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 your country's economy on a scale from 0-100, with 0 being the least optimistic and 100
being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
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.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?
- Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next
year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	9
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]	10
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]	11
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]	12
5a. During the next year, does your company plan to:	13
5b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)	14
5c. How will your firm fund the acquisition(s)? (check all that apply)	16
5c. How will your firm fund the acquisition(s)?  - Other specified	17
6a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?	18
6a. Why has your firm recently increased your primary employees' real wages/salaries?	19
6a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified	20
6b. How difficult is it for your firm to fill your key job openings?	22
7. I believe that the stock market in my country is:	24
8. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects
of, future economic stress (for example, a recession or crisis)?	25
9.In an attempt to increase holdings by long-term individual shareholders, Toyota Motor recently issued shares with a
transfer restriction.  Do you agree or disagree with this statement: Increasing the composition of long-term individual
investors is essential to increase shareholder value for your firm.	26
9. Increasing the composition of long-term individual investors is essential to increase shareholder value for your firm.
Why is that your view?	27
10. Of the following shareholder groups, which type of shareholder would your firm most like to increase?	28
11a. What do you think is the cause of Toshiba's accounting scandals?	29
11b. What kind of penalties do you think are appropriate for Toshiba?	30
12. On August 17, 2015, Nikkei 225 was 20,620 yen. Please complete the following:	31
Revenue Weighted: 12. On August 17, 2015, Nikkei 225 was 20,620 yen. Please complete the following:	32
Employee Weighted: 12. On August 17, 2015, Nikkei 225 was 20,620 yen. Please complete the following:	33
In 2014, what was your company's... (millions of yen)	34
Return on assets (ROA=operating earnings/assets)	35
Manufacturing capacity utilized	36
Manufacturing capacity utilized (Revenue Weighted)	37
Industry	38
Sales Revenue	40
Weighted Sales Revenue (Millions)	41
Number of Employees	42
Weighted Number of Employees	43
Where are you personally located?	44
Where are you personally located? - Other specified	45
Ownership	46
Foreign Sales	47
In what region of the world are most of your foreign sales?	48
What is your company's credit rating? 	49
Year of birth	52
Month of birth	53
Your job title (e.g., CFO, Asst. Treasurer, etc):	54

 1 

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

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

	 	Number	Percent	95% CI
	1=More optimistic	4	13.3 %	± 12.9 %
	0=No change	17	56.7 %	± 18.8 %
	-1=Less optimistic	9	30.0 %	± 17.4 %
	Total	30	100.0 %

	Mean = -0.17
	SD = 0.65

	Missing Cases = 0
	Response Percent = 100.0 %

2 

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

1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 30

	Maximum = 90

	Mean = 55.9

	Median = 50

	Standard Deviation (Unbiased Estimate) = 14.6

	95 Percent Confidence Interval Around The Mean = 50.5 - 61.2

4 Groups

	 1 = 42.5
	 2 = 50
	 3 = 63.8

Valid Cases =29
Missing Cases =1
Response Percent = 96.7%

3 

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

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

	 	Number	Percent	95% CI
	1=More optimistic	9	30.0 %	± 17.4 %
	0=No change	11	36.7 %	± 18.3 %
	-1=Less optimistic	10	33.3 %	± 17.9 %
	Total	30	100.0 %

	Mean = -0.03
	SD = 0.81

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke CFO magazine Global Business Outlook survey - Japan - Third 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.

	Minimum = 10

	Maximum = 100

	Mean = 55.9

	Median = 50

	Standard Deviation (Unbiased Estimate) = 20.1

	95 Percent Confidence Interval Around The Mean = 48.5 - 63.2

4 Groups

	 1 = 45
	 2 = 50
	 3 = 70

Valid Cases =29
Missing Cases =1
Response Percent = 96.7%

5 

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

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

	 	Number	Percent	95% CI
	Economic uncertainty	13	43.3 %	± 18.8 %
	Difficulty attracting / retaining qualified employees	12	40.0 %	± 18.6 %
	Currency risk	10	33.3 %	± 17.9 %
	Employee productivity	8	26.7 %	± 16.8 %
	Data security	8	26.7 %	± 16.8 %
	Rising input or commodity costs	7	23.3 %	± 16.1 %
	Weak demand for your products/services	7	23.3 %	± 16.1 %
	Geopolitical / health crises	6	20.0 %	± 15.2 %
	Employee morale	4	13.3 %	± 12.9 %
	Rising wages and salaries	4	13.3 %	± 12.9 %
	Access to capital	3	10.0 %	± 11.4 %
	Regulatory requirements	3	10.0 %	± 11.4 %
	Government policies	2	6.7 %	± 9.5 %
	Cost of benefits	1	3.3 %	± 6.8 %
	Corporate tax code [domestic]	1	3.3 %	± 6.8 %
	Deflation	1	3.3 %	± 6.8 %
	Cost of borrowing	1	3.3 %	± 6.8 %
	Inflation	0	0.0 %	± 0.0 %
	Other	5	16.7 %	± 14.2 %
	Total	96

