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
5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?	45
5. How have the following factors affected your capital spending this year? (sorted)	53
5. How have the following factors affected your capital spending plans for next year? (sorted)	57
6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?	61
6b. Is the aging of your fixed assets a drag on your productivity growth?	65
7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?	69
8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?	73
9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%)	77
10a. Is your firm's rate of productivity growth changing?	81
10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?	85
10b. What effect has "Process change" had on the productivity growth rate at your company?	89
10b. What effect has "New business model" had on the productivity growth rate at your company?	93
10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?	97
10b. What effect has "Economic conditions" had on the productivity growth rate at your company?	101
10b. What effect has "Currency valuation" had on the productivity growth rate at your company?	105
10b. What effect has "Regulation" had on the productivity growth rate at your company?	109
10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?	113
10b. What effect has "Other:" had on the productivity growth rate at your company?	117
11. What role should outside directors play in corporate governance? (check all that apply)	121
13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:	129
Return on assets (ROA=operating earnings/assets)	137
Manufacturing capacity utilized	141
Manufacturing capacity utilized (Revenue Weighted)	145

 1 

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

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

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
+1=More optimistic		6		0	1	0	0	0	1	0	0	3	0	0	1	
		17.6%		0.0%	25.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	18.8%	0.0%	0.0%	16.7%	
																
0=No change		16		2	2	0	1	0	0	0	0	7	0	0	4	
		47.1%		66.7%	50.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	43.8%	0.0%	0.0%	66.7%	
																
-1=Less optimistic		12		1	1	0	0	0	2	0	0	6	1	0	1	
		35.3%		33.3%	25.0%	0.0%	0.0%	0.0%	66.7%	0.0%	0.0%	37.5%	100.0%	0.0%	16.7%	
																
Mean		-0.2		-0.3	0.0	---	0.0	---	-0.3	---	---	-0.2	-1.0	---	0.0	
SD		0.7		0.6	0.8	---	0.0	---	1.2	---	---	0.8	0.0	---	0.6	

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

2 

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

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

N=34		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	

Kyushu	

Chubu	

Other	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		5	4	2	3	6	8	6		21	5	2	2	2	
		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		65.6%	15.6%	6.3%	6.3%	6.3%	
															
+1=More optimistic		0	0	1	2	2	1	0		2	1	1	0	1	
		0.0%	0.0%	50.0%	66.7%	33.3%	12.5%	0.0%		9.5%	20.0%	50.0%	0.0%	50.0%	
															
0=No change		0	1	1	1	3	4	6		13	3	0	0	0	
		0.0%	25.0%	50.0%	33.3%	50.0%	50.0%	100.0%		61.9%	60.0%	0.0%	0.0%	0.0%	
		G	g					Ab							
															
-1=Less optimistic		5	3	0	0	1	3	0		6	1	1	2	1	
		100.0%	75.0%	0.0%	0.0%	16.7%	37.5%	0.0%		28.6%	20.0%	50.0%	100.0%	50.0%	
		cdefG	g	a	a	a	a	Ab							
															
Mean		-1.0	-0.8	0.5	0.7	0.2	-0.3	0.0		-0.2	0.0	0.0	-1.0	0.0	
SD		0.0	0.5	0.7	0.6	0.8	0.7	0.0		0.6	0.7	1.4	0.0	1.4	
			d		b										

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

3 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
Percent		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
Optimism rating		30		3	2	0	1	0	3	0	0	14	1	0	6	
		58.1		58.3	67.5	---	60.0	---	48.3	---	---	58.7	50.0	---	59.2	
		14.1		10.4	10.6	---	---	---	18.9	---	---	17.0	---	---	9.2	

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

4 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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	

Kyushu	

Chubu	

Other	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		5	4	2	3	6	8	6		21	5	2	2	2	
Percent		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		65.6%	15.6%	6.3%	6.3%	6.3%	
															
Optimism rating		4	3	2	3	5	7	6		19	4	2	2	1	
		43.8	56.7	55.0	71.7	72.0	50.7	59.5		55.9	60.0	60.0	55.0	85.0	
		7.5	15.3	7.1	10.4	13.5	13.0	8.3		14.0	14.1	0.0	21.2	---	
		DEg			Af	Af	de	a							

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

5 

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

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

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
+1=More optimistic		5		0	1	0	0	0	0	0	0	3	0	0	1	
		14.7%		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.8%	0.0%	0.0%	16.7%	
																
0=No change		13		1	1	0	0	0	2	0	0	5	1	0	3	
		38.2%		33.3%	25.0%	0.0%	0.0%	0.0%	66.7%	0.0%	0.0%	31.3%	100.0%	0.0%	50.0%	
																
-1=Less optimistic		16		2	2	0	1	0	1	0	0	8	0	0	2	
		47.1%		66.7%	50.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	50.0%	0.0%	0.0%	33.3%	
																
Mean		-0.3		-0.7	-0.3	---	-1.0	---	-0.3	---	---	-0.3	0.0	---	-0.2	
SD		0.7		0.6	1.0	---	0.0	---	0.6	---	---	0.8	0.0	---	0.8	

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

6 

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

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

N=34		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	4	2	3	6	8	6		19	15	
		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
+1=More optimistic		0	0	1	1	2	0	1		2	3	
		0.0%	0.0%	50.0%	33.3%	33.3%	0.0%	16.7%		10.5%	20.0%	
												
0=No change		3	0	0	2	2	3	3		9	4	
		60.0%	0.0%	0.0%	66.7%	33.3%	37.5%	50.0%		47.4%	26.7%	
												
-1=Less optimistic		2	4	1	0	2	5	2		8	8	
		40.0%	100.0%	50.0%	0.0%	33.3%	62.5%	33.3%		42.1%	53.3%	
			d		b							
												
Mean		-0.4	-1.0	0.0	0.3	0.0	-0.6	-0.2		-0.3	-0.3	
SD		0.5	0.0	1.4	0.6	0.9	0.5	0.8		0.7	0.8	
					f		d					

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

7 

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

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

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
+1=More optimistic		1	1	0	0	1	0	2		2	0	1	2	
		25.0%	14.3%	0.0%	0.0%	20.0%	0.0%	16.7%		40.0%	0.0%	16.7%	18.2%	
										b	a			
														
0=No change		2	2	1	1	3	0	4		1	5	3	4	
		50.0%	28.6%	33.3%	50.0%	60.0%	0.0%	33.3%		20.0%	41.7%	50.0%	36.4%	
														
-1=Less optimistic		1	4	2	1	1	1	6		2	7	2	5	
		25.0%	57.1%	66.7%	50.0%	20.0%	100.0%	50.0%		40.0%	58.3%	33.3%	45.5%	
														
Mean		0.0	-0.4	-0.7	-0.5	0.0	-1.0	-0.3		0.0	-0.6	-0.2	-0.3	
SD		0.8	0.8	0.6	0.7	0.7	0.0	0.8		1.0	0.5	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 - Fourth Quarter, 2015

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

N=34		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		21	5	2	2	2	
		65.6%	15.6%	6.3%	6.3%	6.3%	
							
+1=More optimistic		2	0	1	0	1	
		9.5%	0.0%	50.0%	0.0%	50.0%	
							
0=No change		10	2	0	0	0	
		47.6%	40.0%	0.0%	0.0%	0.0%	
							
-1=Less optimistic		9	3	1	2	1	
		42.9%	60.0%	50.0%	100.0%	50.0%	
							
Mean		-0.3	-0.6	0.0	-1.0	0.0	
SD		0.7	0.5	1.4	0.0	1.4	

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

9 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
Percent		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
Optimism rating		31		3	3	0	1	0	3	0	0	14	1	0	6	
		57.2		60.0	56.7	---	40.0	---	50.0	---	---	56.3	75.0	---	61.7	
		16.6		10.0	25.2	---	---	---	0.0	---	---	19.9	---	---	11.7	

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

10 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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	4	2	3	6	8	6		19	15	
Percent		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
Optimism rating		4	4	2	3	5	7	6		17	14	
		61.3	50.0	59.0	73.3	70.0	45.7	53.3		51.8	63.8	
		13.1	24.5	15.6	11.5	15.8	14.0	8.2		15.5	15.9	
					fg	f	de	d		b	a	

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

11 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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		4	7	3	2	5	1	12		5	12	6	11	
Percent		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
Optimism rating		3	7	3	2	4	1	11		4	12	6	9	
		75.0	59.7	60.0	40.0	70.0	60.0	48.2		65.0	55.3	56.7	56.7	
		5.0	11.9	10.0	14.1	18.3	---	16.6		12.9	15.7	17.5	20.0	
		dg			a	g		ae						

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

12 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		Where Based	
Number
Mean
SD		

Kanto	
Kinki/
Kansai	

Kyushu	

Chubu	

Other	
		A	B	C	D	E	
							
Number		21	5	2	2	2	
Percent		65.6%	15.6%	6.3%	6.3%	6.3%	
							
Optimism rating		20	4	2	2	1	
		52.5	54.5	75.0	55.0	90.0	
		14.8	17.5	7.1	7.1	---	
		c		a			

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

13 

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

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

N=33		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		33		3	4	0	1	0	3	0	0	16	1	0	5	
		100.0%		9.1%	12.1%	0.0%	3.0%	0.0%	9.1%	0.0%	0.0%	48.5%	3.0%	0.0%	15.2%	
																
Economic uncertainty		18		1	2	0	1	0	1	0	0	10	1	0	2	
		54.5%		33.3%	50.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	62.5%	100.0%	0.0%	40.0%	
																
Currency risk		11		0	0	0	0	0	0	0	0	9	1	0	1	
		33.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	56.3%	100.0%	0.0%	20.0%	
																
Weak demand for your		11		2	0	0	1	0	0	0	0	7	0	0	1	
products/services		33.3%		66.7%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	43.8%	0.0%	0.0%	20.0%	
																
Difficulty attracting /
retaining qualified		
10		
1	
1	
0	
0	
0	
2	
0	
0	
3	
0	
0	
3	
employees		30.3%		33.3%	25.0%	0.0%	0.0%	0.0%	66.7%	0.0%	0.0%	18.8%	0.0%	0.0%	60.0%	
																
Employee productivity		9		0	2	0	0	0	1	0	0	4	0	0	2	
		27.3%		0.0%	50.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	25.0%	0.0%	0.0%	40.0%	
																
Geopolitical / health		7		2	0	0	0	0	0	0	0	4	1	0	0	
crises		21.2%		66.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	100.0%	0.0%	0.0%	
																
Employee morale		6		1	1	0	0	0	0	0	0	3	0	0	1	
		18.2%		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.8%	0.0%	0.0%	20.0%	

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

14 

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

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

N=33		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	4	2	3	6	8	5		18	15	
		15.2%	12.1%	6.1%	9.1%	18.2%	24.2%	15.2%		54.5%	45.5%	
												
Economic uncertainty		4	1	0	1	4	5	3		12	6	
		80.0%	25.0%	0.0%	33.3%	66.7%	62.5%	60.0%		66.7%	40.0%	
												
Currency risk		1	2	1	1	2	3	1		8	3	
		20.0%	50.0%	50.0%	33.3%	33.3%	37.5%	20.0%		44.4%	20.0%	
												
Weak demand for your		1	1	0	1	3	2	3		7	4	
products/services		20.0%	25.0%	0.0%	33.3%	50.0%	25.0%	60.0%		38.9%	26.7%	
												
Difficulty attracting /
retaining qualified		
2	
2	
1	
0	
2	
2	
1		
4	
6	
employees		40.0%	50.0%	50.0%	0.0%	33.3%	25.0%	20.0%		22.2%	40.0%	
												
Employee productivity		2	1	1	2	1	2	0		4	5	
		40.0%	25.0%	50.0%	66.7%	16.7%	25.0%	0.0%		22.2%	33.3%	
												
Geopolitical / health		1	1	0	0	2	2	1		5	2	
crises		20.0%	25.0%	0.0%	0.0%	33.3%	25.0%	20.0%		27.8%	13.3%	
												
Employee morale		2	1	1	0	1	0	1		1	5	
		40.0%	25.0%	50.0%	0.0%	16.7%	0.0%	20.0%		5.6%	33.3%	
										b	a	

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

15 

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

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

N=33		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		4	7	3	2	5	1	11		5	12	5	11	
		12.1%	21.2%	9.1%	6.1%	15.2%	3.0%	33.3%		15.2%	36.4%	15.2%	33.3%	
														
Economic uncertainty		3	2	2	0	3	1	7		2	4	4	8	
		75.0%	28.6%	66.7%	0.0%	60.0%	100.0%	63.6%		40.0%	33.3%	80.0%	72.7%	
														
Currency risk		1	2	1	0	1	1	5		0	6	2	3	
		25.0%	28.6%	33.3%	0.0%	20.0%	100.0%	45.5%		0.0%	50.0%	40.0%	27.3%	
														
Weak demand for your		1	1	1	1	4	0	3		0	1	4	6	
products/services		25.0%	14.3%	33.3%	50.0%	80.0%	0.0%	27.3%		0.0%	8.3%	80.0%	54.5%	
			e			b				c	Cd	aB	b	
														
Difficulty attracting /
retaining qualified		
0	
5	
1	
0	
0	
1	
3		
3	
4	
1	
2	
employees		0.0%	71.4%	33.3%	0.0%	0.0%	100.0%	27.3%		60.0%	33.3%	20.0%	18.2%	
		b	ae			b								
														
Employee productivity		1	2	0	1	3	0	2		2	4	1	2	
		25.0%	28.6%	0.0%	50.0%	60.0%	0.0%	18.2%		40.0%	33.3%	20.0%	18.2%	
														
Geopolitical / health		1	0	2	1	1	0	2		0	3	2	2	
crises		25.0%	0.0%	66.7%	50.0%	20.0%	0.0%	18.2%		0.0%	25.0%	40.0%	18.2%	
			c	b										
														
Employee morale		2	2	1	0	0	0	1		2	1	1	2	
		50.0%	28.6%	33.3%	0.0%	0.0%	0.0%	9.1%		40.0%	8.3%	20.0%	18.2%	

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

16 

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

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

N=33		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		20	5	2	2	2	
		60.6%	15.2%	6.1%	6.1%	6.1%	
							
Economic uncertainty		12	4	0	0	1	
		60.0%	80.0%	0.0%	0.0%	50.0%	
							
Currency risk		6	3	0	1	0	
		30.0%	60.0%	0.0%	50.0%	0.0%	
							
Weak demand for your		7	2	0	1	1	
products/services		35.0%	40.0%	0.0%	50.0%	50.0%	
							
Difficulty attracting /
retaining qualified		
7	
0	
2	
1	
0	
employees		35.0%	0.0%	100.0%	50.0%	0.0%	
			c	b			
							
Employee productivity		4	2	1	0	2	
		20.0%	40.0%	50.0%	0.0%	100.0%	
		e				a	
							
Geopolitical / health		4	2	0	0	0	
crises		20.0%	40.0%	0.0%	0.0%	0.0%	
							
Employee morale		3	0	1	1	1	
		15.0%	0.0%	50.0%	50.0%	50.0%	

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

17 

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

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

N=33		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	
																
Data security		6		0	1	0	0	0	2	0	0	1	0	0	2	
		18.2%		0.0%	25.0%	0.0%	0.0%	0.0%	66.7%	0.0%	0.0%	6.3%	0.0%	0.0%	40.0%	
									i			f				
																
Rising input or		5		0	1	0	0	0	0	0	0	2	0	0	2	
commodity costs		15.2%		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	40.0%	
																
Deflation		3		0	0	0	0	0	0	0	0	3	0	0	0	
		9.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.8%	0.0%	0.0%	0.0%	
																
Regulatory requirements		3		1	0	0	0	0	0	0	0	1	1	0	0	
		9.1%		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	100.0%	0.0%	0.0%	
												j	i			
																
Cost of benefits		3		0	1	0	0	0	0	0	0	1	0	0	1	
		9.1%		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	0.0%	0.0%	20.0%	
																
Corporate tax code		2		1	1	0	0	0	0	0	0	0	0	0	0	
		6.1%		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
				i								a				
																
Access to capital		2		0	1	0	0	0	0	0	0	1	0	0	0	
		6.1%		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	0.0%	0.0%	0.0%	
																
Government policies		1		0	0	0	0	0	0	0	0	1	0	0	0	
		3.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	0.0%	0.0%	0.0%	
																
Rising wages and salaries		1		0	0	0	0	0	1	0	0	0	0	0	0	
		3.0%		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									i			f				

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

18 

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

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

N=33		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	
												
Data security		2	1	1	0	0	1	1		1	5	
		40.0%	25.0%	50.0%	0.0%	0.0%	12.5%	20.0%		5.6%	33.3%	
										b	a	
												
Rising input or		0	1	0	1	1	1	1		3	2	
commodity costs		0.0%	25.0%	0.0%	33.3%	16.7%	12.5%	20.0%		16.7%	13.3%	
												
Deflation		0	0	0	0	2	0	1		2	1	
		0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	20.0%		11.1%	6.7%	
												
Regulatory requirements		1	0	0	0	1	1	0		0	3	
		20.0%	0.0%	0.0%	0.0%	16.7%	12.5%	0.0%		0.0%	20.0%	
												
Cost of benefits		1	1	1	0	0	0	0		0	3	
		20.0%	25.0%	50.0%	0.0%	0.0%	0.0%	0.0%		0.0%	20.0%	
												
Corporate tax code		0	0	0	1	0	1	0		0	2	
		0.0%	0.0%	0.0%	33.3%	0.0%	12.5%	0.0%		0.0%	13.3%	
												
Access to capital		0	1	0	0	0	1	0		1	1	
		0.0%	25.0%	0.0%	0.0%	0.0%	12.5%	0.0%		5.6%	6.7%	
												
Government policies		0	0	0	0	1	0	0		1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		5.6%	0.0%	
												
Rising wages and salaries		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%	6.7%	

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

19 

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

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

N=33		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	
														
Data security		0	5	0	0	0	0	1		3	2	0	1	
		0.0%	71.4%	0.0%	0.0%	0.0%	0.0%	9.1%		60.0%	16.7%	0.0%	9.1%	
		b	aeg			b		b		d			a	
														
Rising input or		1	1	0	0	0	1	2		1	2	0	2	
commodity costs		25.0%	14.3%	0.0%	0.0%	0.0%	100.0%	18.2%		20.0%	16.7%	0.0%	18.2%	
														
Deflation		0	0	0	0	1	0	2		0	0	1	2	
		0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	18.2%		0.0%	0.0%	20.0%	18.2%	
														
