	2	
		20.0%	0.0%	14.3%	40.0%	40.0%	40.0%	41.7%		38.5%	15.4%	
												
Weak demand for
your products/		
1	
0	
2	
1	
1	
3	
4		
10	
1	
services		20.0%	0.0%	28.6%	20.0%	20.0%	60.0%	33.3%		38.5%	7.7%	
												
Employee productivity		1	1	4	1	0	0	2		5	4	
		20.0%	33.3%	57.1%	20.0%	0.0%	0.0%	16.7%		19.2%	30.8%	
												
Geopolitical / health		0	0	0	1	2	2	3		6	1	
crises		0.0%	0.0%	0.0%	20.0%	40.0%	40.0%	25.0%		23.1%	7.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

15 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.1%	9.5%	9.5%	11.9%	14.3%	7.1%	38.1%		11.9%	45.2%	16.7%	26.2%	
														
Currency risk		3	0	3	1	3	1	3		1	7	2	4	
		100.0%	0.0%	75.0%	20.0%	50.0%	33.3%	18.8%		20.0%	36.8%	28.6%	36.4%	
		bg	a	g				ac						
														
Rising input or		2	2	3	2	2	0	3		2	8	1	3	
commodity costs		66.7%	50.0%	75.0%	40.0%	33.3%	0.0%	18.8%		40.0%	42.1%	14.3%	27.3%	
				g				c						
														
Economic uncertainty		1	0	1	0	3	1	7		0	5	5	3	
		33.3%	0.0%	25.0%	0.0%	50.0%	33.3%	43.8%		0.0%	26.3%	71.4%	27.3%	
										c	c	ab		
														
Weak demand for
your products/		
1	
0	
1	
1	
1	
0	
8		
1	
5	
2	
4	
services		33.3%	0.0%	25.0%	20.0%	16.7%	0.0%	50.0%		20.0%	26.3%	28.6%	36.4%	
														
Employee productivity		0	1	2	3	1	0	2		1	6	0	2	
		0.0%	25.0%	50.0%	60.0%	16.7%	0.0%	12.5%		20.0%	31.6%	0.0%	18.2%	
					g			d						
														
Geopolitical / health		0	0	2	0	1	1	4		0	3	2	3	
crises		0.0%	0.0%	50.0%	0.0%	16.7%	33.3%	25.0%		0.0%	15.8%	28.6%	27.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

16 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		61.9%	19.0%	4.8%	4.8%	2.4%	
							
Currency risk		7	3	1	1	0	
		26.9%	37.5%	50.0%	50.0%	0.0%	
							
Rising input or		8	4	0	1	1	
commodity costs		30.8%	50.0%	0.0%	50.0%	100.0%	
							
Economic uncertainty		9	1	1	0	0	
		34.6%	12.5%	50.0%	0.0%	0.0%	
							
Weak demand for
your products/		
10	
2	
0	
0	
0	
services		38.5%	25.0%	0.0%	0.0%	0.0%	
							
Employee productivity		7	1	0	0	0	
		26.9%	12.5%	0.0%	0.0%	0.0%	
							
Geopolitical / health		5	2	0	0	0	
crises		19.2%	25.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

17 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Employee morale		7		2	0	0	0	1	0	0	1	2	0	0	1	
		16.7%		33.3%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	20.0%	
								i				e				
																
Difficulty attracting /
retaining qualified		
6		
0	
1	
1	
0	
0	
0	
0	
0	
2	
0	
0	
2	
employees		14.3%		0.0%	33.3%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	40.0%	
				c		ai						c				
																
Rising wages and		6		0	0	0	1	0	0	0	0	5	0	0	0	
salaries		14.3%		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	26.3%	0.0%	0.0%	0.0%	
																
Government policies		5		0	0	0	0	0	1	0	0	3	0	0	1	
		11.9%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	15.8%	0.0%	0.0%	20.0%	
				f					a							
																
Access to capital		4		0	1	0	1	1	0	0	1	0	0	0	0	
		9.5%		0.0%	33.3%	0.0%	33.3%	100.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
				e	i		i	aI			i	bdEh				
																
Regulatory		4		0	1	0	0	0	0	0	0	2	0	0	1	
requirements		9.5%		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	20.0%	
																
Corporate tax code		4		0	1	0	1	0	0	0	1	1	0	0	0	
[domestic]		9.5%		0.0%	33.3%	0.0%	33.3%	0.0%	0.0%	0.0%	33.3%	5.3%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

18 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Employee morale		1	0	2	1	0	1	2		5	1	
		20.0%	0.0%	28.6%	20.0%	0.0%	20.0%	16.7%		19.2%	7.7%	
												
Difficulty attracting /
retaining qualified		
1	
2	
0	
1	
1	
0	
1		
2	
3	
employees		20.0%	66.7%	0.0%	20.0%	20.0%	0.0%	8.3%		7.7%	23.1%	
			cg	b				b				
												
Rising wages and		0	0	1	1	2	2	0		5	1	
salaries		0.0%	0.0%	14.3%	20.0%	40.0%	40.0%	0.0%		19.2%	7.7%	
						g	g	ef				
												
Government policies		2	0	0	0	3	0	0		3	1	
		40.0%	0.0%	0.0%	0.0%	60.0%	0.0%	0.0%		11.5%	7.7%	
		g		e		cG		aE				
												
Access to capital		1	1	0	0	0	0	2		2	2	
		20.0%	33.3%	0.0%	0.0%	0.0%	0.0%	16.7%		7.7%	15.4%	
												
Regulatory		0	0	0	0	1	1	2		4	0	
requirements		0.0%	0.0%	0.0%	0.0%	20.0%	20.0%	16.7%		15.4%	0.0%	
												
Corporate tax code		1	0	1	0	0	1	1		2	2	
[domestic]		20.0%	0.0%	14.3%	0.0%	0.0%	20.0%	8.3%		7.7%	15.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

19 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Employee morale		0	0	0	1	2	2	2		1	5	1	0	
		0.0%	0.0%	0.0%	20.0%	33.3%	66.7%	12.5%		20.0%	26.3%	14.3%	0.0%	
							g	f						
														
Difficulty attracting /
retaining qualified		
0	
1	
1	
1	
0	
1	
2		
1	
3	
1	
1	
employees		0.0%	25.0%	25.0%	20.0%	0.0%	33.3%	12.5%		20.0%	15.8%	14.3%	9.1%	
														
Rising wages and		0	0	0	1	1	1	3		1	0	1	4	
salaries		0.0%	0.0%	0.0%	20.0%	16.7%	33.3%	18.8%		20.0%	0.0%	14.3%	36.4%	
											D		B	
														
Government policies		1	0	1	0	1	1	1		1	2	0	2	
		33.3%	0.0%	25.0%	0.0%	16.7%	33.3%	6.3%		20.0%	10.5%	0.0%	18.2%	
														
Access to capital		0	1	0	1	0	1	1		0	3	0	1	
		0.0%	25.0%	0.0%	20.0%	0.0%	33.3%	6.3%		0.0%	15.8%	0.0%	9.1%	
														
Regulatory		0	0	0	0	0	0	4		0	1	1	2	
requirements		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%		0.0%	5.3%	14.3%	18.2%	
														
Corporate tax code		0	0	0	0	1	0	2		1	2	0	1	
[domestic]		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	12.5%		20.0%	10.5%	0.0%	9.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

20 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Employee morale		5	2	0	0	0	
		19.2%	25.0%	0.0%	0.0%	0.0%	
							
Difficulty attracting /
retaining qualified		
4	
1	
0	
0	
1	
employees		15.4%	12.5%	0.0%	0.0%	100.0%	
		e				a	
							
Rising wages and		2	2	2	0	0	
salaries		7.7%	25.0%	100.0%	0.0%	0.0%	
		C		A			
							
Government policies		1	2	1	0	0	
		3.8%	25.0%	50.0%	0.0%	0.0%	
		c		a			
							
Access to capital		4	0	0	0	0	
		15.4%	0.0%	0.0%	0.0%	0.0%	
							
Regulatory		2	1	1	0	0	
requirements		7.7%	12.5%	50.0%	0.0%	0.0%	
							
Corporate tax code		2	0	0	1	0	
[domestic]		7.7%	0.0%	0.0%	50.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

21 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Cost of benefits		4		0	0	0	0	0	0	0	1	2	0	0	1	
		9.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	20.0%	
																
Cost of borrowing		4		0	0	0	0	1	0	0	1	2	0	0	0	
		9.5%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	0.0%	
				e				ai				e				
																
Data security		3		0	1	0	0	0	0	0	0	2	0	0	0	
		7.1%		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	0.0%	
																
Deflation		1		1	0	0	0	0	0	0	0	0	0	0	0	
		2.4%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Inflation		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Other		5		0	0	0	0	0	0	0	1	2	0	0	2	
		11.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	40.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

22 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Cost of benefits		1	1	2	0	0	0	0		0	4	
		20.0%	33.3%	28.6%	0.0%	0.0%	0.0%	0.0%		0.0%	30.8%	
										B	A	
												
Cost of borrowing		1	0	2	0	0	0	1		1	3	
		20.0%	0.0%	28.6%	0.0%	0.0%	0.0%	8.3%		3.8%	23.1%	
												
Data security		0	1	0	0	0	1	1		2	1	
		0.0%	33.3%	0.0%	0.0%	0.0%	20.0%	8.3%		7.7%	7.7%	
												
Deflation		0	0	1	0	0	0	0		0	1	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	7.7%	
												
Inflation		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Other		0	1	1	0	1	0	2		4	1	
		0.0%	33.3%	14.3%	0.0%	20.0%	0.0%	16.7%		15.4%	7.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

23 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Cost of benefits		1	2	0	0	1	0	0		0	4	0	0	
		33.3%	50.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	21.1%	0.0%	0.0%	
		g	G					aB						
														
Cost of borrowing		1	1	0	0	1	1	0		0	4	0	0	
		33.3%	25.0%	0.0%	0.0%	16.7%	33.3%	0.0%		0.0%	21.1%	0.0%	0.0%	
		g					g	af						
														
Data security		0	0	0	1	0	0	2		0	1	1	1	
		0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	12.5%		0.0%	5.3%	14.3%	9.1%	
														
Deflation		0	1	0	0	0	0	0		1	0	0	0	
		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%		20.0%	0.0%	0.0%	0.0%	
														
Inflation		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		0	1	0	1	0	0	3		0	3	1	1	
		0.0%	25.0%	0.0%	20.0%	0.0%	0.0%	18.8%		0.0%	15.8%	14.3%	9.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

24 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Cost of benefits		1	1	0	0	1	
		3.8%	12.5%	0.0%	0.0%	100.0%	
		E				A	
							
Cost of borrowing		2	1	0	0	0	
		7.7%	12.5%	0.0%	0.0%	0.0%	
							
Data security		2	1	0	0	0	
		7.7%	12.5%	0.0%	0.0%	0.0%	
							
Deflation		1	0	0	0	0	
		3.8%	0.0%	0.0%	0.0%	0.0%	
							
Inflation		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Other		3	1	1	0	0	
		11.5%	12.5%	50.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

25 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Capital		25.9		31.8	---	0.0	5.0	16.0	---	---	20.0	36.7	---	---	10.0	
spending		30.7		50.7	---	---	7.1	---	---	---	---	32.6	---	---	0.0	
																
Earnings		10.0		7.7	10.5	2.0	9.0	---	10.0	---	29.9	8.8	---	---	10.0	
		11.2		19.4	13.4	---	9.6	---	---	---	9.7	7.6	---	---	0.0	
																
Dividends		9.5		2.5	7.0	---	2.0	---	---	---	18.0	11.0	---	---	9.5	
		9.4		3.5	---	---	2.8	---	---	---	22.6	8.7	---	---	0.7	
																
Marketing/		9.1		36.1	---	0.0	3.5	---	0.0	---	---	3.8	---	---	5.0	
advertising
spending		25.8		62.6	---	---	2.1	---	---	---	---	3.5	---	---	---	
																
Number of		6.7		5.0	15.0	0.0	5.5	---	0.0	---	---	4.5	---	---	18.6	
offshore
outsourced
employees		8.2		0.0	---	---	6.4	---	---	---	---	3.3	---	---	19.2	
																
Share		6.4		0.0	---	0.0	0.0	---	---	---	---	14.1	---	---	0.0	
repurchases		20.5		0.0	---	---	0.0	---	---	---	---	30.3	---	---	---	
																
Revenue		5.8		9.2	10.0	6.0	4.5	-9.3	8.0	---	5.0	4.7	---	---	15.0	
		7.3		10.9	---	---	3.5	---	---	---	8.7	5.2	---	---	---	
																
Productivity		4.2		6.0	---	7.0	5.0	---	0.0	---	---	3.4	---	---	---	
(output per
hour worked)		3.7		5.7	---	---	7.1	---	---	---	---	2.3	---	---	---	
																
Research and		3.8		0.0	---	0.0	2.5	---	---	---	6.0	4.7	---	---	---	
development
spending		3.8		---	---	---	3.5	---	---	---	---	4.0	---	---	---	

26 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
												
Capital		90.3	10.0	---	21.7	63.4	15.0	11.4		25.8	5.0	
spending		---	---	---	33.3	38.0	5.0	12.7		28.7	5.0	
												
Earnings		23.4	7.5	2.7	14.4	7.3	8.5	10.9		9.4	11.5	
		18.9	17.7	15.8	8.9	2.5	10.7	8.0		9.4	15.1	
												
Dividends		---	---	8.5	20.0	6.7	16.0	6.7		9.5	---	
		---	---	9.2	---	1.5	14.5	7.9		9.4	---	
												
Marketing/		54.2	2.0	8.5	2.5	2.5	2.5	2.0		2.6	3.4	
advertising
spending		76.7	---	2.1	3.5	3.5	3.5	2.4		2.8	4.2	
												
Number of		0.0	19.0	5.0	0.0	4.0	1.5	5.2		4.3	11.4	
offshore
outsourced
employees		---	11.6	---	---	---	2.1	2.9		2.7	13.3	
												
Share		---	2.0	---	0.0	0.0	0.0	11.4		7.6	1.0	
repurchases		---	---	---	---	---	0.0	27.9		22.8	1.4	
												
Revenue		7.7	10.0	1.4	9.2	3.7	5.8	5.6		6.2	3.0	
		12.5	0.0	7.9	6.4	8.1	4.2	7.6		6.8	6.8	
												
Productivity		0.0	5.0	10.0	6.0	---	2.5	3.5		3.2	5.4	
(output per
hour worked)		---	---	---	1.4	---	3.5	4.4		3.8	3.6	
												
Research and		---	5.0	8.0	2.5	7.2	4.0	1.3		3.9	3.3	
development
spending		---	---	---	3.5	7.3	3.2	2.5		4.1	2.9	

27 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Number of Employees		Foreign Sales	
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Capital		90.3	10.0	0.0	5.0	51.1	18.0	19.7		90.3	7.6	34.3	30.7	
spending		---	---	---	---	44.3	2.8	23.9		---	6.9	28.9	34.1	
														
Earnings		7.5	7.3	12.3	18.8	6.3	5.0	9.4		5.0	9.2	12.2	10.9	
		3.5	25.7	9.3	6.3	16.3	---	8.0		21.2	14.5	7.2	7.5	
														
Dividends		---	---	15.0	2.0	11.0	5.0	9.7		---	7.2	13.2	8.8	
		---	---	---	---	7.9	---	10.6		---	8.1	8.8	10.8	
														
Marketing/		39.5	2.0	3.5	5.0	0.0	---	2.8		108.4	3.1	0.0	3.0	
advertising
spending		59.9	---	4.9	---	0.0	---	2.5		---	3.8	---	2.8	
														
Number of		0.0	21.1	2.5	15.0	5.0	---	4.1		---	8.5	5.0	4.5	
offshore
outsourced
employees		---	15.7	3.5	---	---	---	3.0		---	10.9	---	3.3	
														
Share		---	2.0	0.0	---	0.0	---	9.8		---	0.4	0.0	13.7	
repurchases		---	---	---	---	0.0	---	25.8		---	0.9	---	30.5	
														
Revenue		7.7	0.0	12.0	8.8	1.8	-2.2	7.1		7.5	5.5	6.3	5.7	
		12.5	8.7	7.2	2.5	7.0	10.1	4.7		17.7	8.5	3.2	4.9	
														
Productivity		0.0	5.0	7.0	7.5	10.0	---	1.8		10.0	3.5	10.0	2.4	
(output per
hour worked)		---	---	---	3.5	---	---	2.0		---	3.1	---	2.5	
														
Research and		---	5.0	4.0	5.0	1.0	---	4.2		---	3.3	0.0	4.5	
development
spending		---	---	5.7	---	1.4	---	4.4		---	2.4	---	4.3	

28 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
							
Capital		18.0	53.4	50.0	5.0	10.0	
spending		25.3	40.5	42.4	---	---	
							
Earnings		10.2	8.1	7.5	25.0	---	
		13.0	6.9	3.5	---	---	
							
Dividends		8.9	13.3	6.0	---	---	
		10.9	5.4	1.4	---	---	
							
Marketing/		13.4	4.8	5.0	5.0	---	
advertising
spending		35.7	4.0	---	---	---	
							
Number of		5.1	6.0	4.0	---	32.1	
offshore
outsourced
employees		4.9	3.6	---	---	---	
							
Share		8.5	0.7	---	---	---	
repurchases		24.1	1.2	---	---	---	
							
Revenue		6.0	4.6	8.0	5.0	---	
		8.2	6.8	4.2	---	---	
							
Productivity		4.4	5.0	---	5.0	---	
(output per
hour worked)		4.5	0.0	---	---	---	
							
Research and		1.8	5.5	12.4	5.0	---	
development
spending		2.5	2.6	---	---	---	

29 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Technology		2.9		0.0	16.1	0.0	0.0	---	---	---	---	2.0	---	---	---	
spending		5.3		---	---	---	---	---	---	---	---	2.1	---	---	---	
																
Wages/		2.8		3.6	---	2.0	1.0	---	2.0	---	2.0	2.8	---	---	3.0	
Salaries		1.3		1.5	---	---	---	---	---	---	---	1.2	---	---	---	
																
Number of		2.8		5.1	5.0	0.0	1.0	---	0.0	---	---	1.7	---	---	5.2	
domestic full-
time
employees		3.3		3.5	---	---	1.4	---	---	---	---	2.6	---	---	6.0	
																
Cash on the		2.3		-2.3	---	3.0	-8.2	-10.0	10.0	---	-20.0	9.6	---	---	0.0	
balance sheet		13.3		7.5	---	---	21.3	---	---	---	---	9.8	---	---	---	
																
Prices of your		0.8		3.7	---	5.0	0.0	---	5.0	---	---	-1.6	---	---	---	
products		4.1		4.6	---	---	---	---	---	---	---	2.7	---	---	---	
																
Number of		-2.3		-1.0	---	2.0	0.0	---	0.0	---	---	-5.3	---	---	2.0	
domestic
temporary
employees		6.8		5.7	---	---	0.0	---	---	---	---	9.1	---	---	---	

30 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
												
Technology		---	9.5	---	0.0	2.0	2.5	0.0		1.2	6.4	
spending		---	9.2	---	---	---	3.5	0.0		2.0	8.5	
												
Wages/		3.0	5.0	3.0	3.0	2.5	2.3	2.4		2.8	2.5	
Salaries		1.7	---	1.7	1.7	0.7	0.6	1.1		1.2	1.2	
												
Number of		4.7	6.5	5.0	0.0	1.5	-0.5	1.5		1.8	3.9	
domestic full-
time
employees		6.7	2.6	0.0	---	2.1	0.7	1.9		2.2	4.0	
												
Cash on the		10.0	2.0	-10.8	3.3	4.7	6.8	1.4		3.4	-1.3	
balance sheet		---	---	29.4	9.4	5.0	27.7	7.3		12.2	17.3	
												
Prices of your		7.3	---	-1.0	5.0	-3.5	1.3	-0.5		-0.8	2.5	
products		3.3	---	5.3	---	2.1	0.6	1.0		2.1	5.0	
												
Number of		0.0	2.0	---	2.0	-9.4	-7.5	0.0		-3.4	1.3	
domestic
temporary
employees		---	---	---	---	13.2	10.6	2.8		7.4	1.2	

31 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Number of Employees		Foreign Sales	
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Technology		---	3.0	0.0	16.1	1.0	---	1.3		---	6.4	0.0	1.4	
spending		---	---	---	---	1.4	---	2.5		---	8.5	---	2.2	
														
Wages/		3.0	3.5	4.0	2.0	3.0	2.0	2.1		5.0	2.7	4.0	2.5	
Salaries		1.7	2.1	1.7	---	1.0	---	0.7		---	1.3	---	1.2	
														
Number of		4.7	7.2	2.5	5.0	3.3	---	0.8		9.5	3.2	5.0	1.0	
domestic full-
time
employees		6.7	3.2	3.5	---	2.9	---	1.3		---	3.2	---	2.2	
														
Cash on the		10.0	2.0	1.0	-10.8	5.0	0.0	4.4		-31.6	0.4	7.5	6.1	
balance sheet		---	---	10.1	29.4	5.0	14.1	14.7		---	7.7	3.5	13.8	
														
Prices of your		3.2	5.0	1.0	---	-2.5	---	0.0		7.3	1.2	0.0	-1.3	
products		7.5	---	5.7	---	3.5	---	1.5		3.3	4.1	---	2.4	
														
Number of		0.0	2.0	2.0	---	-2.5	---	-3.6		---	1.5	-5.0	-5.6	
domestic
temporary
employees		---	---	---	---	3.5	---	8.3		---	1.2	---	8.8	

32 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]

N=42		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
							
Technology		2.7	3.3	---	---	---	
spending		6.6	1.5	---	---	---	
							
Wages/		2.7	3.6	2.0	2.0	---	
Salaries		1.3	1.3	---	---	---	
							
Number of		2.5	2.5	3.0	---	9.5	
domestic full-
time
employees		3.2	2.9	---	---	---	
							
Cash on the		-1.1	5.4	7.0	10.0	---	
balance sheet		16.7	4.6	4.2	---	---	
							
Prices of your		2.2	-2.8	-2.0	---	---	
products		3.7	3.3	---	---	---	
							
Number of		-1.6	0.7	-18.7	---	---	
domestic
temporary
employees		5.9	1.2	---	---	---	

33 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

N=42		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Capital		13.7		2.5	---	0.0	5.0	16.0	---	---	20.0	27.2	---	---	10.0	
spending		16.5		2.2	---	---	5.5	5.5	---	---	---	23.1	---	---	23.1	
																
Earnings		10.5		21.9	1.0	2.0	3.6	---	10.0	---	23.0	9.8	---	---	10.0	
		7.9		5.6	0.9	---	2.3	---	---	---	---	5.5	---	---	5.5	
																
Share		10.2		0.0	---	0.0	0.0	---	---	---	---	40.6	---	---	0.0	
repurchases		24.9		0.0	---	---	0.0	---	---	---	---	37.5	---	---	0.0	
																
Dividends		7.7		2.5	7.0	---	2.0	---	---	---	32.3	11.3	---	---	9.5	
		8.7		2.7	2.7	---	2.2	---	---	---	---	11.5	---	---	0.5	
																
Revenue		5.6		11.4	10.0	6.0	4.5	-9.3	8.0	---	10.0	3.8	---	---	15.0	
		7.0		2.9	---	---	2.7	2.7	---	---	---	3.0	---	---	3.0	
																
Research and		2.1		0.0	---	0.0	2.5	---	---	---	6.0	2.2	---	---	---	
development
spending		3.0		0.0	---	---	2.7	---	---	---	---	3.8	---	---	---	
																
Marketing/		2.1		0.1	---	0.0	3.5	---	0.0	---	---	1.3	---	---	5.0	
advertising
spending		2.7		2.6	---	---	1.6	---	---	---	---	2.6	---	---	2.6	
																
Cash on the		2.1		1.3	---	3.0	3.2	-10.0	10.0	---	-20.0	12.0	---	---	0.0	
balance sheet		10.1		4.1	---	---	7.9	7.9	---	---	---	11.0	---	---	0.0	
																
Technology		0.5		0.0	16.1	0.0	0.0	---	---	---	---	1.0	---	---	---	
spending		1.5		0.0	---	---	0.0	---	---	---	---	2.1	---	---	---	
																
Prices of your		-0.3		0.0	---	5.0	0.0	---	5.0	---	---	-0.8	---	---	---	
products		1.5		0.5	---	---	0.0	---	---	---	---	2.1	---	---	---	

34 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

N=42		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
												
Capital		90.3	10.0	---	21.7	63.4	15.0	11.4		13.8	2.7	
spending		---	---	---	---	473.0	5.3	12.2		16.5	---	
												
Earnings		23.4	7.5	2.7	14.4	7.3	8.5	10.9		10.5	9.8	
		---	---	---	---	31.4	11.0	7.7		7.9	---	
												
Share		---	2.0	---	0.0	0.0	0.0	11.4		10.2	0.1	
repurchases		---	---	---	---	---	0.0	26.2		25.0	---	
												
Dividends		---	---	8.5	20.0	6.7	16.0	6.7		7.7	---	
		---	---	---	---	19.0	15.0	7.6		8.7	---	
												
Revenue		7.7	10.0	1.4	9.2	3.7	5.8	5.6		5.6	2.0	
		---	---	---	---	100.7	4.3	7.3		7.0	---	
												
Research and		---	5.0	8.0	2.5	7.2	4.0	1.3		2.1	2.6	
development
spending		---	---	---	---	---	3.3	2.3		3.0	---	
												
Marketing/		54.2	2.0	8.5	2.5	2.5	2.5	2.0		2.1	4.0	
advertising
spending		---	---	---	---	---	3.9	2.3		2.3	---	
												
Cash on the		10.0	2.0	-10.8	3.3	4.7	6.8	1.4		2.1	-1.6	
balance sheet		---	---	---	---	62.7	29.2	7.0		10.0	---	
												
Technology		---	9.5	---	0.0	2.0	2.5	0.0		0.4	0.9	
spending		---	---	---	---	---	3.9	0.0		1.4	---	
												
Prices of your		7.3	---	-1.0	5.0	-3.5	1.3	-0.5		-0.3	2.4	
products		---	---	---	---	---	0.6	0.9		1.3	---	