	Number of Cases = 30
	Number of Responses = 96
	Average Number Of Responses Per Case = 3.2
	Number Of Cases With At Least One Response = 30
	Response Percent = 100.0 %

6 

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

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

Manufacturing	中国の景気減速	
Manufacturing	他の企業グループとの資本統合	
Retail/Wholesale	原油価 の低下	
Tech [Soft/Hard/Bio]	受注競争激化	
Unspecified Industry	資源価 の急落	

7 

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Energy	他社との経営統合に向けて対応	
Manufacturing	マイナンバー対応	
Manufacturing	サイバーテロのさらなる増�� 	
Manufacturing	中国の経済減速を受けたアジア経済の更なる悪化	
Manufacturing	中国リスク	
Manufacturing	新しいｸﾞﾙｰﾌﾟ基盤の構築	
Manufacturing	日本からアジアへの生産�� 点の移管、為替のリス-	
 	クヘッジ	
Manufacturing	無差別テロの発生。	
Manufacturing	製�� に必要な経費の顧客からの回収。例：検�-	
 	��費用	
Mining/Construction	テロ等の不確実性リスク	
Mining/Construction	ステークホルダーとの対話	
Retail/Wholesale	グローバル化への対応。海外�� 点を含む子会社管-	
 	理。	
Retail/Wholesale	中国リスク（経済・軍拡・政治）の波乱要�� 	
Retail/Wholesale	売上低下	
Retail/Wholesale	広範囲の国・地域において、地政学リスクの増大-	
 	の懸念がある。	
Services, Consulting	マイナンバー制度のコスト�� 担出現と管理リスクの-	
 	上昇	
Tech [Soft/Hard/Bio]	ニーズの多様化、価� �競争などビジネス環境の�-	
 	��動	

8 

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

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Capital spending	24.09	37.72	1.80 - 46.38	10	0	98.99	11

Dividends	16.49	30.96	-3.74 - 36.72	2	-5	86.39	15

Productivity (output per hour worked)	8.39	9.86	1.09 - 15.70	5	0	28.75	9

Technology spending	7.14	6.99	1.97 - 12.32	5	0	20	18

Earnings	6.91	31.33	-7.57 - 21.38	6	-50	76.30	8

Share repurchases	5.00	10.00	-4.80 - 14.80	0	0	20	10

Research and development spending	3.67	4.92	0.45 - 6.88	5	-5	10	6

Revenue	3.33	8.97	-0.50 - 7.17	4	-10	20	10

Marketing/advertising spending	3.13	5.30	-0.55 - 6.80	2.50	-5	10	9

Wages/Salaries	2.24	1.34	1.48 - 3.00	2	0	4.91	7

Number of offshore outsourced employees	2.10	8.01	-2.86 - 7.06	1.50	-16	15	9

Number of domestic full-time employees	1.01	6.40	-2.96 - 4.98	1	-14.90	10	21

Prices of your products	-0.78	3.31	-2.94 - 1.38	0	-5	3	4

Cash on the balance sheet	-8.74	17.60	-17.65 - 0.17	-5	-48.10	20	7

Number of domestic temporary employees	-10.73	32.72	-36.92 - 15.45	1.50	-77.40	5	12

9 

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

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

(N=30)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.92	11	1	0
Wages/Salaries	0.29	91.7%	8.3%	0.0%

	0.91	10	1	0
Capital spending	0.30	90.9%	9.1%	0.0%

	0.71	5	2	0
Productivity (output per hour worked)	0.49	71.4%	28.6%	0.0%

	0.71	5	2	0
Technology spending	0.49	71.4%	28.6%	0.0%

	0.60	7	2	1
Number of domestic full-time employees	0.70	70.0%	20.0%	10.0%

Number of offshore outsourced	0.60	7	2	1
employees	0.70	70.0%	20.0%	10.0%

	0.56	6	2	1
Research and development spending	0.73	66.7%	22.2%	11.1%

Number of domestic temporary	0.50	4	1	1
employees	0.84	66.7%	16.7%	16.7%

	0.44	5	3	1
Dividends	0.73	55.6%	33.3%	11.1%

	0.38	4	3	1
Marketing/advertising spending	0.74	50.0%	37.5%	12.5%

	0.33	12	0	6
Earnings	0.97	66.7%	0.0%	33.3%

	0.29	13	1	7
Revenue	0.96	61.9%	4.8%	33.3%

	0.25	1	3	0
Share repurchases	0.50	25.0%	75.0%	0.0%

	0.11	4	2	3
Prices of your products	0.93	44.4%	22.2%	33.3%

	-0.47	3	2	10
Cash on the balance sheet	0.83	20.0%	13.3%	66.7%

10 

Duke CFO magazine Global Business Outlook survey - Japan - Third 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] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Capital spending	24.48	37.07	3.63 - 45.34	10	1	98.99	10