Regulatory requirements		1	0	1	0	1	0	0		0	2	0	1	
		25.0%	0.0%	33.3%	0.0%	20.0%	0.0%	0.0%		0.0%	16.7%	0.0%	9.1%	
														
Cost of benefits		1	2	0	0	0	0	0		1	2	0	0	
		25.0%	28.6%	0.0%	0.0%	0.0%	0.0%	0.0%		20.0%	16.7%	0.0%	0.0%	
														
Corporate tax code		1	0	1	0	0	0	0		1	1	0	0	
		25.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		20.0%	8.3%	0.0%	0.0%	
														
Access to capital		0	0	0	1	0	0	1		0	1	0	1	
		0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	9.1%		0.0%	8.3%	0.0%	9.1%	
														
Government policies		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%	
														
Rising wages and salaries		0	1	0	0	0	0	0		1	0	0	0	
		0.0%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%		20.0%	0.0%	0.0%	0.0%	

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

20 

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

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

N=33		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Data security		3	0	2	1	0	
		15.0%	0.0%	100.0%	50.0%	0.0%	
		c	c	ab			
							
Rising input or		3	0	1	0	0	
commodity costs		15.0%	0.0%	50.0%	0.0%	0.0%	
							
Deflation		2	0	0	0	1	
		10.0%	0.0%	0.0%	0.0%	50.0%	
							
Regulatory requirements		1	0	0	0	1	
		5.0%	0.0%	0.0%	0.0%	50.0%	
		e				a	
							
Cost of benefits		0	1	1	0	1	
		0.0%	20.0%	50.0%	0.0%	50.0%	
		CE		A		A	
							
Corporate tax code		1	0	0	0	0	
		5.0%	0.0%	0.0%	0.0%	0.0%	
							
Access to capital		2	0	0	0	0	
		10.0%	0.0%	0.0%	0.0%	0.0%	
							
Government policies		1	0	0	0	0	
		5.0%	0.0%	0.0%	0.0%	0.0%	
							
Rising wages and salaries		0	0	0	1	0	
		0.0%	0.0%	0.0%	50.0%	0.0%	
		D			A		

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

21 

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

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

N=33		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	
																
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%	
																
Cost of borrowing		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		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		6		2	1	0	0	0	1	0	0	1	0	0	1	
		18.2%		66.7%	25.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	6.3%	0.0%	0.0%	20.0%	
				i								a				

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

22 

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

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

N=33		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	
												
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%	
												
Cost of borrowing		0	0	0	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	1	1	2		4	2	
		0.0%	25.0%	0.0%	33.3%	16.7%	12.5%	40.0%		22.2%	13.3%	

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

23 

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

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

N=33		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	
														
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%	
														
Cost of borrowing		0	0	0	0	0	0	0		0	0	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	0	1	2	1	0	2		0	3	2	1	
		0.0%	0.0%	33.3%	100.0%	20.0%	0.0%	18.2%		0.0%	25.0%	40.0%	9.1%	
			d		bg			d						

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

24 

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

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

N=33		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Inflation		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Cost of borrowing		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Other		6	0	0	0	0	
		30.0%	0.0%	0.0%	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 - Fourth 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=34		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	
																
Share		10.9		---	---	---	---	---	---	---	---	12.7	---	---	0.0	
repurchases		28.9		---	---	---	---	---	---	---	---	31.2	---	---	---	
																
Research and		6.9		---	---	---	---	---	5.0	---	---	7.7	---	---	2.0	
development
spending		8.0		---	---	---	---	---	---	---	---	8.7	---	---	---	
																
Dividends		6.5		---	---	---	---	---	8.0	---	---	6.6	---	---	5.0	
		4.9		---	---	---	---	---	---	---	---	5.2	---	---	7.1	
																
Marketing/		5.7		---	---	---	---	---	11.7	---	---	2.0	---	---	7.9	
advertising
spending		7.3		---	---	---	---	---	2.9	---	---	6.3	---	---	8.3	
																
Capital spending		5.7		---	2.0	---	---	---	---	---	---	7.1	---	---	3.3	
		11.3		---	---	---	---	---	---	---	---	13.8	---	---	4.7	
																
Revenue		4.4		---	8.0	---	---	---	6.7	---	---	0.6	10.0	---	10.2	
		9.8		---	---	---	---	---	2.9	---	---	11.2	---	---	7.6	
																
Productivity		3.5		---	---	---	---	---	---	---	---	3.9	---	---	1.0	
(output per
hour worked)		3.2		---	---	---	---	---	---	---	---	3.3	---	---	---	
																
Technology		2.9		---	---	---	---	---	7.0	---	---	2.2	---	---	0.5	
spending		3.5		---	---	---	---	---	2.9	---	---	3.1	---	---	0.7	
																
Wages/Salaries		1.9		---	---	---	---	---	2.0	---	---	2.1	2.0	---	1.3	
		1.2		---	---	---	---	---	0.0	---	---	1.5	---	---	1.1	
																
Number of		1.3		7.8	---	---	---	---	1.7	---	---	-0.4	---	---	3.3	
domestic full-
time employees		3.0		---	---	---	---	---	1.5	---	---	2.3	---	---	2.4	

26 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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	
												
Share		---	0.0	0.0	---	0.0	0.0	76.5		19.1	0.0	
repurchases		---	---	0.0	---	---	0.0	---		38.2	0.0	
												
Research and		---	19.5	3.0	2.0	2.3	6.7	5.0		5.5	10.7	
development
spending		---	13.4	---	---	2.5	2.9	---		3.1	15.9	
												
Dividends		---	5.0	---	10.0	4.5	7.0	10.0		6.5	---	
		---	---	---	---	5.3	6.3	---		4.9	---	
												
Marketing/		10.0	9.5	7.8	3.0	0.0	5.9	5.0		3.7	7.8	
advertising
spending		0.0	0.7	15.3	---	0.0	11.7	---		7.3	7.2	
												
Capital spending		---	10.5	1.5	2.5	5.0	10.0	0.0		7.9	2.7	
		---	0.7	2.1	0.7	20.5	10.0	---		13.5	7.6	
												
Revenue		3.8	-4.6	8.5	6.5	1.7	7.4	20.0		5.0	3.6	
		9.5	12.8	9.2	2.1	11.5	7.1	---		10.6	9.3	
												
Productivity		---	7.0	0.0	2.0	1.7	5.0	9.3		3.9	3.0	
(output per
hour worked)		---	---	---	---	0.6	---	---		3.4	3.6	
												
Technology		9.0	3.0	-1.0	1.0	5.0	5.0	0.0		3.2	2.5	
spending		---	---	1.4	---	---	0.0	---		2.5	4.8	
												
Wages/Salaries		2.0	-0.6	2.0	0.5	2.3	3.2	2.0		2.3	1.6	
		0.0	---	0.0	---	0.6	1.7	---		1.3	1.0	
												
Number of		1.5	2.5	4.0	1.5	-0.7	-0.6	3.9		0.8	2.0	
domestic full-
time employees		2.1	3.5	1.4	2.1	1.2	3.3	5.5		3.3	2.7	

27 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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%	
														
Share		---	0.0	---	---	0.0	---	25.5		0.0	0.0	---	19.1	
repurchases		---	0.0	---	---	---	---	44.1		---	0.0	---	38.2	
														
Research and		---	16.0	---	---	2.3	---	6.2		---	9.7	10.0	4.5	
development
spending		---	18.4	---	---	2.5	---	3.2		---	12.9	---	3.4	
														
Dividends		---	---	---	---	9.0	0.0	6.6		---	6.0	2.5	8.0	
		---	---	---	---	1.4	---	5.2		---	5.3	3.5	5.1	
														
Marketing/		---	9.1	---	---	1.5	0.0	4.5		14.3	6.3	---	1.5	
advertising
spending		---	6.9	---	---	2.1	---	8.7		6.1	6.4	---	6.4	
														
Capital spending		2.0	6.0	---	---	9.4	0.0	5.0		1.0	5.4	---	7.2	
		---	5.4	---	---	23.2	---	10.0		1.4	4.8	---	15.8	
														
Revenue		2.7	4.7	---	---	3.3	1.0	5.8		9.3	3.7	-5.3	5.6	
		11.0	10.1	---	---	13.3	---	10.1		5.1	7.9	6.6	12.3	
														
Productivity		---	3.5	---	---	2.0	1.0	5.4		---	2.7	2.0	4.6	
(output per
hour worked)		---	4.9	---	---	0.0	---	3.6		---	3.8	---	3.4	
														
Technology		---	2.5	---	---	1.0	---	3.8		0.0	3.2	---	3.3	
spending		---	4.8	---	---	---	---	2.5		---	4.2	---	2.9	
														
Wages/Salaries		2.0	1.5	---	---	1.5	---	2.9		2.0	1.3	---	2.7	
		---	1.2	---	---	0.9	---	1.1		0.0	1.1	---	1.1	
														
Number of		---	2.7	---	7.8	0.3	0.0	-0.4		4.0	1.9	3.9	-1.1	
domestic full-
time employees		---	2.3	---	---	2.5	---	2.6		1.4	2.0	5.5	2.4	

28 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
Share		38.2	0.0	0.0	0.0	---	
repurchases		54.1	0.0	---	---	---	
							
Research and		4.8	5.8	---	29.0	0.0	
development
spending		3.3	3.0	---	---	---	
							
Dividends		5.4	9.3	---	---	---	
		4.7	5.1	---	---	---	
							
Marketing/		3.7	3.5	14.3	9.5	0.0	
advertising
spending		7.3	9.2	6.1	0.7	---	
							
Capital spending		-0.4	17.0	5.0	11.0	-10.0	
		2.9	13.9	7.1	---	---	
							
Revenue		5.8	-0.5	12.5	-4.4	0.0	
		10.9	7.8	3.5	13.3	---	
							
Productivity		4.1	2.3	---	7.0	2.0	
(output per
hour worked)		4.5	2.5	---	---	---	
							
Technology		4.0	1.5	0.0	3.0	---	
spending		3.6	4.9	---	---	---	
							
Wages/Salaries		1.9	2.8	2.0	0.7	2.0	
		0.9	1.4	---	1.9	---	
							
Number of		0.9	1.0	5.0	1.5	-2.0	
domestic full-
time employees		3.7	1.4	0.0	2.1	---	

29 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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		0.2		---	---	---	---	---	10.0	---	---	-1.0	---	---	0.3	
offshore
outsourced
employees		5.9		---	---	---	---	---	---	---	---	6.3	---	---	0.6	
																
Prices of your		-0.9		---	---	---	---	---	5.0	---	---	-1.9	---	---	0.3	
products		4.4		---	---	---	---	---	---	---	---	4.3	---	---	4.2	
																
Earnings		-1.0		-20.0	3.0	---	---	---	-11.8	---	---	3.8	10.0	---	-5.3	
		21.1		---	---	---	---	---	27.4	---	---	23.0	---	---	17.3	
																
Cash on the		-1.2		---	---	---	---	---	-12.4	---	---	2.9	5.0	---	-8.7	
balance sheet		12.7		---	---	---	---	---	17.5	---	---	9.7	---	---	16.4	
																
Number of		-1.5		-5.0	---	---	---	---	---	---	---	-2.3	---	---	2.0	
domestic
temporary
employees		5.8		---	---	---	---	---	---	---	---	6.4	---	---	2.6	

30 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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		---	-11.4	1.5	0.5	1.7	0.0	5.0		0.8	-0.9	
offshore
outsourced
employees		---	---	2.1	0.7	2.9	10.0	---		5.6	7.3	
												
Prices of your		5.0	-3.0	2.5	-1.0	-3.1	-3.5	5.0		-2.3	1.4	
products		---	0.0	3.5	---	4.4	4.9	---		4.5	3.5	
												
Earnings		0.4	-12.8	-17.5	2.0	8.7	2.7	-2.5		5.7	-7.2	
		31.2	27.6	17.7	1.4	18.7	17.5	24.7		16.0	23.9	
												
Cash on the		5.0	-11.0	-11.4	7.5	7.5	-9.4	0.0		-0.8	-1.8	
balance sheet		5.0	12.7	18.9	3.5	8.7	15.3	---		12.5	13.8	
												
Number of		---	-5.2	2.0	0.0	0.7	-3.3	-2.5		-1.3	-1.9	
domestic
temporary
employees		---	14.4	1.4	---	4.0	5.8	3.5		4.4	8.1	

31 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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		---	-2.8	---	---	2.0	0.0	1.0		0.0	0.5	0.0	0.0	
offshore
outsourced
employees		---	7.6	---	---	2.6	---	7.4		---	7.7	---	6.1	
														
Prices of your		---	1.8	---	---	-3.5	-3.0	-1.0		5.0	-1.8	-3.0	-1.9	
products		---	3.9	---	---	5.2	---	4.4		0.0	1.5	---	5.3	
														
Earnings		14.3	-17.8	-20.0	---	12.0	-2.0	4.0		-7.3	-8.8	-13.2	15.7	
		14.0	24.2	---	---	15.7	---	16.4		19.7	22.1	7.6	16.2	
														
Cash on the		7.5	-8.9	---	---	11.3	0.0	-6.3		-24.7	-3.7	5.0	3.4	
balance sheet		3.5	12.4	---	---	4.8	---	12.8		---	12.1	---	11.4	
														
Number of		---	-1.6	---	-5.0	-1.5	0.0	-1.0		1.0	-1.8	-2.5	-1.3	
domestic
temporary
employees		---	9.3	---	---	2.1	---	5.5		---	9.2	3.5	5.0	

32 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
Number of		1.0	1.0	0.0	-11.4	5.0	
offshore
outsourced
employees		6.6	1.7	---	---	---	
							
Prices of your		-0.4	-4.1	5.0	1.0	0.0	
products		3.3	4.8	---	5.7	---	
							
Earnings		-1.1	7.5	-10.0	-19.3	5.0	
		21.8	21.0	28.3	34.3	---	
							
Cash on the		-0.6	1.8	-22.4	-2.0	15.0	
balance sheet		10.7	13.1	3.3	---	---	
							
Number of		-2.0	0.8	3.0	-15.3	-3.0	
domestic
temporary
employees		5.7	1.5	2.8	---	---	

33 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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	
																
Share		24.6		---	---	---	---	---	---	---	---	24.6	---	---	0.0	
repurchases		38.6		---	---	---	---	---	---	---	---	38.6	---	---	---	
																
Revenue		8.1		---	8.0	---	---	---	5.0	---	---	6.8	10.0	---	15.3	
		9.0		---	---	---	---	---	0.3	---	---	9.2	---	---	10.1	
																
Dividends		7.1		---	---	---	---	---	8.0	---	---	7.3	---	---	1.1	
		5.2		---	---	---	---	---	5.2	---	---	5.6	---	---	---	
																
Capital spending		6.7		---	2.0	---	---	---	---	---	---	7.2	---	---	0.4	
		11.6		---	---	---	---	---	---	---	---	12.0	---	---	---	
																
Research and		5.5		---	---	---	---	---	5.0	---	---	5.7	---	---	2.0	
development
spending		2.8		---	---	---	---	---	2.8	---	---	3.2	---	---	---	
																
Marketing/		4.7		---	---	---	---	---	15.0	---	---	2.2	---	---	1.0	
advertising
spending		8.1		---	---	---	---	---	0.4	---	---	7.1	---	---	---	
																
Technology		3.3		---	---	---	---	---	5.0	---	---	2.7	---	---	0.8	
spending		2.5		---	---	---	---	---	0.3	---	---	2.8	---	---	---	
																
Earnings		2.2		-20.0	3.0	---	---	---	2.9	---	---	8.1	10.0	---	-2.3	
		17.1		0.0	---	---	---	---	3.0	---	---	17.2	---	---	---	
																
Prices of your		-1.2		---	---	---	---	---	5.0	---	---	-1.1	---	---	-2.6	
products		5.1		---	---	---	---	---	---	---	---	5.3	---	---	---	
																
Cash on the		-4.4		---	---	---	---	---	-24.6	---	---	-0.7	5.0	---	0.1	
balance sheet		13.5		---	---	---	---	---	1.6	---	---	11.3	---	---	---	

34 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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	
												
Share		---	0.0	0.0	---	0.0	0.0	76.5		24.7	0.0	
repurchases		---	---	---	---	---	0.0	0.0		38.6	---	
												
Revenue		3.8	-4.6	8.5	6.5	1.7	7.4	20.0		8.4	1.3	
		---	---	---	---	12.5	6.7	0.0		9.1	---	
												
Dividends		---	5.0	---	10.0	4.5	7.0	10.0		7.1	---	
		---	---	---	---	5.9	5.8	0.0		5.2	---	
												
Capital spending		---	10.5	1.5	2.5	5.0	10.0	0.0		7.8	-7.7	
		---	---	---	---	23.0	8.9	0.0		11.2	---	
												
Research and		---	19.5	3.0	2.0	2.3	6.7	5.0		5.8	0.5	
development
spending		---	---	---	---	3.0	2.6	0.0		2.4	---	
												
Marketing/		10.0	9.5	7.8	3.0	0.0	5.9	5.0		4.9	0.8	
advertising
spending		---	---	---	---	0.0	10.4	0.0		8.3	---	
												
Technology		9.0	3.0	-1.0	1.0	5.0	5.0	0.0		3.4	0.4	
spending		---	---	---	---	---	8.3	0.0		2.5	---	
												
Earnings		0.4	-12.8	-17.5	2.0	8.7	2.7	-2.5		6.7	-14.2	
		---	---	---	---	20.3	15.6	19.8		15.5	13.3	
												
Prices of your		5.0	-3.0	2.5	-1.0	-3.1	-3.5	5.0		-1.3	0.1	
products		---	---	---	---	5.0	4.0	0.0		5.3	---	
												
Cash on the		5.0	-11.0	-11.4	7.5	7.5	-9.4	0.0		-5.4	12.6	
balance sheet		---	---	---	---	9.7	14.2	0.0		13.1	---	

35 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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%	
														
Share		---	0.0	---	---	0.0	---	27.1		0.0	0.0	---	24.7	
repurchases		---	---	---	---	---	---	39.8		---	---	---	38.6	
														
Revenue		7.2	5.7	---	---	10.1	1.0	7.8		9.3	4.1	-0.8	9.4	
		---	---	---	---	15.5	---	7.4		---	2.5	---	9.7	
														
Dividends		---	---	---	---	8.2	0.0	7.4		---	6.3	0.1	7.7	
		---	---	---	---	---	---	5.3		---	4.2	---	5.5	
														