35 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

N=42		Number of Employees		Foreign Sales	
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Capital		90.3	10.0	0.0	5.0	13.1	16.4	13.5		90.3	7.5	22.0	17.1	
spending		---	---	---	---	32.4	1.5	15.4		---	6.8	20.7	21.3	
														
Earnings		5.3	-7.2	11.9	18.1	18.1	5.0	9.6		5.0	11.2	11.5	8.6	
		---	---	---	---	6.7	---	7.6		---	10.3	7.3	6.0	
														
Share		---	2.0	0.0	---	0.0	---	12.3		---	0.0	0.0	25.5	
repurchases		---	---	---	---	0.0	---	27.0		---	0.0	0.0	35.3	
														
Dividends		---	---	15.0	2.0	5.7	5.0	8.0		---	6.0	11.6	4.7	
		---	---	---	---	2.9	---	9.2		---	6.1	8.3	10.3	
														
Revenue		-3.0	-3.8	12.3	8.1	8.2	-7.9	7.1		-3.6	5.3	7.0	5.1	
		---	---	---	---	5.6	5.2	4.9		---	9.8	3.3	3.7	
														
Research and		---	5.0	2.9	5.0	0.2	---	2.6		---	4.5	0.0	1.8	
development
spending		---	---	---	---	0.7	---	3.2		---	1.2	0.0	3.5	
														
Marketing/		14.7	2.0	2.5	5.0	0.0	---	2.5		108.4	3.3	0.0	1.5	
advertising
spending		---	---	---	---	0.0	---	2.3		---	2.6	0.0	1.9	
														
Cash on the		10.0	2.0	-0.5	-4.9	4.6	-8.0	3.6		-31.6	-0.5	5.1	4.6	
balance sheet		---	---	---	---	2.1	7.3	10.5		---	7.4	1.0	13.6	
														
Technology		---	3.0	0.0	16.1	0.2	---	0.6		---	0.9	0.0	0.6	
spending		---	---	---	---	0.7	---	1.7		---	---	0.0	1.7	
														
Prices of your		-3.7	5.0	2.1	---	-0.5	---	-0.3		5.3	0.3	0.0	-0.7	
products		---	---	---	---	1.8	---	1.3		---	1.2	0.0	1.7	

36 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted] 

N=42		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
							
Capital		11.8	34.7	50.0	5.0	10.0	
spending		11.9	79.1	---	---	---	
							
Earnings		10.6	9.5	7.5	25.0	---	
		8.2	4.3	---	---	---	
							
Share		10.8	0.0	---	---	---	
repurchases		25.6	0.3	---	---	---	
							
Dividends		7.6	10.3	6.0	---	---	
		8.9	6.0	---	---	---	
							
Revenue		5.6	4.0	8.0	5.0	---	
		7.1	10.0	---	---	---	
							
Research and		1.5	5.7	12.4	5.0	---	
development
spending		2.4	5.3	---	---	---	
							
Marketing/		1.9	3.9	5.0	5.0	---	
advertising
spending		2.7	5.6	---	---	---	
							
Cash on the		1.8	4.2	7.0	10.0	---	
balance sheet		10.5	6.0	---	---	---	
							
Technology		0.0	4.1	---	---	---	
spending		0.4	3.5	---	---	---	
							
Prices of your		-0.3	-0.3	-2.0	---	---	
products		1.1	7.1	---	---	---	

37 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

N=42		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Number of		4.2		5.0	15.0	0.0	5.5	---	0.0	---	---	3.0	---	---	5.2	
offshore
outsourced
employees		3.1		3.1	---	---	5.1	---	---	---	---	2.0	---	---	2.7	
																
Productivity		2.1		2.9	---	7.0	0.5	---	0.0	---	---	2.4	---	---	---	
(output per
hour worked)		2.5		3.2	---	---	2.8	---	---	---	---	2.2	---	---	---	
																
Wages/		2.2		2.2	---	2.0	1.0	---	2.0	---	2.0	2.3	---	---	3.0	
Salaries		0.7		0.8	---	---	0.8	---	---	---	---	0.5	---	---	0.5	
																
Number of		0.9		1.8	5.0	0.0	1.0	---	0.0	---	---	0.5	---	---	1.0	
domestic full-
time
employees		1.5		2.0	---	---	1.1	---	---	---	---	1.6	---	---	0.8	
																
Number of		-3.5		2.1	---	2.0	0.0	---	0.0	---	---	-8.2	---	---	2.0	
domestic
temporary
employees		7.9		3.2	---	---	0.0	---	---	---	---	9.0	---	---	9.0	

38 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

N=42		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
												
Number of		0.0	16.1	5.0	0.0	4.0	1.5	5.2		4.1	12.3	
offshore
outsourced
employees		---	---	---	---	9.0	1.7	2.9		2.9	---	
												
Productivity		0.0	5.0	10.0	5.5	---	2.5	1.7		2.0	7.2	
(output per
hour worked)		---	---	---	---	---	2.8	2.1		2.3	---	
												
Wages/		2.6	5.0	2.3	2.6	2.5	2.3	2.1		2.2	2.2	
Salaries		---	---	---	---	---	0.5	0.8		0.7	---	
												
Number of		4.7	5.4	5.0	0.0	2.7	-0.5	0.9		0.9	4.1	
domestic full-
time
employees		---	---	---	---	1.2	0.6	1.0		1.4	---	
												
Number of		0.0	2.0	---	2.0	-16.6	-7.5	0.9		-3.6	1.9	
domestic
temporary
employees		---	---	---	---	7.5	8.5	1.6		7.9	---	

39 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

N=42		Number of Employees		Foreign Sales	
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Number of		0.0	21.1	2.5	15.0	5.0	---	4.1		---	3.9	5.0	4.4	
offshore
outsourced
employees		---	---	---	---	---	---	2.9		---	2.9	---	3.4	
														
Productivity		0.0	5.0	7.0	7.5	10.0	---	1.8		10.0	2.1	10.0	1.8	
(output per
hour worked)		---	---	---	---	---	---	1.9		---	0.9	---	2.2	
														
Wages/		3.0	3.5	4.0	2.0	3.0	2.0	2.1		5.0	2.3	4.0	2.0	
Salaries		---	---	---	---	---	---	0.7		---	0.6	---	0.8	
														
Number of		4.7	7.2	2.5	5.0	3.3	---	0.8		9.5	1.5	5.0	0.4	
domestic full-
time
employees		---	---	---	---	---	---	1.2		---	1.1	---	1.4	
														
Number of		0.0	2.0	2.0	---	-2.5	---	-3.6		---	1.7	-5.0	-6.6	
domestic
temporary
employees		---	---	---	---	---	---	8.0		---	1.3	---	8.7	

40 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]

N=42		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
							
Number of		4.4	3.1	4.0	---	32.1	
offshore
outsourced
employees		3.5	0.8	0.8	---	---	
							
Productivity		1.4	5.0	---	5.0	---	
(output per
hour worked)		2.2	0.0	---	---	---	
							
Wages/		2.0	3.0	2.0	2.0	---	
Salaries		0.7	0.4	---	---	---	
							
Number of		0.7	0.1	3.0	---	9.5	
domestic full-
time
employees		1.4	0.9	0.9	---	---	
							
Number of		-1.7	0.0	-18.7	---	---	
domestic
temporary
employees		6.2	0.2	0.2	---	---	

41 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

N=38		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Earnings		10.5		22.2	1.0	---	3.5	---	---	---	23.0	9.7	---	---	10.0	
		7.9		4.7	4.7	---	1.6	---	---	---	---	5.3	---	---	5.3	
																
Share		10.2		0.0	---	---	0.0	---	---	---	---	40.6	---	---	0.0	
repurchases		25.0		0.0	---	---	0.0	---	---	---	---	37.5	---	---	0.0	
																
Dividends		7.7		2.5	7.0	---	2.0	---	---	---	32.3	11.3	---	---	9.5	
		8.7		2.7	2.7	---	2.2	---	---	---	---	11.5	---	---	0.5	
																
Revenue		5.6		11.5	---	---	4.5	-9.3	---	---	10.0	3.8	---	---	15.0	
		7.0		2.4	---	---	2.7	2.7	---	---	---	3.0	---	---	3.0	
																
Cash on the		2.1		1.3	---	---	3.5	-10.0	---	---	-20.0	12.0	---	---	0.0	
balance sheet		10.0		4.1	---	---	7.1	7.1	---	---	---	11.1	---	---	0.0	

42 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

N=38		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
												
Earnings		---	---	-0.9	15.0	7.3	8.5	10.9		10.5	---	
		---	---	---	---	31.4	11.0	7.7		7.9	---	
												
Share		---	---	---	---	0.0	0.0	11.4		10.2	---	
repurchases		---	---	---	---	---	0.0	26.2		25.0	---	
												
Dividends		---	---	8.5	20.0	6.7	16.0	6.7		7.7	---	
		---	---	---	---	19.0	15.0	7.6		8.7	---	
												
Revenue		---	---	5.7	11.7	3.7	5.8	5.6		5.6	---	
		---	---	---	---	100.7	4.3	7.3		7.0	---	
												
Cash on the		---	---	10.0	0.0	4.7	6.8	1.4		2.1	---	
balance sheet		---	---	---	---	62.7	29.2	7.0		10.0	---	

43 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

N=38		Number of Employees		Foreign Sales	
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Earnings		---	---	18.2	10.0	18.1	5.0	9.6		---	11.3	11.5	8.5	
		---	---	---	---	6.7	---	7.6		---	10.4	7.3	5.8	
														
Share		---	---	---	---	0.0	---	12.3		---	0.0	0.0	25.5	
repurchases		---	---	---	---	0.0	---	27.0		---	0.0	0.0	35.3	
														
Dividends		---	---	15.0	2.0	5.7	5.0	8.0		---	6.0	11.6	4.7	
		---	---	---	---	2.9	---	9.2		---	6.1	8.3	10.3	
														
Revenue		---	---	16.4	10.0	8.2	-7.9	7.1		---	5.3	7.0	5.1	
		---	---	---	---	5.6	5.2	4.9		---	9.8	3.3	3.7	
														
Cash on the		---	---	-2.8	---	4.6	-8.0	3.6		---	-0.6	5.1	4.5	
balance sheet		---	---	---	---	2.1	7.3	10.5		---	7.5	1.0	13.6	

44 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

N=38		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
							
Earnings		10.6	9.7	7.5	---	---	
		8.1	4.0	---	---	---	
							
Share		10.9	0.0	---	---	---	
repurchases		25.7	0.0	---	---	---	
							
Dividends		7.6	10.3	6.0	---	---	
		8.9	6.0	---	---	---	
							
Revenue		5.6	4.3	8.0	---	---	
		7.1	10.1	---	---	---	
							
Cash on the		1.9	4.2	7.0	---	---	
balance sheet		10.4	6.0	---	---	---	

45 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in interest rates had on your business?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Direct		15		2	2	0	1	1	0	0	0	8	0	0	1	
		35.7%		33.3%	66.7%	0.0%	33.3%	100.0%	0.0%	0.0%	0.0%	42.1%	0.0%	0.0%	20.0%	
																
Indirect		7		1	1	0	1	0	0	0	1	2	0	0	1	
		16.7%		16.7%	33.3%	0.0%	33.3%	0.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	20.0%	
																
Both		4		0	0	1	0	0	0	0	1	1	0	0	1	
		9.5%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	33.3%	5.3%	0.0%	0.0%	20.0%	
				c		aI						C				
																
No effect		16		3	0	0	1	0	1	0	1	8	0	0	2	
		38.1%		50.0%	0.0%	0.0%	33.3%	0.0%	100.0%	0.0%	33.3%	42.1%	0.0%	0.0%	40.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

46 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in interest rates had on your business?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
Direct		1	1	2	2	2	1	6		10	4	
		20.0%	33.3%	28.6%	40.0%	40.0%	20.0%	50.0%		38.5%	30.8%	
												
Indirect		2	0	1	1	0	1	2		4	3	
		40.0%	0.0%	14.3%	20.0%	0.0%	20.0%	16.7%		15.4%	23.1%	
												
Both		0	0	0	1	0	2	1		2	1	
		0.0%	0.0%	0.0%	20.0%	0.0%	40.0%	8.3%		7.7%	7.7%	
												
No effect		2	2	4	1	3	1	3		10	5	
		40.0%	66.7%	57.1%	20.0%	60.0%	20.0%	25.0%		38.5%	38.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

47 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in interest rates had on your business?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
Direct		0	0	1	4	4	2	4		2	6	3	4	
		0.0%	0.0%	25.0%	80.0%	66.7%	66.7%	25.0%		40.0%	31.6%	42.9%	36.4%	
			d		bg			d						
														
Indirect		1	1	1	0	0	0	3		1	5	0	1	
		33.3%	25.0%	25.0%	0.0%	0.0%	0.0%	18.8%		20.0%	26.3%	0.0%	9.1%	
														
Both		0	0	1	0	0	0	3		0	2	1	1	
		0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	18.8%		0.0%	10.5%	14.3%	9.1%	
														
No effect		2	3	1	1	2	1	6		2	6	3	5	
		66.7%	75.0%	25.0%	20.0%	33.3%	33.3%	37.5%		40.0%	31.6%	42.9%	45.5%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

48 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in interest rates had on your business?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
Direct		10	3	0	1	0	
		38.5%	37.5%	0.0%	50.0%	0.0%	
							
Indirect		4	2	0	1	0	
		15.4%	25.0%	0.0%	50.0%	0.0%	
							
Both		3	0	0	0	0	
		11.5%	0.0%	0.0%	0.0%	0.0%	
							
No effect		9	3	2	0	1	
		34.6%	37.5%	100.0%	0.0%	100.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

49 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of interest rates on your business been..

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
+2=Very positive		2		0	0	0	1	0	0	0	0	1	0	0	0	
		7.7%		0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	
																
+1=Positive		12		3	0	0	1	1	0	0	1	3	0	0	3	
		46.2%		100.0%	0.0%	0.0%	50.0%	100.0%	0.0%	0.0%	50.0%	27.3%	0.0%	0.0%	75.0%	
				i								a				
																
0=No impact		2		0	1	0	0	0	0	0	0	1	0	0	0	
		7.7%		0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	
																
-1=Negative		10		0	1	1	0	0	0	0	1	6	0	0	1	
		38.5%		0.0%	50.0%	100.0%	0.0%	0.0%	0.0%	0.0%	50.0%	54.5%	0.0%	0.0%	25.0%	
																
-2=Very negative		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.2		1.0	-0.5	-1.0	1.5	1.0	---	---	0.0	-0.1	---	---	0.5	
SD		1.1		0.0	0.7	0.0	0.7	0.0	---	---	1.4	1.1	---	---	1.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

50 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of interest rates on your business been..

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
+2=Very positive		0	0	1	0	0	0	1		1	1	
		0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	11.1%		6.3%	12.5%	
												
+1=Positive		1	0	0	1	1	2	7		10	0	
		33.3%	0.0%	0.0%	25.0%	50.0%	50.0%	77.8%		62.5%	0.0%	
										B	A	
												
0=No impact		1	1	0	0	0	0	0		0	2	
		33.3%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	25.0%	
										b	a	
												
-1=Negative		1	1	1	3	1	2	1		5	5	
		33.3%	50.0%	50.0%	75.0%	50.0%	50.0%	11.1%		31.3%	62.5%	
					g			d				
												
-2=Very negative		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		0.0	-0.5	0.5	-0.5	0.0	0.0	0.9		0.4	-0.4	
SD		1.0	0.7	2.1	1.0	1.4	1.2	0.8		1.0	1.1	
			g		g			bd				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

51 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of interest rates on your business been..

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
+2=Very positive		0	0	0	1	1	0	0		1	1	0	0	
		0.0%	0.0%	0.0%	25.0%	25.0%	0.0%	0.0%		33.3%	7.7%	0.0%	0.0%	
														
+1=Positive		0	0	2	0	1	2	7		1	7	3	1	
		0.0%	0.0%	66.7%	0.0%	25.0%	100.0%	70.0%		33.3%	53.8%	75.0%	16.7%	
					g			d						
														
0=No impact		0	1	0	0	0	0	0		1	1	0	0	
		0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%		33.3%	7.7%	0.0%	0.0%	
			g					b						
														
-1=Negative		0	1	1	3	2	0	3		0	4	1	5	
		0.0%	50.0%	33.3%	75.0%	50.0%	0.0%	30.0%		0.0%	30.8%	25.0%	83.3%	
										d	d		ab	
														
-2=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		---	-0.5	0.3	-0.3	0.3	1.0	0.4		1.0	0.4	0.5	-0.7	
SD		---	0.7	1.2	1.5	1.5	0.0	1.0		1.0	1.0	1.0	0.8	
										d	d		ab	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

52 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of interest rates on your business been..

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
+2=Very positive		2	0	0	0	0	
		11.8%	0.0%	0.0%	0.0%	0.0%	
							
+1=Positive		10	1	0	0	0	
		58.8%	20.0%	0.0%	0.0%	0.0%	
							
0=No impact		0	1	0	1	0	
		0.0%	20.0%	0.0%	50.0%	0.0%	
		D			A		
							
-1=Negative		5	3	0	1	0	
		29.4%	60.0%	0.0%	50.0%	0.0%	
							
-2=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.5	-0.4	---	-0.5	---	
SD		1.1	0.9	---	0.7	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

53 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in oil prices had on your business?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Direct		7		1	0	0	0	1	0	0	0	4	0	0	1	
		16.7%		16.7%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	21.1%	0.0%	0.0%	20.0%	
																
Indirect		16		1	1	0	1	0	1	0	1	9	0	0	2	
		38.1%		16.7%	33.3%	0.0%	33.3%	0.0%	100.0%	0.0%	33.3%	47.4%	0.0%	0.0%	40.0%	
																
Both		11		1	0	1	2	0	0	0	1	5	0	0	1	
		26.2%		16.7%	0.0%	100.0%	66.7%	0.0%	0.0%	0.0%	33.3%	26.3%	0.0%	0.0%	20.0%	
																
No effect		8		3	2	0	0	0	0	0	1	1	0	0	1	
		19.0%		50.0%	66.7%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	5.3%	0.0%	0.0%	20.0%	
				i	I							aB				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

54 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in oil prices had on your business?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
Direct		0	0	0	1	1	1	4		6	1	
		0.0%	0.0%	0.0%	20.0%	20.0%	20.0%	33.3%		23.1%	7.7%	
												
Indirect		3	1	4	2	1	1	4		9	6	
		60.0%	33.3%	57.1%	40.0%	20.0%	20.0%	33.3%		34.6%	46.2%	
												
Both		0	0	1	1	3	3	3		7	3	
		0.0%	0.0%	14.3%	20.0%	60.0%	60.0%	25.0%		26.9%	23.1%	
												
No effect		2	2	2	1	0	0	1		4	3	
		40.0%	66.7%	28.6%	20.0%	0.0%	0.0%	8.3%		15.4%	23.1%	
			g					b				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

55 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in oil prices had on your business?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
Direct		0	0	1	1	2	1	2		0	3	2	2	
		0.0%	0.0%	25.0%	20.0%	33.3%	33.3%	12.5%		0.0%	15.8%	28.6%	18.2%	
														
Indirect		2	2	1	2	2	2	5		2	7	3	4	
		66.7%	50.0%	25.0%	40.0%	33.3%	66.7%	31.3%		40.0%	36.8%	42.9%	36.4%	
														
Both		0	1	1	0	1	0	8		1	3	2	5	
		0.0%	25.0%	25.0%	0.0%	16.7%	0.0%	50.0%		20.0%	15.8%	28.6%	45.5%	
														
No effect		1	1	1	2	1	0	1		2	6	0	0	
		33.3%	25.0%	25.0%	40.0%	16.7%	0.0%	6.3%		40.0%	31.6%	0.0%	0.0%	
										d	d		ab	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

56 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in oil prices had on your business?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
Direct		6	0	0	1	0	
		23.1%	0.0%	0.0%	50.0%	0.0%	
							
Indirect		7	5	1	0	1	
		26.9%	62.5%	50.0%	0.0%	100.0%	
							
Both		7	2	1	0	0	
		26.9%	25.0%	50.0%	0.0%	0.0%	
							
No effect		6	1	0	1	0	
		23.1%	12.5%	0.0%	50.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

57 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of oil prices on your business been..

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
+2=Very positive		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+1=Positive		15		1	0	0	1	0	1	0	0	10	0	0	2	
		45.5%		33.3%	0.0%	0.0%	33.3%	0.0%	100.0%	0.0%	0.0%	58.8%	0.0%	0.0%	50.0%	
																
0=No impact		1		0	0	1	0	0	0	0	0	0	0	0	0	
		3.0%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
						I						C				
																
-1=Negative		14		1	1	0	2	0	0	0	2	6	0	0	2	
		42.4%		33.3%	100.0%	0.0%	66.7%	0.0%	0.0%	0.0%	100.0%	35.3%	0.0%	0.0%	50.0%	
																
-2=Very negative		3		1	0	0	0	1	0	0	0	1	0	0	0	
		9.1%		33.3%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	5.9%	0.0%	0.0%	0.0%	
								i				e				
																
Mean		-0.2		-0.7	-1.0	0.0	-0.3	-2.0	1.0	---	-1.0	0.1	---	---	0.0	
SD		1.1		1.5	0.0	0.0	1.2	0.0	0.0	---	0.0	1.1	---	---	1.2	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

58 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of oil prices on your business been..

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
+2=Very positive		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+1=Positive		2	0	1	2	3	3	4		9	4	
		66.7%	0.0%	25.0%	50.0%	60.0%	60.0%	36.4%		40.9%	44.4%	
												
0=No impact		0	0	0	1	0	0	0		0	1	
		0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%		0.0%	11.1%	
												
-1=Negative		1	1	3	1	2	2	4		10	4	
		33.3%	100.0%	75.0%	25.0%	40.0%	40.0%	36.4%		45.5%	44.4%	
												
-2=Very negative		0	0	0	0	0	0	3		3	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	27.3%		13.6%	0.0%	
												
Mean		0.3	-1.0	-0.5	0.3	0.2	0.2	-0.5		-0.3	0.0	
SD		1.2	0.0	1.0	1.0	1.1	1.1	1.3		1.2	1.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

59 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of oil prices on your business been..

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
+2=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+1=Positive		1	1	1	1	1	1	9		2	5	4	4	
		100.0%	33.3%	33.3%	33.3%	20.0%	33.3%	60.0%		66.7%	41.7%	57.1%	36.4%	
														
0=No impact		0	0	1	0	0	0	0		0	1	0	0	
		0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		0.0%	8.3%	0.0%	0.0%	
				g				c						
														
-1=Negative		0	2	1	2	2	1	6		1	4	2	7	
		0.0%	66.7%	33.3%	66.7%	40.0%	33.3%	40.0%		33.3%	33.3%	28.6%	63.6%	
														
-2=Very negative		0	0	0	0	2	1	0		0	2	1	0	
		0.0%	0.0%	0.0%	0.0%	40.0%	33.3%	0.0%		0.0%	16.7%	14.3%	0.0%	
						g	g	ef						
														
Mean		1.0	-0.3	0.0	-0.3	-1.0	-0.7	0.2		0.3	-0.3	0.0	-0.3	
SD		0.0	1.2	1.0	1.2	1.2	1.5	1.0		1.2	1.2	1.3	1.0	
						g		e						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

60 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of oil prices on your business been..

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
+2=Very positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+1=Positive		9	2	1	1	0	
		45.0%	33.3%	50.0%	100.0%	0.0%	
							
0=No impact		1	0	0	0	0	
		5.0%	0.0%	0.0%	0.0%	0.0%	
							
-1=Negative		7	4	1	0	1	
		35.0%	66.7%	50.0%	0.0%	100.0%	
							
-2=Very negative		3	0	0	0	0	
		15.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		-0.2	-0.3	0.0	1.0	-1.0	
SD		1.2	1.0	1.4	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

61 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in currency values had on your business?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Direct		21		4	1	0	0	1	1	0	0	14	0	0	0	
		51.2%		66.7%	33.3%	0.0%	0.0%	100.0%	100.0%	0.0%	0.0%	77.8%	0.0%	0.0%	0.0%	
				l			i				i	dhL			aI	
																
Indirect		5		0	0	0	1	0	0	0	0	0	0	0	4	
		12.2%		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	80.0%	
				l			i					dL			aI	
																
Both		11		1	1	1	2	0	0	0	2	3	0	0	1	
		26.8%		16.7%	33.3%	100.0%	66.7%	0.0%	0.0%	0.0%	66.7%	16.7%	0.0%	0.0%	20.0%	
																
No effect		4		1	1	0	0	0	0	0	1	1	0	0	0	
		9.8%		16.7%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	5.6%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

62 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in currency values had on your business?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
Direct		2	0	3	3	5	1	7		16	4	
		40.0%	0.0%	42.9%	60.0%	100.0%	20.0%	58.3%		61.5%	33.3%	
			e			bf	e					
												
Indirect		1	1	1	0	0	0	2		2	2	
		20.0%	50.0%	14.3%	0.0%	0.0%	0.0%	16.7%		7.7%	16.7%	
												
Both		0	1	2	1	0	4	3		7	3	
		0.0%	50.0%	28.6%	20.0%	0.0%	80.0%	25.0%		26.9%	25.0%	
		f				f	ae					
												
No effect		2	0	1	1	0	0	0		1	3	
		40.0%	0.0%	14.3%	20.0%	0.0%	0.0%	0.0%		3.8%	25.0%	
		g						a				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

63 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in currency values had on your business?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
Direct		3	0	3	2	4	2	7		1	8	4	8	
		100.0%	0.0%	75.0%	40.0%	66.7%	66.7%	43.8%		20.0%	44.4%	57.1%	72.7%	
														
Indirect		0	1	0	1	0	1	2		2	2	1	0	
		0.0%	33.3%	0.0%	20.0%	0.0%	33.3%	12.5%		40.0%	11.1%	14.3%	0.0%	
										d			a	
														
Both		0	0	1	2	1	0	7		0	7	1	3	
		0.0%	0.0%	25.0%	40.0%	16.7%	0.0%	43.8%		0.0%	38.9%	14.3%	27.3%	
														
No effect		0	2	0	0	1	0	0		2	1	1	0	
		0.0%	66.7%	0.0%	0.0%	16.7%	0.0%	0.0%		40.0%	5.6%	14.3%	0.0%	
			G					B		d			a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

64 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. To date, what effect have changes in currency values had on your business?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
Direct		12	4	2	1	0	
		46.2%	57.1%	100.0%	50.0%	0.0%	
							
Indirect		3	1	0	0	1	
		11.5%	14.3%	0.0%	0.0%	100.0%	
		e				a	
							
Both		9	1	0	0	0	
		34.6%	14.3%	0.0%	0.0%	0.0%	
							
No effect		2	1	0	1	0	
		7.7%	14.3%	0.0%	50.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

65 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of currency values on your business been..