Dividends	15.45	26.40	2.48 - 28.42	3.50	-5	86.39	10

Earnings	14.99	28.76	0.19 - 29.78	14	-20	76.30	19

Share repurchases	13.66	10.79	2.96 - 24.37	20	0	20	12

Technology spending	8.32	2.82	6.27 - 10.37	10	5	10	6

Research and development spending	5.96	2.88	4.14 - 7.79	5	2	10	15

Marketing/advertising spending	5.77	4.19	2.47 - 9.06	5	0	10	13

Revenue	4.84	8.86	0.80 - 8.88	5	-5	20	16

Prices of your products	-2.14	3.74	-4.46 - 0.18	-5	-5	3	4

Cash on the balance sheet	-8.61	19.63	-19.11 - 1.90	-4	-40	20	7

11 

Duke CFO magazine Global Business Outlook survey - Japan - Third 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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Productivity (output per hour worked)	14.47	10.88	7.26 - 21.68	10	5	28.75	9

Wages/Salaries	2.60	1.32	1.89 - 3.32	2	2	4.91	10

Number of offshore outsourced employees	-3.26	9.11	-9.12 - 2.59	2	-16	3	6

Number of domestic full-time employees	-3.73	7.42	-8.28 - 0.83	0	-14.90	1	9

Number of domestic temporary employees	-33.25	44.51	-68.10 - 1.61	-36.20	-77.40	5	13

12 

Duke CFO magazine Global Business Outlook survey - Japan - Third 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] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	23.05	27.48	6.80 - 39.30	14	-5	76.30

Share repurchases	19.34	4.47	14.06 - 24.62	20	20	20

Dividends	15.45	26.40	2.48 - 28.42	3.50	-5	86.39

Revenue	5.96	8.67	1.56 - 10.36	5	-5	20

Cash on the balance sheet	-9.11	20.54	-20.66 - 2.43	-5.50	-40	20

13 

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

5a. During the next year, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	6	21.4 %	± 15.3 %
	Acquire part of another company or companies?	1	3.6 %	± 6.9 %
	Both	6	21.4 %	± 15.3 %
	Neither	15	53.6 %	± 19.1 %
	Total	28	100.0 %

	Missing Cases = 2
	Response Percent = 93.3 %

14 

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

5b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)

	 	Number	Percent	95% CI
	Product diversification	11	84.6 %	± 22.7 %
	Revenue synergies	8	61.5 %	± 30.6 %
	Geographic diversification	5	38.5 %	± 30.6 %
	To improve our industry position	4	30.8 %	± 29.1 %
	Acquire personnel	4	30.8 %	± 29.1 %
	Cost synergies	1	7.7 %	± 16.8 %
	Acquire fast-growing assets	1	7.7 %	± 16.8 %
	Consolidation of industry	1	7.7 %	± 16.8 %
	Deploy cash reserves	1	7.7 %	± 16.8 %
	Change in government regulation/programs	0	0.0 %	± 0.0 %
	Tax savings	0	0.0 %	± 0.0 %
	Attractive target valuation	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	36

	Number of Cases = 13
	Number of Responses = 36
	Average Number Of Responses Per Case = 2.8
	Number Of Cases With At Least One Response = 13
	Response Percent = 100.0 %

15 

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

5b. Why is your firm making acquisition(s)? - Other specified

--- No Response ---

16 

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

5c. How will your firm fund the acquisition(s)? (check all that apply)

	 	Number	Percent	95% CI
	Debt	9	69.2 %	± 29.1 %
	Cash Reserves	5	38.5 %	± 30.6 %
	Stock	0	0.0 %	± 0.0 %
	Other	1	7.7 %	± 16.8 %
	Total	15

	Number of Cases = 13
	Number of Responses = 15
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response = 13
	Response Percent = 100.0 %

17 

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

5c. How will your firm fund the acquisition(s)?  - Other specified

Mining/Construction	具体的事案がないため調達していない	

18 

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

6a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

	 	Number	Percent	95% CI
	Yes	19	76.0 %	± 18.5 %
	No	6	24.0 %	± 15.3 %
	Total	25	100.0 %

	Missing Cases = 5
	Response Percent = 83.3 %

19 

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

6a. Why has your firm recently increased your primary employees' real wages/salaries?

	Why increase? (check one or two best options)	Number	Percent	95% CI
	Employees are stakeholders in the firm	7	36.8 %	± 23.9 %
	Company s financial performance has improved	5	26.3 %	± 21.8 %
	Pressure from employees or their representatives	4	21.1 %	± 20.2 %
	Difficulty attracting/retaining qualified employees	3	15.8 %	± 18.1 %
	Labor market pressures/conditions	2	10.5 %	± 15.2 %
	Company altruism	0	0.0 %	± 0.0 %
	To keep up with wages at our peer firms	0	0.0 %	± 0.0 %
	Other:	5	26.3 %	± 21.8 %
	Total	26

	Number of Cases = 19
	Number of Responses = 26
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response = 19
	Response Percent = 100.0 %

20 

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

6a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified

Retail/Wholesale	若手社員のみの賃上げを実施	
Other	政府の規制	
Bank/Fin/Insur/Real Est	従業員の待遇改善と士気向上	
Tech [Soft/Hard/Bio]	成果に正当に いるため	
Manufacturing	社会的責任。	

21 

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

6a. Why has your not increased your primary employees' real wages/salaries?