Capital spending		2.0	4.1	---	---	12.0	0.0	6.5		1.6	0.6	---	7.2	
		---	---	---	---	45.3	---	9.1		---	---	---	12.0	
														
Research and		---	10.6	---	---	2.5	---	5.9		---	5.0	10.0	5.7	
development
spending		---	---	---	---	5.0	---	2.5		---	2.2	---	3.1	
														
Marketing/		---	8.5	---	---	0.3	0.0	5.3		17.1	11.2	---	2.2	
advertising
spending		---	---	---	---	---	---	8.5		---	8.1	---	7.1	
														
Technology		---	0.4	---	---	1.0	---	3.4		0.0	4.8	---	2.7	
spending		---	---	---	---	---	---	2.5		---	1.4	---	2.8	
														
Earnings		4.7	-17.5	-20.0	---	16.5	-2.0	5.9		-3.6	1.6	-18.8	9.9	
		---	---	0.0	---	26.2	---	15.2		---	4.7	2.8	16.4	
														
Prices of your		---	1.8	---	---	-4.5	-3.0	-0.4		5.0	-2.7	-3.0	-1.1	
products		---	---	---	---	9.6	---	5.1		---	---	---	5.3	
														
Cash on the		7.5	-10.5	---	---	14.2	0.0	-7.0		-24.7	-17.9	5.0	-0.8	
balance sheet		---	---	---	---	4.7	---	12.7		---	14.3	---	11.3	

36 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
Share		40.1	0.0	0.0	0.0	---	
repurchases		43.6	0.0	---	---	---	
							
Revenue		11.3	1.9	13.5	-7.5	0.0	
		8.8	6.1	---	---	---	
							
Dividends		5.5	9.7	---	---	---	
		4.9	5.3	---	---	---	
							
Capital spending		-0.5	17.6	2.9	11.0	-10.0	
		1.8	9.3	---	---	---	
							
Research and		4.6	7.2	---	29.0	0.0	
development
spending		1.2	2.8	---	---	---	
							
Marketing/		3.6	9.9	16.1	9.3	0.0	
advertising
spending		8.9	1.8	---	---	---	
							
Technology		2.7	4.9	0.0	3.0	---	
spending		2.8	1.0	---	---	---	
							
Earnings		0.0	6.0	-18.3	-27.2	5.0	
		16.2	21.1	---	---	---	
							
Prices of your		2.6	-4.3	5.0	-0.3	0.0	
products		3.8	4.3	---	---	---	
							
Cash on the		-6.5	-3.5	-23.3	-2.0	15.0	
balance sheet		11.8	16.2	---	---	---	

37 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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	
																
Productivity		5.0		---	---	---	---	---	---	---	---	5.1	---	---	1.0	
(output per
hour worked)		3.2		---	---	---	---	---	---	---	---	3.2	---	---	---	
																
Wages/Salaries		2.7		---	---	---	---	---	2.0	---	---	3.0	2.0	---	0.6	
		1.1		---	---	---	---	---	1.1	---	---	1.1	---	---	---	
																
Number of		1.0		---	---	---	---	---	10.0	---	---	-1.0	---	---	0.7	
offshore
outsourced
employees		6.6		---	---	---	---	---	6.6	---	---	5.7	---	---	---	
																
Number of		-0.3		7.8	---	---	---	---	2.0	---	---	-0.9	---	---	2.5	
domestic full-
time employees		2.5		---	---	---	---	---	0.3	---	---	2.4	---	---	---	
																
Number of		-1.0		-5.0	---	---	---	---	---	---	---	-1.1	---	---	1.0	
domestic
temporary
employees		5.0		---	---	---	---	---	---	---	---	5.0	---	---	---	

38 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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	
												
Productivity		---	7.0	0.0	2.0	2.0	5.0	9.3		5.2	2.2	
(output per
hour worked)		---	---	---	---	0.3	0.3	0.3		3.2	---	
												
Wages/Salaries		2.0	-0.6	2.0	0.5	2.8	3.2	2.0		2.7	1.8	
		---	---	---	---	0.5	1.3	1.3		1.1	---	
												
Number of		---	-11.4	1.5	0.5	0.6	0.0	5.0		1.0	3.3	
offshore
outsourced
employees		---	---	---	---	2.0	8.7	8.7		6.7	---	
												
Number of		1.5	2.5	4.0	1.5	-0.2	-0.6	0.2		-0.3	-0.3	
domestic full-
time employees		---	---	---	---	0.8	3.0	1.6		2.5	---	
												
Number of		---	-5.2	2.0	0.0	3.8	-3.3	-0.1		-1.0	-2.6	
domestic
temporary
employees		---	---	---	---	3.3	5.0	1.0		5.0	---	

39 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		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%	
														
Productivity		---	3.5	---	---	2.0	1.0	5.4		---	1.8	2.0	5.3	
(output per
hour worked)		---	---	---	---	---	---	3.2		---	---	---	3.2	
														
Wages/Salaries		2.0	1.5	---	---	1.5	---	2.9		2.0	1.8	---	3.0	
		---	---	---	---	2.2	---	1.0		---	0.7	---	1.1	
														
Number of		---	-2.8	---	---	2.0	0.0	1.0		0.0	8.2	0.0	-1.0	
offshore
outsourced
employees		---	---	---	---	6.7	---	6.9		---	4.9	---	5.7	
														
Number of		---	2.7	---	7.8	0.3	0.0	-0.4		4.0	2.0	1.2	-0.9	
domestic full-
time employees		---	---	---	---	6.4	---	2.5		---	0.8	---	2.4	
														
Number of		---	-1.6	---	-5.0	-1.5	0.0	-1.0		1.0	-1.0	-0.8	-1.1	
domestic
temporary
employees		---	---	---	---	---	---	5.1		---	---	---	5.0	

40 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
Productivity		5.5	4.6	---	7.0	2.0	
(output per
hour worked)		4.0	1.3	---	---	---	
							
Wages/Salaries		2.2	4.1	2.0	0.7	2.0	
		0.6	1.0	---	---	---	
							
Number of		1.2	0.0	0.0	-11.4	5.0	
offshore
outsourced
employees		7.6	0.4	---	---	---	
							
Number of		-0.7	0.5	5.0	1.5	-2.0	
domestic full-
time employees		3.0	0.6	---	---	---	
							
Number of		-1.7	0.0	3.0	-15.3	-3.0	
domestic
temporary
employees		6.6	0.3	---	---	---	

41 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=27		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	
																
Share		24.7		---	---	---	---	---	---	---	---	24.7	---	---	---	
repurchases		38.6		---	---	---	---	---	---	---	---	38.6	---	---	---	
																
Revenue		8.4		---	---	---	---	---	5.0	---	---	7.2	---	---	15.3	
		9.1		---	---	---	---	---	9.1	---	---	9.3	---	---	10.1	
																
Dividends		7.1		---	---	---	---	---	8.0	---	---	7.3	---	---	1.1	
		5.2		---	---	---	---	---	5.2	---	---	5.6	---	---	---	
																
Earnings		6.7		---	---	---	---	---	3.0	---	---	8.4	---	---	-1.7	
		15.5		---	---	---	---	---	15.5	---	---	17.8	---	---	---	
																
Cash on the		-5.4		---	---	---	---	---	-24.7	---	---	-1.8	---	---	1.1	
balance sheet		13.1		---	---	---	---	---	13.1	---	---	10.9	---	---	---	

42 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=27		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	
												
Share		---	---	---	---	0.0	0.0	76.5		24.7	---	
repurchases		---	---	---	---	---	0.0	0.0		38.6	---	
												
Revenue		---	-10.0	---	5.0	2.1	7.4	20.0		8.4	---	
		---	---	---	---	14.9	6.7	0.0		9.1	---	
												
Dividends		---	5.0	---	10.0	4.5	7.0	10.0		7.1	---	
		---	---	---	---	5.9	5.8	0.0		5.2	---	
												
Earnings		---	-5.0	---	1.0	9.6	2.7	15.0		6.7	---	
		---	---	---	---	24.1	15.6	0.0		15.5	---	
												
Cash on the		---	---	---	7.5	5.0	-9.4	0.0		-5.4	---	
balance sheet		---	---	---	---	10.4	14.2	0.0		13.1	---	

43 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=27		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%	
														
Share		---	---	---	---	0.0	---	27.1		---	---	---	24.7	
repurchases		---	---	---	---	---	---	39.8		---	---	---	38.6	
														
Revenue		---	---	---	---	12.4	1.0	7.8		---	4.1	-0.8	9.9	
		---	---	---	---	16.7	---	7.4		---	2.1	---	9.7	
														
Dividends		---	---	---	---	8.2	0.0	7.4		---	6.3	0.1	7.7	
		---	---	---	---	---	---	5.3		---	4.2	---	5.5	
														
Earnings		---	---	---	---	26.8	-2.0	5.9		---	1.8	-14.6	10.3	
		---	---	---	---	---	---	15.2		---	2.6	---	17.1	
														
Cash on the		---	---	---	---	13.5	0.0	-7.0		---	-18.2	5.0	-1.8	
balance sheet		---	---	---	---	---	---	12.7		---	14.2	---	10.9	

44 

Duke / CFO magazine Global Business Outlook survey - Japan - Fourth 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=27		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
Share		40.1	0.0	---	---	---	
repurchases		43.6	0.0	---	---	---	
							
Revenue		11.4	1.9	---	---	---	
		8.8	6.2	---	---	---	
							
Dividends		5.5	9.7	---	---	---	
		4.9	5.3	---	---	---	
							
Earnings		7.2	6.1	---	---	---	
		11.7	21.1	---	---	---	
							
Cash on the		-6.5	-3.6	---	---	---	
balance sheet		11.8	16.2	---	---	---	

45 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		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	
																
New or		0.4		1.0	0.5	---	1.0	---	0.7	---	---	0.0	1.0	---	0.5	
anticipated
regulatory
requirements
(2016 planned)		0.7		---	0.7	---	---	---	0.6	---	---	0.8	---	---	0.6	
																
New or		0.3		0.0	0.5	---	1.0	---	0.7	---	---	0.1	1.0	---	0.3	
anticipated
regulatory
requirements
(2015 actual)		0.7		1.4	0.7	---	---	---	0.6	---	---	0.7	---	---	0.5	
																
Interest rates		0.2		0.5	0.3	---	1.0	---	0.7	---	---	-0.1	1.0	---	0.2	
(2016 planned)		0.5		0.7	0.6	---	---	---	0.6	---	---	0.3	---	---	0.4	
																
Price of fuel		0.2		-0.5	0.5	---	0.0	---	0.0	---	---	0.3	0.0	---	0.5	
(2016 planned)		0.7		0.7	0.7	---	---	---	1.0	---	---	0.8	---	---	0.6	
																
Currency		0.2		1.0	0.3	---	0.0	---	0.0	---	---	0.1	-1.0	---	0.4	
valuation (2015
actual)		0.6		0.0	0.6	---	---	---	0.0	---	---	0.6	---	---	0.5	
																
Interest rates		0.1		0.0	0.3	---	0.0	---	0.0	---	---	0.0	1.0	---	0.2	
(2015 actual)		0.4		0.0	0.6	---	---	---	1.0	---	---	0.0	---	---	0.4	
																
Currency		0.1		0.5	0.3	---	0.0	---	0.0	---	---	-0.1	-1.0	---	0.5	
valuation (2016
planned)		0.6		0.7	0.6	---	---	---	0.0	---	---	0.6	---	---	0.6	
																
Dividends/share		0.0		-0.3	0.0	---	0.0	---	0.0	---	---	0.1	---	---	0.3	
repurchases
(2016 planned)		0.5		0.6	---	---	---	---	0.0	---	---	0.5	---	---	0.5	
																
Dividends/share		0.0		-0.3	0.0	---	0.0	---	0.0	---	---	0.1	---	---	0.2	
repurchases
(2015 actual)		0.4		0.6	---	---	---	---	0.0	---	---	0.5	---	---	0.4	

46 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		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	
												
New or		1.0	0.5	0.0	0.0	0.0	0.5	1.0		0.1	0.6	
anticipated
regulatory
requirements
(2016 planned)		0.0	1.0	0.0	1.0	0.0	0.6	---		0.8	0.5	
												
New or		0.8	0.5	0.0	-0.3	0.3	0.5	0.0		0.0	0.6	
anticipated
regulatory
requirements
(2015 actual)		0.5	1.0	0.0	0.6	0.5	0.6	1.4		0.8	0.5	
												
Interest rates		1.0	0.0	0.0	0.7	0.0	-0.1	0.7		0.1	0.4	
(2016 planned)		0.0	0.0	0.0	0.6	0.0	0.4	0.6		0.5	0.5	
												
Price of fuel		0.0	0.3	0.0	-0.5	0.6	0.2	0.3		0.4	0.0	
(2016 planned)		1.0	1.2	0.0	0.7	0.5	0.8	0.5		0.6	0.8	
												
Currency		0.0	1.0	0.5	0.0	0.2	-0.1	0.5		0.0	0.4	
valuation (2015
actual)		0.8	0.0	0.7	0.0	0.4	0.7	0.6		0.5	0.7	
												
Interest rates		0.3	0.0	0.0	0.7	0.0	0.0	0.0		0.1	0.2	
(2015 actual)		1.0	0.0	0.0	0.6	0.0	0.0	0.0		0.3	0.6	
												
Currency		-0.3	1.0	0.5	0.3	0.2	-0.1	0.0		0.0	0.2	
valuation (2016
planned)		0.6	---	0.7	0.6	0.4	0.7	0.0		0.6	0.6	
												
Dividends/share		0.0	0.0	0.0	0.3	0.0	0.1	-0.3		0.2	-0.2	
repurchases
(2016 planned)		0.0	1.4	0.0	0.6	0.0	0.4	0.5		0.4	0.4	
												
Dividends/share		0.0	0.3	0.0	0.0	0.0	0.1	-0.3		0.1	-0.1	
repurchases
(2015 actual)		0.0	1.2	0.0	0.0	0.0	0.4	0.5		0.3	0.5	

47 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		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%	
														
New or		0.5	0.7	0.5	1.0	0.0	---	0.2		0.3	0.7	-1.0	0.4	
anticipated
regulatory
requirements
(2016 planned)		0.7	0.5	0.7	---	0.8	---	0.8		0.6	0.5	0.0	0.5	
														
New or		0.3	0.7	0.5	0.0	-0.3	---	0.3		0.3	0.6	-0.5	0.3	
anticipated
regulatory
requirements
(2015 actual)		0.6	0.5	0.7	1.4	0.5	---	0.8		0.6	0.5	1.0	0.5	
														
Interest rates		1.0	0.3	0.3	0.0	0.2	0.0	0.0		0.5	0.3	0.3	0.0	
(2016 planned)		0.0	0.5	0.6	---	0.4	---	0.5		0.6	0.5	0.6	0.5	
														
Price of fuel		0.0	-0.2	-0.3	1.0	0.4	1.0	0.4		-0.3	0.1	0.0	0.6	
(2016 planned)		---	0.8	0.6	---	0.9	---	0.5		0.6	0.7	1.0	0.5	
														
Currency		0.0	0.3	0.7	1.0	0.0	1.0	-0.1		0.0	0.4	0.3	0.0	
valuation (2015
actual)		1.0	0.5	0.6	---	0.0	---	0.6		0.0	0.7	0.6	0.6	
														
Interest rates		0.7	0.0	0.0	0.0	0.2	0.0	0.0		0.5	0.1	0.0	0.0	
(2015 actual)		0.6	0.6	0.0	---	0.4	---	0.0		0.6	0.6	0.0	0.0	
														
Currency		-0.5	0.2	0.3	1.0	0.2	1.0	-0.3		0.0	0.4	0.0	-0.2	
valuation (2016
planned)		0.7	0.4	0.6	---	0.4	---	0.5		0.0	0.7	0.0	0.4	
														
Dividends/share		0.0	-0.2	-0.3	0.0	0.2	0.0	0.2		0.0	0.0	0.0	0.1	
repurchases
(2016 planned)		---	0.4	0.6	---	0.4	---	0.4		0.0	0.5	0.8	0.3	
														
Dividends/share		0.0	0.0	-0.3	0.0	0.0	0.0	0.2		0.0	0.0	0.0	0.1	
repurchases
(2015 actual)		0.0	0.6	0.6	---	0.0	---	0.4		0.0	0.5	0.7	0.3	

48 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
New or		0.5	-0.5	0.5	1.0	0.0	
anticipated
regulatory
requirements
(2016 planned)		0.7	0.7	0.7	0.0	---	
							
New or		0.3	-0.5	0.5	1.0	0.0	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.7	0.7	0.0	---	
							
Interest rates		0.2	0.0	0.0	1.0	0.0	
(2016 planned)		0.6	0.0	0.0	---	---	
							
Price of fuel		0.3	0.2	0.0	-1.0	1.0	
(2016 planned)		0.6	0.8	---	0.0	---	
							
Currency		0.3	0.0	0.5	0.0	0.0	
valuation (2015
actual)		0.6	0.7	0.7	---	---	
							
Interest rates		0.0	0.0	0.0	1.0	0.0	
(2015 actual)		0.3	0.0	0.0	---	---	
							
Currency		0.2	0.0	0.0	0.0	0.0	
valuation (2016
planned)		0.6	0.7	---	---	---	
							
Dividends/share		0.1	0.2	0.0	-0.5	0.0	
repurchases
(2016 planned)		0.5	0.4	---	0.7	---	
							
Dividends/share		0.0	0.2	0.5	-0.5	0.0	
repurchases
(2015 actual)		0.4	0.4	0.7	0.7	---	

49 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		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	
																
Other: (2015		0.0		---	0.0	---	---	---	0.0	---	---	0.0	---	---	0.0	
actual)		0.0		---	---	---	---	---	---	---	---	0.0	---	---	---	
																
Other: (2016		0.0		---	0.0	---	---	---	0.0	---	---	0.0	---	---	0.0	
planned)		0.0		---	---	---	---	---	---	---	---	0.0	---	---	---	
																
Price of fuel		-0.1		-0.5	0.0	---	0.0	---	-0.3	---	---	-0.1	0.0	---	0.2	
(2015 actual)		0.7		0.7	0.0	---	---	---	0.6	---	---	0.8	---	---	0.8	
																
Economic/		-0.2		0.0	0.0	---	0.0	---	0.0	---	---	-0.4	0.0	---	0.0	
political
changes in Latin
America (2015
actual)		0.5		0.0	0.0	---	---	---	0.0	---	---	0.7	---	---	0.0	
																