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
+2=Very positive		3		0	0	0	0	0	0	0	0	3	0	0	0	
		8.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	17.6%	0.0%	0.0%	0.0%	
																
+1=Positive		16		2	1	0	0	1	1	0	1	6	0	0	4	
		43.2%		40.0%	50.0%	0.0%	0.0%	100.0%	100.0%	0.0%	50.0%	35.3%	0.0%	0.0%	80.0%	
																
0=No impact		4		1	0	1	1	0	0	0	0	1	0	0	0	
		10.8%		20.0%	0.0%	100.0%	33.3%	0.0%	0.0%	0.0%	0.0%	5.9%	0.0%	0.0%	0.0%	
						i						c				
																
-1=Negative		14		2	1	0	2	0	0	0	1	7	0	0	1	
		37.8%		40.0%	50.0%	0.0%	66.7%	0.0%	0.0%	0.0%	50.0%	41.2%	0.0%	0.0%	20.0%	
																
-2=Very negative		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.2		0.0	0.0	0.0	-0.7	1.0	1.0	---	0.0	0.3	---	---	0.6	
SD		1.1		1.0	1.4	0.0	0.6	0.0	0.0	---	1.4	1.2	---	---	0.9	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

66 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of currency values on your business been..

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
+2=Very positive		0	0	0	0	1	0	2		3	0	
		0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	16.7%		12.0%	0.0%	
												
+1=Positive		1	1	1	1	3	3	6		13	2	
		33.3%	33.3%	20.0%	25.0%	60.0%	60.0%	50.0%		52.0%	22.2%	
												
0=No impact		0	0	0	1	1	0	2		3	1	
		0.0%	0.0%	0.0%	25.0%	20.0%	0.0%	16.7%		12.0%	11.1%	
												
-1=Negative		2	2	4	2	0	2	2		6	6	
		66.7%	66.7%	80.0%	50.0%	0.0%	40.0%	16.7%		24.0%	66.7%	
				eg		c		c		b	a	
												
-2=Very negative		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		-0.3	-0.3	-0.6	-0.3	1.0	0.2	0.7		0.5	-0.4	
SD		1.2	1.2	0.9	1.0	0.7	1.1	1.0		1.0	0.9	
				eg		c		c		b	a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

67 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of currency values on your business been..

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
+2=Very positive		0	0	0	0	0	0	3		0	0	2	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.8%		0.0%	0.0%	33.3%	9.1%	
											c	b		
														
+1=Positive		1	1	2	0	2	2	8		0	9	3	4	
		50.0%	50.0%	50.0%	0.0%	40.0%	66.7%	50.0%		0.0%	52.9%	50.0%	36.4%	
														
0=No impact		0	0	1	0	2	0	1		0	1	1	2	
		0.0%	0.0%	25.0%	0.0%	40.0%	0.0%	6.3%		0.0%	5.9%	16.7%	18.2%	
														
-1=Negative		1	1	1	5	1	1	4		3	7	0	4	
		50.0%	50.0%	25.0%	100.0%	20.0%	33.3%	25.0%		100.0%	41.2%	0.0%	36.4%	
				d	ceG	d		D		c		a		
														
-2=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0	0.0	0.3	-1.0	0.2	0.3	0.6		-1.0	0.1	1.2	0.2	
SD		1.4	1.4	1.0	0.0	0.8	1.2	1.1		0.0	1.0	0.8	1.1	
											c	b		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

68 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5a. Has the effect of currency values on your business been..

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
+2=Very positive		3	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	
							
+1=Positive		10	1	2	0	1	
		41.7%	16.7%	100.0%	0.0%	100.0%	
							
0=No impact		3	1	0	0	0	
		12.5%	16.7%	0.0%	0.0%	0.0%	
							
-1=Negative		8	4	0	1	0	
		33.3%	66.7%	0.0%	100.0%	0.0%	
							
-2=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.3	-0.5	1.0	-1.0	1.0	
SD		1.1	0.8	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

69 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected capital spending plans for the next 12 months?

N=38		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		38		5	3	1	3	1	1	0	2	18	0	0	4	
		100.0%		13.2%	7.9%	2.6%	7.9%	2.6%	2.6%	0.0%	5.3%	47.4%	0.0%	0.0%	10.5%	
																
+2=Up large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+1=Up medium		2		1	0	0	0	0	0	0	0	1	0	0	0	
		5.4%		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
0=No change		31		4	2	0	3	1	1	0	2	15	0	0	3	
		83.8%		80.0%	100.0%	0.0%	100.0%	100.0%	100.0%	0.0%	100.0%	83.3%	0.0%	0.0%	75.0%	
																
-1=Down medium		4		0	0	1	0	0	0	0	0	2	0	0	1	
		10.8%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	25.0%	
						i						c				
																
-2=Down large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		-0.1		0.2	0.0	-1.0	0.0	0.0	0.0	---	0.0	-0.1	---	---	-0.3	
SD		0.4		0.4	0.0	0.0	0.0	0.0	0.0	---	0.0	0.4	---	---	0.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

70 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected capital spending plans for the next 12 months?

N=38		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		4	3	7	4	5	4	11		24	12	
		10.5%	7.9%	18.4%	10.5%	13.2%	10.5%	28.9%		66.7%	33.3%	
												
+2=Up large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+1=Up medium		0	0	0	0	0	1	1		2	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	10.0%		8.7%	0.0%	
												
0=No change		3	3	6	3	5	3	8		20	10	
		75.0%	100.0%	85.7%	75.0%	100.0%	75.0%	80.0%		87.0%	83.3%	
												
-1=Down medium		1	0	1	1	0	0	1		1	2	
		25.0%	0.0%	14.3%	25.0%	0.0%	0.0%	10.0%		4.3%	16.7%	
												
-2=Down large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		-0.3	0.0	-0.1	-0.3	0.0	0.3	0.0		0.0	-0.2	
SD		0.5	0.0	0.4	0.5	0.0	0.5	0.5		0.4	0.4	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

71 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected capital spending plans for the next 12 months?

N=38		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	3	3	5	6	3	14		5	17	6	10	
		8.1%	8.1%	8.1%	13.5%	16.2%	8.1%	37.8%		13.2%	44.7%	15.8%	26.3%	
														
+2=Up large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+1=Up medium		0	0	0	0	1	0	1		0	0	1	1	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	7.7%		0.0%	0.0%	20.0%	10.0%	
														
0=No change		3	3	2	5	3	2	12		4	14	4	9	
		100.0%	100.0%	66.7%	100.0%	50.0%	66.7%	92.3%		80.0%	82.4%	80.0%	90.0%	
														
-1=Down medium		0	0	1	0	2	1	0		1	3	0	0	
		0.0%	0.0%	33.3%	0.0%	33.3%	33.3%	0.0%		20.0%	17.6%	0.0%	0.0%	
				g		g	g	cef						
														
-2=Down large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0	0.0	-0.3	0.0	-0.2	-0.3	0.1		-0.2	-0.2	0.2	0.1	
SD		0.0	0.0	0.6	0.0	0.8	0.6	0.3		0.4	0.4	0.4	0.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

72 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected capital spending plans for the next 12 months?

N=38		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		23	8	2	2	1	
		63.9%	22.2%	5.6%	5.6%	2.8%	
							
+2=Up large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+1=Up medium		1	1	0	0	0	
		4.5%	12.5%	0.0%	0.0%	0.0%	
							
0=No change		19	6	2	2	1	
		86.4%	75.0%	100.0%	100.0%	100.0%	
							
-1=Down medium		2	1	0	0	0	
		9.1%	12.5%	0.0%	0.0%	0.0%	
							
-2=Down large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.0	0.0	0.0	0.0	0.0	
SD		0.4	0.5	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

73 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected capital spending plans for the next 12 months?

N=37		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		37		5	3	1	3	1	1	0	2	18	0	0	3	
		100.0%		13.5%	8.1%	2.7%	8.1%	2.7%	2.7%	0.0%	5.4%	48.6%	0.0%	0.0%	8.1%	
																
+2=Up large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+1=Up medium		3		0	1	0	0	0	0	0	0	2	0	0	0	
		8.3%		0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
																
0=No change		29		4	1	1	3	0	1	0	2	14	0	0	3	
		80.6%		80.0%	50.0%	100.0%	100.0%	0.0%	100.0%	0.0%	100.0%	77.8%	0.0%	0.0%	100.0%	
																
-1=Down medium		2		0	0	0	0	1	0	0	0	1	0	0	0	
		5.6%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
								I				E				
																
-2=Down large		2		1	0	0	0	0	0	0	0	1	0	0	0	
		5.6%		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
Mean		-0.1		-0.4	0.5	0.0	0.0	-1.0	0.0	---	0.0	-0.1	---	---	0.0	
SD		0.6		0.9	0.7	0.0	0.0	0.0	0.0	---	0.0	0.6	---	---	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

74 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected capital spending plans for the next 12 months?

N=37		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		4	2	7	4	5	4	11		24	11	
		10.8%	5.4%	18.9%	10.8%	13.5%	10.8%	29.7%		68.6%	31.4%	
												
+2=Up large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+1=Up medium		1	0	0	0	1	1	0		2	1	
		25.0%	0.0%	0.0%	0.0%	20.0%	25.0%	0.0%		8.7%	9.1%	
												
0=No change		3	2	7	4	4	2	7		17	10	
		75.0%	100.0%	100.0%	100.0%	80.0%	50.0%	70.0%		73.9%	90.9%	
												
-1=Down medium		0	0	0	0	0	1	1		2	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	10.0%		8.7%	0.0%	
												
-2=Down large		0	0	0	0	0	0	2		2	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		8.7%	0.0%	
												
Mean		0.3	0.0	0.0	0.0	0.2	0.0	-0.5		-0.2	0.1	
SD		0.5	0.0	0.0	0.0	0.4	0.8	0.8		0.7	0.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

75 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected capital spending plans for the next 12 months?

N=37		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	2	3	5	6	3	14		5	16	6	10	
		8.3%	5.6%	8.3%	13.9%	16.7%	8.3%	38.9%		13.5%	43.2%	16.2%	27.0%	
														
+2=Up large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+1=Up medium		0	0	0	0	0	0	2		1	1	1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	15.4%		20.0%	6.3%	20.0%	0.0%	
														
0=No change		3	2	3	5	4	2	10		4	13	3	9	
		100.0%	100.0%	100.0%	100.0%	66.7%	66.7%	76.9%		80.0%	81.3%	60.0%	90.0%	
														
-1=Down medium		0	0	0	0	0	1	1		0	1	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	7.7%		0.0%	6.3%	0.0%	10.0%	
														
-2=Down large		0	0	0	0	2	0	0		0	1	1	0	
		0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%		0.0%	6.3%	20.0%	0.0%	
						g		e						
														
Mean		0.0	0.0	0.0	0.0	-0.7	-0.3	0.1		0.2	-0.1	-0.2	-0.1	
SD		0.0	0.0	0.0	0.0	1.0	0.6	0.5		0.4	0.6	1.1	0.3	
						g		e						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

76 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected capital spending plans for the next 12 months?

N=37		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		23	8	2	2	0	
		65.7%	22.9%	5.7%	5.7%	0.0%	
							
+2=Up large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+1=Up medium		2	0	0	1	0	
		9.1%	0.0%	0.0%	50.0%	0.0%	
							
0=No change		17	7	2	1	0	
		77.3%	87.5%	100.0%	50.0%	0.0%	
							
-1=Down medium		1	1	0	0	0	
		4.5%	12.5%	0.0%	0.0%	0.0%	
							
-2=Down large		2	0	0	0	0	
		9.1%	0.0%	0.0%	0.0%	0.0%	
							
Mean		-0.1	-0.1	0.0	0.5	---	
SD		0.7	0.4	0.0	0.7	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

77 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=39		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		39		5	3	1	3	1	1	0	2	19	0	0	4	
		100.0%		12.8%	7.7%	2.6%	7.7%	2.6%	2.6%	0.0%	5.1%	48.7%	0.0%	0.0%	10.3%	
																
+2=Up large		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	
																
+1=Up medium		11		2	1	0	0	1	1	0	0	6	0	0	0	
		28.9%		40.0%	50.0%	0.0%	0.0%	100.0%	100.0%	0.0%	0.0%	31.6%	0.0%	0.0%	0.0%	
																
0=No change		20		2	1	1	2	0	0	0	2	9	0	0	3	
		52.6%		40.0%	50.0%	100.0%	66.7%	0.0%	0.0%	0.0%	100.0%	47.4%	0.0%	0.0%	75.0%	
																
-1=Down medium		6		1	0	0	1	0	0	0	0	3	0	0	1	
		15.8%		20.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	15.8%	0.0%	0.0%	25.0%	
																
-2=Down large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.2		0.2	0.5	0.0	-0.3	1.0	1.0	---	0.0	0.3	---	---	-0.3	
SD		0.7		0.8	0.7	0.0	0.6	0.0	0.0	---	0.0	0.8	---	---	0.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

78 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=39		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		4	3	7	4	5	5	11		25	12	
		10.3%	7.7%	17.9%	10.3%	12.8%	12.8%	28.2%		67.6%	32.4%	
												
+2=Up large		0	0	0	0	1	0	0		1	0	
		0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%		4.2%	0.0%	
												
+1=Up medium		1	2	2	0	0	2	4		7	4	
		25.0%	66.7%	28.6%	0.0%	0.0%	40.0%	40.0%		29.2%	33.3%	
												
0=No change		3	0	2	3	4	3	5		13	5	
		75.0%	0.0%	28.6%	75.0%	80.0%	60.0%	50.0%		54.2%	41.7%	
												
-1=Down medium		0	1	3	1	0	0	1		3	3	
		0.0%	33.3%	42.9%	25.0%	0.0%	0.0%	10.0%		12.5%	25.0%	
												
-2=Down large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		0.3	0.3	-0.1	-0.3	0.4	0.4	0.3		0.3	0.1	
SD		0.5	1.2	0.9	0.5	0.9	0.5	0.7		0.7	0.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

79 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=39		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	3	3	5	6	3	15		5	17	6	11	
		7.9%	7.9%	7.9%	13.2%	15.8%	7.9%	39.5%		12.8%	43.6%	15.4%	28.2%	
														
+2=Up large		0	0	0	0	0	0	1		0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.1%		0.0%	0.0%	20.0%	0.0%	
														
+1=Up medium		2	1	0	1	3	1	3		0	8	1	2	
		66.7%	33.3%	0.0%	20.0%	50.0%	33.3%	21.4%		0.0%	47.1%	20.0%	18.2%	
														
0=No change		1	1	2	2	2	2	9		4	6	3	7	
		33.3%	33.3%	66.7%	40.0%	33.3%	66.7%	64.3%		80.0%	35.3%	60.0%	63.6%	
														
-1=Down medium		0	1	1	2	1	0	1		1	3	0	2	
		0.0%	33.3%	33.3%	40.0%	16.7%	0.0%	7.1%		20.0%	17.6%	0.0%	18.2%	
														
-2=Down large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.7	0.0	-0.3	-0.2	0.3	0.3	0.3		-0.2	0.3	0.6	0.0	
SD		0.6	1.0	0.6	0.8	0.8	0.6	0.7		0.4	0.8	0.9	0.6	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

80 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=39		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		24	8	2	2	1	
		64.9%	21.6%	5.4%	5.4%	2.7%	
							
+2=Up large		1	0	0	0	0	
		4.3%	0.0%	0.0%	0.0%	0.0%	
							
+1=Up medium		7	3	0	0	0	
		30.4%	37.5%	0.0%	0.0%	0.0%	
							
0=No change		13	3	2	2	0	
		56.5%	37.5%	100.0%	100.0%	0.0%	
							
-1=Down medium		2	2	0	0	1	
		8.7%	25.0%	0.0%	0.0%	100.0%	
		e				a	
							
-2=Down large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.3	0.1	0.0	0.0	-1.0	
SD		0.7	0.8	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

81 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected hiring plans for the next 12 months?

N=40		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		40		6	3	1	3	1	1	0	2	19	0	0	4	
		100.0%		15.0%	7.5%	2.5%	7.5%	2.5%	2.5%	0.0%	5.0%	47.5%	0.0%	0.0%	10.0%	
																
+2=Up large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+1=Up medium		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
0=No change		38		6	2	1	3	1	1	0	2	18	0	0	4	
		97.4%		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	0.0%	100.0%	94.7%	0.0%	0.0%	100.0%	
																
-1=Down medium		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	
																
-2=Down large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.0		0.0	0.0	0.0	0.0	0.0	0.0	---	0.0	-0.1	---	---	0.0	
SD		0.2		0.0	0.0	0.0	0.0	0.0	0.0	---	0.0	0.2	---	---	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

82 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected hiring plans for the next 12 months?

N=40		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		4	3	7	5	5	5	11		26	12	
		10.0%	7.5%	17.5%	12.5%	12.5%	12.5%	27.5%		68.4%	31.6%	
												
+2=Up large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+1=Up medium		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
0=No change		4	3	6	5	5	5	10		25	11	
		100.0%	100.0%	85.7%	100.0%	100.0%	100.0%	100.0%		100.0%	91.7%	
												
-1=Down medium		0	0	1	0	0	0	0		0	1	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	8.3%	
												
-2=Down large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		0.0	0.0	-0.1	0.0	0.0	0.0	0.0		0.0	-0.1	
SD		0.0	0.0	0.4	0.0	0.0	0.0	0.0		0.0	0.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

83 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected hiring plans for the next 12 months?

N=40		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	3	4	5	6	3	15		5	18	6	11	
		7.7%	7.7%	10.3%	12.8%	15.4%	7.7%	38.5%		12.5%	45.0%	15.0%	27.5%	
														
+2=Up large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+1=Up medium		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
0=No change		3	3	4	5	5	3	14		5	17	5	11	
		100.0%	100.0%	100.0%	100.0%	83.3%	100.0%	100.0%		100.0%	94.4%	100.0%	100.0%	
														
-1=Down medium		0	0	0	0	1	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	5.6%	0.0%	0.0%	
														
-2=Down large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0	0.0	0.0	0.0	-0.2	0.0	0.0		0.0	-0.1	0.0	0.0	
SD		0.0	0.0	0.0	0.0	0.4	0.0	0.0		0.0	0.2	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

84 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have interest rates affected hiring plans for the next 12 months?

N=40		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		25	8	2	2	1	
		65.8%	21.1%	5.3%	5.3%	2.6%	
							
+2=Up large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+1=Up medium		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
0=No change		24	8	2	2	1	
		100.0%	100.0%	100.0%	100.0%	100.0%	
							
-1=Down medium		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-2=Down large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.0	0.0	0.0	0.0	0.0	
SD		0.0	0.0	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

85 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected hiring plans for the next 12 months?

N=40		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		40		6	3	1	3	1	1	0	2	19	0	0	4	
		100.0%		15.0%	7.5%	2.5%	7.5%	2.5%	2.5%	0.0%	5.0%	47.5%	0.0%	0.0%	10.0%	
																
+2=Up large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+1=Up medium		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
0=No change		38		5	2	1	3	1	1	0	2	19	0	0	4	
		97.4%		83.3%	100.0%	100.0%	100.0%	100.0%	100.0%	0.0%	100.0%	100.0%	0.0%	0.0%	100.0%	
																
-1=Down medium		1		1	0	0	0	0	0	0	0	0	0	0	0	
		2.6%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-2=Down large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.0		-0.2	0.0	0.0	0.0	0.0	0.0	---	0.0	0.0	---	---	0.0	
SD		0.2		0.4	0.0	0.0	0.0	0.0	0.0	---	0.0	0.0	---	---	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

86 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected hiring plans for the next 12 months?

N=40		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		4	3	7	5	5	5	11		26	12	
		10.0%	7.5%	17.5%	12.5%	12.5%	12.5%	27.5%		68.4%	31.6%	
												
+2=Up large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+1=Up medium		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
0=No change		4	3	7	5	5	5	9		24	12	
		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	90.0%		96.0%	100.0%	
												
-1=Down medium		0	0	0	0	0	0	1		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%		4.0%	0.0%	
												
-2=Down large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		0.0	0.0	0.0	0.0	0.0	0.0	-0.1		0.0	0.0	
SD		0.0	0.0	0.0	0.0	0.0	0.0	0.3		0.2	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

87 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected hiring plans for the next 12 months?

N=40		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	3	4	5	6	3	15		5	18	6	11	
		7.7%	7.7%	10.3%	12.8%	15.4%	7.7%	38.5%		12.5%	45.0%	15.0%	27.5%	
														
+2=Up large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+1=Up medium		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
0=No change		3	3	4	5	5	3	14		5	18	4	11	
		100.0%	100.0%	100.0%	100.0%	83.3%	100.0%	100.0%		100.0%	100.0%	80.0%	100.0%	
														
-1=Down medium		0	0	0	0	1	0	0		0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	0.0%	20.0%	0.0%	
														
-2=Down large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0	0.0	0.0	0.0	-0.2	0.0	0.0		0.0	0.0	-0.2	0.0	
SD		0.0	0.0	0.0	0.0	0.4	0.0	0.0		0.0	0.0	0.4	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

88 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How have low oil prices affected hiring plans for the next 12 months?

N=40		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		25	8	2	2	1	
		65.8%	21.1%	5.3%	5.3%	2.6%	
							
+2=Up large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+1=Up medium		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
0=No change		23	8	2	2	1	
		95.8%	100.0%	100.0%	100.0%	100.0%	
							
-1=Down medium		1	0	0	0	0	
		4.2%	0.0%	0.0%	0.0%	0.0%	
							
-2=Down large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.0	0.0	0.0	0.0	0.0	
SD		0.2	0.0	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

89 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=40		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		40		6	3	1	3	1	1	0	2	19	0	0	4	
		100.0%		15.0%	7.5%	2.5%	7.5%	2.5%	2.5%	0.0%	5.0%	47.5%	0.0%	0.0%	10.0%	
																
+2=Up large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+1=Up medium		3		1	0	0	0	0	1	0	0	1	0	0	0	
		7.7%		16.7%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	
									I			F				
																
0=No change		34		4	1	1	3	1	0	0	2	18	0	0	4	
		87.2%		66.7%	50.0%	100.0%	100.0%	100.0%	0.0%	0.0%	100.0%	94.7%	0.0%	0.0%	100.0%	
									I			F				
																
-1=Down medium		2		1	1	0	0	0	0	0	0	0	0	0	0	
		5.1%		16.7%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					I							B				
																
-2=Down large		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.0		0.0	-0.5	0.0	0.0	0.0	1.0	---	0.0	0.1	---	---	0.0	
SD		0.4		0.6	0.7	0.0	0.0	0.0	0.0	---	0.0	0.2	---	---	0.0	
					i							b				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

90 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=40		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		4	3	7	5	5	5	11		26	12	
		10.0%	7.5%	17.5%	12.5%	12.5%	12.5%	27.5%		68.4%	31.6%	
												
+2=Up large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+1=Up medium		1	0	0	1	0	0	1		2	1	
		25.0%	0.0%	0.0%	20.0%	0.0%	0.0%	10.0%		8.0%	8.3%	
												
0=No change		3	2	7	4	5	5	8		22	10	
		75.0%	66.7%	100.0%	80.0%	100.0%	100.0%	80.0%		88.0%	83.3%	
												
-1=Down medium		0	1	0	0	0	0	1		1	1	
		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	10.0%		4.0%	8.3%	
												
-2=Down large		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		0.3	-0.3	0.0	0.2	0.0	0.0	0.0		0.0	0.0	
SD		0.5	0.6	0.0	0.4	0.0	0.0	0.5		0.4	0.4	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

91 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=40		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	3	4	5	6	3	15		5	18	6	11	
		7.7%	7.7%	10.3%	12.8%	15.4%	7.7%	38.5%		12.5%	45.0%	15.0%	27.5%	
														
+2=Up large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+1=Up medium		1	0	1	0	0	0	1		0	2	0	1	
		33.3%	0.0%	25.0%	0.0%	0.0%	0.0%	7.1%		0.0%	11.1%	0.0%	9.1%	
														
0=No change		2	3	3	4	5	3	13		5	15	4	10	
		66.7%	100.0%	75.0%	80.0%	83.3%	100.0%	92.9%		100.0%	83.3%	80.0%	90.9%	
														
-1=Down medium		0	0	0	1	1	0	0		0	1	1	0	
		0.0%	0.0%	0.0%	20.0%	16.7%	0.0%	0.0%		0.0%	5.6%	20.0%	0.0%	
														
-2=Down large		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.3	0.0	0.3	-0.2	-0.2	0.0	0.1		0.0	0.1	-0.2	0.1	
SD		0.6	0.0	0.5	0.4	0.4	0.0	0.3		0.0	0.4	0.4	0.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

92 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=40		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		25	8	2	2	1	
		65.8%	21.1%	5.3%	5.3%	2.6%	
							
+2=Up large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+1=Up medium		2	0	0	0	0	
		8.3%	0.0%	0.0%	0.0%	0.0%	
							
0=No change		20	8	2	2	1	
		83.3%	100.0%	100.0%	100.0%	100.0%	
							
-1=Down medium		2	0	0	0	0	
		8.3%	0.0%	0.0%	0.0%	0.0%	
							
-2=Down large		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.0	0.0	0.0	0.0	0.0	
SD		0.4	0.0	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

93 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
-300 bps		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-250 bps		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-200 bps		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-150 bps		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-100 bps		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
-50 bps		2		1	0	0	0	0	0	0	0	1	0	0	0	
		5.3%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
no chg		20		3	1	1	2	1	0	0	1	10	0	0	1	
		52.6%		50.0%	100.0%	100.0%	66.7%	100.0%	0.0%	0.0%	33.3%	55.6%	0.0%	0.0%	25.0%	
																
+50 bps		11		1	0	0	1	0	0	0	2	4	0	0	3	
		28.9%		16.7%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	66.7%	22.2%	0.0%	0.0%	75.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