--- No Response ---

22 

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

6b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	We have job openings for key jobs	27	96.4 %	± 7.3 %
	We do not have job openings for key jobs	1	3.6 %	± 7.3 %
	Total	28	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

23 

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

6b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	+1=Easy	0	0.0 %	± 0.0 %
	0=Normal	9	33.3 %	± 19.0 %
	-1=Difficult	18	66.7 %	± 19.0 %
	Total	27	100.0 %

	Mean = -0.67
	SD = 0.48

	Missing Cases = 0
	Response Percent = 100.0 %

24 

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

7. I believe that the stock market in my country is:

	 	Number	Percent	95% CI
	+1=Overvalued	4	14.8 %	± 13.0 %
	0=Correctly valued	19	70.4 %	± 18.4 %
	-1=Undervalued	4	14.8 %	± 13.0 %
	Total	27	100.0 %

	Mean = 0.00
	SD = 0.55

	Missing Cases = 3
	Response Percent = 90.0 %

25 

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

8. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects of, future economic stress (for example, a recession or crisis)?

	 	Number	Percent	95% CI
	Yes	4	14.3 %	± 13.0 %
	No	24	85.7 %	± 15.3 %
	Total	28	100.0 %

	Missing Cases = 2
	Response Percent = 93.3 %

26 

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

9.In an attempt to increase holdings by long-term individual shareholders, Toyota Motor recently issued shares with a transfer restriction.  Do you agree or disagree with this statement: Increasing the composition of long-term individual investors is essential to increase shareholder value for your firm.

	 	Number	Percent	95% CI
	1=Strongly Disagree	1	3.3 %	± 6.8 %
	2=Disagree	1	3.3 %	± 6.8 %
	3=Neutral	8	26.7 %	± 16.8 %
	4=Agree	12	40.0 %	± 18.6 %
	5=Strongly Agree	8	26.7 %	± 16.8 %
	Total	30	100.0 %

	Mean = 3.83
	SD = 0.99

	Missing Cases = 0
	Response Percent = 100.0 %

27 

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

9. Increasing the composition of long-term individual investors is essential to increase shareholder value for your firm. Why is that your view?

Mining/Construction	長期的な成果を求める投資としての、人的資源育-	
 	成や技術開発の重要性に注力できるから	
Retail/Wholesale	長期的な視点での経営が必要。	
Manufacturing	もともと非公開のため、さほど影響はない	
Manufacturing	中長期の企業価値向上施策をより強化していき-	
 	たいから。	
Other	関係性はゼロではないが直接的な関係性がある��-	
 	�は思わない	
Retail/Wholesale	自社のビジネスモデル、戦略が中長期で評価され-	
 	るべきものと考えるから	
Retail/Wholesale	経営の安定	
Bank/Fin/Insur/Real Est	種類� �発行の本質的意義に疑問を持っている	
Manufacturing	� �価の下支えになるであろう	
Tech [Soft/Hard/Bio]	� �主価値の向上は、本質的には事業投資の回収��-	
 	�あり、長期的な取り組み�� から。	
Tech [Soft/Hard/Bio]	短期的成果のみに陥らないため	
Manufacturing	短期ヘッジファンドの売買に左右されるのではな�-	
 	��、中長期の持続的成長戦略に賛同いた�� ける� -	
 	�主に投資いた�� きたいため。	
Mining/Construction	長期� �主＝安定� �主⇒ラポール構築⇒相互連携で-	
 	経営を良くできる⇒� �主価値が向上	
Manufacturing	既に長期� �主比率は高いため	
Services, Consulting	中長期安定成長と収益の達成が見込めるなら��-	
 	�� �価・資本政策として必要なことと思いま��-	
 	�。	
Manufacturing	メリット、デメリットの両面があるから。	
Manufacturing	経営を長期的に評価してくれることを期待す�-	
 	��から	
Unspecified Industry	� �価が低いため長期� �主が存在することに安�-	
 	��感を得られる。	

28 

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

10. Of the following shareholder groups, which type of shareholder would your firm most like to increase?

	 	Number	Percent	95% CI
	Individual investors	10	34.5 %	± 18.0 %
	Domestic institutional investors	6	20.7 %	± 15.2 %
	Other	6	20.7 %	± 15.2 %
	Corporations (supplier, customer, or partner)	4	13.8 %	± 13.0 %
	Foreign institutional investors	1	3.4 %	± 6.8 %
	Cross-shareholders	1	3.4 %	± 6.8 %
	Banks and insurance companies	1	3.4 %	± 6.8 %
	Total	29	100.0 %

	Missing Cases = 1
	Response Percent = 96.7 %

29 

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

11a. What do you think is the cause of Toshiba's accounting scandals?