Economic/		-0.3		0.0	0.0	---	0.0	---	0.0	---	---	-0.6	0.0	---	0.0	
political
changes in Latin
America (2016
planned)		0.4		0.0	---	---	---	---	0.0	---	---	0.5	---	---	0.0	
																
Slowdown in		-0.4		-1.0	0.0	---	0.0	---	0.0	---	---	-0.6	0.0	---	-0.3	
China (2015
actual)		0.5		0.0	0.0	---	---	---	0.0	---	---	0.5	---	---	0.5	
																
Slowdown in		-0.4		-1.0	0.0	---	0.0	---	0.0	---	---	-0.7	0.0	---	-0.3	
China (2016
planned)		0.5		0.0	0.0	---	---	---	0.0	---	---	0.5	---	---	0.5	

50 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		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	
												
Other: (2015		---	---	0.0	---	---	0.0	0.0		0.0	0.0	
actual)		---	---	---	---	---	0.0	---		0.0	0.0	
												
Other: (2016		---	---	0.0	---	---	0.0	0.0		0.0	0.0	
planned)		---	---	---	---	---	0.0	---		0.0	0.0	
												
Price of fuel		0.0	-0.8	0.0	-0.5	-0.2	0.2	0.3		0.0	-0.2	
(2015 actual)		0.8	0.5	0.0	0.7	0.8	0.8	0.5		0.8	0.6	
												
Economic/		0.0	-0.3	0.0	-0.5	0.2	-0.5	-0.2		-0.3	0.0	
political
changes in Latin
America (2015
actual)		0.0	0.6	0.0	0.7	0.4	0.5	0.4		0.6	0.0	
												
Economic/		0.0	-0.5	0.0	-0.5	0.0	-0.5	-0.2		-0.4	0.0	
political
changes in Latin
America (2016
planned)		0.0	0.7	0.0	0.7	0.0	0.5	0.4		0.5	0.0	
												
Slowdown in		0.0	-0.7	-0.5	-0.3	-0.2	-0.7	-0.4		-0.5	-0.3	
China (2015
actual)		0.0	0.6	0.7	0.6	0.4	0.5	0.5		0.5	0.5	
												
Slowdown in		0.0	-1.0	-0.5	-0.3	-0.3	-0.7	-0.3		-0.5	-0.4	
China (2016
planned)		0.0	0.0	0.7	0.6	0.5	0.5	0.5		0.5	0.5	

51 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		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%	
														
Other: (2015		---	0.0	---	---	0.0	---	0.0		0.0	0.0	---	0.0	
actual)		---	0.0	---	---	---	---	0.0		---	0.0	---	0.0	
														
Other: (2016		---	0.0	---	---	0.0	---	0.0		0.0	0.0	---	0.0	
planned)		---	0.0	---	---	---	---	0.0		---	0.0	---	0.0	
														
Price of fuel		0.5	-0.4	-0.3	0.0	-0.2	1.0	0.0		-0.3	-0.2	-0.8	0.3	
(2015 actual)		0.7	0.5	0.6	---	0.8	---	0.7		0.6	0.6	0.5	0.7	
														
Economic/		0.0	0.0	0.0	0.0	-0.3	0.0	-0.4		0.0	0.0	-0.2	-0.4	
political
changes in Latin
America (2015
actual)		0.0	0.0	0.0	0.0	0.5	---	0.7		0.0	0.0	0.8	0.5	
														
Economic/		0.0	0.0	0.0	0.0	-0.3	0.0	-0.6		0.0	0.0	-0.5	-0.5	
political
changes in Latin
America (2016
planned)		---	0.0	0.0	---	0.5	---	0.5		0.0	0.0	0.6	0.5	
														
Slowdown in		0.0	-0.3	-0.7	-0.5	-0.3	0.0	-0.6		-0.3	-0.2	-0.8	-0.6	
China (2015
actual)		0.0	0.5	0.6	0.7	0.5	---	0.5		0.5	0.4	0.4	0.5	
														
Slowdown in		0.0	-0.3	-0.7	---	-0.3	0.0	-0.7		-0.3	-0.2	-1.0	-0.6	
China (2016
planned)		0.0	0.5	0.6	---	0.5	---	0.5		0.5	0.4	0.0	0.5	

52 

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

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
Other: (2015		0.0	0.0	---	---	---	
actual)		0.0	---	---	---	---	
							
Other: (2016		0.0	0.0	---	---	---	
planned)		0.0	---	---	---	---	
							
Price of fuel		0.1	-0.2	-0.5	-1.0	0.0	
(2015 actual)		0.7	0.8	0.7	0.0	---	
							
Economic/		-0.2	-0.7	0.0	0.0	0.0	
political
changes in Latin
America (2015
actual)		0.5	0.6	0.0	---	---	
							
Economic/		-0.3	-0.7	0.0	0.0	0.0	
political
changes in Latin
America (2016
planned)		0.4	0.6	0.0	---	---	
							
Slowdown in		-0.4	-0.8	-1.0	-0.5	0.0	
China (2015
actual)		0.5	0.5	---	0.7	---	
							
Slowdown in		-0.4	-0.8	-1.0	-0.5	0.0	
China (2016
planned)		0.5	0.5	---	0.7	---	

53 

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

5. How have the following factors affected your capital spending this year? (sorted)

N=34		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	
																
New or		0.3		0.0	0.5	---	1.0	---	0.7	---	---	0.1	1.0	---	0.3	
anticipated
regulatory
requirements		0.7		1.4	0.7	---	---	---	0.6	---	---	0.7	---	---	0.5	
																
Currency		0.2		1.0	0.3	---	0.0	---	0.0	---	---	0.1	-1.0	---	0.4	
valuation		0.6		0.0	0.6	---	---	---	0.0	---	---	0.6	---	---	0.5	
																
Interest rates		0.1		0.0	0.3	---	0.0	---	0.0	---	---	0.0	1.0	---	0.2	
		0.4		0.0	0.6	---	---	---	1.0	---	---	0.0	---	---	0.4	
																
Dividends/share		0.0		-0.3	0.0	---	0.0	---	0.0	---	---	0.1	---	---	0.2	
repurchases		0.4		0.6	---	---	---	---	0.0	---	---	0.5	---	---	0.4	
																
Other:		0.0		---	0.0	---	---	---	0.0	---	---	0.0	---	---	0.0	
		0.0		---	---	---	---	---	---	---	---	0.0	---	---	---	
																
Price of fuel		-0.1		-0.5	0.0	---	0.0	---	-0.3	---	---	-0.1	0.0	---	0.2	
		0.7		0.7	0.0	---	---	---	0.6	---	---	0.8	---	---	0.8	
																
Economic/		-0.2		0.0	0.0	---	0.0	---	0.0	---	---	-0.4	0.0	---	0.0	
political
changes in Latin
America		0.5		0.0	0.0	---	---	---	0.0	---	---	0.7	---	---	0.0	
																
Slowdown in		-0.4		-1.0	0.0	---	0.0	---	0.0	---	---	-0.6	0.0	---	-0.3	
China		0.5		0.0	0.0	---	---	---	0.0	---	---	0.5	---	---	0.5	

54 

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

5. How have the following factors affected your capital spending this year? (sorted)

N=34		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	
												
New or		0.8	0.5	0.0	-0.3	0.3	0.5	0.0		0.0	0.6	
anticipated
regulatory
requirements		0.5	1.0	0.0	0.6	0.5	0.6	1.4		0.8	0.5	
												
Currency		0.0	1.0	0.5	0.0	0.2	-0.1	0.5		0.0	0.4	
valuation		0.8	0.0	0.7	0.0	0.4	0.7	0.6		0.5	0.7	
												
Interest rates		0.3	0.0	0.0	0.7	0.0	0.0	0.0		0.1	0.2	
		1.0	0.0	0.0	0.6	0.0	0.0	0.0		0.3	0.6	
												
Dividends/share		0.0	0.3	0.0	0.0	0.0	0.1	-0.3		0.1	-0.1	
repurchases		0.0	1.2	0.0	0.0	0.0	0.4	0.5		0.3	0.5	
												
Other:		---	---	0.0	---	---	0.0	0.0		0.0	0.0	
		---	---	---	---	---	0.0	---		0.0	0.0	
												
Price of fuel		0.0	-0.8	0.0	-0.5	-0.2	0.2	0.3		0.0	-0.2	
		0.8	0.5	0.0	0.7	0.8	0.8	0.5		0.8	0.6	
												
Economic/		0.0	-0.3	0.0	-0.5	0.2	-0.5	-0.2		-0.3	0.0	
political
changes in Latin
America		0.0	0.6	0.0	0.7	0.4	0.5	0.4		0.6	0.0	
												
Slowdown in		0.0	-0.7	-0.5	-0.3	-0.2	-0.7	-0.4		-0.5	-0.3	
China		0.0	0.6	0.7	0.6	0.4	0.5	0.5		0.5	0.5	

55 

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

5. How have the following factors affected your capital spending this year? (sorted)

N=34		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%	
														
New or		0.3	0.7	0.5	0.0	-0.3	---	0.3		0.3	0.6	-0.5	0.3	
anticipated
regulatory
requirements		0.6	0.5	0.7	1.4	0.5	---	0.8		0.6	0.5	1.0	0.5	
														
Currency		0.0	0.3	0.7	1.0	0.0	1.0	-0.1		0.0	0.4	0.3	0.0	
valuation		1.0	0.5	0.6	---	0.0	---	0.6		0.0	0.7	0.6	0.6	
														
Interest rates		0.7	0.0	0.0	0.0	0.2	0.0	0.0		0.5	0.1	0.0	0.0	
		0.6	0.6	0.0	---	0.4	---	0.0		0.6	0.6	0.0	0.0	
														
Dividends/share		0.0	0.0	-0.3	0.0	0.0	0.0	0.2		0.0	0.0	0.0	0.1	
repurchases		0.0	0.6	0.6	---	0.0	---	0.4		0.0	0.5	0.7	0.3	
														
Other:		---	0.0	---	---	0.0	---	0.0		0.0	0.0	---	0.0	
		---	0.0	---	---	---	---	0.0		---	0.0	---	0.0	
														
Price of fuel		0.5	-0.4	-0.3	0.0	-0.2	1.0	0.0		-0.3	-0.2	-0.8	0.3	
		0.7	0.5	0.6	---	0.8	---	0.7		0.6	0.6	0.5	0.7	
														
Economic/		0.0	0.0	0.0	0.0	-0.3	0.0	-0.4		0.0	0.0	-0.2	-0.4	
political
changes in Latin
America		0.0	0.0	0.0	0.0	0.5	---	0.7		0.0	0.0	0.8	0.5	
														
Slowdown in		0.0	-0.3	-0.7	-0.5	-0.3	0.0	-0.6		-0.3	-0.2	-0.8	-0.6	
China		0.0	0.5	0.6	0.7	0.5	---	0.5		0.5	0.4	0.4	0.5	

56 

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

5. How have the following factors affected your capital spending this year? (sorted)

N=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
New or		0.3	-0.5	0.5	1.0	0.0	
anticipated
regulatory
requirements		0.7	0.7	0.7	0.0	---	
							
Currency		0.3	0.0	0.5	0.0	0.0	
valuation		0.6	0.7	0.7	---	---	
							
Interest rates		0.0	0.0	0.0	1.0	0.0	
		0.3	0.0	0.0	---	---	
							
Dividends/share		0.0	0.2	0.5	-0.5	0.0	
repurchases		0.4	0.4	0.7	0.7	---	
							
Other:		0.0	0.0	---	---	---	
		0.0	---	---	---	---	
							
Price of fuel		0.1	-0.2	-0.5	-1.0	0.0	
		0.7	0.8	0.7	0.0	---	
							
Economic/		-0.2	-0.7	0.0	0.0	0.0	
political
changes in Latin
America		0.5	0.6	0.0	---	---	
							
Slowdown in		-0.4	-0.8	-1.0	-0.5	0.0	
China		0.5	0.5	---	0.7	---	

57 

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

5. How have the following factors affected your capital spending plans for next year? (sorted)

N=34		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	
																
New or		0.4		1.0	0.5	---	1.0	---	0.7	---	---	0.0	1.0	---	0.5	
anticipated
regulatory
requirements		0.7		---	0.7	---	---	---	0.6	---	---	0.8	---	---	0.6	
																
Interest rates		0.2		0.5	0.3	---	1.0	---	0.7	---	---	-0.1	1.0	---	0.2	
		0.5		0.7	0.6	---	---	---	0.6	---	---	0.3	---	---	0.4	
																
Price of fuel		0.2		-0.5	0.5	---	0.0	---	0.0	---	---	0.3	0.0	---	0.5	
		0.7		0.7	0.7	---	---	---	1.0	---	---	0.8	---	---	0.6	
																
Currency		0.1		0.5	0.3	---	0.0	---	0.0	---	---	-0.1	-1.0	---	0.5	
valuation		0.6		0.7	0.6	---	---	---	0.0	---	---	0.6	---	---	0.6	
																
Dividends/share		0.0		-0.3	0.0	---	0.0	---	0.0	---	---	0.1	---	---	0.3	
repurchases		0.5		0.6	---	---	---	---	0.0	---	---	0.5	---	---	0.5	
																
Other:		0.0		---	0.0	---	---	---	0.0	---	---	0.0	---	---	0.0	
		0.0		---	---	---	---	---	---	---	---	0.0	---	---	---	
																
Economic/		-0.3		0.0	0.0	---	0.0	---	0.0	---	---	-0.6	0.0	---	0.0	
political
changes in Latin
America		0.4		0.0	---	---	---	---	0.0	---	---	0.5	---	---	0.0	
																
Slowdown in		-0.4		-1.0	0.0	---	0.0	---	0.0	---	---	-0.7	0.0	---	-0.3	
China		0.5		0.0	0.0	---	---	---	0.0	---	---	0.5	---	---	0.5	

58 

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

5. How have the following factors affected your capital spending plans for next year? (sorted)

N=34		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	
												
New or		1.0	0.5	0.0	0.0	0.0	0.5	1.0		0.1	0.6	
anticipated
regulatory
requirements		0.0	1.0	0.0	1.0	0.0	0.6	---		0.8	0.5	
												
Interest rates		1.0	0.0	0.0	0.7	0.0	-0.1	0.7		0.1	0.4	
		0.0	0.0	0.0	0.6	0.0	0.4	0.6		0.5	0.5	
												
Price of fuel		0.0	0.3	0.0	-0.5	0.6	0.2	0.3		0.4	0.0	
		1.0	1.2	0.0	0.7	0.5	0.8	0.5		0.6	0.8	
												
Currency		-0.3	1.0	0.5	0.3	0.2	-0.1	0.0		0.0	0.2	
valuation		0.6	---	0.7	0.6	0.4	0.7	0.0		0.6	0.6	
												
Dividends/share		0.0	0.0	0.0	0.3	0.0	0.1	-0.3		0.2	-0.2	
repurchases		0.0	1.4	0.0	0.6	0.0	0.4	0.5		0.4	0.4	
												
Other:		---	---	0.0	---	---	0.0	0.0		0.0	0.0	
		---	---	---	---	---	0.0	---		0.0	0.0	
												
Economic/		0.0	-0.5	0.0	-0.5	0.0	-0.5	-0.2		-0.4	0.0	
political
changes in Latin
America		0.0	0.7	0.0	0.7	0.0	0.5	0.4		0.5	0.0	
												
Slowdown in		0.0	-1.0	-0.5	-0.3	-0.3	-0.7	-0.3		-0.5	-0.4	
China		0.0	0.0	0.7	0.6	0.5	0.5	0.5		0.5	0.5	

59 

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

5. How have the following factors affected your capital spending plans for next year? (sorted)

N=34		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%	
														
New or		0.5	0.7	0.5	1.0	0.0	---	0.2		0.3	0.7	-1.0	0.4	
anticipated
regulatory
requirements		0.7	0.5	0.7	---	0.8	---	0.8		0.6	0.5	0.0	0.5	
														
Interest rates		1.0	0.3	0.3	0.0	0.2	0.0	0.0		0.5	0.3	0.3	0.0	
		0.0	0.5	0.6	---	0.4	---	0.5		0.6	0.5	0.6	0.5	
														
Price of fuel		0.0	-0.2	-0.3	1.0	0.4	1.0	0.4		-0.3	0.1	0.0	0.6	
		---	0.8	0.6	---	0.9	---	0.5		0.6	0.7	1.0	0.5	
														
Currency		-0.5	0.2	0.3	1.0	0.2	1.0	-0.3		0.0	0.4	0.0	-0.2	
valuation		0.7	0.4	0.6	---	0.4	---	0.5		0.0	0.7	0.0	0.4	
														
Dividends/share		0.0	-0.2	-0.3	0.0	0.2	0.0	0.2		0.0	0.0	0.0	0.1	
repurchases		---	0.4	0.6	---	0.4	---	0.4		0.0	0.5	0.8	0.3	
														
Other:		---	0.0	---	---	0.0	---	0.0		0.0	0.0	---	0.0	
		---	0.0	---	---	---	---	0.0		---	0.0	---	0.0	
														
Economic/		0.0	0.0	0.0	0.0	-0.3	0.0	-0.6		0.0	0.0	-0.5	-0.5	
political
changes in Latin
America		---	0.0	0.0	---	0.5	---	0.5		0.0	0.0	0.6	0.5	
														
Slowdown in		0.0	-0.3	-0.7	---	-0.3	0.0	-0.7		-0.3	-0.2	-1.0	-0.6	
China		0.0	0.5	0.6	---	0.5	---	0.5		0.5	0.4	0.0	0.5	

60 

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

5. How have the following factors affected your capital spending plans for next year? (sorted)

N=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
New or		0.5	-0.5	0.5	1.0	0.0	
anticipated
regulatory
requirements		0.7	0.7	0.7	0.0	---	
							
Interest rates		0.2	0.0	0.0	1.0	0.0	
		0.6	0.0	0.0	---	---	
							
Price of fuel		0.3	0.2	0.0	-1.0	1.0	
		0.6	0.8	---	0.0	---	
							
Currency		0.2	0.0	0.0	0.0	0.0	
valuation		0.6	0.7	---	---	---	
							
Dividends/share		0.1	0.2	0.0	-0.5	0.0	
repurchases		0.5	0.4	---	0.7	---	
							
Other:		0.0	0.0	---	---	---	
		0.0	---	---	---	---	
							
Economic/		-0.3	-0.7	0.0	0.0	0.0	
political
changes in Latin
America		0.4	0.6	0.0	---	---	
							