94 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
-300 bps		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-250 bps		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-200 bps		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-150 bps		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-100 bps		0	0	1	0	0	0	0		0	1	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	8.3%	
												
-50 bps		0	0	1	0	0	0	1		2	0	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	10.0%		8.3%	0.0%	
												
no chg		1	2	2	2	4	3	6		13	6	
		33.3%	66.7%	28.6%	40.0%	80.0%	60.0%	60.0%		54.2%	50.0%	
												
+50 bps		1	1	1	2	1	2	3		7	3	
		33.3%	33.3%	14.3%	40.0%	20.0%	40.0%	30.0%		29.2%	25.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

95 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
-300 bps		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-250 bps		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-200 bps		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-150 bps		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-100 bps		1	0	0	0	0	0	0		0	1	0	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
		g						a						
														
-50 bps		0	0	1	0	1	0	0		0	0	1	1	
		0.0%	0.0%	25.0%	0.0%	16.7%	0.0%	0.0%		0.0%	0.0%	20.0%	9.1%	
														
no chg		1	2	2	3	1	2	9		3	9	2	6	
		33.3%	50.0%	50.0%	60.0%	16.7%	100.0%	64.3%		100.0%	47.4%	40.0%	54.5%	
														
+50 bps		0	2	1	2	1	0	5		0	6	1	4	
		0.0%	50.0%	25.0%	40.0%	16.7%	0.0%	35.7%		0.0%	31.6%	20.0%	36.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

96 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
-300 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-250 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-200 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-150 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-100 bps		0	1	0	0	0	
		0.0%	14.3%	0.0%	0.0%	0.0%	
							
-50 bps		1	1	0	0	0	
		4.2%	14.3%	0.0%	0.0%	0.0%	
							
no chg		16	2	2	0	0	
		66.7%	28.6%	100.0%	0.0%	0.0%	
							
+50 bps		6	2	0	1	1	
		25.0%	28.6%	0.0%	100.0%	100.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

97 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
+100 bps		3		1	0	0	0	0	1	0	0	1	0	0	0	
		7.9%		16.7%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
									I			F				
																
+150 bps		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
+200 bps		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+250 bps		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+300 bps		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		21.1		16.7	0.0	0.0	16.7	0.0	100.0	---	33.3	16.7	---	---	37.5	
SD		46.0		51.6	0.0	0.0	28.9	0.0	0.0	---	28.9	54.2	---	---	25.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

98 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
+100 bps		1	0	1	1	0	0	0		2	1	
		33.3%	0.0%	14.3%	20.0%	0.0%	0.0%	0.0%		8.3%	8.3%	
												
+150 bps		0	0	1	0	0	0	0		0	1	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	8.3%	
												
+200 bps		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+250 bps		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+300 bps		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		50.0	16.7	21.4	40.0	10.0	20.0	10.0		18.8	25.0	
SD		50.0	28.9	85.9	41.8	22.4	27.4	31.6		38.5	62.2	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

99 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
+100 bps		1	0	0	0	2	0	0		0	2	1	0	
		33.3%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%		0.0%	10.5%	20.0%	0.0%	
		g				g		ae						
														
+150 bps		0	0	0	0	1	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
														
+200 bps		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+250 bps		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+300 bps		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0	25.0	0.0	20.0	58.3	0.0	17.9		0.0	28.9	20.0	13.6	
SD		100.0	28.9	40.8	27.4	73.6	0.0	24.9		0.0	53.5	57.0	32.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

100 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
+100 bps		1	1	0	0	0	
		4.2%	14.3%	0.0%	0.0%	0.0%	
							
+150 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+200 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+250 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+300 bps		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		14.6	7.1	0.0	50.0	50.0	
SD		31.2	67.3	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

101 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
$25		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$30		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$35		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
$40		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$45		1		0	0	0	0	0	0	0	1	0	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
											i	h				
																
$50		4		1	0	0	0	0	0	0	0	3	0	0	0	
		10.5%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	
																
$55		5		0	0	1	1	1	0	0	0	2	0	0	0	
		13.2%		0.0%	0.0%	100.0%	33.3%	100.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
				ce		ai		ai				ce				
																
$60 (current spot)		14		4	1	0	1	0	1	0	0	5	0	0	2	
		36.8%		66.7%	100.0%	0.0%	33.3%	0.0%	100.0%	0.0%	0.0%	27.8%	0.0%	0.0%	50.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

102 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
$25		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$30		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$35		0	0	1	0	0	0	0		0	1	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	8.3%	
												
$40		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$45		0	0	1	0	0	0	0		1	0	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		4.2%	0.0%	
												
$50		0	1	1	1	0	1	0		1	3	
		0.0%	33.3%	14.3%	20.0%	0.0%	20.0%	0.0%		4.2%	25.0%	
												
$55		0	0	0	1	2	0	2		4	1	
		0.0%	0.0%	0.0%	20.0%	40.0%	0.0%	20.0%		16.7%	8.3%	
												
$60 (current spot)		2	2	3	1	1	1	4		9	4	
		66.7%	66.7%	42.9%	20.0%	20.0%	20.0%	40.0%		37.5%	33.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

103 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
$25		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$30		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$35		0	0	0	0	1	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
														
$40		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$45		0	0	0	1	0	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
														
$50		0	2	0	1	0	0	1		1	2	0	1	
		0.0%	50.0%	0.0%	20.0%	0.0%	0.0%	7.1%		33.3%	10.5%	0.0%	9.1%	
														
$55		0	0	1	0	1	1	2		0	3	1	1	
		0.0%	0.0%	25.0%	0.0%	16.7%	50.0%	14.3%		0.0%	15.8%	20.0%	9.1%	
														
$60 (current spot)		2	1	2	2	3	0	4		2	7	2	3	
		66.7%	25.0%	50.0%	40.0%	50.0%	0.0%	28.6%		66.7%	36.8%	40.0%	27.3%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

104 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
$25		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$30		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$35		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$40		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$45		1	0	0	0	0	
		4.2%	0.0%	0.0%	0.0%	0.0%	
							
$50		2	2	0	0	0	
		8.3%	28.6%	0.0%	0.0%	0.0%	
							
$55		4	1	0	0	0	
		16.7%	14.3%	0.0%	0.0%	0.0%	
							
$60 (current spot)		10	1	1	0	1	
		41.7%	14.3%	50.0%	0.0%	100.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

105 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
$65		6		0	0	0	0	0	0	0	2	3	0	0	1	
		15.8%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	66.7%	16.7%	0.0%	0.0%	25.0%	
																
$70		5		1	0	0	0	0	0	0	0	3	0	0	1	
		13.2%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	25.0%	
																
$75		1		0	0	0	1	0	0	0	0	0	0	0	0	
		2.6%		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
							i					d				
																
$80		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
$85		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$90		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$95		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$100		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$105		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

106 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
$65		1	0	1	0	2	1	1		3	2	
		33.3%	0.0%	14.3%	0.0%	40.0%	20.0%	10.0%		12.5%	16.7%	
												
$70		0	0	0	2	0	1	2		4	1	
		0.0%	0.0%	0.0%	40.0%	0.0%	20.0%	20.0%		16.7%	8.3%	
												
$75		0	0	0	0	0	0	1		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%		4.2%	0.0%	
												
$80		0	0	0	0	0	1	0		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		4.2%	0.0%	
												
$85		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$90		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$95		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$100		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$105		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

107 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
$65		1	1	1	0	0	1	2		0	3	1	2	
		33.3%	25.0%	25.0%	0.0%	0.0%	50.0%	14.3%		0.0%	15.8%	20.0%	18.2%	
														
$70		0	0	0	1	1	0	3		0	2	1	2	
		0.0%	0.0%	0.0%	20.0%	16.7%	0.0%	21.4%		0.0%	10.5%	20.0%	18.2%	
														
$75		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.1%		0.0%	0.0%	0.0%	9.1%	
														
$80		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.1%		0.0%	0.0%	0.0%	9.1%	
														
$85		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$90		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$95		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$100		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$105		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

108 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
$65		3	1	1	0	0	
		12.5%	14.3%	50.0%	0.0%	0.0%	
							
$70		2	2	0	1	0	
		8.3%	28.6%	0.0%	100.0%	0.0%	
		d			a		
							
$75		1	0	0	0	0	
		4.2%	0.0%	0.0%	0.0%	0.0%	
							
$80		1	0	0	0	0	
		4.2%	0.0%	0.0%	0.0%	0.0%	
							
$85		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$90		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$95		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$100		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$105		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

109 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
$110		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$115		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
$120		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		60.3		60.0	60.0	55.0	63.3	55.0	60.0	---	58.3	60.0	---	---	63.8	
SD		8.5		6.3	0.0	0.0	10.4	0.0	0.0	---	11.5	10.1	---	---	4.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

110 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
$110		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$115		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
$120		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		61.7	56.7	53.6	61.0	60.0	65.0	63.0		61.9	56.7	
SD		2.9	5.8	10.7	8.9	5.0	11.2	6.7		7.9	9.4	
				g				c				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

111 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
$110		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$115		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
$120		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		61.7	56.3	60.0	57.0	56.7	60.0	63.9		56.7	57.9	62.0	64.5	
SD		2.9	7.5	4.1	9.7	11.7	7.1	8.4		5.8	8.5	5.7	8.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

112 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
$110		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$115		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
$120		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		60.6	60.0	62.5	70.0	60.0	
SD		7.8	8.7	3.5	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

113 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
-50%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-45%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-40%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-35%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-30%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-25%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-20%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-15%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-10%		7		2	1	0	1	0	0	0	0	2	0	0	1	
		17.9%		33.3%	100.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	20.0%	
					i							b				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

114 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
-50%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-45%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-40%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-35%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-30%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-25%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-20%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-15%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-10%		1	1	2	1	1	0	1		3	3	
		25.0%	33.3%	28.6%	20.0%	20.0%	0.0%	10.0%		12.5%	25.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

115 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
-50%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-45%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-40%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-35%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-30%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-25%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-20%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-15%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-10%		2	0	2	2	0	0	1		2	5	0	0	
		66.7%	0.0%	50.0%	40.0%	0.0%	0.0%	7.1%		50.0%	26.3%	0.0%	0.0%	
		g						a		d			a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

116 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
-50%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-45%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-40%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-35%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-30%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-25%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-20%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-15%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-10%		6	1	0	0	0	
		25.0%	12.5%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

117 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
-5%		12		2	0	0	1	0	1	0	1	6	0	0	1	
		30.8%		33.3%	0.0%	0.0%	33.3%	0.0%	100.0%	0.0%	33.3%	33.3%	0.0%	0.0%	20.0%	
																
no change		13		0	0	1	1	1	0	0	2	5	0	0	3	
		33.3%		0.0%	0.0%	100.0%	33.3%	100.0%	0.0%	0.0%	66.7%	27.8%	0.0%	0.0%	60.0%	
				ce		a		a								
																
+5%		5		2	0	0	0	0	0	0	0	3	0	0	0	
		12.8%		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	
																
+10%		2		0	0	0	0	0	0	0	0	2	0	0	0	
		5.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
																
+15%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+20%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+25%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+30%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+35%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

118 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
-5%		1	0	3	1	2	1	4		9	2	
		25.0%	0.0%	42.9%	20.0%	40.0%	20.0%	40.0%		37.5%	16.7%	
												
no change		2	2	1	1	1	3	3		6	6	
		50.0%	66.7%	14.3%	20.0%	20.0%	60.0%	30.0%		25.0%	50.0%	
												
+5%		0	0	1	2	0	1	1		4	1	
		0.0%	0.0%	14.3%	40.0%	0.0%	20.0%	10.0%		16.7%	8.3%	
												
+10%		0	0	0	0	1	0	1		2	0	
		0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	10.0%		8.3%	0.0%	
												
+15%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+20%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+25%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+30%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+35%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

119 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
-5%		1	0	1	2	1	1	6		0	5	1	6	
		33.3%	0.0%	25.0%	40.0%	16.7%	33.3%	42.9%		0.0%	26.3%	20.0%	54.5%	
														
no change		0	3	1	0	2	2	5		1	8	1	3	
		0.0%	75.0%	25.0%	0.0%	33.3%	66.7%	35.7%		25.0%	42.1%	20.0%	27.3%	
			d		b									
														
+5%		0	1	0	1	2	0	1		1	0	2	2	
		0.0%	25.0%	0.0%	20.0%	33.3%	0.0%	7.1%		25.0%	0.0%	40.0%	18.2%	
										b	aC	B		
														
+10%		0	0	0	0	1	0	1		0	1	1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	7.1%		0.0%	5.3%	20.0%	0.0%	
														
+15%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+20%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+25%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+30%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+35%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

120 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
-5%		6	1	2	1	0	
		25.0%	12.5%	100.0%	100.0%	0.0%	
		c	c	ab			
							
no change		7	4	0	0	1	
		29.2%	50.0%	0.0%	0.0%	100.0%	
							
+5%		3	2	0	0	0	
		12.5%	25.0%	0.0%	0.0%	0.0%	
							
+10%		2	0	0	0	0	
		8.3%	0.0%	0.0%	0.0%	0.0%	
							
+15%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+20%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+25%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+30%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+35%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

121 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
+40%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+45%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
+50%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		-2.2		-3.3	-10.0	0.0	-5.0	0.0	-5.0	---	-1.7	-0.8	---	---	-3.0	
SD		5.5		6.8	0.0	0.0	5.0	0.0	0.0	---	2.9	6.0	---	---	4.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

122 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
+40%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+45%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
+50%		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		-3.8	-3.3	-4.3	-1.0	-2.0	0.0	-1.5		-1.5	-2.9	
SD		4.8	5.8	5.3	6.5	7.6	3.5	5.8		5.8	5.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

123 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
+40%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+45%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+50%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		-8.3	1.3	-6.3	-5.0	2.5	-1.7	-1.8		-3.8	-3.4	3.0	-1.8	
SD		2.9	2.5	4.8	6.1	5.2	2.9	5.0		7.5	5.3	5.7	4.0	
		Befg	Ac	be		ac	a	a			c	b		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

124 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
+40%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+45%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
+50%		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		-2.3	-0.6	-5.0	-5.0	0.0	
SD		6.3	5.0	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

125 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Parametric estimates for year-end prices of oil, currencies, and interest rates: 

N=42		Totals		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		A		A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		42		6	3	1	3	1	1	0	3	19	0	0	5	
Percent		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
By year-end 2015,		38		6	1	1	3	1	1	0	3	18	0	0	4	
what do you expect		21.1		16.7	0.0	0.0	16.7	0.0	100.0	---	33.3	16.7	---	---	37.5	
long term interest
rates will change by:		46.0		51.6	---	---	28.9	---	---	---	28.9	54.2	---	---	25.0	
																
By year-end 2015,		38		6	1	1	3	1	1	0	3	18	0	0	4	
what do you expect		60.3		60.0	60.0	55.0	63.3	55.0	60.0	---	58.3	60.0	---	---	63.8	
the price of a barrel of
oil will be (U.S. $):		8.5		6.3	---	---	10.4	---	---	---	11.5	10.1	---	---	4.8	
																
By year-end 2015,		39		6	1	1	3	1	1	0	3	18	0	0	5	
relative to US dollar,		-2.2		-3.3	-10.0	0.0	-5.0	0.0	-5.0	---	-1.7	-0.8	---	---	-3.0	
our currency will
change by:		5.5		6.8	---	---	5.0	---	---	---	2.9	6.0	---	---	4.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

126 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Parametric estimates for year-end prices of oil, currencies, and interest rates: 

N=42		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Number		5	3	7	5	5	5	12		26	13	
Percent		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
By year-end 2015,		3	3	7	5	5	5	10		24	12	
what do you expect		50.0	16.7	21.4	40.0	10.0	20.0	10.0		18.8	25.0	
long term interest
rates will change by:		50.0	28.9	85.9	41.8	22.4	27.4	31.6		38.5	62.2	
												
By year-end 2015,		3	3	7	5	5	5	10		24	12	
what do you expect		61.7	56.7	53.6	61.0	60.0	65.0	63.0		61.9	56.7	
the price of a barrel of
oil will be (U.S. $):		2.9	5.8	10.7	8.9	5.0	11.2	6.7		7.9	9.4	
				g				c				
												
By year-end 2015,		4	3	7	5	5	5	10		24	12	
relative to US dollar,		-3.8	-3.3	-4.3	-1.0	-2.0	0.0	-1.5		-1.5	-2.9	
our currency will
change by:		4.8	5.8	5.3	6.5	7.6	3.5	5.8		5.8	5.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

127 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Parametric estimates for year-end prices of oil, currencies, and interest rates: 

N=42		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		3	4	4	5	6	3	16		5	19	7	11	
Percent		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
By year-end 2015,		3	4	4	5	6	2	14		3	19	5	11	
what do you expect		0.0	25.0	0.0	20.0	58.3	0.0	17.9		0.0	28.9	20.0	13.6	
long term interest
rates will change by:		100.0	28.9	40.8	27.4	73.6	0.0	24.9		0.0	53.5	57.0	32.3	
														
By year-end 2015,		3	4	4	5	6	2	14		3	19	5	11	
what do you expect		61.7	56.3	60.0	57.0	56.7	60.0	63.9		56.7	57.9	62.0	64.5	
the price of a barrel of
oil will be (U.S. $):		2.9	7.5	4.1	9.7	11.7	7.1	8.4		5.8	8.5	5.7	8.8	
														
By year-end 2015,		3	4	4	5	6	3	14		4	19	5	11	
relative to US dollar,		-8.3	1.3	-6.3	-5.0	2.5	-1.7	-1.8		-3.8	-3.4	3.0	-1.8	
our currency will
change by:		2.9	2.5	4.8	6.1	5.2	2.9	5.0		7.5	5.3	5.7	4.0	
		Befg	Ac	be		ac	a	a			c	b		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

128 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Parametric estimates for year-end prices of oil, currencies, and interest rates: 

N=42		Where Based	
Number
Mean
SD		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	
							
Number		26	8	2	2	1	
Percent		66.7%	20.5%	5.1%	5.1%	2.6%	
							
By year-end 2015,		24	7	2	1	1	
what do you expect		14.6	7.1	0.0	50.0	50.0	
long term interest
rates will change by:		31.2	67.3	0.0	---	---	
							
By year-end 2015,		24	7	2	1	1	
what do you expect		60.6	60.0	62.5	70.0	60.0	
the price of a barrel of
oil will be (U.S. $):		7.8	8.7	3.5	---	---	
							
By year-end 2015,		24	8	2	1	1	
relative to US dollar,		-2.3	-0.6	-5.0	-5.0	0.0	
our currency will
change by:		6.3	5.0	0.0	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

129 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?

N=35		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		35		5	2	1	3	0	1	0	2	16	0	0	5	
		100.0%		14.3%	5.7%	2.9%	8.6%	0.0%	2.9%	0.0%	5.7%	45.7%	0.0%	0.0%	14.3%	
																
Yes		23		5	2	1	2	0	1	0	1	8	0	0	3	
		79.3%		100.0%	100.0%	100.0%	100.0%	0.0%	100.0%	0.0%	50.0%	72.7%	0.0%	0.0%	60.0%	
																
No		6		0	0	0	0	0	0	0	1	3	0	0	2	
		20.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	27.3%	0.0%	0.0%	40.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

130 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?

N=35		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		3	3	6	4	5	4	10		21	12	
		8.6%	8.6%	17.1%	11.4%	14.3%	11.4%	28.6%		63.6%	36.4%	
												
Yes		2	2	5	4	2	2	6		12	10	
		66.7%	100.0%	83.3%	100.0%	50.0%	66.7%	85.7%		75.0%	90.9%	
												
No		1	0	1	0	2	1	1		4	1	
		33.3%	0.0%	16.7%	0.0%	50.0%	33.3%	14.3%		25.0%	9.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

131 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?

N=35		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		2	4	3	5	5	2	14		3	18	6	8	
		5.7%	11.4%	8.6%	14.3%	14.3%	5.7%	40.0%		8.6%	51.4%	17.1%	22.9%	
														
Yes		2	3	3	4	3	0	8		2	13	3	5	
		100.0%	100.0%	100.0%	80.0%	75.0%	0.0%	72.7%		66.7%	86.7%	60.0%	83.3%	
														
No		0	0	0	1	1	1	3		1	2	2	1	
		0.0%	0.0%	0.0%	20.0%	25.0%	100.0%	27.3%		33.3%	13.3%	40.0%	16.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

132 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?

N=35		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		22	6	2	1	1	
		68.8%	18.8%	6.3%	3.1%	3.1%	
							
Yes		14	3	1	1	1	
		77.8%	60.0%	100.0%	100.0%	100.0%	
							
No		4	2	0	0	0	
		22.2%	40.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

133 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Installed new
software or changed
procedures to try to		

19		

1	

1	

1	

1	

0	

1	

0	

1	

9	

0	

0	

4	
prevent a data breach		45.2%		16.7%	33.3%	100.0%	33.3%	0.0%	100.0%	0.0%	33.3%	47.4%	0.0%	0.0%	80.0%	
																
Currently considering
how to better ensure
the safety of your		

17		

2	

0	

0	

1	

0	

0	

0	

2	

10	

0	

0	

2	
network		40.5%		33.3%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	66.7%	52.6%	0.0%	0.0%	40.0%	
																
Moved to cloud		8		2	0	1	1	0	0	0	1	3	0	0	0	
servers		19.0%		33.3%	0.0%	100.0%	33.3%	0.0%	0.0%	0.0%	33.3%	15.8%	0.0%	0.0%	0.0%	
																
Hired a data security
firm to review your
protocol and the		

6		

1	

0	

1	

2	

0	

0	

0	

0	

1	

0	

0	

1	
safety of your system		14.3%		16.7%	0.0%	100.0%	66.7%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	20.0%	
						I	I					CD				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

134 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		61.9%	31.0%	
												
Installed new
software or changed
procedures to try to		

3	

2	

3	

3	

3	

2	

3		

10	

8	
prevent a data breach		60.0%	66.7%	42.9%	60.0%	60.0%	40.0%	25.0%		38.5%	61.5%	
												
Currently considering
how to better ensure
the safety of your		

0	

0	

3	

2	

3	

3	

6		

15	

1	
network		0.0%	0.0%	42.9%	40.0%	60.0%	60.0%	50.0%		57.7%	7.7%	
										B	A	
												
Moved to cloud		0	0	2	3	0	2	1		6	2	
servers		0.0%	0.0%	28.6%	60.0%	0.0%	40.0%	8.3%		23.1%	15.4%	
					g			d				
												
Hired a data security
firm to review your
protocol and the		

0	

0	

1	

1	

1	

0	

3		

4	

2	
safety of your system		0.0%	0.0%	14.3%	20.0%	20.0%	0.0%	25.0%		15.4%	15.4%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

135 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.1%	9.5%	9.5%	11.9%	14.3%	7.1%	38.1%		11.9%	45.2%	16.7%	26.2%	
														
Installed new
software or changed
procedures to try to		

1	

3	

2	

4	

2	

1	

6		

3	

8	

2	

6	
prevent a data breach		33.3%	75.0%	50.0%	80.0%	33.3%	33.3%	37.5%		60.0%	42.1%	28.6%	54.5%	
														
Currently considering
how to better ensure
the safety of your		

1	

0	

3	

1	

2	

1	

9		

0	

8	

3	

6	
network		33.3%	0.0%	75.0%	20.0%	33.3%	33.3%	56.3%		0.0%	42.1%	42.9%	54.5%	
														
Moved to cloud		0	0	3	1	1	0	3		0	3	0	5	
servers		0.0%	0.0%	75.0%	20.0%	16.7%	0.0%	18.8%		0.0%	15.8%	0.0%	45.5%	
				g				c						
														
Hired a data security
firm to review your
protocol and the		

0	

0	

1	

1	

2	

0	

2		

1	

2	

2	

1	
safety of your system		0.0%	0.0%	25.0%	20.0%	33.3%	0.0%	12.5%		20.0%	10.5%	28.6%	9.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

136 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		61.9%	19.0%	4.8%	4.8%	2.4%	
							
Installed new
software or changed
procedures to try to		

10	

5	

1	

1	

1	
prevent a data breach		38.5%	62.5%	50.0%	50.0%	100.0%	
							
Currently considering
how to better ensure
the safety of your		

11	

4	

1	

0	

0	
network		42.3%	50.0%	50.0%	0.0%	0.0%	
							
Moved to cloud		6	1	0	1	0	
servers		23.1%	12.5%	0.0%	50.0%	0.0%	
							
Hired a data security
firm to review your
protocol and the		

5	

1	

0	

0	

0	
safety of your system		19.2%	12.5%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

137 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Purchased new
hardware to try to		
6		
0	
0	
0	
0	
0	
0	
0	
2	
4	
0	
0	
0	
prevent a data breach		14.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	66.7%	21.1%	0.0%	0.0%	0.0%	
																
Hired at least one
staff member
specializing in data		

6		

2	

0	

0	

1	

0	

0	

0	

0	

1	

0	

0	

2	
security		14.3%		33.3%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	40.0%	
												l			i	
																
Instituted required
employee training on
best practices to
prevent hacking and		

5		

0	

0	

0	

0	

0	

0	

0	

2	

1	

0	

0	

2	
data breaches		11.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	66.7%	5.3%	0.0%	0.0%	40.0%	
											I	Hl			i	
																
Other data security
steps taken in past		
2		
0	
0	
0	
0	
1	
0	
0	
1	
0	
0	
0	
0	
year		4.8%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
				e				aI			i	Eh				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

138 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Purchased new
hardware to try to		
1	
0	
0	
0	
2	
2	
1		
4	
2	
prevent a data breach		20.0%	0.0%	0.0%	0.0%	40.0%	40.0%	8.3%		15.4%	15.4%	
												
Hired at least one
staff member
specializing in data		

0	

0	

1	

0	

1	

0	

4		

5	

1	
security		0.0%	0.0%	14.3%	0.0%	20.0%	0.0%	33.3%		19.2%	7.7%	
												
Instituted required
employee training on
best practices to
prevent hacking and		

1	

0	

1	

0	

0	

2	

1		

4	

0	
data breaches		20.0%	0.0%	14.3%	0.0%	0.0%	40.0%	8.3%		15.4%	0.0%	
												
Other data security
steps taken in past		
0	
0	
0	
0	
0	
1	
1		
2	
0	
year		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	8.3%		7.7%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