Mining/Construction	社内倫理の�� 如	
Other	会社全体の甘え、経理部門の矜持の�� 如、�-	
 	��営層の実態認識の�� 如	
Bank/Fin/Insur/Real Est	経営者の倫理観の�� 如	
Retail/Wholesale	繰越�� 損金の失効を防ぐ為の無理した益出し。	
Energy	経営陣による暗黙の利益確保要求とその要求��-	
 	�拒否できない社風	
Retail/Wholesale	東芝社内の経営決定機関（取�� 役会、監査役-	
 	会）が形骸化し本来あるべき機能・役割��-	
 	�果たされていなかったため。	
Manufacturing	経営者のモラル	
Manufacturing	経営陣の間の不仲　	
Manufacturing	倫理観の�� 如	
Other	経営陣が実態を把握していなかったこと（�-	
 	��っていたが考慮していなかったものも含む-	
 	）	
Retail/Wholesale	当期利益主義（短期利益主義）が原�� と考え��-	
 	�。	
Retail/Wholesale	経営トップの判断とガバナンスの�� 如	
Other	企業体質、企業と監査法人との癒着。	
Services, Consulting	市� �（� �主）からの圧力による、利益の確保＋社�-	
 	��政治力学	
Bank/Fin/Insur/Real Est	日本的な無責任体質と米流の短期主義の�� 点�-	
 	��みが露呈した	
Manufacturing	経営トップの意識・認識もしくは� �告会計に対-	
 	しての理解・敬意。（ガバナンスの甘さ・ゆるさ-	
 	もある�� ろうが、これによりすべては防げない�-	
 	��、可能な限り抑え込もうとすればするほ��-	
 	�経営の執行スピードの妨げとなる）	
Tech [Soft/Hard/Bio]	経営トップの倫理観が低いこと	
Tech [Soft/Hard/Bio]	経営者の無知とエゴ、マーケットやコンプライア�-	
 	��スの軽視	
Manufacturing	巨大な事業部と事業部に紐付く経理組織、それを��-	
 	�串で統制する機能の脆弱性	
Manufacturing	内部牽制制度の�� 如と経営者のごう慢さ	
Manufacturing	経営トップの倫理観とそれを許す人事制度	
Mining/Construction	経営陣の資質のなさ	
Manufacturing	過度な短期利益の追求	
Services, Consulting	経営層のサラリーマン化（事なかれ主義、トカゲ-	
 	のしっぽ切り、先送り、成果主義）が� �底��-	
 	�ある。会計制度や監査制度、社外役員・監査制度で��-	
 	�解決できないと思う。内部告発制度の拡充と��-	
 	�発者の保障、知っているにもかかわらず告発�-	
 	��なかったものへのペナルティ、の制度化が��-	
 	�要と思います。また、企業、経営者、社��-	
 	�としてのプライド・モラルについて質の高度�-	
 	��も必要と思います。文字数超え？	
Manufacturing	歴代のトップ。	
Manufacturing	ガバナンスの�� 如。	
Manufacturing	経営者が、公正な会計処理は企業経営の絶��-	
 	�的な大前提であるというフィロソフィまたは信-	
 	念を持っていないから	
Unspecified Industry	監査機能の�� 落	

30 

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

11b. What kind of penalties do you think are appropriate for Toshiba?

Mining/Construction	社会的制裁に則した経済的制約	
Bank/Fin/Insur/Real Est	上� �廃止　経営者への刑事罰	
Retail/Wholesale	IFRS、CGコード等を考慮すると、今後の国策�-	
 	��長期の海外機関投資家からの投資増を目指-	
 	している事は明らか。この観点から考慮すると-	
 	、今後、この様な事件が発生しない様なペナ�-	
 	��ティが必要。	
Retail/Wholesale	会社法や金商法に準�� した罰則	
Manufacturing	上� �廃止	
Manufacturing	意見なし	
Other	現状とこれから受けるであろうペナルティ以上�-	
 	��特別なものは必要ない	
Retail/Wholesale	企業に対するペナルティはすでに十分である��-	
 	�考える。これ以上のペナルティは、� �主価値を毀-	
 	損する�� け。	
Retail/Wholesale	上� �廃止か、それに準ずる措置	
Other	上� �廃止	
Services, Consulting	上� �廃止	
Bank/Fin/Insur/Real Est	市� �が決めること�� と思います	
Manufacturing	上� �廃止もしくは相当期間の取引停止	
Tech [Soft/Hard/Bio]	上� �廃止、経営陣に対する刑事罰	
Manufacturing	コメントできません。	
Manufacturing	金銭的なペナルティー	
Mining/Construction	上� �廃止	
Manufacturing	監査法人の強制的変更	
Services, Consulting	これらの評価に一つとして、米国ではすで��-	
 	�メジャー化している「コスト評価」があり、こ-	
 	の手法を使うことで防ぐことも可能かもしれ��-	
 	�い。更に数値化することも可能になる間も知れ�-	
 	��い。数値化できれば、ペナルティもランク化��-	
 	�可能となります。本件は、取引所側の問題-	
 	、監査法人の問題も含まれるため、金融庁の重-	
 	いペナルティほかで已む無し。	
Manufacturing	既に社会的制裁は受けており、法令に則った-	
 	処罰でよい。	
Manufacturing	上� �廃止。	
Manufacturing	上� �廃止	
Unspecified Industry	東証上� �廃止	