Slowdown in		-0.4	-0.8	-1.0	-0.5	0.0	
China		0.5	0.5	---	0.7	---	

61 

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

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
+2=Large increase in age		2		0	0	0	0	0	1	0	0	1	0	0	0	
		5.9%		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	6.3%	0.0%	0.0%	0.0%	
																
+1=Moderate increase		16		2	2	0	1	0	1	0	0	7	0	0	3	
in age		47.1%		66.7%	50.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	43.8%	0.0%	0.0%	50.0%	
																
0=No change		7		1	1	0	0	0	0	0	0	3	1	0	1	
		20.6%		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.8%	100.0%	0.0%	16.7%	
																
-1=Moderate decrease in		9		0	1	0	0	0	1	0	0	5	0	0	2	
age		26.5%		0.0%	25.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	31.3%	0.0%	0.0%	33.3%	
																
-2=Large decrease in age		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		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		0.7	0.3	---	1.0	---	0.7	---	---	0.3	0.0	---	0.2	
SD		0.9		0.6	1.0	---	0.0	---	1.5	---	---	1.0	0.0	---	1.0	

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

62 

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

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=34		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	4	2	3	6	8	6		19	15	
		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
+2=Large increase in age		1	0	0	0	0	1	0		1	1	
		20.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%		5.3%	6.7%	
												
+1=Moderate increase		3	3	1	2	3	1	3		6	10	
in age		60.0%	75.0%	50.0%	66.7%	50.0%	12.5%	50.0%		31.6%	66.7%	
												
0=No change		1	0	1	0	0	3	2		4	3	
		20.0%	0.0%	50.0%	0.0%	0.0%	37.5%	33.3%		21.1%	20.0%	
												
-1=Moderate decrease in		0	1	0	1	3	3	1		8	1	
age		0.0%	25.0%	0.0%	33.3%	50.0%	37.5%	16.7%		42.1%	6.7%	
										b	a	
												
-2=Large decrease in age		0	0	0	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	0.5	0.5	0.3	0.0	0.0	0.3		0.0	0.7	
SD		0.7	1.0	0.7	1.2	1.1	1.1	0.8		1.0	0.7	
										b	a	

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

63 

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

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
+2=Large increase in age		0	1	0	0	0	0	1		1	0	0	1	
		0.0%	14.3%	0.0%	0.0%	0.0%	0.0%	8.3%		20.0%	0.0%	0.0%	9.1%	
														
+1=Moderate increase		3	4	3	0	2	0	4		3	6	3	4	
in age		75.0%	57.1%	100.0%	0.0%	40.0%	0.0%	33.3%		60.0%	50.0%	50.0%	36.4%	
														
0=No change		1	2	0	1	1	0	2		1	2	1	3	
		25.0%	28.6%	0.0%	50.0%	20.0%	0.0%	16.7%		20.0%	16.7%	16.7%	27.3%	
														
-1=Moderate decrease in		0	0	0	1	2	1	5		0	4	2	3	
age		0.0%	0.0%	0.0%	50.0%	40.0%	100.0%	41.7%		0.0%	33.3%	33.3%	27.3%	
			f				b							
														
-2=Large decrease in age		0	0	0	0	0	0	0		0	0	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		0.8	0.9	1.0	-0.5	0.0	-1.0	0.1		1.0	0.2	0.2	0.3	
SD		0.5	0.7	0.0	0.7	1.0	0.0	1.1		0.7	0.9	1.0	1.0	
			d		b									

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

64 

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

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=34		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		21	5	2	2	2	
		65.6%	15.6%	6.3%	6.3%	6.3%	
							
+2=Large increase in age		1	0	0	1	0	
		4.8%	0.0%	0.0%	50.0%	0.0%	
		d			a		
							
+1=Moderate increase		10	0	2	1	2	
in age		47.6%	0.0%	100.0%	50.0%	100.0%	
			ce	b		b	
							
0=No change		4	2	0	0	0	
		19.0%	40.0%	0.0%	0.0%	0.0%	
							
-1=Moderate decrease in		6	3	0	0	0	
age		28.6%	60.0%	0.0%	0.0%	0.0%	
							
-2=Large decrease in age		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		0.3	-0.6	1.0	1.5	1.0	
SD		1.0	0.5	0.0	0.7	0.0	
			D		B		

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

65 

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

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=18		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		18		2	2	0	1	0	2	0	0	8	0	0	3	
		100.0%		11.1%	11.1%	0.0%	5.6%	0.0%	11.1%	0.0%	0.0%	44.4%	0.0%	0.0%	16.7%	
																
No		12		1	2	0	1	0	2	0	0	4	0	0	2	
		66.7%		50.0%	100.0%	0.0%	100.0%	0.0%	100.0%	0.0%	0.0%	50.0%	0.0%	0.0%	66.7%	
																
Yes		6		1	0	0	0	0	0	0	0	4	0	0	1	
		33.3%		50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	33.3%	

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

66 

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

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=18		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	1	2	3	2	3		7	11	
		22.2%	16.7%	5.6%	11.1%	16.7%	11.1%	16.7%		38.9%	61.1%	
												
No		4	0	1	2	2	0	3		5	7	
		100.0%	0.0%	100.0%	100.0%	66.7%	0.0%	100.0%		71.4%	63.6%	
		b	a									
												
Yes		0	3	0	0	1	2	0		2	4	
		0.0%	100.0%	0.0%	0.0%	33.3%	100.0%	0.0%		28.6%	36.4%	
		b	a									

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

67 

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

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=18		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	5	3	0	2	0	5		4	6	3	5	
		16.7%	27.8%	16.7%	0.0%	11.1%	0.0%	27.8%		22.2%	33.3%	16.7%	27.8%	
														
No		3	3	2	0	1	0	3		4	3	2	3	
		100.0%	60.0%	66.7%	0.0%	50.0%	0.0%	60.0%		100.0%	50.0%	66.7%	60.0%	
														
Yes		0	2	1	0	1	0	2		0	3	1	2	
		0.0%	40.0%	33.3%	0.0%	50.0%	0.0%	40.0%		0.0%	50.0%	33.3%	40.0%	

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

68 

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

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=18		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		11	0	2	2	2	
		64.7%	0.0%	11.8%	11.8%	11.8%	
							
No		8	0	1	1	1	
		72.7%	0.0%	50.0%	50.0%	50.0%	
							
Yes		3	0	1	1	1	
		27.3%	0.0%	50.0%	50.0%	50.0%	

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

69 

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

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
-2=Much less capital
investment will be		
0		
0	
0	
0	
0	
0	
0	
0	
0	
0	
0	
0	
0	
required		0.0%		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=Moderately less		6		1	0	0	0	0	0	0	0	5	0	0	0	
		18.2%		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	31.3%	0.0%	0.0%	0.0%	
																
0=No change		13		0	2	0	1	0	2	0	0	5	1	0	2	
		39.4%		0.0%	50.0%	0.0%	100.0%	0.0%	66.7%	0.0%	0.0%	31.3%	100.0%	0.0%	40.0%	
																
+1=Moderately more		9		1	1	0	0	0	1	0	0	4	0	0	2	
		27.3%		33.3%	25.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	25.0%	0.0%	0.0%	40.0%	
																
+2=Much more capital
investment will be		
5		
1	
1	
0	
0	
0	
0	
0	
0	
2	
0	
0	
1	
required		15.2%		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	20.0%	
																
Mean		0.4		0.7	0.8	---	0.0	---	0.3	---	---	0.2	0.0	---	0.8	
SD		1.0		1.5	1.0	---	0.0	---	0.6	---	---	1.0	0.0	---	0.8	

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

70 

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

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=34		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	4	2	3	6	8	6		19	15	
		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
-2=Much less capital
investment will be		
0	
0	
0	
0	
0	
0	
0		
0	
0	
required		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
-1=Moderately less		0	0	1	0	1	2	2		4	2	
		0.0%	0.0%	50.0%	0.0%	16.7%	25.0%	40.0%		22.2%	13.3%	
												
0=No change		5	0	0	0	2	4	2		7	6	
		100.0%	0.0%	0.0%	0.0%	33.3%	50.0%	40.0%		38.9%	40.0%	
		bcde	a	a	a	a						
												
+1=Moderately more		0	3	0	2	2	1	1		6	3	
		0.0%	75.0%	0.0%	66.7%	33.3%	12.5%	20.0%		33.3%	20.0%	
		b	a									
												
+2=Much more capital
investment will be		
0	
1	
1	
1	
1	
1	
0		
1	
4	
required		0.0%	25.0%	50.0%	33.3%	16.7%	12.5%	0.0%		5.6%	26.7%	
												
Mean		0.0	1.3	0.5	1.3	0.5	0.1	-0.2		0.2	0.6	
SD		0.0	0.5	2.1	0.6	1.0	1.0	0.8		0.9	1.1	
			g		g			bd				

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

71 

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

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
-2=Much less capital
investment will be		
0	
0	
0	
0	
0	
0	
0		
0	
0	
0	
0	
required		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-1=Moderately less		0	1	1	0	0	0	4		0	1	1	4	
		0.0%	14.3%	33.3%	0.0%	0.0%	0.0%	36.4%		0.0%	8.3%	20.0%	36.4%	
														
0=No change		3	3	0	0	1	1	5		3	4	1	5	
		75.0%	42.9%	0.0%	0.0%	20.0%	100.0%	45.5%		60.0%	33.3%	20.0%	45.5%	
														
+1=Moderately more		0	2	1	2	3	0	1		0	6	2	1	
		0.0%	28.6%	33.3%	100.0%	60.0%	0.0%	9.1%		0.0%	50.0%	40.0%	9.1%	
					g	g		de			d		b	
														
+2=Much more capital
investment will be		
1	
1	
1	
0	
1	
0	
1		
2	
1	
1	
1	
required		25.0%	14.3%	33.3%	0.0%	20.0%	0.0%	9.1%		40.0%	8.3%	20.0%	9.1%	
														
Mean		0.5	0.4	0.7	1.0	1.0	0.0	-0.1		0.8	0.6	0.6	-0.1	
SD		1.0	1.0	1.5	0.0	0.7	0.0	0.9		1.1	0.8	1.1	0.9	
						g		e						

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

72 

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

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=34		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		21	5	2	2	2	
		65.6%	15.6%	6.3%	6.3%	6.3%	
							
-2=Much less capital
investment will be		
0	
0	
0	
0	
0	
required		0.0%	0.0%	0.0%	0.0%	0.0%	
							
-1=Moderately less		4	2	0	0	0	
		20.0%	40.0%	0.0%	0.0%	0.0%	
							
0=No change		9	1	0	1	1	
		45.0%	20.0%	0.0%	50.0%	50.0%	
							
+1=Moderately more		5	2	1	1	0	
		25.0%	40.0%	50.0%	50.0%	0.0%	
							
+2=Much more capital
investment will be		
2	
0	
1	
0	
1	
required		10.0%	0.0%	50.0%	0.0%	50.0%	
							
Mean		0.3	0.0	1.5	0.5	1.0	
SD		0.9	1.0	0.7	0.7	1.4	

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

73 

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

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
2=Yes, a lot		3		0	0	0	1	0	1	0	0	1	0	0	0	
		10.7%		0.0%	0.0%	0.0%	100.0%	0.0%	50.0%	0.0%	0.0%	7.1%	0.0%	0.0%	0.0%	
							i					d				
																
1=Yes, a little		8		1	1	0	0	0	1	0	0	3	0	0	2	
		28.6%		33.3%	50.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	21.4%	0.0%	0.0%	40.0%	
																
0=No		17		2	1	0	0	0	0	0	0	10	1	0	3	
		60.7%		66.7%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	71.4%	100.0%	0.0%	60.0%	
																
Mean		0.5		0.3	0.5	---	2.0	---	1.5	---	---	0.4	0.0	---	0.4	
SD		0.7		0.6	0.7	---	0.0	---	0.7	---	---	0.6	0.0	---	0.5	
									i			f				

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

74 

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

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=34		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	4	2	3	6	8	6		19	15	
		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
2=Yes, a lot		1	0	0	0	0	1	1		2	1	
		33.3%	0.0%	0.0%	0.0%	0.0%	14.3%	20.0%		11.8%	9.1%	
												
1=Yes, a little		1	1	1	2	1	2	0		4	4	
		33.3%	50.0%	50.0%	66.7%	16.7%	28.6%	0.0%		23.5%	36.4%	
												
0=No		1	1	1	1	5	4	4		11	6	
		33.3%	50.0%	50.0%	33.3%	83.3%	57.1%	80.0%		64.7%	54.5%	
												
Mean		1.0	0.5	0.5	0.7	0.2	0.6	0.4		0.5	0.5	
SD		1.0	0.7	0.7	0.6	0.4	0.8	0.9		0.7	0.7	

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

75 

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

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
2=Yes, a lot		0	1	0	0	0	0	2		0	1	0	2	
		0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	10.0%	0.0%	20.0%	
														
1=Yes, a little		2	1	1	0	1	0	3		2	3	2	1	
		66.7%	20.0%	33.3%	0.0%	20.0%	0.0%	30.0%		66.7%	30.0%	40.0%	10.0%	
														
0=No		1	3	2	1	4	1	5		1	6	3	7	
		33.3%	60.0%	66.7%	100.0%	80.0%	100.0%	50.0%		33.3%	60.0%	60.0%	70.0%	
														
Mean		0.7	0.6	0.3	0.0	0.2	0.0	0.7		0.7	0.5	0.4	0.5	
SD		0.6	0.9	0.6	0.0	0.4	0.0	0.8		0.6	0.7	0.5	0.8	

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

76 

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

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=34		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		21	5	2	2	2	
		65.6%	15.6%	6.3%	6.3%	6.3%	
							
2=Yes, a lot		3	0	0	0	0	
		16.7%	0.0%	0.0%	0.0%	0.0%	
							
1=Yes, a little		6	0	1	0	0	
		33.3%	0.0%	50.0%	0.0%	0.0%	
							
0=No		9	5	1	0	1	
		50.0%	100.0%	50.0%	0.0%	100.0%	
							
Mean		0.7	0.0	0.5	---	0.0	
SD		0.8	0.0	0.7	---	0.0	

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

77 

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

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%) 

N=34		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	
																
Percentage		2.1		-1.7	-0.7	---	-2.0	---	3.3	---	---	4.4	-3.0	---	-0.2	
change		6.4		7.6	8.1	---	---	---	2.9	---	---	6.2	---	---	7.1	

78 

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

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%) 

N=34		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	
												
Percentage		3.0	0.0	5.0	0.0	2.5	3.6	0.3		1.2	3.2	
change		5.7	9.1	0.0	4.4	9.4	5.2	6.8		7.3	5.2	

79 

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

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%) 

N=34		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%	
														
Percentage		3.3	5.0	6.7	-10.0	0.4	-10.0	2.6		4.5	1.0	-3.2	5.2	
change		6.5	2.9	7.6	0.0	3.6	---	6.3		1.0	7.8	4.4	5.0	

80 

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

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%) 

N=34		Where Based	
Mean
SD		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
							
Percentage		0.8	4.2	7.5	5.0	5.0	
change		7.4	3.8	3.5	0.0	---	

81 

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

10a. Is your firm's rate of productivity growth changing?

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
-2=Slowing a lot		1		0	0	0	0	0	0	0	0	1	0	0	0	
		3.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	0.0%	0.0%	0.0%	
																
-1=Slowing moderately		8		1	1	0	0	0	1	0	0	4	0	0	1	
		24.2%		33.3%	25.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	25.0%	0.0%	0.0%	20.0%	
																
0=No change		18		2	3	0	1	0	2	0	0	7	0	0	3	
		54.5%		66.7%	75.0%	0.0%	100.0%	0.0%	66.7%	0.0%	0.0%	43.8%	0.0%	0.0%	60.0%	
																
+1=Accelerating		6		0	0	0	0	0	0	0	0	4	1	0	1	
moderately		18.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	100.0%	0.0%	20.0%	
																
+2=Accelerating a lot		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		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		-0.3	-0.3	---	0.0	---	-0.3	---	---	-0.1	1.0	---	0.0	
SD		0.7		0.6	0.5	---	0.0	---	0.6	---	---	0.9	0.0	---	0.7	

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

82 

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

10a. Is your firm's rate of productivity growth changing?

N=34		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	4	2	3	6	8	6		19	15	
		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
-2=Slowing a lot		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%	6.7%	
												
-1=Slowing moderately		2	2	1	0	2	1	0		2	6	
		40.0%	50.0%	50.0%	0.0%	33.3%	12.5%	0.0%		11.1%	40.0%	
												
0=No change		1	2	0	3	2	6	4		12	6	
		20.0%	50.0%	0.0%	100.0%	33.3%	75.0%	80.0%		66.7%	40.0%	
												
+1=Accelerating		1	0	1	0	2	1	1		4	2	
moderately		20.0%	0.0%	50.0%	0.0%	33.3%	12.5%	20.0%		22.2%	13.3%	
												
+2=Accelerating a lot		0	0	0	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	-0.5	0.0	0.0	0.0	0.0	0.2		0.1	-0.4	
SD		1.1	0.6	1.4	0.0	0.9	0.5	0.4		0.6	0.8	
										b	a	

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

83 

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

10a. Is your firm's rate of productivity growth changing?

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
-2=Slowing a lot		1	0	0	0	0	0	0		0	0	0	1	
		25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	9.1%	
														
-1=Slowing moderately		1	3	1	0	1	1	1		1	5	1	1	
		25.0%	42.9%	33.3%	0.0%	20.0%	100.0%	9.1%		20.0%	41.7%	20.0%	9.1%	
							g	f						
														
0=No change		1	3	2	2	3	0	7		3	6	4	5	
		25.0%	42.9%	66.7%	100.0%	60.0%	0.0%	63.6%		60.0%	50.0%	80.0%	45.5%	
														
+1=Accelerating		1	1	0	0	1	0	3		1	1	0	4	
moderately		25.0%	14.3%	0.0%	0.0%	20.0%	0.0%	27.3%		20.0%	8.3%	0.0%	36.4%	
														
+2=Accelerating a lot		0	0	0	0	0	0	0		0	0	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	0.0	0.0	-1.0	0.2		0.0	-0.3	-0.2	0.1	
SD		1.3	0.8	0.6	0.0	0.7	0.0	0.6		0.7	0.7	0.4	0.9	

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

84 

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

10a. Is your firm's rate of productivity growth changing?

