University of Tokyo

Survey Number 1037
Survey Title Survey of Attitudes among Institutional Investors toward Corporate Governance, 2012
Depositor Wataru TANAKA
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Educational Purpose Available for both research and instructional purposes.
Period of Data Use Permission One year
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Summary The University of Tokyo Institute for Social Science, as part of the research of the market/corporate arm (leaders: Wataru Tanaka and Masayuki Nakabayashi) of its global research project team "Rethinking Governance," and in order to poll the attitudes and trends of institutional investors related to corporate governance, conducted a "Questionnaire Survey on Corporate Governance for Institutional Investors" between January and March 2013.
Data Type quantitative research
quantitative research: micro data
Universe 377 companies involved in institutional investment across the country

· Trust banks 18 companies
· Banks excluding trust banks (limited to members of the National Bankers Association) 118 companies
· Life insurance companies (limited to members of the Life Insurance Association) 45 companies
· Damage insurance companies (limited to members of the General Insurance Association of Japan) 25 companies
· Investment trust businesses (limited to members of Investment Trust Association) or investment advisors (limited to members of the Japan Securities Investment Advisers Association and limited to investment companies) 171 companies

We targeted all banks, life insurance companies, property insurance companies, investment trust companies, and investment advisory companies listed on the membership registries provided by the National Bankers Association, the Life Insurance Association, the General Insurance Association, the Investment Trust Association, and the Japan Investment Adviser Association respectively. For trust banks, all banks listed as trust banks on the list of banking licenses released by the Financial Services Agency were targeted.

However, in this survey, in order to focus on institutional investors who are interested in investing in Japanese companies' shares (Japanese stocks), we polled only those institutions currently investing in Japanese stocks or that have plans to invest in the future.
Unit of Observation Organization
Sample Size Number of responses: 88 companies, response rate: 23.3%
Date of Collection January-March 2012
Time Period
Spatial Unit Japan
Sampling Procedure
Mode of Data Collection Postal survey
Investigator Wataru TANAKA, survey carried out by Central Research Services, Inc.
Sponsors (Funds)
Related Publications (by the Investigator) Please refer to the abstract in Japanese.
Related Publications (based on Secondary Analysis) List of related publications (based on Secondary Analysis)
Documentation [Chosa-hyo][Syukei-hyo]
Major Survey Items (1) Basic thoughts on corporate governance
・Presence/absence of consideration of corporate governance when deciding to invest in a company/nature of that consideration
・Presence/absence of effect on the judgment regarding continuation of investment in the investee company when the opposition agenda of the company is passed at the general shareholders' meeting of the investee's listed company
Stakeholders emphasizing profits for Japanese companies (stockholders, employees, etc.)
Presence/absence of consideration of socially responsible investment

(2) About buyout defense measures
・Response in case of request for approval of takeover defense measures at general shareholders meeting of investee company
・Circumstances to be considered in approval/disapproval of proposal for takeover defense measures (action requirements for defense measures are clear, whether shareholders decide to activate defense measures, etc.)
・Pros and cons for reasons to exercise takeover defense measures

(3) About outside directors
・Thoughts on situations in which stakeholders of the parent company will become outside directors at listed companies into which you plan to invest
・Opinion on listed companies installing outside directors
・Agreement/disagreement with setting of rules for appointment of outside directors

(4) About regulations for listed companies
・Opinion on shareholder representative cases (for example, to break down management, burden on officers and companies due to litigation without reason)
・Thinking about setting up new legal regulations for listed companies

(5) Face items
[About companies]
・Business model, conglomerates/groups you are affiliated with (securities, banking, etc.)
・Attribution of capital (domestic, foreign, other, etc.)
・Investment scale for Japanese stocks (current value of shares held)
・Presence/absence of difference between investment decision power and department in charge of exercising voting rights

[About respondent]
・Number of years conducting asset management operations
・Experience related to the exercising of voting rights at stockholders' general meeting
・Current position

*For details on survey items, please refer to the questionnaire.
Date of Release
Topics in CESSDA Click here for details

Topics in SSJDA Economy/Industry/Management
Version 2016/04/05 :
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