31 

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

12. On August 17, 2015, Nikkei 225 was 20,620 yen. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

In 10 years, I expect Nikkei 225 will be:
There is a 1-in-10 chance Nikkei 225 will
be less than:	14696.43	4067.35	13189.86 - 16203.00	15000	8000	25000	28

In 10 years, I expect Nikkei 225 will be:
Expected return:	24758.62	6423.48	22420.71 - 27096.53	24000	18000	50000	29

In 10 years, I expect Nikkei 225 will be:
There is a 1-in-10 chance it will be greater
than:	30111.11	6122.68	27801.62 - 32420.60	30000	21000	45000	27

In 1 year, I expect Nikkei 225 will be:
There is a 1-in-10 chance Nikkei 225 will
be less than:	16303.57	2393.43	15417.03 - 17190.11	16500	10000	20000	28

In 1 year, I expect Nikkei 225 will be:
Expected return:	21051.72	1554.63	20485.90 - 21617.55	21000	18000	25000	29

In 1 year, I expect Nikkei 225 will be:
There is a 1-in-10 chance it will be greater
than:	23425.93	1747.00	22766.96 - 24084.90	23000	20000	27000	27

In three months, I expect Nikkei 225 will
be: There is a 1-in-10 chance Nikkei 225
will be less than:	17232.14	2397.85	16343.97 - 18120.32	18000	10000	20000	28

In three months, I expect Nikkei 225 will
be: Expected return:	20034.48	1109.46	19630.68 - 20438.29	20000	17000	22000	29

In three months, I expect Nikkei 225 will
be: There is a 1-in-10 chance it will be
greater than:	21851.85	1530.55	21274.52 - 22429.18	22000	19000	25000	27

32 

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

Revenue Weighted: 12. On August 17, 2015, Nikkei 225 was 20,620 yen. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

In 10 years, I expect Nikkei 225 will be: There is a
1-in-10 chance Nikkei 225 will be less than:	13735.23	4261.18	12210.09 - 15260.37	12000	8000	22668

In 10 years, I expect Nikkei 225 will be: Expected
return:	25350.63	5819.76	23267.91 - 27433.35	25000	18000	37348

In 10 years, I expect Nikkei 225 will be: There is a
1-in-10 chance it will be greater than:	31435.57	5466.30	29400.49 - 33470.65	30000	21000	42111

In 1 year, I expect Nikkei 225 will be: There is a 1-
in-10 chance Nikkei 225 will be less than:	15825.43	2427.54	14956.58 - 16694.29	15000	11612	20000

In 1 year, I expect Nikkei 225 will be: Expected
return:	21131.02	1600.15	20558.38 - 21703.66	21250	18004	24098

In 1 year, I expect Nikkei 225 will be: There is a 1-
in-10 chance it will be greater than:	23759.67	1432.87	23226.22 - 24293.12	23000	20001	26850

In three months, I expect Nikkei 225 will be:
There is a 1-in-10 chance Nikkei 225 will be less
than:	17012.25	2628.29	16071.54 - 17952.95	17500	12532	20000

In three months, I expect Nikkei 225 will be:
Expected return:	20075.02	1226.86	19635.97 - 20514.07	20000	17859	22000

In three months, I expect Nikkei 225 will be:
There is a 1-in-10 chance it will be greater than:	22131.09	1500.39	21572.50 - 22689.68	22000	19000	24851

33 

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

Employee Weighted: 12. On August 17, 2015, Nikkei 225 was 20,620 yen. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

In 10 years, I expect Nikkei 225 will be: There is a
1-in-10 chance Nikkei 225 will be less than:	13431.09	4191.25	11928.79 - 14933.39	11500	8000	20000

In 10 years, I expect Nikkei 225 will be: Expected
return:	24035.07	4768.19	22326.39 - 25743.75	23500	18000	30000

In 10 years, I expect Nikkei 225 will be: There is a
1-in-10 chance it will be greater than:	31388.76	5778.46	29314.51 - 33463.00	30000	25000	42111

In 1 year, I expect Nikkei 225 will be: There is a 1-
in-10 chance Nikkei 225 will be less than:	15471.26	2401.87	14610.34 - 16332.18	15000	11612	20000

In 1 year, I expect Nikkei 225 will be: Expected
return:	20973.80	1442.70	20456.81 - 21490.79	21250	18004	23000

In 1 year, I expect Nikkei 225 will be: There is a 1-
in-10 chance it will be greater than:	23914.37	1539.25	23361.83 - 24466.90	24000	22000	26850

In three months, I expect Nikkei 225 will be:
There is a 1-in-10 chance Nikkei 225 will be less
than:	16331.33	2312.71	15502.37 - 17160.29	16000	12532	20000

In three months, I expect Nikkei 225 will be:
Expected return:	19922.02	1087.30	19532.38 - 20311.65	20000	18000	21000