N=34		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		21	5	2	2	2	
		65.6%	15.6%	6.3%	6.3%	6.3%	
							
-2=Slowing a lot		1	0	0	0	0	
		5.0%	0.0%	0.0%	0.0%	0.0%	
							
-1=Slowing moderately		4	1	0	1	2	
		20.0%	20.0%	0.0%	50.0%	100.0%	
		e				a	
							
0=No change		12	3	1	1	0	
		60.0%	60.0%	50.0%	50.0%	0.0%	
							
+1=Accelerating		3	1	1	0	0	
moderately		15.0%	20.0%	50.0%	0.0%	0.0%	
							
+2=Accelerating a lot		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		-0.2	0.0	0.5	-0.5	-1.0	
SD		0.7	0.7	0.7	0.7	0.0	

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

85 

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

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=Very positive		1		0	0	0	0	0	0	0	0	0	1	0	0	
		7.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
												j	i			
																
2=Positive		8		1	0	0	0	0	0	0	0	6	0	0	1	
		57.1%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	75.0%	0.0%	0.0%	50.0%	
																
3=No impact		5		0	1	0	0	0	1	0	0	2	0	0	1	
		35.7%		0.0%	100.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	25.0%	0.0%	0.0%	50.0%	
																
4=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%	
																
5=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		2.3		2.0	3.0	---	---	---	3.0	---	---	2.3	1.0	---	2.5	
SD		0.6		0.0	0.0	---	---	---	0.0	---	---	0.5	0.0	---	0.7	

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

86 

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

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=Very positive		1	0	0	0	0	0	0		0	1	
		25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	11.1%	
												
2=Positive		1	1	1	0	2	2	1		4	4	
		25.0%	50.0%	50.0%	0.0%	66.7%	100.0%	100.0%		80.0%	44.4%	
												
3=No impact		2	1	1	0	1	0	0		1	4	
		50.0%	50.0%	50.0%	0.0%	33.3%	0.0%	0.0%		20.0%	44.4%	
												
4=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%	
												
5=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		2.3	2.5	2.5	---	2.3	2.0	2.0		2.2	2.3	
SD		1.0	0.7	0.7	---	0.6	0.0	0.0		0.4	0.7	

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

87 

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

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=Very positive		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%	16.7%	0.0%	0.0%	
														
2=Positive		1	1	1	0	1	0	4		1	1	1	5	
		33.3%	25.0%	100.0%	0.0%	100.0%	0.0%	100.0%		50.0%	16.7%	100.0%	100.0%	
											d		b	
														
3=No impact		1	3	0	0	0	1	0		1	4	0	0	
		33.3%	75.0%	0.0%	0.0%	0.0%	100.0%	0.0%		50.0%	66.7%	0.0%	0.0%	
											d		b	
														
4=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%	
														
5=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		2.0	2.8	2.0	---	2.0	3.0	2.0		2.5	2.5	2.0	2.0	
SD		1.0	0.5	0.0	---	0.0	0.0	0.0		0.7	0.8	0.0	0.0	

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

88 

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

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
2=Positive		6	0	1	0	1	
		75.0%	0.0%	100.0%	0.0%	50.0%	
							
3=No impact		2	1	0	1	1	
		25.0%	100.0%	0.0%	100.0%	50.0%	
							
4=Negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
5=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		2.3	3.0	2.0	3.0	2.5	
SD		0.5	0.0	0.0	0.0	0.7	

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

89 

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

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=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%	
																
2=Positive		10		0	0	0	0	0	1	0	0	8	0	0	1	
		66.7%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	88.9%	0.0%	0.0%	50.0%	
																
3=No impact		4		1	1	0	0	0	0	0	0	1	1	0	0	
		26.7%		100.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	100.0%	0.0%	0.0%	
																
4=Negative		1		0	0	0	0	0	0	0	0	0	0	0	1	
		6.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	
																
5=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		2.4		3.0	3.0	---	---	---	2.0	---	---	2.1	3.0	---	3.0	
SD		0.6		0.0	0.0	---	---	---	0.0	---	---	0.3	0.0	---	1.4	

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

90 

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

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=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%	
												
2=Positive		2	2	2	0	2	1	1		4	6	
		50.0%	100.0%	100.0%	0.0%	50.0%	50.0%	100.0%		66.7%	66.7%	
												
3=No impact		2	0	0	0	1	1	0		1	3	
		50.0%	0.0%	0.0%	0.0%	25.0%	50.0%	0.0%		16.7%	33.3%	
												
4=Negative		0	0	0	0	1	0	0		1	0	
		0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%		16.7%	0.0%	
												
5=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		2.5	2.0	2.0	---	2.8	2.5	2.0		2.5	2.3	
SD		0.6	0.0	0.0	---	1.0	0.7	0.0		0.8	0.5	

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

91 

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

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=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%	
														
2=Positive		1	4	0	0	2	0	3		1	3	1	5	
		33.3%	100.0%	0.0%	0.0%	100.0%	0.0%	75.0%		50.0%	50.0%	100.0%	83.3%	
														
3=No impact		2	0	1	0	0	0	1		1	2	0	1	
		66.7%	0.0%	100.0%	0.0%	0.0%	0.0%	25.0%		50.0%	33.3%	0.0%	16.7%	
														
4=Negative		0	0	0	0	0	1	0		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		0.0%	16.7%	0.0%	0.0%	
														
5=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		2.7	2.0	3.0	---	2.0	4.0	2.3		2.5	2.7	2.0	2.2	
SD		0.6	0.0	0.0	---	0.0	0.0	0.5		0.7	0.8	0.0	0.4	

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

92 

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

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
2=Positive		5	2	1	1	1	
		62.5%	100.0%	100.0%	100.0%	50.0%	
							
3=No impact		2	0	0	0	1	
		25.0%	0.0%	0.0%	0.0%	50.0%	
							
4=Negative		1	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	
							
5=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		2.5	2.0	2.0	2.0	2.5	
SD		0.8	0.0	0.0	0.0	0.7	

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

93 

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

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=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%	
																
2=Positive		9		1	1	0	0	0	1	0	0	3	1	0	2	
		64.3%		100.0%	100.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	37.5%	100.0%	0.0%	100.0%	
																
3=No impact		3		0	0	0	0	0	0	0	0	3	0	0	0	
		21.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	37.5%	0.0%	0.0%	0.0%	
																
4=Negative		2		0	0	0	0	0	0	0	0	2	0	0	0	
		14.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	
																
5=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		2.5		2.0	2.0	---	---	---	2.0	---	---	2.9	2.0	---	2.0	
SD		0.8		0.0	0.0	---	---	---	0.0	---	---	0.8	0.0	---	0.0	

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

94 

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

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=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%	
												
2=Positive		3	0	2	0	2	1	1		2	7	
		75.0%	0.0%	100.0%	0.0%	66.7%	50.0%	100.0%		40.0%	77.8%	
												
3=No impact		1	0	0	0	1	1	0		2	1	
		25.0%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%		40.0%	11.1%	
												
4=Negative		0	2	0	0	0	0	0		1	1	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		20.0%	11.1%	
												
5=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		2.3	4.0	2.0	---	2.3	2.5	2.0		2.8	2.3	
SD		0.5	0.0	0.0	---	0.6	0.7	0.0		0.8	0.7	

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

95 

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

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=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%	
														
2=Positive		2	3	1	0	1	1	1		2	5	0	2	
		66.7%	75.0%	100.0%	0.0%	100.0%	100.0%	25.0%		100.0%	83.3%	0.0%	40.0%	
														
3=No impact		1	0	0	0	0	0	2		0	0	0	3	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%		0.0%	0.0%	0.0%	60.0%	
														
4=Negative		0	1	0	0	0	0	1		0	1	1	0	
		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	25.0%		0.0%	16.7%	100.0%	0.0%	
														
5=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		2.3	2.5	2.0	---	2.0	2.0	3.0		2.0	2.3	4.0	2.6	
SD		0.6	1.0	0.0	---	0.0	0.0	0.8		0.0	0.8	0.0	0.5	

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

96 

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

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
2=Positive		4	1	1	0	2	
		50.0%	100.0%	100.0%	0.0%	100.0%	
							
3=No impact		3	0	0	0	0	
		37.5%	0.0%	0.0%	0.0%	0.0%	
							
4=Negative		1	0	0	1	0	
		12.5%	0.0%	0.0%	100.0%	0.0%	
							
5=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		2.6	2.0	2.0	4.0	2.0	
SD		0.7	0.0	0.0	0.0	0.0	

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

97 

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

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=Very positive		1		0	1	0	0	0	0	0	0	0	0	0	0	
		7.7%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					i							b				
																
2=Positive		2		1	0	0	0	0	0	0	0	1	0	0	0	
		15.4%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	
																
3=No impact		5		0	0	0	0	0	0	0	0	3	1	0	1	
		38.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	42.9%	100.0%	0.0%	50.0%	
																
4=Negative		5		0	0	0	0	0	1	0	0	3	0	0	1	
		38.5%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	42.9%	0.0%	0.0%	50.0%	
																
5=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		3.1		2.0	1.0	---	---	---	4.0	---	---	3.3	3.0	---	3.5	
SD		1.0		0.0	0.0	---	---	---	0.0	---	---	0.8	0.0	---	0.7	

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

98 

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

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=Very positive		1	0	0	0	0	0	0		0	1	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	12.5%	
												
2=Positive		0	0	0	0	0	1	1		1	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	100.0%		20.0%	12.5%	
												
3=No impact		1	0	1	0	3	0	0		2	3	
		33.3%	0.0%	50.0%	0.0%	100.0%	0.0%	0.0%		40.0%	37.5%	
												
4=Negative		1	2	1	0	0	1	0		2	3	
		33.3%	100.0%	50.0%	0.0%	0.0%	50.0%	0.0%		40.0%	37.5%	
												
5=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		2.7	4.0	3.5	---	3.0	3.0	2.0		3.2	3.0	
SD		1.5	0.0	0.7	---	0.0	1.4	0.0		0.8	1.1	

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

99 

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

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=Very positive		1	0	0	0	0	0	0		1	0	0	0	
		50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		50.0%	0.0%	0.0%	0.0%	
														
2=Positive		0	0	1	0	0	0	1		0	1	0	1	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	25.0%		0.0%	16.7%	0.0%	25.0%	
														
3=No impact		1	1	0	0	1	1	1		0	3	0	2	
		50.0%	25.0%	0.0%	0.0%	100.0%	100.0%	25.0%		0.0%	50.0%	0.0%	50.0%	
														
4=Negative		0	3	0	0	0	0	2		1	2	1	1	
		0.0%	75.0%	0.0%	0.0%	0.0%	0.0%	50.0%		50.0%	33.3%	100.0%	25.0%	
														
5=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		2.0	3.8	2.0	---	3.0	3.0	3.3		2.5	3.2	4.0	3.0	
SD		1.4	0.5	0.0	---	0.0	0.0	1.0		2.1	0.8	0.0	0.8	

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

100 

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

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	50.0%	
							
2=Positive		2	0	0	0	0	
		28.6%	0.0%	0.0%	0.0%	0.0%	
							
3=No impact		2	1	0	0	1	
		28.6%	100.0%	0.0%	0.0%	50.0%	
							
4=Negative		3	0	1	1	0	
		42.9%	0.0%	100.0%	100.0%	0.0%	
							
5=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		3.1	3.0	4.0	4.0	2.0	
SD		0.9	0.0	0.0	0.0	1.4	

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

101 

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

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=Very positive		1		0	1	0	0	0	0	0	0	0	0	0	0	
		6.7%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					i							b				
																
2=Positive		4		1	0	0	0	0	0	0	0	1	1	0	1	
		26.7%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	100.0%	0.0%	50.0%	
																
3=No impact		3		0	0	0	0	0	1	0	0	2	0	0	0	
		20.0%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	22.2%	0.0%	0.0%	0.0%	
																
4=Negative		6		0	0	0	0	0	0	0	0	5	0	0	1	
		40.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	55.6%	0.0%	0.0%	50.0%	
																
5=Very negative		1		0	0	0	0	0	0	0	0	1	0	0	0	
		6.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
																
Mean		3.1		2.0	1.0	---	---	---	3.0	---	---	3.7	2.0	---	3.0	
SD		1.1		0.0	0.0	---	---	---	0.0	---	---	0.9	0.0	---	1.4	

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

102 

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

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=Very positive		1	0	0	0	0	0	0		0	1	
		25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	11.1%	
												
2=Positive		1	0	2	0	0	1	0		0	4	
		25.0%	0.0%	100.0%	0.0%	0.0%	50.0%	0.0%		0.0%	44.4%	
												
3=No impact		2	0	0	0	1	0	0		1	2	
		50.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%		16.7%	22.2%	
												
4=Negative		0	2	0	0	3	0	1		4	2	
		0.0%	100.0%	0.0%	0.0%	75.0%	0.0%	100.0%		66.7%	22.2%	
												
5=Very negative		0	0	0	0	0	1	0		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%		16.7%	0.0%	
												
Mean		2.3	4.0	2.0	---	3.8	3.5	4.0		4.0	2.6	
SD		1.0	0.0	0.0	---	0.5	2.1	0.0		0.6	1.0	
		e				a				B	A	

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

103 

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

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=Very positive		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%		50.0%	0.0%	0.0%	0.0%	
														
2=Positive		1	2	1	0	0	0	0		1	3	0	0	
		33.3%	50.0%	100.0%	0.0%	0.0%	0.0%	0.0%		50.0%	50.0%	0.0%	0.0%	
														
3=No impact		1	1	0	0	0	0	1		0	1	0	2	
		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	25.0%		0.0%	16.7%	0.0%	33.3%	
														
4=Negative		0	1	0	0	2	1	2		0	2	1	3	
		0.0%	25.0%	0.0%	0.0%	100.0%	100.0%	50.0%		0.0%	33.3%	100.0%	50.0%	
														
5=Very negative		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%		0.0%	0.0%	0.0%	16.7%	
														
Mean		2.0	2.8	2.0	---	4.0	4.0	4.0		1.5	2.8	4.0	3.8	
SD		1.0	1.0	0.0	---	0.0	0.0	0.8		0.7	1.0	0.0	0.8	
		g						a		D			A	

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

104 

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

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	50.0%	
							
2=Positive		1	1	1	0	0	
		12.5%	50.0%	100.0%	0.0%	0.0%	
							
3=No impact		3	0	0	0	0	
		37.5%	0.0%	0.0%	0.0%	0.0%	
							
4=Negative		3	1	0	1	1	
		37.5%	50.0%	0.0%	100.0%	50.0%	
							
5=Very negative		1	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	
							
Mean		3.5	3.0	2.0	4.0	2.5	
SD		0.9	1.4	0.0	0.0	2.1	

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

105 

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

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=Very positive		1		0	0	0	0	0	0	0	0	1	0	0	0	
		6.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
																
2=Positive		4		1	0	0	0	0	0	0	0	1	1	0	1	
		26.7%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	100.0%	0.0%	50.0%	
																
3=No impact		6		0	1	0	0	0	1	0	0	4	0	0	0	
		40.0%		0.0%	100.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	44.4%	0.0%	0.0%	0.0%	
																
4=Negative		4		0	0	0	0	0	0	0	0	3	0	0	1	
		26.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	50.0%	
																
5=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		2.9		2.0	3.0	---	---	---	3.0	---	---	3.0	2.0	---	3.0	
SD		0.9		0.0	0.0	---	---	---	0.0	---	---	1.0	0.0	---	1.4	

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

106 

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

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=Very positive		0	0	0	0	0	0	1		1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		16.7%	0.0%	
												
2=Positive		1	0	1	0	1	1	0		0	4	
		25.0%	0.0%	50.0%	0.0%	25.0%	50.0%	0.0%		0.0%	44.4%	
												
3=No impact		3	0	0	0	2	1	0		3	3	
		75.0%	0.0%	0.0%	0.0%	50.0%	50.0%	0.0%		50.0%	33.3%	
												
4=Negative		0	2	1	0	1	0	0		2	2	
		0.0%	100.0%	50.0%	0.0%	25.0%	0.0%	0.0%		33.3%	22.2%	
												
5=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		2.8	4.0	3.0	---	3.0	2.5	1.0		3.0	2.8	
SD		0.5	0.0	1.4	---	0.8	0.7	0.0		1.1	0.8	

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

107 

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

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=Very positive		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%		0.0%	0.0%	0.0%	16.7%	
														
2=Positive		1	1	1	0	1	0	0		1	2	0	1	
		33.3%	25.0%	100.0%	0.0%	50.0%	0.0%	0.0%		50.0%	33.3%	0.0%	16.7%	
														
3=No impact		2	1	0	0	1	0	2		1	1	0	4	
		66.7%	25.0%	0.0%	0.0%	50.0%	0.0%	50.0%		50.0%	16.7%	0.0%	66.7%	
														
4=Negative		0	2	0	0	0	1	1		0	3	1	0	
		0.0%	50.0%	0.0%	0.0%	0.0%	100.0%	25.0%		0.0%	50.0%	100.0%	0.0%	
												d	c	
														
5=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		2.7	3.3	2.0	---	2.5	4.0	2.8		2.5	3.2	4.0	2.5	
SD		0.6	1.0	0.0	---	0.7	0.0	1.3		0.7	1.0	0.0	0.8	

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

108 

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

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		1	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	
							
2=Positive		1	0	1	0	1	
		12.5%	0.0%	100.0%	0.0%	50.0%	
							
3=No impact		4	1	0	0	1	
		50.0%	50.0%	0.0%	0.0%	50.0%	
							
4=Negative		2	1	0	1	0	
		25.0%	50.0%	0.0%	100.0%	0.0%	
							
5=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		2.9	3.5	2.0	4.0	2.5	
SD		1.0	0.7	0.0	0.0	0.7	

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

109 

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

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=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%	
																
2=Positive		1		0	0	0	0	0	0	0	0	1	0	0	0	
		6.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
																
3=No impact		6		0	0	0	0	0	0	0	0	5	0	0	1	
		40.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	55.6%	0.0%	0.0%	50.0%	
																
4=Negative		8		1	1	0	0	0	1	0	0	3	1	0	1	
		53.3%		100.0%	100.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	33.3%	100.0%	0.0%	50.0%	
																
5=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		3.5		4.0	4.0	---	---	---	4.0	---	---	3.2	4.0	---	3.5	
SD		0.6		0.0	0.0	---	---	---	0.0	---	---	0.7	0.0	---	0.7	

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

110 

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

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=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%	
												
2=Positive		0	1	0	0	0	0	0		1	0	
		0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%		16.7%	0.0%	
												