139 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Purchased new
hardware to try to		
0	
1	
1	
0	
0	
0	
4		
0	
3	
0	
3	
prevent a data breach		0.0%	25.0%	25.0%	0.0%	0.0%	0.0%	25.0%		0.0%	15.8%	0.0%	27.3%	
														
Hired at least one
staff member
specializing in data		

0	

0	

0	

1	

1	

0	

4		

1	

2	

3	

0	
security		0.0%	0.0%	0.0%	20.0%	16.7%	0.0%	25.0%		20.0%	10.5%	42.9%	0.0%	
												d	c	
														
Instituted required
employee training on
best practices to
prevent hacking and		

0	

0	

0	

1	

0	

1	

3		

1	

1	

1	

2	
data breaches		0.0%	0.0%	0.0%	20.0%	0.0%	33.3%	18.8%		20.0%	5.3%	14.3%	18.2%	
														
Other data security
steps taken in past		
0	
0	
0	
0	
0	
1	
1		
0	
1	
0	
1	
year		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	6.3%		0.0%	5.3%	0.0%	9.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

140 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Purchased new
hardware to try to		
5	
0	
1	
0	
0	
prevent a data breach		19.2%	0.0%	50.0%	0.0%	0.0%	
							
Hired at least one
staff member
specializing in data		

6	

0	

0	

0	

0	
security		23.1%	0.0%	0.0%	0.0%	0.0%	
							
Instituted required
employee training on
best practices to
prevent hacking and		

3	

2	

0	

0	

0	
data breaches		11.5%	25.0%	0.0%	0.0%	0.0%	
							
Other data security
steps taken in past		
2	
0	
0	
0	
0	
year		7.7%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

141 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Hired a consultant to
try to hack into your		
1		
0	
0	
0	
0	
0	
0	
0	
0	
1	
0	
0	
0	
system		2.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	
																
Had your staff try to		1		0	0	0	0	0	0	0	0	0	0	0	1	
hack into your system		2.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	
																
In the past year, we
have not taken any
significant steps to		

3		

1	

0	

0	

0	

0	

0	

0	

0	

2	

0	

0	

0	
address data security		7.1%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

142 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Hired a consultant to
try to hack into your		
0	
0	
1	
0	
0	
0	
0		
0	
1	
system		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	7.7%	
												
Had your staff try to		0	0	0	0	0	0	1		1	0	
hack into your system		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.3%		3.8%	0.0%	
												
In the past year, we
have not taken any
significant steps to		

1	

1	

0	

0	

0	

0	

1		

1	

1	
address data security		20.0%	33.3%	0.0%	0.0%	0.0%	0.0%	8.3%		3.8%	7.7%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

143 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Hired a consultant to
try to hack into your		
0	
0	
0	
0	
1	
0	
0		
0	
1	
0	
0	
system		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
														
Had your staff try to		0	0	0	0	0	0	1		0	0	1	0	
hack into your system		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%		0.0%	0.0%	14.3%	0.0%	
														
In the past year, we
have not taken any
significant steps to		

1	

1	

0	

0	

0	

0	

1		

1	

1	

1	

0	
address data security		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	6.3%		20.0%	5.3%	14.3%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

144 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Hired a consultant to
try to hack into your		
0	
0	
0	
0	
0	
system		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Had your staff try to		1	0	0	0	0	
hack into your system		3.8%	0.0%	0.0%	0.0%	0.0%	
							
In the past year, we
have not taken any
significant steps to		

2	

1	

0	

0	

0	
address data security		7.7%	12.5%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

145 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Administration (back office, support)?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
1=Minor		10		1	1	0	2	1	0	0	2	3	0	0	0	
		26.3%		20.0%	50.0%	0.0%	66.7%	100.0%	0.0%	0.0%	66.7%	15.8%	0.0%	0.0%	0.0%	
																
2=Moderate		19		2	1	1	1	0	1	0	1	10	0	0	2	
		50.0%		40.0%	50.0%	100.0%	33.3%	0.0%	100.0%	0.0%	33.3%	52.6%	0.0%	0.0%	66.7%	
																
3=Significant		9		2	0	0	0	0	0	0	0	6	0	0	1	
		23.7%		40.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.6%	0.0%	0.0%	33.3%	
																
Mean		2.0		2.2	1.5	2.0	1.3	1.0	2.0	---	1.3	2.2	---	---	2.3	
SD		0.7		0.8	0.7	0.0	0.6	0.0	0.0	---	0.6	0.7	---	---	0.6	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

146 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Administration (back office, support)?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
1=Minor		2	1	3	1	1	0	2		5	5	
		50.0%	33.3%	42.9%	25.0%	20.0%	0.0%	20.0%		21.7%	38.5%	
												
2=Moderate		2	2	2	3	3	3	4		12	6	
		50.0%	66.7%	28.6%	75.0%	60.0%	60.0%	40.0%		52.2%	46.2%	
												
3=Significant		0	0	2	0	1	2	4		6	2	
		0.0%	0.0%	28.6%	0.0%	20.0%	40.0%	40.0%		26.1%	15.4%	
												
Mean		1.5	1.7	1.9	1.8	2.0	2.4	2.2		2.0	1.8	
SD		0.6	0.6	0.9	0.5	0.7	0.5	0.8		0.7	0.7	
		f					a					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

147 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Administration (back office, support)?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
1=Minor		0	2	0	3	1	2	1		2	6	0	2	
		0.0%	50.0%	0.0%	60.0%	16.7%	100.0%	7.1%		50.0%	33.3%	0.0%	18.2%	
					g		G	dF						
														
2=Moderate		2	1	3	2	4	0	7		1	9	4	5	
		66.7%	25.0%	100.0%	40.0%	66.7%	0.0%	50.0%		25.0%	50.0%	80.0%	45.5%	
														
3=Significant		1	1	0	0	1	0	6		1	3	1	4	
		33.3%	25.0%	0.0%	0.0%	16.7%	0.0%	42.9%		25.0%	16.7%	20.0%	36.4%	
														
Mean		2.3	1.8	2.0	1.4	2.0	1.0	2.4		1.8	1.8	2.2	2.2	
SD		0.6	1.0	0.0	0.5	0.6	0.0	0.6		1.0	0.7	0.4	0.8	
					G			D						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

148 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Administration (back office, support)?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
1=Minor		6	1	1	2	0	
		26.1%	14.3%	50.0%	100.0%	0.0%	
		d			a		
							
2=Moderate		12	4	0	0	1	
		52.2%	57.1%	0.0%	0.0%	100.0%	
							
3=Significant		5	2	1	0	0	
		21.7%	28.6%	50.0%	0.0%	0.0%	
							
Mean		2.0	2.1	2.0	1.0	2.0	
SD		0.7	0.7	1.4	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

149 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Board Relations?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		2		0	0	0	0	0	0	0	0	1	0	0	1	
		5.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	33.3%	
																
1=Minor		4		1	0	0	0	0	0	0	1	2	0	0	0	
		10.5%		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	0.0%	
																
2=Moderate		19		2	2	1	3	1	1	0	1	8	0	0	0	
		50.0%		40.0%	100.0%	100.0%	100.0%	100.0%	100.0%	0.0%	33.3%	42.1%	0.0%	0.0%	0.0%	
																
3=Significant		13		2	0	0	0	0	0	0	1	8	0	0	2	
		34.2%		40.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	42.1%	0.0%	0.0%	66.7%	
																
Mean		2.1		2.2	2.0	2.0	2.0	2.0	2.0	---	2.0	2.2	---	---	2.0	
SD		0.8		0.8	0.0	0.0	0.0	0.0	0.0	---	1.0	0.9	---	---	1.7	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

150 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Board Relations?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	1	0	0	0	0	0		0	1	
		20.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	8.3%	
			g					b				
												
1=Minor		1	0	1	0	1	1	0		3	1	
		20.0%	0.0%	14.3%	0.0%	20.0%	20.0%	0.0%		13.0%	8.3%	
												
2=Moderate		2	1	2	4	1	2	7		12	7	
		40.0%	50.0%	28.6%	100.0%	20.0%	40.0%	70.0%		52.2%	58.3%	
				d	ce	d						
												
3=Significant		1	0	4	0	3	2	3		8	3	
		20.0%	0.0%	57.1%	0.0%	60.0%	40.0%	30.0%		34.8%	25.0%	
												
Mean		1.6	1.0	2.4	2.0	2.4	2.2	2.3		2.2	2.0	
SD		1.1	1.4	0.8	0.0	0.9	0.8	0.5		0.7	0.9	
			g					b				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

151 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Board Relations?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	1	0	0	0	1	0		1	1	0	0	
		0.0%	33.3%	0.0%	0.0%	0.0%	33.3%	0.0%		20.0%	5.9%	0.0%	0.0%	
			g				g	bf						
														
1=Minor		0	1	0	0	1	0	2		0	2	0	2	
		0.0%	33.3%	0.0%	0.0%	16.7%	0.0%	14.3%		0.0%	11.8%	0.0%	18.2%	
														
2=Moderate		1	0	1	5	2	1	8		2	9	4	4	
		33.3%	0.0%	33.3%	100.0%	33.3%	33.3%	57.1%		40.0%	52.9%	80.0%	36.4%	
			d		be	d								
														
3=Significant		2	1	2	0	3	1	4		2	5	1	5	
		66.7%	33.3%	66.7%	0.0%	50.0%	33.3%	28.6%		40.0%	29.4%	20.0%	45.5%	
														
Mean		2.7	1.3	2.7	2.0	2.3	1.7	2.1		2.0	2.1	2.2	2.3	
SD		0.6	1.5	0.6	0.0	0.8	1.5	0.7		1.2	0.8	0.4	0.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

152 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Board Relations?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		0	2	0	0	0	
		0.0%	25.0%	0.0%	0.0%	0.0%	
		b	a				
							
1=Minor		2	1	1	0	0	
		8.7%	12.5%	50.0%	0.0%	0.0%	
							
2=Moderate		14	2	0	2	0	
		60.9%	25.0%	0.0%	100.0%	0.0%	
							
3=Significant		7	3	1	0	0	
		30.4%	37.5%	50.0%	0.0%	0.0%	
							
Mean		2.2	1.8	2.0	2.0	---	
SD		0.6	1.3	1.4	0.0	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

153 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Budget and Forecast?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
1=Minor		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	
																
2=Moderate		19		3	2	1	2	1	0	0	1	9	0	0	0	
		48.7%		50.0%	100.0%	100.0%	66.7%	100.0%	0.0%	0.0%	33.3%	50.0%	0.0%	0.0%	0.0%	
																
3=Significant		19		3	0	0	1	0	1	0	2	8	0	0	4	
		48.7%		50.0%	0.0%	0.0%	33.3%	0.0%	100.0%	0.0%	66.7%	44.4%	0.0%	0.0%	100.0%	
																
Mean		2.5		2.5	2.0	2.0	2.3	2.0	3.0	---	2.7	2.4	---	---	3.0	
SD		0.6		0.5	0.0	0.0	0.6	0.0	0.0	---	0.6	0.6	---	---	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

154 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Budget and Forecast?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
1=Minor		0	1	0	0	0	0	0		0	1	
		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	8.3%	
												
2=Moderate		1	1	3	4	4	2	4		14	5	
		20.0%	33.3%	50.0%	80.0%	80.0%	40.0%	40.0%		58.3%	41.7%	
												
3=Significant		4	1	3	1	1	3	6		10	6	
		80.0%	33.3%	50.0%	20.0%	20.0%	60.0%	60.0%		41.7%	50.0%	
												
Mean		2.8	2.0	2.5	2.2	2.2	2.6	2.6		2.4	2.4	
SD		0.4	1.0	0.5	0.4	0.4	0.5	0.5		0.5	0.7	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

155 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Budget and Forecast?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
1=Minor		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.6%	0.0%	0.0%	
														
2=Moderate		0	0	3	3	4	2	6		1	8	3	7	
		0.0%	0.0%	75.0%	60.0%	66.7%	66.7%	42.9%		20.0%	44.4%	60.0%	63.6%	
														
3=Significant		2	3	1	2	2	1	8		4	9	2	4	
		100.0%	75.0%	25.0%	40.0%	33.3%	33.3%	57.1%		80.0%	50.0%	40.0%	36.4%	
														
Mean		3.0	2.5	2.3	2.4	2.3	2.3	2.6		2.8	2.4	2.4	2.4	
SD		0.0	1.0	0.5	0.5	0.5	0.6	0.5		0.4	0.6	0.5	0.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

156 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Budget and Forecast?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
1=Minor		0	1	0	0	0	
		0.0%	14.3%	0.0%	0.0%	0.0%	
							
2=Moderate		11	4	2	2	0	
		45.8%	57.1%	100.0%	100.0%	0.0%	
							
3=Significant		13	2	0	0	1	
		54.2%	28.6%	0.0%	0.0%	100.0%	
							
Mean		2.5	2.1	2.0	2.0	3.0	
SD		0.5	0.7	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

157 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Allocation?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
1=Minor		5		0	0	0	1	0	0	0	1	3	0	0	0	
		12.5%		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	33.3%	15.8%	0.0%	0.0%	0.0%	
																
2=Moderate		18		2	1	1	2	1	0	0	2	8	0	0	1	
		45.0%		40.0%	50.0%	100.0%	66.7%	100.0%	0.0%	0.0%	66.7%	42.1%	0.0%	0.0%	20.0%	
																
3=Significant		17		3	1	0	0	0	1	0	0	8	0	0	4	
		42.5%		60.0%	50.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	42.1%	0.0%	0.0%	80.0%	
																
Mean		2.3		2.6	2.5	2.0	1.7	2.0	3.0	---	1.7	2.3	---	---	2.8	
SD		0.7		0.5	0.7	0.0	0.6	0.0	0.0	---	0.6	0.7	---	---	0.4	
							l				l				dh	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

158 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Allocation?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
1=Minor		1	1	1	1	1	0	0		2	3	
		20.0%	33.3%	14.3%	25.0%	20.0%	0.0%	0.0%		8.3%	23.1%	
												
2=Moderate		0	2	3	3	3	3	4		12	6	
		0.0%	66.7%	42.9%	75.0%	60.0%	60.0%	36.4%		50.0%	46.2%	
		d			a							
												
3=Significant		4	0	3	0	1	2	7		10	4	
		80.0%	0.0%	42.9%	0.0%	20.0%	40.0%	63.6%		41.7%	30.8%	
		d			ag			d				
												
Mean		2.6	1.7	2.3	1.8	2.0	2.4	2.6		2.3	2.1	
SD		0.9	0.6	0.8	0.5	0.7	0.5	0.5		0.6	0.8	
			g		G			bD				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

159 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Allocation?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
1=Minor		0	2	0	2	0	0	1		1	2	1	1	
		0.0%	50.0%	0.0%	40.0%	0.0%	0.0%	6.7%		20.0%	11.1%	16.7%	9.1%	
			g					b						
														
2=Moderate		1	1	1	3	3	2	7		0	10	1	7	
		33.3%	25.0%	33.3%	60.0%	50.0%	66.7%	46.7%		0.0%	55.6%	16.7%	63.6%	
										bd	a		a	
														
3=Significant		2	1	2	0	3	1	7		4	6	4	3	
		66.7%	25.0%	66.7%	0.0%	50.0%	33.3%	46.7%		80.0%	33.3%	66.7%	27.3%	
														
Mean		2.7	1.8	2.7	1.6	2.5	2.3	2.4		2.6	2.2	2.5	2.2	
SD		0.6	1.0	0.6	0.5	0.5	0.6	0.6		0.9	0.6	0.8	0.6	
		d		d	aceg	d		d						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

160 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Allocation?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
1=Minor		3	2	0	0	0	
		12.5%	25.0%	0.0%	0.0%	0.0%	
							
2=Moderate		10	4	2	1	1	
		41.7%	50.0%	100.0%	50.0%	100.0%	
							
3=Significant		11	2	0	1	0	
		45.8%	25.0%	0.0%	50.0%	0.0%	
							
Mean		2.3	2.0	2.0	2.5	2.0	
SD		0.7	0.8	0.0	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

161 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Structure?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		2		0	0	0	1	0	0	0	0	0	0	0	1	
		5.1%		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
							i					dl			i	
																
1=Minor		4		1	1	0	0	0	0	0	0	2	0	0	0	
		10.3%		20.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	0.0%	
																
2=Moderate		21		2	0	1	2	1	0	0	1	12	0	0	2	
		53.8%		40.0%	0.0%	100.0%	66.7%	100.0%	0.0%	0.0%	33.3%	63.2%	0.0%	0.0%	50.0%	
																
3=Significant		12		2	1	0	0	0	1	0	2	5	0	0	1	
		30.8%		40.0%	50.0%	0.0%	0.0%	0.0%	100.0%	0.0%	66.7%	26.3%	0.0%	0.0%	25.0%	
																
Mean		2.1		2.2	2.0	2.0	1.3	2.0	3.0	---	2.7	2.2	---	---	1.8	
SD		0.8		0.8	1.4	0.0	1.2	0.0	0.0	---	0.6	0.6	---	---	1.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

162 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Structure?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	0	1	0	0	0	0		0	1	
		20.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	7.7%	
												
1=Minor		1	2	0	1	0	0	0		1	2	
		20.0%	66.7%	0.0%	25.0%	0.0%	0.0%	0.0%		4.3%	15.4%	
			cg	b				b				
												
2=Moderate		0	1	4	2	3	4	7		16	5	
		0.0%	33.3%	57.1%	50.0%	60.0%	80.0%	70.0%		69.6%	38.5%	
		fg					a	a				
												
3=Significant		3	0	2	1	2	1	3		6	5	
		60.0%	0.0%	28.6%	25.0%	40.0%	20.0%	30.0%		26.1%	38.5%	
												
Mean		2.0	1.3	2.0	2.0	2.4	2.2	2.3		2.2	2.1	
SD		1.4	0.6	1.0	0.8	0.5	0.4	0.5		0.5	1.0	
			eg			b		b				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

163 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Structure?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	1	0	1	0		2	0	0	0	
		0.0%	0.0%	0.0%	20.0%	0.0%	33.3%	0.0%		40.0%	0.0%	0.0%	0.0%	
							g	f		bd	a		a	
														
1=Minor		1	1	0	2	0	0	0		1	2	0	1	
		33.3%	25.0%	0.0%	40.0%	0.0%	0.0%	0.0%		20.0%	11.1%	0.0%	9.1%	
		g			g			ad						
														
2=Moderate		1	1	2	2	3	2	10		0	12	1	8	
		33.3%	25.0%	66.7%	40.0%	50.0%	66.7%	71.4%		0.0%	66.7%	20.0%	72.7%	
										bd	a		a	
														
3=Significant		1	2	1	0	3	0	4		2	4	4	2	
		33.3%	50.0%	33.3%	0.0%	50.0%	0.0%	28.6%		40.0%	22.2%	80.0%	18.2%	
											c	bd	c	
														
Mean		2.0	2.3	2.3	1.2	2.5	1.3	2.3		1.4	2.1	2.8	2.1	
SD		1.0	1.0	0.6	0.8	0.5	1.2	0.5		1.5	0.6	0.4	0.5	
					eG	d	g	Df			c	bd	c	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

164 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Capital Structure?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		1	1	0	0	0	
		4.3%	12.5%	0.0%	0.0%	0.0%	
							
1=Minor		2	2	0	0	0	
		8.7%	25.0%	0.0%	0.0%	0.0%	
							
2=Moderate		14	4	1	1	1	
		60.9%	50.0%	50.0%	50.0%	100.0%	
							
3=Significant		6	1	1	1	0	
		26.1%	12.5%	50.0%	50.0%	0.0%	
							
Mean		2.1	1.6	2.5	2.5	2.0	
SD		0.7	0.9	0.7	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

165 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Corporate Strategy (including M&A)?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		2		0	0	0	1	0	0	0	0	1	0	0	0	
		4.8%		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	
																
1=Minor		6		1	0	1	0	0	0	0	1	3	0	0	0	
		14.3%		16.7%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	33.3%	15.8%	0.0%	0.0%	0.0%	
																
2=Moderate		20		4	1	0	2	1	1	0	2	8	0	0	1	
		47.6%		66.7%	33.3%	0.0%	66.7%	100.0%	100.0%	0.0%	66.7%	42.1%	0.0%	0.0%	20.0%	
																
3=Significant		14		1	2	0	0	0	0	0	0	7	0	0	4	
		33.3%		16.7%	66.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	36.8%	0.0%	0.0%	80.0%	
																
Mean		2.1		2.0	2.7	1.0	1.3	2.0	2.0	---	1.7	2.1	---	---	2.8	
SD		0.8		0.6	0.6	0.0	1.2	0.0	0.0	---	0.6	0.9	---	---	0.4	
				l			l				l				adh	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

166 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Corporate Strategy (including M&A)?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		0	0	2	0	0	0	0		0	2	
		0.0%	0.0%	28.6%	0.0%	0.0%	0.0%	0.0%		0.0%	15.4%	
										b	a	
												
1=Minor		2	1	0	2	0	1	0		2	3	
		40.0%	33.3%	0.0%	40.0%	0.0%	20.0%	0.0%		7.7%	23.1%	
		g			g			ad				
												
2=Moderate		1	1	3	3	3	2	7		16	4	
		20.0%	33.3%	42.9%	60.0%	60.0%	40.0%	58.3%		61.5%	30.8%	
												
3=Significant		2	1	2	0	2	2	5		8	4	
		40.0%	33.3%	28.6%	0.0%	40.0%	40.0%	41.7%		30.8%	30.8%	
												
Mean		2.0	2.0	1.7	1.6	2.4	2.2	2.4		2.2	1.8	
SD		1.0	1.0	1.3	0.5	0.5	0.8	0.5		0.6	1.1	
					eg	d		d				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

167 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Corporate Strategy (including M&A)?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		1	0	0	1	0	0	0		1	1	0	0	
		33.3%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%		20.0%	5.3%	0.0%	0.0%	
		g						a						
														
1=Minor		1	2	1	1	0	0	1		1	3	0	2	
		33.3%	50.0%	25.0%	20.0%	0.0%	0.0%	6.3%		20.0%	15.8%	0.0%	18.2%	
			g					b						
														
2=Moderate		1	1	1	2	4	2	9		0	10	4	6	
		33.3%	25.0%	25.0%	40.0%	66.7%	66.7%	56.3%		0.0%	52.6%	57.1%	54.5%	
										b	a			
														
3=Significant		0	1	2	1	2	1	6		3	5	3	3	
		0.0%	25.0%	50.0%	20.0%	33.3%	33.3%	37.5%		60.0%	26.3%	42.9%	27.3%	
														
Mean		1.0	1.8	2.3	1.6	2.3	2.3	2.3		2.0	2.0	2.4	2.1	
SD		1.0	1.0	1.0	1.1	0.5	0.6	0.6		1.4	0.8	0.5	0.7	
		eG				a		A						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

168 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Corporate Strategy (including M&A)?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		1	1	0	0	0	
		3.8%	12.5%	0.0%	0.0%	0.0%	
							
1=Minor		3	3	0	0	0	
		11.5%	37.5%	0.0%	0.0%	0.0%	
							
2=Moderate		13	1	2	1	1	
		50.0%	12.5%	100.0%	50.0%	100.0%	
			c	b			
							
3=Significant		9	3	0	1	0	
		34.6%	37.5%	0.0%	50.0%	0.0%	
							
Mean		2.2	1.8	2.0	2.5	2.0	
SD		0.8	1.2	0.0	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

169 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Dividends, Share Repurchases?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		6		0	1	0	1	0	0	0	1	2	0	0	1	
		14.3%		0.0%	33.3%	0.0%	33.3%	0.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	20.0%	
																
1=Minor		9		1	0	1	0	0	0	0	0	6	0	0	1	
		21.4%		16.7%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.6%	0.0%	0.0%	20.0%	
																
2=Moderate		17		2	2	0	1	1	1	0	2	7	0	0	1	
		40.5%		33.3%	66.7%	0.0%	33.3%	100.0%	100.0%	0.0%	66.7%	36.8%	0.0%	0.0%	20.0%	
																
3=Significant		10		3	0	0	1	0	0	0	0	4	0	0	2	
		23.8%		50.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	21.1%	0.0%	0.0%	40.0%	
																
Mean		1.7		2.3	1.3	1.0	1.7	2.0	2.0	---	1.3	1.7	---	---	1.8	
SD		1.0		0.8	1.2	0.0	1.5	0.0	0.0	---	1.2	0.9	---	---	1.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

170 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Dividends, Share Repurchases?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		2	1	2	1	0	0	0		0	5	
		40.0%	33.3%	28.6%	20.0%	0.0%	0.0%	0.0%		0.0%	38.5%	
		g						a		B	A	
												
1=Minor		1	2	1	2	3	0	0		4	4	
		20.0%	66.7%	14.3%	40.0%	60.0%	0.0%	0.0%		15.4%	30.8%	
			G		g	G		BdE				
												
2=Moderate		2	0	2	2	1	4	6		14	3	
		40.0%	0.0%	28.6%	40.0%	20.0%	80.0%	50.0%		53.8%	23.1%	
												
3=Significant		0	0	2	0	1	1	6		8	1	
		0.0%	0.0%	28.6%	0.0%	20.0%	20.0%	50.0%		30.8%	7.7%	
												
Mean		1.0	0.7	1.6	1.2	1.6	2.2	2.5		2.2	1.0	
SD		1.0	0.6	1.3	0.8	0.9	0.4	0.5		0.7	1.0	
		fG	FG	g	fG	g	aBd	ABcDe		B	A	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

171 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Dividends, Share Repurchases?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		1	1	0	3	0	1	0		2	3	0	1	
		33.3%	25.0%	0.0%	60.0%	0.0%	33.3%	0.0%		40.0%	15.8%	0.0%	9.1%	
		g			G		g	aDf						
														
1=Minor		1	2	1	1	1	1	2		1	4	1	3	
		33.3%	50.0%	25.0%	20.0%	16.7%	33.3%	12.5%		20.0%	21.1%	14.3%	27.3%	
														
2=Moderate		1	0	2	1	3	1	8		1	9	2	5	
		33.3%	0.0%	50.0%	20.0%	50.0%	33.3%	50.0%		20.0%	47.4%	28.6%	45.5%	
														
3=Significant		0	1	1	0	2	0	6		1	3	4	2	
		0.0%	25.0%	25.0%	0.0%	33.3%	0.0%	37.5%		20.0%	15.8%	57.1%	18.2%	
											c	b		
														