In three months, I expect Nikkei 225 will be:
There is a 1-in-10 chance it will be greater than:	22040.14	1412.74	21533.03 - 22547.26	22000	19000	24851

34 

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

In 2014, what was your company's... (millions of yen)

	Mean	SD	Median	Total

2013 Capital expenditure	33378	68223	2000	23

2013 Assets	1490263	3764074	300000	25

35 

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

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	3.89	6.79	1.33 - 6.46	3	-20	15	27

% Expected ROA in 2015	6.21	6.48	3.72 - 8.70	3.60	0	30	26

36 

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

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	79.70	14.25	70.87 - 88.53	86	50	90	10

% of capacity utilization planned for the remainder of
2015	84.90	11.88	77.53 - 92.27	90	60	99	10

37 

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

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	79.23	12.62	71.65 - 86.81	90	60	90	11

% of capacity utilization planned for the remainder of
2015	81.73	13.26	73.77 - 89.70	90	60	99	11

38 

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	11	37.9 %	± 18.4 %
	Retail/Wholesale	4	13.8 %	± 13.0 %
	Mining/Construction	2	6.9 %	± 9.5 %
	Technology [Software/Hardware/Biotech]	2	6.9 %	± 9.5 %
	Banking/Finance/Insurance/Real Estate	2	6.9 %	± 9.5 %
	Services, Consulting	2	6.9 %	± 9.5 %
	Energy	1	3.4 %	± 6.8 %
	Healthcare/Pharmaceutical	1	3.4 %	± 6.8 %
	Agriculture, Forestry, & Fishing	0	0.0 %	± 0.0 %
	Transportation & Public Utilities	0	0.0 %	± 0.0 %
	Public Administration	0	0.0 %	± 0.0 %
	Communication/Media	0	0.0 %	± 0.0 %
	Other Industry	4	13.8 %	± 13.0 %
	Total	29	100.0 %

	Missing Cases = 1
	Response Percent = 96.7 %

39 

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

Industry (Other specified)

--- No Response ---

40 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	5	17.2 %	± 14.2 %
	$25-$99 million	4	13.8 %	± 13.0 %
	$100-$499 million	3	10.3 %	± 11.4 %
	$500-$999 million	2	6.9 %	± 9.5 %
	$1-$4.9 billion	6	20.7 %	± 15.2 %
	$5-$9.9 billion	5	17.2 %	± 14.2 %
	More than $10 billion	4	13.8 %	± 13.0 %
	Total	29	100.0 %

	Missing Cases = 1
	Response Percent = 96.7 %

41 

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 3526.66

	Median = 3000

	Variance (Unbiased Estimate) = 16427924.88

	Standard Deviation (Unbiased Estimate) = 4053.14

	Standard Error Of The Mean  = 752.65

	95 Percent Confidence Interval Around The Mean = 2051.46 - 5001.85

	99 Percent Confidence Interval Around The Mean = 1588.58 - 5464.73

	Skewness = 0.80

	Kolmogorov-Smirnov Statistic For Normality = 1.34

Quartiles

	 1 = 62
	 2 = 1875
	 3 = 7500

Valid Cases =29
Missing Cases =1
Response Percent = 96.7%

42 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	5	17.9 %	± 14.2 %
	100-499	4	14.3 %	± 13.0 %
	500-999	4	14.3 %	± 13.0 %
	1,000-2,499	2	7.1 %	± 9.5 %
	2,500-4,999	2	7.1 %	± 9.5 %
	5,000-9,999	2	7.1 %	± 9.5 %
	Over 10,000	9	32.1 %	± 17.5 %
	Total	28	100.0 %

	Missing Cases = 2
	Response Percent = 93.3 %

43 

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 4953.57

	Median = 1750

	Variance (Unbiased Estimate) = 28087023.81

	Standard Deviation (Unbiased Estimate) = 5299.72

	Standard Error Of The Mean  = 1001.55

	95 Percent Confidence Interval Around The Mean = 2990.53 - 6916.61

	99 Percent Confidence Interval Around The Mean = 2374.57 - 7532.57

	Skewness = 0.47

	Kolmogorov-Smirnov Statistic For Normality = 1.45

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 12000

Valid Cases =28
Missing Cases =2
Response Percent = 93.3%

44 

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

Where are you personally located?

	 	Number	Percent	95% CI
	Kanto	24	82.8 %	± 15.2 %
	Kinki/Kansai	4	13.8 %	± 13.0 %
	Chubu	1	3.4 %	± 6.8 %
	Hokkaido	0	0.0 %	± 0.0 %
	Tohoku	0	0.0 %	± 0.0 %
	Chugoku	0	0.0 %	± 0.0 %
	Shikoku	0	0.0 %	± 0.0 %
	Kyushu (incl. Okinawa)	0	0.0 %	± 0.0 %
	U.S.	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Central/Latin America	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	29	100.0 %