3=No impact		0	0	2	0	2	1	1		4	2	
		0.0%	0.0%	100.0%	0.0%	50.0%	50.0%	100.0%		66.7%	22.2%	
												
4=Negative		4	1	0	0	2	1	0		1	7	
		100.0%	50.0%	0.0%	0.0%	50.0%	50.0%	0.0%		16.7%	77.8%	
										b	a	
												
5=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		4.0	3.0	3.0	---	3.5	3.5	3.0		3.0	3.8	
SD		0.0	1.4	0.0	---	0.6	0.7	0.0		0.6	0.4	
										b	a	

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

111 

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

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=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%	
														
2=Positive		0	0	0	0	0	0	1		0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%		0.0%	0.0%	100.0%	0.0%	
											c	bd	c	
														
3=No impact		0	2	0	0	1	0	3		1	1	0	4	
		0.0%	50.0%	0.0%	0.0%	50.0%	0.0%	75.0%		50.0%	16.7%	0.0%	66.7%	
														
4=Negative		3	2	1	0	1	1	0		1	5	0	2	
		100.0%	50.0%	100.0%	0.0%	50.0%	100.0%	0.0%		50.0%	83.3%	0.0%	33.3%	
		g						a						
														
5=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		4.0	3.5	4.0	---	3.5	4.0	2.8		3.5	3.8	2.0	3.3	
SD		0.0	0.6	0.0	---	0.7	0.0	0.5		0.7	0.4	0.0	0.5	

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

112 

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

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
2=Positive		1	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	
							
3=No impact		3	2	1	0	0	
		37.5%	100.0%	100.0%	0.0%	0.0%	
							
4=Negative		4	0	0	1	2	
		50.0%	0.0%	0.0%	100.0%	100.0%	
							
5=Very negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
Mean		3.4	3.0	3.0	4.0	4.0	
SD		0.7	0.0	0.0	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 - Fourth Quarter, 2015

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=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%	
																
2=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%	
																
3=No impact		5		0	0	0	0	0	0	0	0	3	1	0	1	
		35.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	37.5%	100.0%	0.0%	50.0%	
																
4=Negative		8		0	1	0	0	0	1	0	0	5	0	0	1	
		57.1%		0.0%	100.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	62.5%	0.0%	0.0%	50.0%	
																
5=Very negative		1		1	0	0	0	0	0	0	0	0	0	0	0	
		7.1%		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
				i								a				
																
Mean		3.7		5.0	4.0	---	---	---	4.0	---	---	3.6	3.0	---	3.5	
SD		0.6		0.0	0.0	---	---	---	0.0	---	---	0.5	0.0	---	0.7	

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

114 

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

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=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%	
												
2=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%	
												
3=No impact		1	0	1	0	2	0	1		3	2	
		25.0%	0.0%	50.0%	0.0%	66.7%	0.0%	100.0%		50.0%	25.0%	
												
4=Negative		3	2	1	0	1	1	0		3	5	
		75.0%	100.0%	50.0%	0.0%	33.3%	50.0%	0.0%		50.0%	62.5%	
												
5=Very negative		0	0	0	0	0	1	0		0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%		0.0%	12.5%	
												
Mean		3.8	4.0	3.5	---	3.3	4.5	3.0		3.5	3.9	
SD		0.5	0.0	0.7	---	0.6	0.7	0.0		0.5	0.6	

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

115 

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

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=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%	
														
2=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%	
														
3=No impact		1	1	0	0	0	1	2		0	3	0	2	
		33.3%	25.0%	0.0%	0.0%	0.0%	100.0%	50.0%		0.0%	50.0%	0.0%	40.0%	
														
4=Negative		2	3	0	0	1	0	2		2	2	1	3	
		66.7%	75.0%	0.0%	0.0%	100.0%	0.0%	50.0%		100.0%	33.3%	100.0%	60.0%	
														
5=Very negative		0	0	1	0	0	0	0		0	1	0	0	
		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%		0.0%	16.7%	0.0%	0.0%	
														
Mean		3.7	3.8	5.0	---	4.0	3.0	3.5		4.0	3.7	4.0	3.6	
SD		0.6	0.5	0.0	---	0.0	0.0	0.6		0.0	0.8	0.0	0.5	

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

116 

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

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
2=Positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
3=No impact		3	1	0	0	0	
		37.5%	50.0%	0.0%	0.0%	0.0%	
							
4=Negative		4	1	1	1	1	
		50.0%	50.0%	100.0%	100.0%	100.0%	
							
5=Very negative		1	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	
							
Mean		3.8	3.5	4.0	4.0	4.0	
SD		0.7	0.7	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 - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=15		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		15		1	1	0	0	0	1	0	0	9	1	0	2	
		100.0%		6.7%	6.7%	0.0%	0.0%	0.0%	6.7%	0.0%	0.0%	60.0%	6.7%	0.0%	13.3%	
																
1=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%	
																
2=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%	
																
3=No impact		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
4=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%	
																
5=Very negative		1		0	0	0	0	0	0	0	0	1	0	0	0	
		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%	
																
Mean		5.0		---	---	---	---	---	---	---	---	5.0	---	---	---	
SD		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 - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=15		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	2	0	4	2	1		6	9	
		26.7%	13.3%	13.3%	0.0%	26.7%	13.3%	6.7%		40.0%	60.0%	
												
1=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%	
												
2=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%	
												
3=No impact		0	0	0	0	0	0	0		0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	
												
4=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%	
												
5=Very negative		0	0	0	0	1	0	0		0	1	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		0.0%	100.0%	
												
Mean		---	---	---	---	5.0	---	---		---	5.0	
SD		---	---	---	---	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 - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=15		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	1	0	2	1	4		2	6	1	6	
		20.0%	26.7%	6.7%	0.0%	13.3%	6.7%	26.7%		13.3%	40.0%	6.7%	40.0%	
														
1=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%	
														
2=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%	
														
3=No impact		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
4=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%	
														
5=Very negative		0	0	0	0	1	0	0		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	100.0%	
														
Mean		---	---	---	---	5.0	---	---		---	---	---	5.0	
SD		---	---	---	---	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 - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=15		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		8	2	1	1	2	
		57.1%	14.3%	7.1%	7.1%	14.3%	
							
1=Very positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
2=Positive		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
3=No impact		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
4=Negative		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	
							
5=Very negative		0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	100.0%	
							
Mean		---	---	---	---	5.0	
SD		---	---	---	---	0.0	

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

121 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
Prevent accounting fraud		7		1	0	0	1	0	1	0	0	2	0	0	2	
		20.6%		33.3%	0.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	12.5%	0.0%	0.0%	33.3%	
							i					d				
																
Enforce compliance		14		1	0	0	0	0	1	0	0	9	0	0	3	
		41.2%		33.3%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	56.3%	0.0%	0.0%	50.0%	
																
Revitalize the board of		20		2	2	0	0	0	1	0	0	10	0	0	5	
directors		58.8%		66.7%	50.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	62.5%	0.0%	0.0%	83.3%	
																
Advise management		21		3	1	0	0	0	1	0	0	12	0	0	4	
		61.8%		100.0%	25.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	75.0%	0.0%	0.0%	66.7%	
																
Monitor the way		16		2	1	0	0	0	0	0	0	10	0	0	3	
managers run the firm		47.1%		66.7%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	62.5%	0.0%	0.0%	50.0%	
																
Increase firm value		14		1	0	0	1	0	0	0	0	10	0	0	2	
		41.2%		33.3%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	62.5%	0.0%	0.0%	33.3%	
					i							b				
																
Other:		2		1	0	0	0	0	0	0	0	1	0	0	0	
		5.9%		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	0.0%	0.0%	0.0%	

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

122 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		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	4	2	3	6	8	6		19	15	
		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
Prevent accounting fraud		1	0	1	1	1	2	1		4	3	
		20.0%	0.0%	50.0%	33.3%	16.7%	25.0%	16.7%		21.1%	20.0%	
												
Enforce compliance		1	1	1	2	3	6	0		10	4	
		20.0%	25.0%	50.0%	66.7%	50.0%	75.0%	0.0%		52.6%	26.7%	
							g	f				
												
Revitalize the board of		2	0	1	1	5	8	3		13	7	
directors		40.0%	0.0%	50.0%	33.3%	83.3%	100.0%	50.0%		68.4%	46.7%	
		f	eF		f	b	aBdg	f				
												
Advise management		1	1	1	0	5	8	5		16	5	
		20.0%	25.0%	50.0%	0.0%	83.3%	100.0%	83.3%		84.2%	33.3%	
		f	f		eFg	d	abD	d		B	A	
												
Monitor the way		0	1	2	2	4	5	2		11	5	
managers run the firm		0.0%	25.0%	100.0%	66.7%	66.7%	62.5%	33.3%		57.9%	33.3%	
		cef		a		a	a					
												
Increase firm value		1	0	1	0	4	4	4		12	2	
		20.0%	0.0%	50.0%	0.0%	66.7%	50.0%	66.7%		63.2%	13.3%	
										B	A	
												
Other:		0	0	0	0	1	0	1		0	2	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	16.7%		0.0%	13.3%	

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

123 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
Prevent accounting fraud		0	2	1	0	1	0	3		2	2	1	2	
		0.0%	28.6%	33.3%	0.0%	20.0%	0.0%	25.0%		40.0%	16.7%	16.7%	18.2%	
														
Enforce compliance		0	3	1	0	3	1	6		2	5	2	5	
		0.0%	42.9%	33.3%	0.0%	60.0%	100.0%	50.0%		40.0%	41.7%	33.3%	45.5%	
														
Revitalize the board of		2	2	2	0	4	1	9		3	5	3	9	
directors		50.0%	28.6%	66.7%	0.0%	80.0%	100.0%	75.0%		60.0%	41.7%	50.0%	81.8%	
														
Advise management		1	2	3	1	2	1	11		2	5	5	9	
		25.0%	28.6%	100.0%	50.0%	40.0%	100.0%	91.7%		40.0%	41.7%	83.3%	81.8%	
		g	g			g		abe						
														
Monitor the way		0	2	1	2	4	0	7		1	4	4	7	
managers run the firm		0.0%	28.6%	33.3%	100.0%	80.0%	0.0%	58.3%		20.0%	33.3%	66.7%	63.6%	
		e				a								
														
Increase firm value		1	1	1	1	1	0	9		1	1	3	9	
		25.0%	14.3%	33.3%	50.0%	20.0%	0.0%	75.0%		20.0%	8.3%	50.0%	81.8%	
			g					b		d	D		aB	
														
Other:		0	0	1	0	1	0	0		0	0	1	1	
		0.0%	0.0%	33.3%	0.0%	20.0%	0.0%	0.0%		0.0%	0.0%	16.7%	9.1%	

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

124 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
Total		21	5	2	2	2	
		61.8%	14.7%	5.9%	5.9%	5.9%	
							
Prevent accounting fraud		5	0	1	1	0	
		23.8%	0.0%	50.0%	50.0%	0.0%	
							
Enforce compliance		7	4	1	2	0	
		33.3%	80.0%	50.0%	100.0%	0.0%	
							
Revitalize the board of		14	3	1	0	2	
directors		66.7%	60.0%	50.0%	0.0%	100.0%	
							
Advise management		17	3	1	0	0	
		81.0%	60.0%	50.0%	0.0%	0.0%	
		de			a	a	
							
Monitor the way		9	5	1	0	1	
managers run the firm		42.9%	100.0%	50.0%	0.0%	50.0%	
		b	ad		b		
							
Increase firm value		10	3	1	0	0	
		47.6%	60.0%	50.0%	0.0%	0.0%	
							
Other:		1	0	0	0	1	
		4.8%	0.0%	0.0%	0.0%	50.0%	
		e				a	

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

125 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		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	
																
I do not expect much		4		1	0	0	0	0	1	0	0	1	0	0	1	
from outside directors		11.8%		33.3%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	6.3%	0.0%	0.0%	16.7%	

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

126 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		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	
												
I do not expect much		1	1	0	0	1	0	1		0	4	
from outside directors		20.0%	25.0%	0.0%	0.0%	16.7%	0.0%	16.7%		0.0%	26.7%	
										b	a	

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

127 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		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	
														
I do not expect much		0	2	1	0	1	0	0		0	2	1	1	
from outside directors		0.0%	28.6%	33.3%	0.0%	20.0%	0.0%	0.0%		0.0%	16.7%	16.7%	9.1%	

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

128 

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

11. What role should outside directors play in corporate governance? (check all that apply)

N=34		Where Based	
		
Kanto	Kinki/
Kansai	
Kyushu	
Chubu	
Other	
		A	B	C	D	E	
							
I do not expect much		2	0	1	0	1	
from outside directors		9.5%	0.0%	50.0%	0.0%	50.0%	

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

129 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
Percent		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
In 10 years, I expect		30		3	2	0	1	0	3	0	0	15	0	0	6	
Nikkei 225 will be: There		27811.3		28333.3	23500.0	---	22000.0	---	30333.3	---	---	27711.3	---	---	28945.0	
is a 1-in-10 chance it will
be greater than:		10250.0		20000.0	11000.0	---	10500.0	---	21000.0	---	---	21000.0	---	---	22000.0	
																
In 1 year, I expect Nikkei		30		3	2	0	1	0	3	0	0	15	0	0	6	
225 will be: There is a 1-		22760.1		23000.0	23500.0	---	20000.0	---	23000.0	---	---	22643.4	---	---	23025.2	
in-10 chance it will be
greater than:		7588.0		27500.0	23500.0	---	11000.0	---	26500.0	---	---	27500.0	---	---	29000.0	
																
In 10 years, I expect		30		3	2	0	1	0	3	0	0	15	0	0	6	
Nikkei 225 will be:		21240.3		21666.7	17588.0	---	20000.0	---	22666.7	---	---	21562.8	---	---	20931.7	
Expected return:		0.0		12500.0	10000.0	---	7500.0	---	12000.0	---	---	15000.0	---	---	12500.0	
																
In three months, I expect		29		3	1	0	1	0	3	0	0	15	0	0	6	
Nikkei 225 will be: There		21216.3		20333.3	22000.0	---	21000.0	---	21333.3	---	---	21218.2	---	---	21500.0	
is a 1-in-10 chance it will
be greater than:		9000.0		19250.0	10000.0	---	9950.0	---	19500.0	---	---	20000.0	---	---	19750.0	
																
In 1 year, I expect Nikkei		30		3	2	0	1	0	3	0	0	15	0	0	6	
225 will be: Expected		20134.2		19833.3	20927.5	---	19800.0	---	20618.3	---	---	20122.1	---	---	19864.3	
return:		8250.0		19750.0	20927.5	---	9900.0	---	20000.0	---	---	20000.0	---	---	20000.0	
																
In three months, I expect		29		3	1	0	1	0	3	0	0	15	0	0	6	
Nikkei 225 will be:		19848.8		19500.0	20000.0	---	19900.0	---	20000.0	---	---	19923.8	---	---	19726.2	
Expected return:		5000.0		20000.0	17588.0	---	10000.0	---	21500.0	---	---	21500.0	---	---	20000.0	
																
In three months, I expect		30		3	1	0	1	0	3	0	0	16	0	0	6	
Nikkei 225 will be: There		17693.3		18333.3	15100.0	---	18000.0	---	17333.3	---	---	17881.3	---	---	17433.3	
is a 1-in-10 chance
Nikkei 225 will be less
than:		12500.0		18000.0	7550.0	---	9000.0	---	17000.0	---	---	18000.0	---	---	18000.0	

130 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		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	4	2	3	6	8	6		19	15	
Percent		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
In 10 years, I expect		3	3	2	2	6	8	6		19	11	
Nikkei 225 will be: There		26000.0	30223.3	26000.0	22500.0	26833.3	30458.8	27333.3		28351.1	26879.1	
is a 1-in-10 chance it will
be greater than:		20500.0	22000.0	20886.5	21000.0	22000.0	21000.0	21000.0		21000.0	21500.0	
												
In 1 year, I expect Nikkei		3	3	2	2	6	8	6		19	11	
225 will be: There is a 1-		22333.3	23717.0	22500.0	21000.0	22833.3	22893.9	22916.7		22402.7	23377.4	
in-10 chance it will be
greater than:		25000.0	26000.0	26000.0	22500.0	26500.0	30000.0	28500.0		30000.0	25000.0	
												
In 10 years, I expect		3	3	2	2	6	8	6		19	11	
Nikkei 225 will be:		22000.0	21922.0	19000.0	19500.0	20779.3	22095.8	21166.7		21856.1	20176.5	
Expected return:		12000.0	12500.0	13500.0	15500.0	12500.0	16500.0	11000.0		15000.0	12000.0	
												
In three months, I expect		3	2	2	2	6	8	6		19	10	
Nikkei 225 will be: There		21000.0	22000.0	20886.5	21000.0	21583.3	21000.0	21166.7		21289.5	21077.3	
is a 1-in-10 chance it will
be greater than:		19500.0	20500.0	20000.0	20250.0	20000.0	19750.0	19950.0		20000.0	20000.0	
												
In 1 year, I expect Nikkei		3	3	2	2	6	8	6		19	11	
225 will be: Expected		20000.0	20951.7	20427.5	20000.0	20250.0	20023.3	19771.8		20069.3	20246.4	
return:		19500.0	20500.0	20427.5	20000.0	20000.0	20000.0	19900.0		20000.0	20000.0	
												
In three months, I expect		3	2	2	2	6	8	6		19	10	
Nikkei 225 will be:		19666.7	20500.0	20000.0	20250.0	20000.0	19607.1	19709.5		19874.4	19800.0	
Expected return:		21500.0	19088.0	19000.0	19500.0	21000.0	22000.0	20000.0		21000.0	20000.0	
												
In three months, I expect		3	3	2	2	6	8	6		19	11	
Nikkei 225 will be: There		17666.7	17666.7	17750.0	19000.0	17833.3	17637.5	17200.0		17694.7	17690.9	
is a 1-in-10 chance
Nikkei 225 will be less
than:		17000.0	17000.0	17750.0	19000.0	18000.0	18000.0	18000.0		18000.0	17500.0	

131 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
Percent		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
In 10 years, I expect		1	6	3	2	5	1	12		3	10	6	11	
Nikkei 225 will be: There		25000.0	28111.7	30000.0	26000.0	24600.0	28000.0	28972.5		27666.7	28367.0	28666.7	26879.1	
is a 1-in-10 chance it will
be greater than:		10500.0	22000.0	20000.0	10500.0	22000.0	10500.0	21000.0		22000.0	20000.0	22000.0	21000.0	
														