Mean		1.0	1.3	2.0	0.6	2.2	1.0	2.3		1.2	1.6	2.4	1.7	
SD		1.0	1.3	0.8	0.9	0.8	1.0	0.7		1.3	1.0	0.8	0.9	
		g	g	d	ceG	d	g	abDf						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

172 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Dividends, Share Repurchases?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		3	2	0	1	0	
		11.5%	25.0%	0.0%	50.0%	0.0%	
							
1=Minor		3	2	2	0	1	
		11.5%	25.0%	100.0%	0.0%	100.0%	
		Ce		A		a	
							
2=Moderate		11	4	0	1	0	
		42.3%	50.0%	0.0%	50.0%	0.0%	
							
3=Significant		9	0	0	0	0	
		34.6%	0.0%	0.0%	0.0%	0.0%	
							
Mean		2.0	1.3	1.0	1.0	1.0	
SD		1.0	0.9	0.0	1.4	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

173 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Employee Benefits / Retirement?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		3		0	0	0	1	1	0	0	0	0	0	0	1	
		7.9%		0.0%	0.0%	0.0%	33.3%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
							i	I				dEl			i	
																
1=Minor		21		2	2	0	2	0	0	0	2	11	0	0	2	
		55.3%		50.0%	100.0%	0.0%	66.7%	0.0%	0.0%	0.0%	66.7%	57.9%	0.0%	0.0%	50.0%	
																
2=Moderate		11		2	0	1	0	0	1	0	1	6	0	0	0	
		28.9%		50.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	33.3%	31.6%	0.0%	0.0%	0.0%	
																
3=Significant		3		0	0	0	0	0	0	0	0	2	0	0	1	
		7.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	25.0%	
																
Mean		1.4		1.5	1.0	2.0	0.7	0.0	2.0	---	1.3	1.5	---	---	1.3	
SD		0.8		0.6	0.0	0.0	0.6	0.0	0.0	---	0.6	0.7	---	---	1.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

174 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Employee Benefits / Retirement?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	0	1	0	0	0	1		1	1	
		20.0%	0.0%	16.7%	0.0%	0.0%	0.0%	10.0%		4.3%	8.3%	
												
1=Minor		3	3	1	2	3	3	6		13	7	
		60.0%	100.0%	16.7%	50.0%	60.0%	60.0%	60.0%		56.5%	58.3%	
			c	b								
												
2=Moderate		1	0	3	2	2	2	1		8	3	
		20.0%	0.0%	50.0%	50.0%	40.0%	40.0%	10.0%		34.8%	25.0%	
												
3=Significant		0	0	1	0	0	0	2		1	1	
		0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	20.0%		4.3%	8.3%	
												
Mean		1.0	1.0	1.7	1.5	1.4	1.4	1.4		1.4	1.3	
SD		0.7	0.0	1.0	0.6	0.5	0.5	1.0		0.7	0.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

175 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Employee Benefits / Retirement?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	1	0	2	0		2	1	0	0	
		0.0%	0.0%	0.0%	20.0%	0.0%	66.7%	0.0%		50.0%	5.6%	0.0%	0.0%	
							G	F		bd	a		a	
														
1=Minor		2	3	1	3	2	1	8		2	9	1	9	
		66.7%	100.0%	33.3%	60.0%	33.3%	33.3%	57.1%		50.0%	50.0%	20.0%	81.8%	
												d	c	
														
2=Moderate		1	0	2	1	3	0	4		0	7	2	2	
		33.3%	0.0%	66.7%	20.0%	50.0%	0.0%	28.6%		0.0%	38.9%	40.0%	18.2%	
														
3=Significant		0	0	0	0	1	0	2		0	1	2	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	14.3%		0.0%	5.6%	40.0%	0.0%	
												d	c	
														
Mean		1.3	1.0	1.7	1.0	1.8	0.3	1.6		0.5	1.4	2.2	1.2	
SD		0.6	0.0	0.6	0.7	0.8	0.6	0.8		0.6	0.7	0.8	0.4	
				f		f	ceg	f		bcd	a	aD	aC	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

176 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Employee Benefits / Retirement?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		2	1	0	0	0	
		9.1%	12.5%	0.0%	0.0%	0.0%	
							
1=Minor		12	4	2	2	1	
		54.5%	50.0%	100.0%	100.0%	100.0%	
							
2=Moderate		7	3	0	0	0	
		31.8%	37.5%	0.0%	0.0%	0.0%	
							
3=Significant		1	0	0	0	0	
		4.5%	0.0%	0.0%	0.0%	0.0%	
							
Mean		1.3	1.3	1.0	1.0	1.0	
SD		0.7	0.7	0.0	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

177 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Executive Leadership Team?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		3		1	1	0	0	0	0	0	0	0	0	0	1	
		7.7%		16.7%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
					I							Bl			i	
																
1=Minor		10		1	1	0	1	1	0	0	2	4	0	0	0	
		25.6%		16.7%	50.0%	0.0%	33.3%	100.0%	0.0%	0.0%	66.7%	21.1%	0.0%	0.0%	0.0%	
																
2=Moderate		15		1	0	1	2	0	0	0	1	9	0	0	1	
		38.5%		16.7%	0.0%	100.0%	66.7%	0.0%	0.0%	0.0%	33.3%	47.4%	0.0%	0.0%	25.0%	
																
3=Significant		11		3	0	0	0	0	0	0	0	6	0	0	2	
		28.2%		50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.6%	0.0%	0.0%	50.0%	
																
Mean		1.9		2.0	0.5	2.0	1.7	1.0	---	---	1.3	2.1	---	---	2.0	
SD		0.9		1.3	0.7	0.0	0.6	0.0	---	---	0.6	0.7	---	---	1.4	
					I							B				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

178 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Executive Leadership Team?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		2	0	0	0	0	0	1		1	1	
		50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%		4.2%	8.3%	
												
1=Minor		1	2	2	1	1	0	3		7	3	
		25.0%	66.7%	28.6%	20.0%	20.0%	0.0%	30.0%		29.2%	25.0%	
												
2=Moderate		0	1	2	4	2	5	1		10	5	
		0.0%	33.3%	28.6%	80.0%	40.0%	100.0%	10.0%		41.7%	41.7%	
		df		f	ag		acG	dF				
												
3=Significant		1	0	3	0	2	0	5		6	3	
		25.0%	0.0%	42.9%	0.0%	40.0%	0.0%	50.0%		25.0%	25.0%	
												
Mean		1.0	1.3	2.1	1.8	2.2	2.0	2.0		1.9	1.8	
SD		1.4	0.6	0.9	0.4	0.8	0.0	1.2		0.9	0.9	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

179 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Executive Leadership Team?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	1	1	0		2	0	1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	33.3%	0.0%		40.0%	0.0%	20.0%	0.0%	
							g	f		bd	a		a	
														
1=Minor		0	2	0	3	1	1	3		0	7	1	2	
		0.0%	50.0%	0.0%	60.0%	16.7%	33.3%	21.4%		0.0%	38.9%	20.0%	18.2%	
														
2=Moderate		0	1	3	2	1	1	7		1	5	2	7	
		0.0%	25.0%	75.0%	40.0%	16.7%	33.3%	50.0%		20.0%	27.8%	40.0%	63.6%	
														
3=Significant		2	1	1	0	3	0	4		2	6	1	2	
		100.0%	25.0%	25.0%	0.0%	50.0%	0.0%	28.6%		40.0%	33.3%	20.0%	18.2%	
		d			a									
														
Mean		3.0	1.8	2.3	1.4	2.0	1.0	2.1		1.6	1.9	1.6	2.0	
SD		0.0	1.0	0.5	0.5	1.3	1.0	0.7		1.5	0.9	1.1	0.6	
				d	c		g	f						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

180 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Executive Leadership Team?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		1	1	0	1	0	
		4.2%	12.5%	0.0%	50.0%	0.0%	
		d			a		
							
1=Minor		7	2	1	0	0	
		29.2%	25.0%	50.0%	0.0%	0.0%	
							
2=Moderate		9	3	1	1	1	
		37.5%	37.5%	50.0%	50.0%	100.0%	
							
3=Significant		7	2	0	0	0	
		29.2%	25.0%	0.0%	0.0%	0.0%	
							
Mean		1.9	1.8	1.5	1.0	2.0	
SD		0.9	1.0	0.7	1.4	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

181 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Financial Reporting and Compliance?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
1=Minor		4		0	0	0	0	0	0	0	2	1	0	0	1	
		9.8%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	66.7%	5.3%	0.0%	0.0%	20.0%	
											I	H				
																
2=Moderate		23		3	3	1	3	1	0	0	1	11	0	0	0	
		56.1%		60.0%	100.0%	100.0%	100.0%	100.0%	0.0%	0.0%	33.3%	57.9%	0.0%	0.0%	0.0%	
					l		l					l			bdi	
																
3=Significant		14		2	0	0	0	0	1	0	0	7	0	0	4	
		34.1%		40.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	36.8%	0.0%	0.0%	80.0%	
																
Mean		2.2		2.4	2.0	2.0	2.0	2.0	3.0	---	1.3	2.3	---	---	2.6	
SD		0.6		0.5	0.0	0.0	0.0	0.0	0.0	---	0.6	0.6	---	---	0.9	
				h							ai	h				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

182 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Financial Reporting and Compliance?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
1=Minor		2	1	1	0	0	0	0		1	2	
		40.0%	33.3%	14.3%	0.0%	0.0%	0.0%	0.0%		4.0%	15.4%	
		g						a				
												
2=Moderate		2	1	4	4	3	3	6		15	7	
		40.0%	33.3%	57.1%	100.0%	60.0%	60.0%	50.0%		60.0%	53.8%	
												
3=Significant		1	1	2	0	2	2	6		9	4	
		20.0%	33.3%	28.6%	0.0%	40.0%	40.0%	50.0%		36.0%	30.8%	
												
Mean		1.8	2.0	2.1	2.0	2.4	2.4	2.5		2.3	2.2	
SD		0.8	1.0	0.7	0.0	0.5	0.5	0.5		0.6	0.7	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

183 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Financial Reporting and Compliance?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
1=Minor		0	2	0	1	0	1	0		1	3	0	0	
		0.0%	50.0%	0.0%	20.0%	0.0%	33.3%	0.0%		20.0%	16.7%	0.0%	0.0%	
			G				g	Bf						
														
2=Moderate		1	0	2	4	4	1	10		3	8	3	9	
		33.3%	0.0%	66.7%	80.0%	66.7%	33.3%	62.5%		60.0%	44.4%	42.9%	81.8%	
			dg		b			b						
														
3=Significant		2	2	1	0	2	1	6		1	7	4	2	
		66.7%	50.0%	33.3%	0.0%	33.3%	33.3%	37.5%		20.0%	38.9%	57.1%	18.2%	
														
Mean		2.7	2.0	2.3	1.8	2.3	2.0	2.4		2.0	2.2	2.6	2.2	
SD		0.6	1.2	0.6	0.4	0.5	1.0	0.5		0.7	0.7	0.5	0.4	
					g			d						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

184 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Financial Reporting and Compliance?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
1=Minor		2	2	0	0	0	
		8.0%	25.0%	0.0%	0.0%	0.0%	
							
2=Moderate		15	4	1	2	0	
		60.0%	50.0%	50.0%	100.0%	0.0%	
							
3=Significant		8	2	1	0	1	
		32.0%	25.0%	50.0%	0.0%	100.0%	
							
Mean		2.2	2.0	2.5	2.0	3.0	
SD		0.6	0.8	0.7	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

185 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Human Resources?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		1		0	0	0	0	0	0	0	0	0	0	0	1	
		2.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
												l			i	
																
1=Minor		14		2	1	1	2	1	1	0	1	4	0	0	1	
		36.8%		50.0%	50.0%	100.0%	66.7%	100.0%	100.0%	0.0%	33.3%	21.1%	0.0%	0.0%	25.0%	
																
2=Moderate		17		1	0	0	1	0	0	0	2	13	0	0	0	
		44.7%		25.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	66.7%	68.4%	0.0%	0.0%	0.0%	
												l			i	
																
3=Significant		6		1	1	0	0	0	0	0	0	2	0	0	2	
		15.8%		25.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	50.0%	
																
Mean		1.7		1.8	2.0	1.0	1.3	1.0	1.0	---	1.7	1.9	---	---	1.8	
SD		0.8		1.0	1.4	0.0	0.6	0.0	0.0	---	0.6	0.6	---	---	1.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

186 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Human Resources?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	0	0	0	0	0	0		0	0	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
1=Minor		3	2	3	3	0	0	3		7	6	
		60.0%	66.7%	50.0%	75.0%	0.0%	0.0%	30.0%		30.4%	50.0%	
					ef	d	d					
												
2=Moderate		1	0	3	1	5	4	3		12	5	
		20.0%	0.0%	50.0%	25.0%	100.0%	80.0%	30.0%		52.2%	41.7%	
		e	e		e	abdg		e				
												
3=Significant		0	1	0	0	0	1	4		4	1	
		0.0%	33.3%	0.0%	0.0%	0.0%	20.0%	40.0%		17.4%	8.3%	
												
Mean		1.0	1.7	1.5	1.3	2.0	2.2	2.1		1.9	1.6	
SD		0.7	1.2	0.5	0.5	0.0	0.4	0.9		0.7	0.7	
		fg		f	f		acd	a				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

187 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Human Resources?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	1	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%		25.0%	0.0%	0.0%	0.0%	
							g	f		b	a			
														
1=Minor		2	2	1	3	2	1	2		3	8	2	1	
		66.7%	66.7%	33.3%	60.0%	33.3%	33.3%	14.3%		75.0%	44.4%	40.0%	9.1%	
										d			a	
														
2=Moderate		1	1	2	1	4	1	7		0	6	2	9	
		33.3%	33.3%	66.7%	20.0%	66.7%	33.3%	50.0%		0.0%	33.3%	40.0%	81.8%	
										d	d		ab	
														
3=Significant		0	0	0	1	0	0	5		0	4	1	1	
		0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	35.7%		0.0%	22.2%	20.0%	9.1%	
														
Mean		1.3	1.3	1.7	1.6	1.7	1.0	2.2		0.8	1.8	1.8	2.0	
SD		0.6	0.6	0.6	0.9	0.5	1.0	0.7		0.5	0.8	0.8	0.4	
							g	f		bD	a		A	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

188 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Human Resources?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		0	1	0	0	0	
		0.0%	12.5%	0.0%	0.0%	0.0%	
							
1=Minor		8	3	0	1	1	
		36.4%	37.5%	0.0%	50.0%	100.0%	
							
2=Moderate		9	4	2	1	0	
		40.9%	50.0%	100.0%	50.0%	0.0%	
							
3=Significant		5	0	0	0	0	
		22.7%	0.0%	0.0%	0.0%	0.0%	
							
Mean		1.9	1.4	2.0	1.5	1.0	
SD		0.8	0.7	0.0	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

189 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Internal Growth?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		2		1	0	0	0	0	0	0	0	0	0	0	1	
		5.4%		25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
				i								al			i	
																
1=Minor		15		0	1	0	2	1	1	0	2	7	0	0	1	
		40.5%		0.0%	50.0%	0.0%	66.7%	100.0%	100.0%	0.0%	66.7%	38.9%	0.0%	0.0%	25.0%	
																
2=Moderate		14		2	0	1	1	0	0	0	1	9	0	0	0	
		37.8%		50.0%	0.0%	100.0%	33.3%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%	0.0%	0.0%	
																
3=Significant		6		1	1	0	0	0	0	0	0	2	0	0	2	
		16.2%		25.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	50.0%	
																
Mean		1.6		1.8	2.0	2.0	1.3	1.0	1.0	---	1.3	1.7	---	---	1.8	
SD		0.8		1.3	1.4	0.0	0.6	0.0	0.0	---	0.6	0.7	---	---	1.5	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

190 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Internal Growth?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		2	0	0	0	0	0	0		0	0	
		40.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
1=Minor		3	2	3	2	2	1	2		8	7	
		60.0%	66.7%	50.0%	50.0%	40.0%	20.0%	22.2%		36.4%	58.3%	
												
2=Moderate		0	0	3	2	3	3	3		10	4	
		0.0%	0.0%	50.0%	50.0%	60.0%	60.0%	33.3%		45.5%	33.3%	
												
3=Significant		0	1	0	0	0	1	4		4	1	
		0.0%	33.3%	0.0%	0.0%	0.0%	20.0%	44.4%		18.2%	8.3%	
												
Mean		0.6	1.7	1.5	1.5	1.6	2.0	2.2		1.8	1.5	
SD		0.5	1.2	0.5	0.6	0.5	0.7	0.8		0.7	0.7	
		cdeFG		a	a	a	A	A				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

191 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Internal Growth?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		1	0	0	0	0	1	0		2	0	0	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%		50.0%	0.0%	0.0%	0.0%	
		g					g	af		Bd	A		a	
														
1=Minor		2	3	0	3	1	2	3		2	8	1	4	
		66.7%	100.0%	0.0%	60.0%	16.7%	66.7%	23.1%		50.0%	44.4%	25.0%	36.4%	
			eg			b		b						
														
2=Moderate		0	0	3	1	5	0	5		0	7	2	5	
		0.0%	0.0%	100.0%	20.0%	83.3%	0.0%	38.5%		0.0%	38.9%	50.0%	45.5%	
		e	e			abf	e							
														
3=Significant		0	0	0	1	0	0	5		0	3	1	2	
		0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	38.5%		0.0%	16.7%	25.0%	18.2%	
														
Mean		0.7	1.0	2.0	1.6	1.8	0.7	2.2		0.5	1.7	2.0	1.8	
SD		0.6	0.0	0.0	0.9	0.4	0.6	0.8		0.6	0.8	0.8	0.8	
		EG				AF	EG	AF		BcD	A	a	A	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

192 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Internal Growth?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		1	1	0	0	0	
		4.8%	12.5%	0.0%	0.0%	0.0%	
							
1=Minor		5	5	2	1	1	
		23.8%	62.5%	100.0%	50.0%	100.0%	
		c		a			
							
2=Moderate		10	2	0	1	0	
		47.6%	25.0%	0.0%	50.0%	0.0%	
							
3=Significant		5	0	0	0	0	
		23.8%	0.0%	0.0%	0.0%	0.0%	
							
Mean		1.9	1.1	1.0	1.5	1.0	
SD		0.8	0.6	0.0	0.7	0.0	
		b	a				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

193 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Investor Relations?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		6		1	0	0	0	0	0	0	1	3	0	0	1	
		14.3%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	15.8%	0.0%	0.0%	20.0%	
																
1=Minor		8		0	1	0	2	0	0	0	0	4	0	0	1	
		19.0%		0.0%	33.3%	0.0%	66.7%	0.0%	0.0%	0.0%	0.0%	21.1%	0.0%	0.0%	20.0%	
																
2=Moderate		13		3	2	1	0	1	1	0	1	4	0	0	0	
		31.0%		50.0%	66.7%	100.0%	0.0%	100.0%	100.0%	0.0%	33.3%	21.1%	0.0%	0.0%	0.0%	
																
3=Significant		15		2	0	0	1	0	0	0	1	8	0	0	3	
		35.7%		33.3%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	33.3%	42.1%	0.0%	0.0%	60.0%	
																
Mean		1.9		2.0	1.7	2.0	1.7	2.0	2.0	---	1.7	1.9	---	---	2.0	
SD		1.1		1.1	0.6	0.0	1.2	0.0	0.0	---	1.5	1.1	---	---	1.4	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

194 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Investor Relations?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		3	1	1	1	0	0	0		0	4	
		60.0%	33.3%	14.3%	20.0%	0.0%	0.0%	0.0%		0.0%	30.8%	
		G						A		B	A	
												
1=Minor		0	2	2	2	1	0	1		5	3	
		0.0%	66.7%	28.6%	40.0%	20.0%	0.0%	8.3%		19.2%	23.1%	
			g					b				
												
2=Moderate		2	0	3	2	2	0	4		9	4	
		40.0%	0.0%	42.9%	40.0%	40.0%	0.0%	33.3%		34.6%	30.8%	
												
3=Significant		0	0	1	0	2	5	7		12	2	
		0.0%	0.0%	14.3%	0.0%	40.0%	100.0%	58.3%		46.2%	15.4%	
		fg	f	f	fg		abcd	ad				
												
Mean		0.8	0.7	1.6	1.2	2.2	3.0	2.5		2.3	1.3	
SD		1.1	0.6	1.0	0.8	0.8	0.0	0.7		0.8	1.1	
		G	eG	g	G	b		ABcD		B	A	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

195 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Investor Relations?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		2	2	0	1	0	1	0		2	3	0	1	
		66.7%	50.0%	0.0%	20.0%	0.0%	33.3%	0.0%		40.0%	15.8%	0.0%	9.1%	
		G	G				g	ABf						
														
1=Minor		0	1	1	3	1	0	2		1	2	1	4	
		0.0%	25.0%	25.0%	60.0%	16.7%	0.0%	12.5%		20.0%	10.5%	14.3%	36.4%	
					g			d						
														
2=Moderate		1	0	2	1	3	1	4		1	8	2	2	
		33.3%	0.0%	50.0%	20.0%	50.0%	33.3%	25.0%		20.0%	42.1%	28.6%	18.2%	
														
3=Significant		0	1	1	0	2	1	10		1	6	4	4	
		0.0%	25.0%	25.0%	0.0%	33.3%	33.3%	62.5%		20.0%	31.6%	57.1%	36.4%	
					g			d						
														
Mean		0.7	1.0	2.0	1.0	2.2	1.7	2.5		1.2	1.9	2.4	1.8	
SD		1.2	1.4	0.8	0.7	0.8	1.5	0.7		1.3	1.0	0.8	1.1	
		eG	G		eG	ad		ABD						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

196 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Investor Relations?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		2	3	0	1	0	
		7.7%	37.5%	0.0%	50.0%	0.0%	
		b	a				
							
1=Minor		3	3	1	0	1	
		11.5%	37.5%	50.0%	0.0%	100.0%	
		e				a	
							
2=Moderate		9	1	0	1	0	
		34.6%	12.5%	0.0%	50.0%	0.0%	
							
3=Significant		12	1	1	0	0	
		46.2%	12.5%	50.0%	0.0%	0.0%	
							
Mean		2.2	1.0	2.0	1.0	1.0	
SD		0.9	1.1	1.4	1.4	0.0	
		B	A				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

197 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liaison to Regulators / Government?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		8		1	0	0	1	0	0	0	1	5	0	0	0	
		20.5%		25.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	33.3%	26.3%	0.0%	0.0%	0.0%	
																
1=Minor		15		2	2	1	2	1	0	0	1	5	0	0	1	
		38.5%		50.0%	66.7%	100.0%	66.7%	100.0%	0.0%	0.0%	33.3%	26.3%	0.0%	0.0%	25.0%	
																
2=Moderate		13		1	1	0	0	0	1	0	1	8	0	0	1	
		33.3%		25.0%	33.3%	0.0%	0.0%	0.0%	100.0%	0.0%	33.3%	42.1%	0.0%	0.0%	25.0%	
																
3=Significant		3		0	0	0	0	0	0	0	0	1	0	0	2	
		7.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	50.0%	
												l			i	
																
Mean		1.3		1.0	1.3	1.0	0.7	1.0	2.0	---	1.0	1.3	---	---	2.3	
SD		0.9		0.8	0.6	0.0	0.6	0.0	0.0	---	1.0	0.9	---	---	1.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

198 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liaison to Regulators / Government?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		2	1	3	1	1	0	0		2	5	
		40.0%	33.3%	50.0%	25.0%	20.0%	0.0%	0.0%		8.3%	41.7%	
		g		g				ac		b	a	
												
1=Minor		1	2	2	3	0	1	6		10	5	
		20.0%	66.7%	33.3%	75.0%	0.0%	20.0%	54.5%		41.7%	41.7%	
					e	d						
												
2=Moderate		1	0	0	0	4	4	4		12	1	
		20.0%	0.0%	0.0%	0.0%	80.0%	80.0%	36.4%		50.0%	8.3%	
				ef	ef	cd	cd			b	a	
												
3=Significant		1	0	1	0	0	0	1		0	1	
		20.0%	0.0%	16.7%	0.0%	0.0%	0.0%	9.1%		0.0%	8.3%	
												
Mean		1.2	0.7	0.8	0.8	1.6	1.8	1.5		1.4	0.8	
SD		1.3	0.6	1.2	0.5	0.9	0.4	0.7		0.7	0.9	
			f		f		bd			b	a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

199 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liaison to Regulators / Government?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		2	2	1	2	0	0	1		2	3	0	3	
		66.7%	66.7%	33.3%	40.0%	0.0%	0.0%	6.7%		50.0%	16.7%	0.0%	27.3%	
		g	g					ab						
														
1=Minor		0	1	1	3	2	1	6		1	9	2	3	
		0.0%	33.3%	33.3%	60.0%	33.3%	33.3%	40.0%		25.0%	50.0%	33.3%	27.3%	
														
2=Moderate		1	0	1	0	3	1	7		0	5	3	5	
		33.3%	0.0%	33.3%	0.0%	50.0%	33.3%	46.7%		0.0%	27.8%	50.0%	45.5%	
														
3=Significant		0	0	0	0	1	1	1		1	1	1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	33.3%	6.7%		25.0%	5.6%	16.7%	0.0%	
														
Mean		0.7	0.3	1.0	0.6	1.8	2.0	1.5		1.0	1.2	1.8	1.2	
SD		1.2	0.6	1.0	0.5	0.8	1.0	0.7		1.4	0.8	0.8	0.9	
			eg		efg	bd	d	bd						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

200 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liaison to Regulators / Government?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		3	3	1	1	0	
		13.0%	37.5%	50.0%	50.0%	0.0%	
							
1=Minor		11	2	0	1	1	
		47.8%	25.0%	0.0%	50.0%	100.0%	
							
2=Moderate		9	2	1	0	0	
		39.1%	25.0%	50.0%	0.0%	0.0%	
							
3=Significant		0	1	0	0	0	
		0.0%	12.5%	0.0%	0.0%	0.0%	
							
Mean		1.3	1.1	1.0	0.5	1.0	
SD		0.7	1.1	1.4	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

201 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liquidity Management?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		6		0	0	0	1	1	0	0	0	2	0	0	2	
		14.6%		0.0%	0.0%	0.0%	33.3%	100.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	50.0%	
				e				ai				e				
																