	Missing Cases = 1
	Response Percent = 96.7 %

45 

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

Where are you personally located? - Other specified

関東

46 

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

Ownership

	 	Number	Percent	95% CI
	Public	15	50.0 %	± 19.0 %
	Private	14	46.7 %	± 19.0 %
	Government	1	3.3 %	± 6.8 %
	Nonprofit	0	0.0 %	± 0.0 %
	Total	30	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

47 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	4	13.8 %	± 13.0 %
	1-24%	14	48.3 %	± 19.0 %
	25-50%	4	13.8 %	± 13.0 %
	More than 50%	7	24.1 %	± 16.1 %
	Total	29	100.0 %

	Missing Cases = 1
	Response Percent = 96.7 %

48 

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

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Asia/Pacific Basin	13	65.0 %	± 21.4 %
	Europe	4	20.0 %	± 15.7 %
	US/Canada	3	15.0 %	± 13.9 %
	Latin America	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Total	20	100.0 %

	Missing Cases = 5
	Response Percent = 80.0 %

49 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	0	0.0 %	0.0 %
	AA+	0	0.0 %	0.0 %
	AA	1	3.8 %	3.8 %
	AA-	2	7.7 %	11.5 %
	A+	4	15.4 %	26.9 %
	A	6	23.1 %	50.0 %
	A-	4	15.4 %	65.4 %
	BBB+	0	0.0 %	65.4 %
	BBB	2	7.7 %	73.1 %
	BBB-	3	11.5 %	84.6 %
	BB+	1	3.8 %	88.5 %
	BB	0	0.0 %	88.5 %
	BB-	0	0.0 %	88.5 %
	B+	3	11.5 %	100.0 %
	B	0	0.0 %	100.0 %
	B-	0	0.0 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	26	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

50 

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

What is your company's credit rating? 

N=26		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		26		16	10	
		100.0%		61.5%	38.5%	
						
AAA		0		0	0	
		0.0%		0.0%	0.0%	
						
AA+		0		0	0	
		0.0%		0.0%	0.0%	
						
AA		1		1	0	
		3.8%		6.3%	0.0%	
						
AA-		2		1	1	
		7.7%		6.3%	10.0%	
						
A+		4		3	1	
		15.4%		18.8%	10.0%	
						
A		6		5	1	
		23.1%		31.3%	10.0%	
						
A-		4		4	0	
		15.4%		25.0%	0.0%	
						
BBB+		0		0	0	
		0.0%		0.0%	0.0%	
						
BBB		2		0	2	
		7.7%		0.0%	20.0%	
						
BBB-		3		1	2	
		11.5%		6.3%	20.0%	
						
BB+		1		0	1	
		3.8%		0.0%	10.0%	
						
BB		0		0	0	
		0.0%		0.0%	0.0%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		3		1	2	
		11.5%		6.3%	20.0%	
						
B		0		0	0	
		0.0%		0.0%	0.0%	

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

51 

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

What is your company's credit rating? 

N=26		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

52 

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

Year of birth

	 	Number	Percent	95% CI
	1948	1	3.3 %	± 6.8 %
	1949	2	6.7 %	± 9.5 %
	1951	2	6.7 %	± 9.5 %
	1952	1	3.3 %	± 6.8 %
	1955	2	6.7 %	± 9.5 %
	1956	2	6.7 %	± 9.5 %
	1957	3	10.0 %	± 11.4 %
	1958	3	10.0 %	± 11.4 %
	1959	2	6.7 %	± 9.5 %
	1960	3	10.0 %	± 11.4 %
	1962	2	6.7 %	± 9.5 %
	1963	1	3.3 %	± 6.8 %
	1966	2	6.7 %	± 9.5 %
	1967	1	3.3 %	± 6.8 %
	1970	1	3.3 %	± 6.8 %
	1982	1	3.3 %	± 6.8 %
	1985	1	3.3 %	± 6.8 %
	Total	30	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

53 

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

Month of birth

	 	Number	Percent	95% CI
	Jan	3	10.0 %	± 11.4 %
	Feb	1	3.3 %	± 6.8 %
	Mar	2	6.7 %	± 9.5 %
	Apr	5	16.7 %	± 14.2 %
	May	1	3.3 %	± 6.8 %
	Jun	1	3.3 %	± 6.8 %
	Jul	4	13.3 %	± 12.9 %
	Aug	2	6.7 %	± 9.5 %
	Sep	3	10.0 %	± 11.4 %
	Oct	4	13.3 %	± 12.9 %
	Nov	3	10.0 %	± 11.4 %
	Dec	1	3.3 %	± 6.8 %
	Total	30	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

54 

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

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	CFO	6	20.7 %
	務部長	3	10.3 %

	1 each (3.4%) of the following:

執行役員
執行役員　国際支店長
CFO室付
経理部部長付
部門長代行
経営企画部長　
経理財務部長
常務取 役
財務担当理事
経営管理本部長
財務マネジャー
事務部門管掌、財務本部担当
経理部長
経営企画室次長
ＣＦＯ
代表
取�� 役常務執行役員
マネージャー
管理本部長
���般社員

	Total	29	100.0 %

	Missing Cases = 1
	Response Percent = 96.7 %