In 1 year, I expect Nikkei		1	6	3	2	5	1	12		3	10	6	11	
225 will be: There is a 1-		22000.0	23691.8	23000.0	22500.0	22000.0	22000.0	22720.9		25000.0	21915.1	23166.7	22695.5	
in-10 chance it will be
greater than:		12500.0	26500.0	27500.0	26000.0	24000.0	14000.0	30000.0		26500.0	26500.0	30000.0	25000.0	
														
In 10 years, I expect		1	6	3	2	5	1	12		3	10	6	11	
Nikkei 225 will be:		23000.0	21431.7	21666.7	20088.0	18835.2	22000.0	22022.2		21000.0	20694.2	21333.3	21751.5	
Expected return:		7500.0	12000.0	15000.0	10000.0	15500.0	5000.0	15000.0		11000.0	12000.0	12500.0	15500.0	
														
In three months, I expect		1	6	3	1	5	1	12		3	9	6	11	
Nikkei 225 will be: There		21000.0	21295.5	20666.7	21000.0	21600.0	21000.0	21208.3		22000.0	20752.6	21500.0	21227.3	
is a 1-in-10 chance it will
be greater than:		10000.0	20000.0	19250.0	10000.0	20000.0	9750.0	20000.0		20000.0	19250.0	20000.0	20000.0	
														
In 1 year, I expect Nikkei		1	6	3	2	5	1	12		3	10	6	11	
225 will be: Expected		20000.0	20142.5	19833.3	20927.5	20100.0	20000.0	20109.8		20951.7	19904.1	20138.5	20118.2	
return:		10000.0	20000.0	19750.0	20927.5	20000.0	10000.0	20000.0		20500.0	20000.0	20500.0	20000.0	
														
In three months, I expect		1	6	3	1	5	1	12		3	9	6	11	
Nikkei 225 will be:		20000.0	19833.3	19500.0	20000.0	20200.0	19500.0	19801.2		20333.3	19484.1	19976.2	19945.5	
Expected return:		11500.0	20000.0	20000.0	20088.0	19500.0	11000.0	23000.0		20000.0	20000.0	21500.0	20000.0	
														
In three months, I expect		1	7	3	1	5	1	12		3	10	6	11	
Nikkei 225 will be: There		19000.0	17228.6	18333.3	18000.0	18600.0	18000.0	17266.7		16866.7	17510.0	17683.3	18090.9	
is a 1-in-10 chance
Nikkei 225 will be less
than:		9500.0	17000.0	18000.0	9000.0	18000.0	9000.0	17500.0		16050.0	18000.0	17500.0	18000.0	

132 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		Where Based	
Number
Mean
Median		

Kanto	
Kinki/
Kansai	

Kyushu	

Chubu	

Other	
							
Number		21	5	2	2	2	
Percent		65.6%	15.6%	6.3%	6.3%	6.3%	
							
In 10 years, I expect		21	5	2	1	1	
Nikkei 225 will be: There		27746.2	26000.0	34335.0	28000.0	25000.0	
is a 1-in-10 chance it will
be greater than:		21000.0	21000.0	22000.0	11000.0	11000.0	
							
In 1 year, I expect Nikkei		21	5	2	1	1	
225 will be: There is a 1-		22412.0	22000.0	26075.5	25000.0	25000.0	
in-10 chance it will be
greater than:		27500.0	24000.0	34335.0	14000.0	12500.0	
							
In 10 years, I expect		21	5	2	1	1	
Nikkei 225 will be:		21163.9	21400.0	23795.0	23000.0	15176.0	
Expected return:		15000.0	15500.0	12500.0	14500.0	5000.0	
							
In three months, I expect		20	5	2	1	1	
Nikkei 225 will be: There		21075.0	21154.6	22000.0	22000.0	22000.0	
is a 1-in-10 chance it will
be greater than:		20000.0	19500.0	20500.0	10000.0	10250.0	
							
In 1 year, I expect Nikkei		21	5	2	1	1	
225 will be: Expected		20032.0	20000.0	20927.5	21000.0	20500.0	
return:		20000.0	20000.0	20927.5	10500.0	10250.0	
							
In three months, I expect		20	5	2	1	1	
Nikkei 225 will be:		19755.7	19800.0	20500.0	20000.0	20500.0	
Expected return:		20000.0	20000.0	23795.0	11500.0	7588.0	
							
In three months, I expect		20	5	2	2	1	
Nikkei 225 will be: There		17515.0	18200.0	17750.0	18000.0	18000.0	
is a 1-in-10 chance
Nikkei 225 will be less
than:		18000.0	17500.0	17750.0	18000.0	9000.0	

133 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		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 1 year, I expect Nikkei		31		3	2	0	1	0	3	0	0	16	0	0	6	
225 will be: There is a 1-		16346.9		17000.0	15386.0	---	17000.0	---	16666.7	---	---	16325.7	---	---	16128.7	
in-10 chance Nikkei 225
will be less than:		10250.0		22000.0	23500.0	---	10000.0	---	22000.0	---	---	22000.0	---	---	22000.0	
																
In 10 years, I expect		31		3	2	0	1	0	3	0	0	16	0	0	6	
Nikkei 225 will be: There		13808.9		13333.3	10000.0	---	15000.0	---	13000.0	---	---	14692.3	---	---	13166.7	
is a 1-in-10 chance
Nikkei 225 will be less
than:		12500.0		16500.0	15386.0	---	8500.0	---	16000.0	---	---	16250.0	---	---	16500.0	

134 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		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 1 year, I expect Nikkei		3	4	2	2	6	8	6		19	12	
225 will be: There is a 1-		16666.7	16750.0	16500.0	18855.5	15583.3	16875.0	15090.7		16183.3	16606.0	
in-10 chance Nikkei 225
will be less than:		21000.0	22000.0	22500.0	21000.0	22500.0	22500.0	22750.0		22000.0	23500.0	
												
In 10 years, I expect		3	4	2	2	6	8	6		19	12	
Nikkei 225 will be: There		13000.0	13000.0	13500.0	15500.0	13000.0	16134.5	12000.0		14477.7	12750.0	
is a 1-in-10 chance
Nikkei 225 will be less
than:		16000.0	17000.0	16500.0	18855.5	15750.0	18000.0	15000.0		15500.0	17500.0	

135 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		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 1 year, I expect Nikkei		1	7	3	2	5	1	12		3	11	6	11	
225 will be: There is a 1-		18000.0	15824.6	17666.7	16500.0	17842.2	15000.0	15647.7		15924.0	16545.5	15747.2	16590.9	
in-10 chance Nikkei 225
will be less than:		11000.0	25000.0	22000.0	22500.0	21500.0	11000.0	22250.0		25000.0	21500.0	22500.0	22000.0	
														
In 10 years, I expect		1	7	3	2	5	1	12		3	11	6	11	
Nikkei 225 will be: There		15000.0	12571.4	15000.0	10000.0	15000.0	10000.0	14589.7		12333.3	12909.1	12333.3	15916.0	
is a 1-in-10 chance
Nikkei 225 will be less
than:		9000.0	15000.0	17500.0	16500.0	17500.0	7500.0	15000.0		14886.0	16000.0	15500.0	16750.0	

136 

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

13. On November 16, 2015, Nikkei 225 was 19,384 yen. Please complete the following:

N=34		Where Based	
Number
Mean
Median		

Kanto	
Kinki/
Kansai	

Kyushu	

Chubu	

Other	
							
In 1 year, I expect Nikkei		21	5	2	2	1	
225 will be: There is a 1-		16073.5	16942.2	16500.0	17500.0	16500.0	
in-10 chance Nikkei 225
will be less than:		22000.0	21500.0	26075.5	12500.0	12500.0	
							
In 10 years, I expect		21	5	2	2	1	
Nikkei 225 will be: There		13476.2	16215.2	12500.0	14500.0	10000.0	
is a 1-in-10 chance
Nikkei 225 will be less
than:		15500.0	16000.0	16500.0	17500.0	8250.0	

137 

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

Return on assets (ROA=operating earnings/assets)

N=34		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		34		3	4	0	1	0	3	0	0	16	1	0	6	
Percent		100.0%		8.8%	11.8%	0.0%	2.9%	0.0%	8.8%	0.0%	0.0%	47.1%	2.9%	0.0%	17.6%	
																
% Approximate ROA in		30		3	2	0	1	0	2	0	0	15	1	0	6	
2014		5.1		4.3	2.5	---	0.0	---	3.3	---	---	4.6	10.0	---	8.5	
		5.4		3.3	0.6	---	---	---	3.9	---	---	5.5	---	---	6.7	
		0.0		2.4	2.5	---	0.0	---	3.3	---	---	4.6	5.0	---	8.4	
																
% Expected ROA in		30		3	2	0	1	0	2	0	0	15	1	0	6	
2015		5.2		4.2	2.5	---	0.0	---	4.8	---	---	5.0	10.0	---	7.2	
		4.0		2.9	0.7	---	---	---	6.0	---	---	3.5	---	---	5.5	
		5.9		2.5	2.5	---	0.0	---	4.8	---	---	4.3	5.0	---	7.0	

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

138 

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

Return on assets (ROA=operating earnings/assets)

N=34		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	4	2	3	6	8	6		19	15	
Percent		14.7%	11.8%	5.9%	8.8%	17.6%	23.5%	17.6%		55.9%	44.1%	
												
% Approximate ROA in		3	3	2	3	5	8	6		19	11	
2014		1.0	11.3	3.0	6.7	5.4	5.7	3.0		5.3	4.8	
		8.8	5.6	1.4	6.4	5.7	4.5	2.8		4.7	6.5	
		-3.5	8.6	3.0	3.0	5.1	4.2	2.3		4.6	3.0	
			g					b				
												
% Expected ROA in		3	3	2	3	5	8	6		19	11	
2015		5.6	7.2	2.3	6.5	6.0	5.5	3.1		5.4	4.8	
		4.8	5.1	1.1	5.6	3.9	4.5	2.7		4.2	3.9	
		3.3	4.4	2.3	3.3	5.1	2.7	2.5		4.3	3.0	

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

139 

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

Return on assets (ROA=operating earnings/assets)

N=34		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		4	7	3	2	5	1	12		5	12	6	11	
Percent		11.8%	20.6%	8.8%	5.9%	14.7%	2.9%	35.3%		14.7%	35.3%	17.6%	32.4%	
														
% Approximate ROA in		3	6	3	1	4	1	12		3	11	6	10	
2014		1.5	6.3	2.6	1.8	6.9	12.7	5.1		3.0	6.9	4.3	4.4	
		8.8	6.4	5.6	---	5.1	---	4.0		1.0	6.5	2.5	6.0	
		-2.8	3.5	-0.1	0.9	5.7	6.3	5.1		2.5	4.5	4.6	4.6	
														
% Expected ROA in		3	6	3	1	4	1	12		3	11	6	10	
2015		6.1	4.0	3.7	2.0	7.0	11.0	5.1		2.7	6.0	4.3	5.5	
		4.0	4.5	3.5	---	4.5	---	4.0		0.6	5.1	2.4	4.1	
		4.1	3.0	1.9	1.0	6.3	5.5	4.5		2.5	3.0	4.3	5.6	

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

140 

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

Return on assets (ROA=operating earnings/assets)

N=34		Where Based	
Number
Mean
SD
Median		

Kanto	

Kinki/
Kansai	

Kyushu	

Chubu	

Other	
		A	B	C	D	E	
							
Number		21	5	2	2	2	
Percent		65.6%	15.6%	6.3%	6.3%	6.3%	
							
% Approximate ROA in		20	5	2	1	0	
2014		3.5	7.7	10.4	11.8	---	
		4.8	4.9	9.0	---	---	
		3.0	5.7	10.4	5.9	---	
							
% Expected ROA in		20	5	2	1	0	
2015		4.3	7.5	7.9	2.9	---	
		3.6	4.5	6.9	---	---	
		3.0	6.3	7.9	1.5	---	

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

141 

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

Manufacturing capacity utilized

N=16		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		16		0	0	0	0	0	0	0	0	16	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 in		16		0	0	0	0	0	0	0	0	16	0	0	0	
first half of 2015		78.3		---	---	---	---	---	---	---	---	78.3	---	---	---	
		12.6		---	---	---	---	---	---	---	---	12.6	---	---	---	
		80.0		---	---	---	---	---	---	---	---	80.0	---	---	---	
																
% of capacity utilization		16		0	0	0	0	0	0	0	0	16	0	0	0	
planned for the		79.6		---	---	---	---	---	---	---	---	79.6	---	---	---	
remainder of 2015		12.9		---	---	---	---	---	---	---	---	12.9	---	---	---	
		82.5		---	---	---	---	---	---	---	---	82.5	---	---	---	

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

142 

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

Manufacturing capacity utilized

N=16		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		1	2	1	1	5	5	1		12	4	
Percent		6.3%	12.5%	6.3%	6.3%	31.3%	31.3%	6.3%		75.0%	25.0%	
												
% of capacity utilized in		1	2	1	1	5	5	1		12	4	
first half of 2015		50.0	80.0	80.0	85.0	82.4	74.0	95.0		80.6	71.3	
		---	0.0	---	---	5.8	15.2	---		11.6	14.4	
		25.0	80.0	40.0	42.5	80.5	75.0	47.5		80.5	77.5	
												
% of capacity utilization		1	2	1	1	5	5	1		12	4	
planned for the		70.0	70.0	85.0	85.0	84.8	75.0	95.0		81.6	73.8	
remainder of 2015		---	14.1	---	---	10.8	15.8	---		13.2	11.1	
		35.0	70.0	42.5	42.5	82.5	75.0	47.5		85.0	75.0	

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

143 

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

Manufacturing capacity utilized

N=16		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	2	1	0	3	0	9		0	4	3	9	
Percent		6.3%	12.5%	6.3%	0.0%	18.8%	0.0%	56.3%		0.0%	25.0%	18.8%	56.3%	
														
% of capacity utilized in		1	2	1	0	3	0	9		0	4	3	9	
first half of 2015		50.0	80.0	86.0	---	80.3	---	79.4		---	79.0	81.7	76.8	
		---	0.0	---	---	5.0	---	13.3		---	6.6	2.9	16.4	
		25.0	80.0	43.0	---	78.0	---	80.0		---	80.0	80.0	80.0	
														
% of capacity utilization		1	2	1	0	3	0	9		0	4	3	9	
planned for the		70.0	72.5	99.0	---	83.3	---	78.9		---	78.5	78.3	80.6	
remainder of 2015		---	17.7	---	---	2.9	---	13.9		---	17.1	7.6	13.6	
		35.0	72.5	49.5	---	82.5	---	80.0		---	77.5	75.0	82.5	

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

144 

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

Manufacturing capacity utilized

N=16		Where Based	
Number
Mean
SD
Median		

Kanto	

Kinki/
Kansai	

Kyushu	

Chubu	

Other	
		A	B	C	D	E	
							
Number		9	5	0	1	1	
Percent		56.3%	31.3%	0.0%	6.3%	6.3%	
							
% of capacity utilized in		9	5	0	1	1	
first half of 2015		75.7	83.2	---	80.0	75.0	
		16.2	4.3	---	---	---	
		80.0	80.5	---	40.0	37.5	
							
% of capacity utilization		9	5	0	1	1	
planned for the		78.8	85.0	---	60.0	80.0	
remainder of 2015		15.4	3.5	---	---	---	
		75.0	85.0	---	30.0	40.0	

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

145 

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

Manufacturing capacity utilized (Revenue Weighted)

N=16		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		16		0	0	0	0	0	0	0	0	16	0	0	0	
Percent		98.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	98.2%	0.0%	0.0%	0.0%	
																
% of capacity utilized in		16		0	0	0	0	0	0	0	0	16	0	0	0	
first half of 2015		78.7		---	---	---	---	---	---	---	---	78.7	---	---	---	
		13.9		---	---	---	---	---	---	---	---	13.9	---	---	---	
																
% of capacity utilization		16		0	0	0	0	0	0	0	0	16	0	0	0	
planned for the		79.8		---	---	---	---	---	---	---	---	79.8	---	---	---	
remainder of 2015		14.7		---	---	---	---	---	---	---	---	14.7	---	---	---	

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

146 

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

Manufacturing capacity utilized (Revenue Weighted)

N=16		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	3	10	2		15	1	
Percent		0.0%	0.1%	0.1%	0.5%	20.5%	68.4%	15.1%		94.2%	4.1%	
												
% of capacity utilized in		0	0	0	0	3	10	2		15	1	
first half of 2015		50.0	80.0	80.0	85.0	82.4	74.0	95.0		78.9	75.1	
		---	---	---	---	6.3	14.3	0.0		14.2	---	
												
% of capacity utilization		0	0	0	0	3	10	2		15	1	
planned for the		70.0	70.0	85.0	85.0	84.8	75.0	95.0		79.8	79.8	
remainder of 2015		---	---	---	---	11.8	14.9	0.0		15.0	---	

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

147 

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

Manufacturing capacity utilized (Revenue Weighted)

N=16		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	1	0	1	0	14		0	3	1	12	
Percent		0.0%	0.2%	3.8%	0.0%	8.2%	0.0%	86.0%		0.0%	16.9%	4.4%	77.0%	
														
% of capacity utilized in		0	0	1	0	1	0	14		0	3	1	12	
first half of 2015		50.0	80.0	86.0	---	78.4	---	78.4		---	73.8	80.5	79.7	
		---	---	---	---	6.9	---	14.8		---	8.5	---	15.3	
														
% of capacity utilization		0	0	1	0	1	0	14		0	3	1	12	
planned for the		70.0	77.7	99.0	---	82.6	---	78.7		---	76.7	71.8	81.0	
remainder of 2015		---	---	---	---	5.1	---	15.1		---	15.4	---	15.4	

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

148 

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

Manufacturing capacity utilized (Revenue Weighted)

N=16		Where Based	
Number
Mean
SD		

Kanto	
Kinki/
Kansai	

Kyushu	

Chubu	

Other	
		A	B	C	D	E	
							
Number		10	5	0	0	1	
Percent		64.2%	30.1%	0.0%	0.1%	3.8%	
							
% of capacity utilized in		10	5	0	0	1	
first half of 2015		76.3	84.5	---	80.0	75.0	
		16.4	5.4	---	---	---	
							
% of capacity utilization		10	5	0	0	1	
planned for the		77.4	85.0	---	60.0	80.0	
remainder of 2015		17.7	5.2	---	---	---	

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