1=Minor		13		3	0	0	2	0	0	0	2	6	0	0	0	
		31.7%		50.0%	0.0%	0.0%	66.7%	0.0%	0.0%	0.0%	66.7%	31.6%	0.0%	0.0%	0.0%	
																
2=Moderate		15		1	2	1	0	0	0	0	1	9	0	0	1	
		36.6%		16.7%	66.7%	100.0%	0.0%	0.0%	0.0%	0.0%	33.3%	47.4%	0.0%	0.0%	25.0%	
																
3=Significant		7		2	1	0	0	0	1	0	0	2	0	0	1	
		17.1%		33.3%	33.3%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	10.5%	0.0%	0.0%	25.0%	
									i			f				
																
Mean		1.6		1.8	2.3	2.0	0.7	0.0	3.0	---	1.3	1.6	---	---	1.3	
SD		0.9		1.0	0.6	0.0	0.6	0.0	0.0	---	0.6	0.8	---	---	1.5	
					d		b									

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

202 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liquidity Management?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	1	3	0	0	0	1		2	3	
		20.0%	33.3%	42.9%	0.0%	0.0%	0.0%	9.1%		8.0%	23.1%	
												
1=Minor		2	1	2	2	2	0	4		10	2	
		40.0%	33.3%	28.6%	40.0%	40.0%	0.0%	36.4%		40.0%	15.4%	
												
2=Moderate		0	1	0	3	2	5	4		11	4	
		0.0%	33.3%	0.0%	60.0%	40.0%	100.0%	36.4%		44.0%	30.8%	
		f		dF	c		aCg	f				
												
3=Significant		2	0	2	0	1	0	2		2	4	
		40.0%	0.0%	28.6%	0.0%	20.0%	0.0%	18.2%		8.0%	30.8%	
												
Mean		1.6	1.0	1.1	1.6	1.8	2.0	1.6		1.5	1.7	
SD		1.3	1.0	1.3	0.5	0.8	0.0	0.9		0.8	1.2	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

203 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liquidity Management?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		1	1	1	1	0	2	0		2	3	0	1	
		33.3%	25.0%	25.0%	20.0%	0.0%	66.7%	0.0%		40.0%	15.8%	0.0%	9.1%	
		g					G	aF						
														
1=Minor		1	2	0	2	3	0	5		1	7	2	3	
		33.3%	50.0%	0.0%	40.0%	50.0%	0.0%	33.3%		20.0%	36.8%	33.3%	27.3%	
														
2=Moderate		0	0	2	2	1	1	9		0	6	2	7	
		0.0%	0.0%	50.0%	40.0%	16.7%	33.3%	60.0%		0.0%	31.6%	33.3%	63.6%	
			g					b		d			a	
														
3=Significant		1	1	1	0	2	0	1		2	3	2	0	
		33.3%	25.0%	25.0%	0.0%	33.3%	0.0%	6.7%		40.0%	15.8%	33.3%	0.0%	
										d			a	
														
Mean		1.3	1.3	1.8	1.2	1.8	0.7	1.7		1.4	1.5	2.0	1.5	
SD		1.5	1.3	1.3	0.8	1.0	1.2	0.6		1.5	1.0	0.9	0.7	
							g	f						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

204 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Liquidity Management?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		2	3	0	0	1	
		8.0%	37.5%	0.0%	0.0%	100.0%	
		E				A	
							
1=Minor		9	3	1	0	0	
		36.0%	37.5%	50.0%	0.0%	0.0%	
							
2=Moderate		11	2	1	1	0	
		44.0%	25.0%	50.0%	50.0%	0.0%	
							
3=Significant		3	0	0	1	0	
		12.0%	0.0%	0.0%	50.0%	0.0%	
							
Mean		1.6	0.9	1.5	2.5	0.0	
SD		0.8	0.8	0.7	0.7	0.0	
		b	ad		b		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

205 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Risk Management?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		1		0	0	0	0	0	0	0	0	0	0	0	1	
		2.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	
																
1=Minor		5		0	0	1	1	0	0	0	1	2	0	0	0	
		12.5%		0.0%	0.0%	100.0%	33.3%	0.0%	0.0%	0.0%	33.3%	10.5%	0.0%	0.0%	0.0%	
						i						c				
																
2=Moderate		17		2	1	0	2	1	0	0	0	11	0	0	0	
		42.5%		50.0%	33.3%	0.0%	66.7%	100.0%	0.0%	0.0%	0.0%	57.9%	0.0%	0.0%	0.0%	
												l			i	
																
3=Significant		17		2	2	0	0	0	1	0	2	6	0	0	4	
		42.5%		50.0%	66.7%	0.0%	0.0%	0.0%	100.0%	0.0%	66.7%	31.6%	0.0%	0.0%	80.0%	
																
Mean		2.3		2.5	2.7	1.0	1.7	2.0	3.0	---	2.3	2.2	---	---	2.4	
SD		0.8		0.6	0.6	0.0	0.6	0.0	0.0	---	1.2	0.6	---	---	1.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

206 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Risk Management?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	0	0	0	0	0	0		0	0	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
1=Minor		0	1	2	1	0	0	1		2	3	
		0.0%	33.3%	33.3%	25.0%	0.0%	0.0%	8.3%		8.0%	25.0%	
												
2=Moderate		1	0	3	3	4	2	4		13	3	
		20.0%	0.0%	50.0%	75.0%	80.0%	40.0%	33.3%		52.0%	25.0%	
												
3=Significant		3	2	1	0	1	3	7		10	6	
		60.0%	66.7%	16.7%	0.0%	20.0%	60.0%	58.3%		40.0%	50.0%	
												
Mean		2.2	2.3	1.8	1.8	2.2	2.6	2.5		2.3	2.3	
SD		1.3	1.2	0.8	0.5	0.4	0.5	0.7		0.6	0.9	
					f		d					

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

207 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Risk Management?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	1	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%		25.0%	0.0%	0.0%	0.0%	
							g	f		b	a			
														
1=Minor		1	1	1	1	0	0	1		0	4	0	1	
		33.3%	33.3%	33.3%	20.0%	0.0%	0.0%	6.3%		0.0%	22.2%	0.0%	9.1%	
														
2=Moderate		1	0	1	3	3	2	7		2	4	3	8	
		33.3%	0.0%	33.3%	60.0%	50.0%	66.7%	43.8%		50.0%	22.2%	42.9%	72.7%	
											d		b	
														
3=Significant		1	2	1	1	3	0	8		1	10	4	2	
		33.3%	66.7%	33.3%	20.0%	50.0%	0.0%	50.0%		25.0%	55.6%	57.1%	18.2%	
														
Mean		2.0	2.3	2.0	2.0	2.5	1.3	2.4		1.8	2.3	2.6	2.1	
SD		1.0	1.2	1.0	0.7	0.5	1.2	0.6		1.3	0.8	0.5	0.5	
							g	f						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

208 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Risk Management?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		0	1	0	0	0	
		0.0%	12.5%	0.0%	0.0%	0.0%	
							
1=Minor		3	2	0	0	0	
		12.5%	25.0%	0.0%	0.0%	0.0%	
							
2=Moderate		10	4	2	1	0	
		41.7%	50.0%	100.0%	50.0%	0.0%	
							
3=Significant		11	1	0	1	1	
		45.8%	12.5%	0.0%	50.0%	100.0%	
							
Mean		2.3	1.6	2.0	2.5	3.0	
SD		0.7	0.9	0.0	0.7	0.0	
		b	a				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

209 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Spin-offs, Asset Sales?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		2		0	0	0	0	0	0	0	1	1	0	0	0	
		5.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	5.3%	0.0%	0.0%	0.0%	
																
1=Minor		16		2	1	0	2	1	0	0	2	7	0	0	1	
		43.2%		50.0%	50.0%	0.0%	100.0%	100.0%	0.0%	0.0%	66.7%	36.8%	0.0%	0.0%	25.0%	
																
2=Moderate		14		2	1	1	0	0	0	0	0	9	0	0	1	
		37.8%		50.0%	50.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	47.4%	0.0%	0.0%	25.0%	
																
3=Significant		5		0	0	0	0	0	1	0	0	2	0	0	2	
		13.5%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	10.5%	0.0%	0.0%	50.0%	
									i			f				
																
Mean		1.6		1.5	1.5	2.0	1.0	1.0	3.0	---	0.7	1.6	---	---	2.3	
SD		0.8		0.6	0.7	0.0	0.0	0.0	0.0	---	0.6	0.8	---	---	1.0	
											i	h				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

210 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Spin-offs, Asset Sales?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	0	0	0	1	0	0		1	1	
		25.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%		4.2%	9.1%	
												
1=Minor		1	3	5	1	1	1	4		9	6	
		25.0%	100.0%	100.0%	25.0%	20.0%	20.0%	36.4%		37.5%	54.5%	
		c		adefg	c	c	c	c				
												
2=Moderate		1	0	0	3	3	3	4		11	3	
		25.0%	0.0%	0.0%	75.0%	60.0%	60.0%	36.4%		45.8%	27.3%	
				d	c							
												
3=Significant		1	0	0	0	0	1	3		3	1	
		25.0%	0.0%	0.0%	0.0%	0.0%	20.0%	27.3%		12.5%	9.1%	
												
Mean		1.5	1.0	1.0	1.8	1.4	2.0	1.9		1.7	1.4	
SD		1.3	0.0	0.0	0.5	0.9	0.7	0.8		0.8	0.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

211 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Spin-offs, Asset Sales?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	1	0	0	0	0	1		0	1	0	1	
		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	6.7%		0.0%	5.6%	0.0%	9.1%	
														
1=Minor		2	2	1	3	2	1	5		1	9	1	5	
		66.7%	66.7%	33.3%	75.0%	33.3%	50.0%	33.3%		50.0%	50.0%	16.7%	45.5%	
														
2=Moderate		0	0	2	1	4	1	5		1	7	2	4	
		0.0%	0.0%	66.7%	25.0%	66.7%	50.0%	33.3%		50.0%	38.9%	33.3%	36.4%	
														
3=Significant		1	0	0	0	0	0	4		0	1	3	1	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	26.7%		0.0%	5.6%	50.0%	9.1%	
											c	b		
														
Mean		1.7	0.7	1.7	1.3	1.7	1.5	1.8		1.5	1.4	2.3	1.5	
SD		1.2	0.6	0.6	0.5	0.5	0.7	0.9		0.7	0.7	0.8	0.8	
			e			b					c	b		

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

212 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Spin-offs, Asset Sales?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		1	0	1	0	0	
		4.5%	0.0%	50.0%	0.0%	0.0%	
		c		a			
							
1=Minor		10	3	0	1	1	
		45.5%	42.9%	0.0%	50.0%	100.0%	
							
2=Moderate		8	4	1	1	0	
		36.4%	57.1%	50.0%	50.0%	0.0%	
							
3=Significant		3	0	0	0	0	
		13.6%	0.0%	0.0%	0.0%	0.0%	
							
Mean		1.6	1.6	1.0	1.5	1.0	
SD		0.8	0.5	1.4	0.7	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

213 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 1?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		3		0	1	0	0	0	0	0	0	2	0	0	0	
		60.0%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
																
1=Minor		1		0	0	0	0	0	0	0	0	0	0	0	1	
		20.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	
																
2=Moderate		1		0	0	0	0	0	0	0	0	0	0	0	1	
		20.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	
																
3=Significant		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.6		---	0.0	---	---	---	---	---	---	0.0	---	---	1.5	
SD		0.9		---	0.0	---	---	---	---	---	---	0.0	---	---	0.7	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

214 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 1?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	0	0	0	0	1	1		2	1	
		100.0%	0.0%	0.0%	0.0%	0.0%	100.0%	50.0%		66.7%	50.0%	
												
1=Minor		0	1	0	0	0	0	0		0	1	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	50.0%	
												
2=Moderate		0	0	0	0	0	0	1		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%		33.3%	0.0%	
												
3=Significant		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		0.0	1.0	---	---	---	0.0	1.0		0.7	0.5	
SD		0.0	0.0	---	---	---	0.0	1.4		1.2	0.7	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

215 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 1?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	0	2		1	0	0	2	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	66.7%		100.0%	0.0%	0.0%	100.0%	
														
1=Minor		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	50.0%	0.0%	0.0%	
														
2=Moderate		0	0	0	0	0	0	1		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%		0.0%	50.0%	0.0%	0.0%	
														
3=Significant		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		---	1.0	---	---	---	---	0.7		0.0	1.5	---	0.0	
SD		---	0.0	---	---	---	---	1.2		0.0	0.7	---	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

216 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 1?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		2	0	0	1	0	
		66.7%	0.0%	0.0%	100.0%	0.0%	
							
1=Minor		0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	100.0%	
							
2=Moderate		1	0	0	0	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	
							
3=Significant		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.7	---	---	0.0	1.0	
SD		1.2	---	---	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

217 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 2?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
0=None		3		0	1	0	0	0	0	0	0	2	0	0	0	
		60.0%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
																
1=Minor		2		0	0	0	0	0	0	0	0	0	0	0	2	
		40.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	
																
2=Moderate		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
3=Significant		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.4		---	0.0	---	---	---	---	---	---	0.0	---	---	1.0	
SD		0.5		---	0.0	---	---	---	---	---	---	0.0	---	---	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

218 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 2?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
0=None		1	0	0	0	0	1	1		2	1	
		100.0%	0.0%	0.0%	0.0%	0.0%	100.0%	50.0%		66.7%	50.0%	
												
1=Minor		0	1	0	0	0	0	1		1	1	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	50.0%		33.3%	50.0%	
												
2=Moderate		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
3=Significant		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Mean		0.0	1.0	---	---	---	0.0	0.5		0.3	0.5	
SD		0.0	0.0	---	---	---	0.0	0.7		0.6	0.7	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

219 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 2?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
0=None		0	0	0	0	0	0	2		1	0	0	2	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	66.7%		100.0%	0.0%	0.0%	100.0%	
														
1=Minor		0	1	0	0	0	0	1		0	2	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	33.3%		0.0%	100.0%	0.0%	0.0%	
														
2=Moderate		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
3=Significant		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		---	1.0	---	---	---	---	0.3		0.0	1.0	---	0.0	
SD		---	0.0	---	---	---	---	0.6		0.0	0.0	---	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

220 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

7. To best serve all stakeholders, how significant should the CFO focus be for: Other 2?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
0=None		2	0	0	1	0	
		66.7%	0.0%	0.0%	100.0%	0.0%	
							
1=Minor		1	0	0	0	1	
		33.3%	0.0%	0.0%	0.0%	100.0%	
							
2=Moderate		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
3=Significant		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.3	---	---	0.0	1.0	
SD		0.6	---	---	0.0	0.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

221 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

8. For your country, what do you think is the likelihood of a recession by the end of 2015?

N=42		Totals		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		A		A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		42		6	3	1	3	1	1	0	3	19	0	0	5	
Percent		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Likelihood %		41		6	2	1	3	1	1	0	3	19	0	0	5	
		17.7		15.0	7.5	0.0	10.0	10.0	10.0	---	30.0	21.6	---	---	14.0	
		17.1		15.5	3.5	---	0.0	---	---	---	22.9	20.1	---	---	11.4	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

222 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

8. For your country, what do you think is the likelihood of a recession by the end of 2015?

N=42		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Number		5	3	7	5	5	5	12		26	13	
Percent		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
Likelihood %		4	3	7	5	5	5	12		26	12	
		16.3	11.7	22.1	21.0	21.0	18.0	14.2		17.3	18.8	
		14.9	7.6	30.7	21.9	14.3	14.4	10.6		15.2	22.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

223 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

8. For your country, what do you think is the likelihood of a recession by the end of 2015?

N=42		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		3	4	4	5	6	3	16		5	19	7	11	
Percent		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
Likelihood %		3	4	4	5	6	3	16		4	19	7	11	
		36.7	16.3	15.0	27.0	10.0	3.3	17.8		7.5	19.2	18.6	18.2	
		37.9	14.9	15.8	21.7	12.2	5.8	12.2		9.6	20.4	11.8	16.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

224 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

8. For your country, what do you think is the likelihood of a recession by the end of 2015?

N=42		Where Based	
Number
Mean
SD		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	
							
Number		26	8	2	2	1	
Percent		66.7%	20.5%	5.1%	5.1%	2.6%	
							
Likelihood %		26	8	2	1	1	
		15.8	23.8	20.0	20.0	20.0	
		13.6	28.1	28.3	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

225 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

9.  When your company's profit improves, which does your firm put more emphasis on, increasing employee wages or increasing stockholder dividends/repurchases?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Employee wage		19		3	2	1	2	0	0	0	1	8	0	0	2	
increases		47.5%		50.0%	66.7%	100.0%	66.7%	0.0%	0.0%	0.0%	33.3%	44.4%	0.0%	0.0%	40.0%	
																
Stockholder dividend/		3		1	0	0	0	0	0	0	0	2	0	0	0	
repurchase increases		7.5%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
																
Wages and dividend/
repurchases receive
about the same		

17		

2	

1	

0	

1	

1	

0	

0	

1	

8	

0	

0	

3	
emphasis		42.5%		33.3%	33.3%	0.0%	33.3%	100.0%	0.0%	0.0%	33.3%	44.4%	0.0%	0.0%	60.0%	
																
Other		1		0	0	0	0	0	0	0	1	0	0	0	0	
		2.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
											i	h				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

226 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

9.  When your company's profit improves, which does your firm put more emphasis on, increasing employee wages or increasing stockholder dividends/repurchases?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
Employee wage		4	3	4	4	1	0	3		8	9	
increases		100.0%	100.0%	66.7%	80.0%	20.0%	0.0%	25.0%		30.8%	81.8%	
		efg	fg	f	f	a	abcd	ab		B	A	
												
Stockholder dividend/		0	0	0	0	0	2	1		2	1	
repurchase increases		0.0%	0.0%	0.0%	0.0%	0.0%	40.0%	8.3%		7.7%	9.1%	
												
Wages and dividend/
repurchases receive
about the same		

0	

0	

2	

1	

4	

2	

8		

15	

1	
emphasis		0.0%	0.0%	33.3%	20.0%	80.0%	40.0%	66.7%		57.7%	9.1%	
		eg				a		a		B	A	
												
Other		0	0	0	0	0	1	0		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		3.8%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

227 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

9.  When your company's profit improves, which does your firm put more emphasis on, increasing employee wages or increasing stockholder dividends/repurchases?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
Employee wage		2	3	2	4	3	2	2		4	9	1	5	
increases		100.0%	75.0%	50.0%	80.0%	60.0%	66.7%	12.5%		80.0%	52.9%	14.3%	45.5%	
		g	g		G	g	g	abDef		c		a		
														
Stockholder dividend/		0	0	0	0	1	0	2		0	2	1	0	
repurchase increases		0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	12.5%		0.0%	11.8%	14.3%	0.0%	
														
Wages and dividend/
repurchases receive
about the same		

0	

1	

2	

1	

1	

1	

11		

1	

6	

5	

5	
emphasis		0.0%	25.0%	50.0%	20.0%	20.0%	33.3%	68.8%		20.0%	35.3%	71.4%	45.5%	
														
Other		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%		0.0%	0.0%	0.0%	9.1%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

228 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

9.  When your company's profit improves, which does your firm put more emphasis on, increasing employee wages or increasing stockholder dividends/repurchases?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
Employee wage		9	6	1	2	1	
increases		34.6%	75.0%	50.0%	100.0%	100.0%	
							
Stockholder dividend/		3	0	0	0	0	
repurchase increases		11.5%	0.0%	0.0%	0.0%	0.0%	
							
Wages and dividend/
repurchases receive
about the same		

13	

2	

1	

0	

0	
emphasis		50.0%	25.0%	50.0%	0.0%	0.0%	
							
Other		1	0	0	0	0	
		3.8%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

229 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

10 When your company's profit decreases, which does your firm put more emphasis on reducing employee wages or reducing new hiring?

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Employee wage		9		1	1	1	0	0	0	0	0	6	0	0	0	
reduction		22.5%		16.7%	33.3%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	
																
New hiring reduction		27		5	2	0	3	0	0	0	2	11	0	0	4	
		67.5%		83.3%	66.7%	0.0%	100.0%	0.0%	0.0%	0.0%	66.7%	61.1%	0.0%	0.0%	80.0%	
																
Existing employees		3		0	0	0	0	1	0	0	1	1	0	0	0	
reduction		7.5%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	33.3%	5.6%	0.0%	0.0%	0.0%	
				e				aI				E				
																
Others		1		0	0	0	0	0	0	0	0	0	0	0	1	
		2.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

230 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

10 When your company's profit decreases, which does your firm put more emphasis on reducing employee wages or reducing new hiring?

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
Employee wage		1	1	1	2	2	1	1		5	4	
reduction		25.0%	33.3%	16.7%	40.0%	40.0%	20.0%	8.3%		19.2%	36.4%	
												
New hiring reduction		3	2	5	3	3	3	8		17	7	
		75.0%	66.7%	83.3%	60.0%	60.0%	60.0%	66.7%		65.4%	63.6%	
												
Existing employees		0	0	0	0	0	1	2		3	0	
reduction		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	16.7%		11.5%	0.0%	
												
Others		0	0	0	0	0	0	1		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.3%		3.8%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

231 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

10 When your company's profit decreases, which does your firm put more emphasis on reducing employee wages or reducing new hiring?

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
Employee wage		0	1	2	1	1	0	3		1	5	1	2	
reduction		0.0%	25.0%	50.0%	20.0%	20.0%	0.0%	18.8%		20.0%	29.4%	14.3%	18.2%	
														
New hiring reduction		2	3	2	4	4	2	10		4	11	5	7	
		100.0%	75.0%	50.0%	80.0%	80.0%	66.7%	62.5%		80.0%	64.7%	71.4%	63.6%	
														
Existing employees		0	0	0	0	0	1	2		0	1	0	2	
reduction		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	12.5%		0.0%	5.9%	0.0%	18.2%	
														
Others		0	0	0	0	0	0	1		0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%		0.0%	0.0%	14.3%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

232 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

10 When your company's profit decreases, which does your firm put more emphasis on reducing employee wages or reducing new hiring?

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		66.7%	20.5%	5.1%	5.1%	2.6%	
							
Employee wage		5	2	1	1	0	
reduction		19.2%	25.0%	50.0%	50.0%	0.0%	
							
New hiring reduction		17	6	1	1	1	
		65.4%	75.0%	50.0%	50.0%	100.0%	
							
Existing employees		3	0	0	0	0	
reduction		11.5%	0.0%	0.0%	0.0%	0.0%	
							
Others		1	0	0	0	0	
		3.8%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

233 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		42		6	3	1	3	1	1	0	3	19	0	0	5	
		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
Company profitability		26		4	1	1	1	0	0	0	2	13	0	0	4	
		61.9%		66.7%	33.3%	100.0%	33.3%	0.0%	0.0%	0.0%	66.7%	68.4%	0.0%	0.0%	80.0%	
																
Productivity of		23		3	2	1	2	1	0	0	2	9	0	0	3	
employees		54.8%		50.0%	66.7%	100.0%	66.7%	100.0%	0.0%	0.0%	66.7%	47.4%	0.0%	0.0%	60.0%	
																
Labor unions		15		2	0	0	1	0	0	0	2	8	0	0	2	
		35.7%		33.3%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	66.7%	42.1%	0.0%	0.0%	40.0%	
																
Voluntary retirement		15		3	0	0	2	1	0	0	1	5	0	0	3	
of good workers		35.7%		50.0%	0.0%	0.0%	66.7%	100.0%	0.0%	0.0%	33.3%	26.3%	0.0%	0.0%	60.0%	
																
Tightness of labor		3		0	0	1	0	0	0	0	0	1	0	0	1	
market		7.1%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.3%	0.0%	0.0%	20.0%	
				c		aI						C				
																
Public opinion		1		0	0	0	0	0	0	0	1	0	0	0	0	
		2.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
											i	h				
																
Mass media		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

234 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Total		5	3	7	5	5	5	12		26	13	
		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		61.9%	31.0%	
												
Company profitability		3	2	3	4	4	3	7		17	6	
		60.0%	66.7%	42.9%	80.0%	80.0%	60.0%	58.3%		65.4%	46.2%	
												
Productivity of		2	3	4	2	3	3	6		14	9	
employees		40.0%	100.0%	57.1%	40.0%	60.0%	60.0%	50.0%		53.8%	69.2%	
												
Labor unions		0	0	2	1	2	5	5		12	2	
		0.0%	0.0%	28.6%	20.0%	40.0%	100.0%	41.7%		46.2%	15.4%	
		f	f	f	f		abcdg	f				
												
Voluntary retirement		1	2	3	3	1	1	4		9	5	
of good workers		20.0%	66.7%	42.9%	60.0%	20.0%	20.0%	33.3%		34.6%	38.5%	
												
Tightness of labor		0	1	0	1	1	0	0		1	2	
market		0.0%	33.3%	0.0%	20.0%	20.0%	0.0%	0.0%		3.8%	15.4%	
												
Public opinion		1	0	0	0	0	0	0		0	1	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	7.7%	
												
Mass media		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

235 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		3	4	4	5	6	3	16		5	19	7	11	
		7.1%	9.5%	9.5%	11.9%	14.3%	7.1%	38.1%		11.9%	45.2%	16.7%	26.2%	
														
Company profitability		2	3	4	2	3	2	10		3	11	5	7	
		66.7%	75.0%	100.0%	40.0%	50.0%	66.7%	62.5%		60.0%	57.9%	71.4%	63.6%	
														
Productivity of		1	3	3	2	2	1	10		2	14	2	5	
employees		33.3%	75.0%	75.0%	40.0%	33.3%	33.3%	62.5%		40.0%	73.7%	28.6%	45.5%	
											c	b		
														
Labor unions		0	0	1	2	1	0	11		0	6	4	5	
		0.0%	0.0%	25.0%	40.0%	16.7%	0.0%	68.8%		0.0%	31.6%	57.1%	45.5%	
		g	g			g	g	abef						
														
Voluntary retirement		0	3	1	3	1	2	5		2	9	1	3	
of good workers		0.0%	75.0%	25.0%	60.0%	16.7%	66.7%	31.3%		40.0%	47.4%	14.3%	27.3%	
														
Tightness of labor		0	1	1	0	0	0	1		0	2	1	0	
market		0.0%	25.0%	25.0%	0.0%	0.0%	0.0%	6.3%		0.0%	10.5%	14.3%	0.0%	
														
Public opinion		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
														
Mass media		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

236 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Total		26	8	2	2	1	
		61.9%	19.0%	4.8%	4.8%	2.4%	
							
Company profitability		17	6	2	0	0	
		65.4%	75.0%	100.0%	0.0%	0.0%	
							
Productivity of		16	4	1	1	1	
employees		61.5%	50.0%	50.0%	50.0%	100.0%	
							
Labor unions		12	1	0	1	0	
		46.2%	12.5%	0.0%	50.0%	0.0%	
							
Voluntary retirement		10	3	0	1	1	
of good workers		38.5%	37.5%	0.0%	50.0%	100.0%	
							
Tightness of labor		2	0	0	0	1	
market		7.7%	0.0%	0.0%	0.0%	100.0%	
		E	e			Ab	
							
Public opinion		1	0	0	0	0	
		3.8%	0.0%	0.0%	0.0%	0.0%	
							
Mass media		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

237 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Government		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Other		1		1	0	0	0	0	0	0	0	0	0	0	0	
		2.4%		16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

238 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Government		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
Other		1	0	0	0	0	0	0		0	0	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

239 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Government		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		1	0	0	0	0	0	0		1	0	0	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		20.0%	0.0%	0.0%	0.0%	
		g						a						

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

240 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

11.  Which factors most affect your decisions about how much to change wages of permanent employees? (Check all that apply)

N=42		Where Based	
		
Kanto	Kinki/
Kansai	
Chubu	
Tohoku	
Other	
		A	B	C	D	E	
							
Government		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Other		1	0	0	0	0	
		3.8%	0.0%	0.0%	0.0%	0.0%	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

241 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Totals		Industry	
Number
Mean
Median		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Number		42		6	3	1	3	1	1	0	3	19	0	0	5	
Percent		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
In 10 years, I expect		37		6	1	1	3	1	0	0	3	17	0	0	5	
Nikkei 225 will be:		30276.4		31666.7	28000.0	22000.0	26666.7	30000.0	---	---	24333.3	29786.1	---	---	38172.8	
There is a 1-in-10
chance it will be
greater than:		10000.0		22250.0	13000.0	11000.0	21500.0	11500.0	---	---	21500.0	22500.0	---	---	22500.0	
																
In 1 year, I expect		37		6	1	1	3	1	0	0	3	17	0	0	5	
Nikkei 225 will be:		24137.6		26470.7	26000.0	20500.0	24333.3	25000.0	---	---	22000.0	23759.5	---	---	23971.4	
There is a 1-in-10
chance it will be
greater than:		12500.0		30000.0	14000.0	11000.0	25000.0	15000.0	---	---	21500.0	30000.0	---	---	35250.0	
																
In 10 years, I expect		37		6	1	1	3	1	0	0	3	17	0	0	5	
Nikkei 225 will be:		23209.9		25461.2	18000.0	19500.0	19000.0	25000.0	---	---	19333.3	23588.2	---	---	25500.0	
Expected return:		0.0		15000.0	6000.0	8500.0	9000.0	7500.0	---	---	10000.0	14500.0	---	---	7785.0	
																
In three months, I		37		6	1	1	3	1	0	0	3	17	0	0	5	
expect Nikkei 225 will		22690.1		22905.3	26000.0	22000.0	22666.7	23000.0	---	---	21666.7	22564.7	---	---	22900.0	
be: There is a 1-in-10
chance it will be
greater than:		8500.0		20750.0	22194.5	10000.0	19634.0	10500.0	---	---	20000.0	20250.0	---	---	20750.0	
																
In 1 year, I expect		38		6	2	1	3	1	0	0	3	17	0	0	5	
Nikkei 225 will be:		21323.2		22606.7	23660.0	19500.0	20666.7	22000.0	---	---	20333.3	20901.2	---	---	21500.0	
Expected return:		6000.0		22500.0	23660.0	9750.0	20000.0	11000.0	---	---	20000.0	20250.0	---	---	21250.0	
																
In three months, I		38		6	2	1	3	1	0	0	3	17	0	0	5	
expect Nikkei 225 will		20751.2		21148.2	22194.5	20000.0	20422.7	21000.0	---	---	20166.7	20558.8	---	---	21000.0	
be: Expected return:		2785.0		25000.0	9000.0	9750.0	18500.0	12500.0	---	---	17500.0	24000.0	---	---	25000.0	

242 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Sales Revenue		Ownership	
Number
Mean
Median		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
												
Number		5	3	7	5	5	5	12		26	13	
Percent		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
In 10 years, I expect		3	3	6	5	5	5	10		24	10	
Nikkei 225 will be:		27666.7	32788.0	23666.7	26400.0	28800.0	34072.8	35050.0		31431.8	27536.4	
There is a 1-in-10
chance it will be
greater than:		20000.0	23000.0	21000.0	22000.0	22000.0	22500.0	23500.0		22500.0	22500.0	
												
In 1 year, I expect		3	3	6	5	5	5	10		24	10	
Nikkei 225 will be:		22452.3	25000.0	22485.3	22900.0	24400.0	24782.4	25541.2		24288.0	23832.4	
There is a 1-in-10
chance it will be
greater than:		26500.0	26500.0	23500.0	25000.0	27500.0	30000.0	30250.0		30000.0	26500.0	
												
In 10 years, I expect		3	3	6	5	5	5	10		24	10	
Nikkei 225 will be:		23333.3	20333.3	20500.0	21900.0	23400.0	25200.0	25226.7		24282.0	20550.0	
Expected return:		10000.0	7785.0	15000.0	14500.0	10000.0	10000.0	13250.0		13500.0	11000.0	
												
In three months, I		3	3	6	5	5	5	10		24	10	
expect Nikkei 225 will		22144.0	24000.0	21416.7	22500.0	22400.0	22420.0	23600.0		22670.8	22450.0	
be: There is a 1-in-10
chance it will be
greater than:		20750.0	20500.0	20000.0	20000.0	20750.0	20250.0	21000.0		21000.0	20000.0	
												
In 1 year, I expect		3	3	6	5	5	5	11		25	10	
Nikkei 225 will be:		22273.3	22273.3	20303.3	20100.0	21100.0	21000.0	22165.5		21432.8	20714.0	
Expected return:		21000.0	21000.0	20000.0	20000.0	20750.0	20500.0	22000.0		21000.0	20000.0	
												
In three months, I		3	3	6	5	5	5	11		25	10	
expect Nikkei 225 will		21629.7	21463.0	19878.0	20400.0	20700.0	20700.0	21000.0		20740.0	20465.7	
be: Expected return:		22500.0	18000.0	21500.0	20000.0	23500.0	24000.0	25000.0		25000.0	19750.0	

243 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Number of Employees		Foreign Sales	
Number
Mean
Median		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
Number		3	4	4	5	6	3	16		5	19	7	11	
Percent		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
In 10 years, I expect		2	4	4	5	5	3	14		4	17	5	11	
Nikkei 225 will be:		26000.0	30841.0	26750.0	24600.0	27000.0	27666.7	35490.3		27500.0	30631.1	32700.0	29636.4	
There is a 1-in-10
chance it will be
greater than:		23466.0	23000.0	21500.0	22000.0	22500.0	20500.0	23000.0		22000.0	23000.0	23000.0	22000.0	
														
In 1 year, I expect		2	4	4	5	5	3	14		4	17	5	11	
Nikkei 225 will be:		24000.0	24978.0	23125.0	23000.0	23200.0	22119.0	25380.3		24067.3	24372.0	25300.0	23272.7	
There is a 1-in-10
chance it will be
greater than:		26000.0	27500.0	27500.0	22500.0	25000.0	26500.0	33000.0		30000.0	30000.0	30250.0	30000.0	
														
In 10 years, I expect		2	4	4	5	5	3	14		4	17	5	11	
Nikkei 225 will be:		22500.0	22000.0	23125.0	19000.0	22400.0	23333.3	25447.6		23000.0	22603.9	23900.0	23909.1	
Expected return:		15000.0	10000.0	15000.0	11000.0	13500.0	10000.0	10000.0		12500.0	10000.0	11500.0	15000.0	
														
In three months, I		2	4	4	5	5	3	14		4	17	5	11	
expect Nikkei 225 will		23466.0	23000.0	21625.0	22800.0	22800.0	21333.3	23007.1		22358.0	22794.1	23500.0	22281.8	
be: There is a 1-in-10
chance it will be
greater than:		21694.5	20500.0	20000.0	20000.0	20250.0	20500.0	21000.0		21750.0	20000.0	21000.0	20250.0	
														
In 1 year, I expect		2	4	4	5	5	3	15		4	17	6	11	
Nikkei 225 will be:		21410.0	21705.0	20875.0	20564.0	20400.0	21333.3	21888.0		22410.0	21136.5	21500.0	21120.0	
Expected return:		21410.0	21000.0	21000.0	20000.0	20000.0	21000.0	22000.0		23410.0	20500.0	21500.0	20750.0	
														
In three months, I		2	4	4	5	5	3	15		4	17	6	11	
expect Nikkei 225 will		21694.5	20750.0	20000.0	20331.4	20700.0	20833.3	20966.7		21289.3	20728.8	21000.0	20454.5	
be: Expected return:		22500.0	22500.0	24000.0	17500.0	22000.0	22500.0	25000.0		25000.0	21500.0	21250.0	23000.0	

244 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Where Based	
Number
Mean
Median		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
							
Number		26	8	2	2	1	
Percent		66.7%	20.5%	5.1%	5.1%	2.6%	
							
In 10 years, I expect		24	8	2	1	1	
Nikkei 225 will be:		31098.5	26500.0	28000.0	30000.0	45364.0	
There is a 1-in-10
chance it will be
greater than:		23000.0	22500.0	21500.0	11000.0	11500.0	
							
In 1 year, I expect		24	8	2	1	1	
Nikkei 225 will be:		24801.5	22419.6	23000.0	22000.0	25000.0	
There is a 1-in-10
chance it will be
greater than:		30000.0	25000.0	28000.0	15000.0	22682.0	
							
In 10 years, I expect		24	8	2	1	1	
Nikkei 225 will be:		23552.8	22250.0	22500.0	25000.0	25000.0	
Expected return:		11000.0	14500.0	13000.0	7500.0	2785.0	
							
In three months, I		24	8	2	1	1	
expect Nikkei 225 will		22855.5	22187.5	21500.0	22000.0	23000.0	
be: There is a 1-in-10
chance it will be
greater than:		21000.0	21000.0	20250.0	10000.0	10000.0	
							
In 1 year, I expect		25	8	2	1	1	
Nikkei 225 will be:		21731.2	20750.0	20250.0	20000.0	20000.0	
Expected return:		22000.0	21000.0	20250.0	10000.0	10000.0	
							
In three months, I		25	8	2	1	1	
expect Nikkei 225 will		20841.8	20812.5	20250.0	20000.0	20000.0	
be: Expected return:		25000.0	21000.0	22500.0	12500.0	12500.0	

245 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Totals		Industry	
Number
Mean
Median		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
In three months, I		37		6	1	1	3	1	0	0	3	17	0	0	5	
expect Nikkei 225 will		17899.6		17833.3	18000.0	18000.0	17333.3	19000.0	---	---	18333.3	17852.9	---	---	17957.2	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		12500.0		18000.0	9000.0	9000.0	16000.0	9500.0	---	---	18000.0	18000.0	---	---	17500.0	
																
In 1 year, I expect		37		6	1	1	3	1	0	0	3	17	0	0	5	
Nikkei 225 will be:		15886.0		16833.3	18000.0	18500.0	16666.7	18000.0	---	---	16333.3	15235.3	---	---	14856.6	
There is a 1-in-10
chance Nikkei 225 will
be less than:		10000.0		26500.0	13000.0	10250.0	22500.0	12500.0	---	---	21500.0	23000.0	---	---	25000.0	
																
In 10 years, I expect		37		6	1	1	3	1	0	0	3	17	0	0	5	
Nikkei 225 will be:		12499.9		14571.5	12000.0	17000.0	9333.3	15000.0	---	---	11666.7	13142.9	---	---	8928.0	
There is a 1-in-10
chance Nikkei 225 will
be less than:		22682.0		17000.0	9000.0	9250.0	15000.0	9000.0	---	---	16000.0	16000.0	---	---	13500.0	

246 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Sales Revenue		Ownership	
Number
Mean
Median		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
												
In three months, I		3	3	6	5	5	5	10		24	10	
expect Nikkei 225 will		19095.3	17666.7	18166.7	18200.0	17400.0	18500.0	17250.0		17854.2	17900.0	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.0	17500.0	18000.0	18000.0	16500.0	18500.0	18000.0		18000.0	18000.0	
												
In 1 year, I expect		3	3	6	5	5	5	10		24	10	
Nikkei 225 will be:		19012.7	15666.7	16166.7	16500.0	15000.0	15400.0	15224.5		15739.4	15450.0	
There is a 1-in-10
chance Nikkei 225 will
be less than:		19678.5	24500.0	21500.0	22000.0	23000.0	24000.0	25000.0		25000.0	23000.0	
												
In 10 years, I expect		3	3	6	5	5	5	10		24	10	
Nikkei 225 will be:		11666.7	9190.0	13333.3	14200.0	12000.0	12000.0	12892.8		12684.5	11957.0	
There is a 1-in-10
chance Nikkei 225 will
be less than:		17500.0	14500.0	16000.0	16000.0	14000.0	16000.0	15250.0		17000.0	16000.0	

247 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Number of Employees		Foreign Sales	
Number
Mean
Median		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
														
In three months, I		2	4	4	5	5	3	14		4	17	5	11	
expect Nikkei 225 will		18500.0	18000.0	18750.0	17200.0	18000.0	18428.7	17642.9		18821.5	17647.1	17500.0	18136.4	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18500.0	18000.0	18500.0	17500.0	18000.0	17000.0	18000.0		18500.0	18000.0	16750.0	18500.0	
														
In 1 year, I expect		2	4	4	5	5	3	14		4	17	5	11	
Nikkei 225 will be:		16500.0	15750.0	17875.0	15600.0	15600.0	16679.3	15303.2		18009.5	15308.5	14700.0	16545.5	
There is a 1-in-10
chance Nikkei 225 will
be less than:		24000.0	24500.0	23500.0	22000.0	22500.0	20678.5	25000.0		24000.0	25000.0	25250.0	23000.0	
														
In 10 years, I expect		2	4	4	5	5	3	14		4	17	5	11	
Nikkei 225 will be:		15000.0	10142.5	14250.0	12400.0	14285.8	11666.7	11892.8		12500.0	12294.0	11900.0	13090.9	
There is a 1-in-10
chance Nikkei 225 will
be less than:		16500.0	17000.0	17750.0	15000.0	16000.0	14000.0	15750.0		17500.0	15500.0	15000.0	17000.0	

248 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

12. On May 18, 2015, Nikkei 225 was 19,890 yen. Please complete the following:

N=42		Where Based	
Number
Mean
Median		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
							
In three months, I		24	8	2	1	1	
expect Nikkei 225 will		17854.2	18660.8	17000.0	18000.0	17000.0	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.0	18500.0	17000.0	9000.0	8500.0	
							
In 1 year, I expect		24	8	2	1	1	
Nikkei 225 will be:		15843.5	17254.8	13500.0	15000.0	12000.0	
There is a 1-in-10
chance Nikkei 225 will
be less than:		25000.0	22500.0	23000.0	11000.0	12500.0	
							
In 10 years, I expect		24	8	2	1	1	
Nikkei 225 will be:		12434.5	13000.0	13000.0	15000.0	5570.0	
There is a 1-in-10
chance Nikkei 225 will
be less than:		17000.0	17000.0	13500.0	7500.0	6000.0	

249 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=42		Totals		Industry	
Number
Mean
SD
Median		

		
Retail/
Whole-
sale	
Bank/Fin
Insur Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardware
Bio	

Manufac-
turing	
Health-
care
Pharm	

Agr, Pub
Admin	

Other
Industry	
		A		A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		42		6	3	1	3	1	1	0	3	19	0	0	5	
Percent		100.0%		14.3%	7.1%	2.4%	7.1%	2.4%	2.4%	0.0%	7.1%	45.2%	0.0%	0.0%	11.9%	
																
% Approximate ROA		38		6	1	1	3	1	1	0	3	18	0	0	4	
in 2014		5.3		3.5	3.0	2.8	5.4	-2.7	15.0	---	6.7	5.3	---	---	6.9	
		6.1		2.3	---	---	4.0	---	---	---	5.4	7.0	---	---	9.0	
		0.0		2.7	1.5	1.4	3.8	-1.4	7.5	---	4.6	6.1	---	---	3.1	
																
% Expected ROA in		38		6	1	1	3	1	1	0	3	18	0	0	4	
2015		6.8		4.1	15.0	4.3	4.7	4.1	20.0	---	7.2	7.1	---	---	6.9	
		6.0		2.2	---	---	2.5	---	---	---	5.7	6.2	---	---	8.9	
		10.1		3.1	7.5	2.2	3.5	2.0	10.0	---	5.3	6.2	---	---	3.0	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

250 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=42		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Number		5	3	7	5	5	5	12		26	13	
Percent		11.9%	7.1%	16.7%	11.9%	11.9%	11.9%	28.6%		66.7%	33.3%	
												
% Approximate ROA		3	3	7	5	5	5	10		24	12	
in 2014		7.6	8.6	5.1	5.7	5.7	6.9	2.3		4.8	6.4	
		7.2	10.2	8.4	5.3	7.4	3.7	3.8		4.7	8.7	
		3.9	2.7	4.3	3.2	7.0	6.1	2.3		5.4	2.9	
							g	f				
												
% Expected ROA in		3	3	7	5	5	5	10		24	12	
2015		9.4	12.5	6.3	7.4	8.2	7.2	3.5		5.9	9.0	
		9.8	9.1	7.8	7.2	3.5	4.3	1.6		3.3	9.4	
		4.1	8.8	4.6	3.9	7.4	5.5	3.5		4.8	5.2	
			G			G	g	BEf				

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

251 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=42		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer
than 100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		3	4	4	5	6	3	16		5	19	7	11	
Percent		7.3%	9.8%	9.8%	12.2%	14.6%	7.3%	39.0%		11.9%	45.2%	16.7%	26.2%	
														
% Approximate ROA		3	4	4	5	6	2	14		3	19	6	10	
in 2014		4.4	7.2	1.2	6.7	5.1	4.7	5.7		4.6	4.0	3.7	8.9	
		12.3	9.0	5.8	6.0	7.4	10.4	3.2		3.3	7.7	2.1	3.4	
		-0.9	4.0	2.6	3.3	4.0	4.7	6.1		3.3	2.5	3.8	8.6	
												D	C	
														
% Expected ROA in		3	4	4	5	6	2	14		3	19	6	10	
2015		7.5	7.3	4.4	10.3	7.0	8.6	5.6		5.2	6.6	4.1	9.3	
		12.5	8.8	1.8	7.6	6.7	6.3	3.4		2.8	7.2	2.3	5.0	
		1.3	4.3	3.8	7.3	4.7	8.6	4.8		4.0	3.3	3.8	8.5	
												d	c	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

252 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=42		Where Based	
Number
Mean
SD
Median		

Kanto	

Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	
							
Number		26	8	2	2	1	
Percent		66.7%	20.5%	5.1%	5.1%	2.6%	
							
% Approximate ROA		24	7	2	1	1	
in 2014		3.4	4.0	10.6	15.0	20.3	
		4.1	6.5	1.9	---	---	
		3.0	4.3	10.6	7.5	10.1	
		c		a			
							
% Expected ROA in		24	7	2	1	1	
2015		5.0	4.9	11.3	20.1	20.1	
		3.3	5.5	2.5	---	---	
		4.1	4.8	11.3	10.1	10.1	
		c		a			

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

253 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized

N=18		Total		Industry	
Number
Mean
SD
Median		

		
Retail/
Whole-
sale	
Bank/Fin
Insur Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardware
Bio	

Manufac-
turing	
Health-
care
Pharm	

Agr, Pub
Admin	

Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		18		0	0	0	0	0	0	0	0	18	0	0	0	
Percent		100.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
																
% of capacity utilized		18		0	0	0	0	0	0	0	0	18	0	0	0	
in last half of 2014		82.9		---	---	---	---	---	---	---	---	82.9	---	---	---	
		9.8		---	---	---	---	---	---	---	---	9.8	---	---	---	
		80.0		---	---	---	---	---	---	---	---	80.0	---	---	---	
																
% of capacity		18		0	0	0	0	0	0	0	0	18	0	0	0	
utilization planned for		84.6		---	---	---	---	---	---	---	---	84.6	---	---	---	
2015		8.5		---	---	---	---	---	---	---	---	8.5	---	---	---	
		85.0		---	---	---	---	---	---	---	---	85.0	---	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

254 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized

N=18		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Number		0	1	3	3	5	4	2		13	5	
Percent		0.0%	5.6%	16.7%	16.7%	27.8%	22.2%	11.1%		72.2%	27.8%	
												
% of capacity utilized		0	1	3	3	5	4	2		13	5	
in last half of 2014		---	70.0	81.7	80.0	89.8	78.8	87.0		86.4	74.0	
		---	---	12.6	0.0	9.1	11.8	4.2		8.9	5.5	
		---	35.0	75.0	80.0	85.0	75.0	87.0		84.5	70.0	
										b	a	
												
% of capacity		0	1	3	3	5	4	2		13	5	
utilization planned for		---	80.0	83.3	81.7	90.6	80.0	87.5		87.2	78.0	
2015		---	---	10.4	2.9	6.8	12.2	3.5		8.1	5.7	
		---	40.0	77.5	80.0	88.5	77.5	87.5		86.0	77.5	
										b	a	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

255 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized

N=18		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer
than 100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		1	1	2	2	4	1	7		0	7	3	8	
Percent		5.6%	5.6%	11.1%	11.1%	22.2%	5.6%	38.9%		0.0%	38.9%	16.7%	44.4%	
														
% of capacity utilized		1	1	2	2	4	1	7		0	7	3	8	
in last half of 2014		80.0	70.0	97.0	80.0	79.8	80.0	84.3		---	81.1	90.0	81.9	
		---	---	2.8	0.0	6.8	---	11.7		---	12.2	10.0	7.0	
		40.0	35.0	97.0	80.0	82.0	40.0	82.5		---	75.0	85.0	80.0	
				e		c								
														
% of capacity		1	1	2	2	4	1	7		0	7	3	8	
utilization planned for		80.0	80.0	94.5	82.5	81.8	90.0	84.6		---	82.7	90.0	84.3	
2015		---	---	0.7	3.5	5.4	---	11.6		---	9.3	10.0	7.4	
		40.0	40.0	94.5	82.5	82.5	45.0	83.5		---	80.0	85.0	85.0	
				de	c	c								

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

256 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized

N=18		Where Based	
Number
Mean
SD
Median		

Kanto	

Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	
							
Number		7	7	2	1	0	
Percent		41.2%	41.2%	11.8%	5.9%	0.0%	
							
% of capacity utilized		7	7	2	1	0	
in last half of 2014		86.9	81.4	82.5	80.0	---	
		12.7	7.5	3.5	---	---	
		87.0	80.0	82.5	40.0	---	
							
% of capacity		7	7	2	1	0	
utilization planned for		86.3	83.9	86.0	85.0	---	
2015		12.0	5.7	5.7	---	---	
		87.5	80.0	86.0	42.5	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

257 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=11		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	Health-
care
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		11		0	0	0	0	0	0	0	0	11	0	0	0	
Percent		102.8%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	102.8%	0.0%	0.0%	0.0%	
																
% of capacity utilized		11		0	0	0	0	0	0	0	0	11	0	0	0	
in last half of 2014		84.7		---	---	---	---	---	---	---	---	84.7	---	---	---	
		8.4		---	---	---	---	---	---	---	---	8.4	---	---	---	
																
% of capacity		11		0	0	0	0	0	0	0	0	11	0	0	0	
utilization planned for		85.6		---	---	---	---	---	---	---	---	85.6	---	---	---	
2015		8.0		---	---	---	---	---	---	---	---	8.0	---	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

258 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=11		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
		A	B	C	D	E	F	G		A	B	
												
Number		0	0	0	0	2	3	6		10	1	
Percent		0.0%	0.0%	1.3%	2.3%	15.2%	30.4%	53.6%		93.6%	9.3%	
												
% of capacity utilized		0	0	0	0	2	3	6		10	1	
in last half of 2014		---	70.0	81.7	80.0	89.8	78.8	87.0		86.1	71.3	
		---	---	---	---	12.8	12.2	3.3		7.5	24.8	
												
% of capacity		0	0	0	0	2	3	6		10	1	
utilization planned for		---	80.0	83.3	81.7	90.6	80.0	87.5		86.9	72.0	
2015		---	---	---	---	9.6	12.7	2.7		6.8	33.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

259 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=11		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		0	0	0	0	3	0	7		0	5	3	3	
Percent		0.5%	0.0%	3.8%	1.7%	34.1%	3.3%	69.6%		0.0%	45.9%	30.6%	26.3%	
														
% of capacity utilized		0	0	0	0	3	0	7		0	5	3	3	
in last half of 2014		80.0	70.0	98.5	80.0	83.8	80.0	84.8		---	84.3	90.7	78.5	
		---	---	---	---	2.1	---	10.3		---	9.3	4.1	7.4	
														
% of capacity		0	0	0	0	3	0	7		0	5	3	3	
utilization planned for		80.0	80.0	94.1	82.5	84.9	90.0	85.3		---	84.6	90.7	81.1	
2015		---	---	---	---	1.8	---	10.1		---	8.7	4.1	9.3	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

260 

Duke / CFO magazine Global Business Outlook survey - Japan - Second Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=11		Where Based	
Number
Mean
SD		

Kanto	
Kinki/
Kansai	

Chubu	

Tohoku	

Other	
		A	B	C	D	E	
							
Number		9	1	1	0	0	
Percent		82.5%	13.1%	6.1%	0.8%	0.0%	
							
% of capacity utilized		9	1	1	0	0	
in last half of 2014		85.5	81.6	82.5	80.0	---	
		9.1	6.0	---	---	---	
							
% of capacity		9	1	1	0	0	
utilization planned for		85.7	85.0	86.0	85.0	---	
2015		8.9	5.1	---	---	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01