See Companies Through People.
See Companies Through People.
How do Japan’s listed companies invest in their people—
and connect that investment to business outcomes?
NINGEN INDEX summarizes and scores their human capital disclosures, based solely on their Annual Securities Reports.
For anyone curious about Japanese companies, anywhere in the world.
Company coverage reference date: 2026-08-31
| Company / Code / Fiscal Year | Overall Score 100 points | Disclosure Governance 20 points | Human Intangible Assets 40 points | Human Capital Investment Flow 40 points | View | |||
|---|---|---|---|---|---|---|---|---|
| Subtotal 40 points | Technical Knowledge 10 points | Skills 15 points | Motivation 15 points | |||||
| TOYOTA MOTOR CORPORATION7203 · 2026-03-31Industry: Transportation Equipment | 43.25 | 14.5 | 21.25 | 5.0 | 7.5 | 8.75 | 7.5 | |
| SONY GROUP CORPORATION6758 · 2026-03-31Industry: Electric Appliances | 46.75 | 14.25 | 25.0 | 7.5 | 7.5 | 10.0 | 7.5 | View |
Each company’s Overall Disclosure Profile and 16 assessment items are available on its detail page. The assessment period is shown for each company.
Start with the overall score, then explore the three assessment areas. Read the Overall Disclosure Profile and look more closely at the items that interest you.
Use the company examples to see how to read a NINGEN INDEX assessment.
These two companies are examples of how to read an assessment. They are not presented as the highest-scoring companies or as investment recommendations.
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1,543 assessed companies and 6 companies with no recorded assessment. Initial coverage is based on the 2026-08-31 roster. No market-wide ranks are assigned.
How are companies developing the capabilities of the people who will put their growth strategies into action?
Examine a company’s strategy through its investment in people. NINGEN INDEX assesses disclosures in Annual Securities Reports across three areas, with a total of 100 points.
01 Disclosure Governance | 20 points
Does the filing clearly explain the company’s human capital initiatives?
The assessment examines basic workforce, diversity and workplace indicators, together with human capital strategy, responsibilities, targets and actual results.
02 Human Intangible Assets | 40 points
How does the filing describe the development and support of capabilities and motivation to deliver outcomes?
The assessment examines disclosures about the accumulation and use of human capabilities through Technical Knowledge (10 points), Skills (15 points) and Motivation (15 points).
03 Human Capital Investment Flow | 40 points
Does the filing explain how investment in people connects to outcomes?
The assessment examines the logic from investment to outcomes and the magnitude of outcomes. It also examines the calculation basis, its use in planning, and verification of the relationship.
Understanding Human Capabilities and Motivation: Can × Will
Human Productivity ≈ Can × Will
The ability to deliver outcomes × The motivation to deliver outcomes.
Can | The Ability to Deliver Outcomes
Knowledge, expertise and know-how are capabilities people possess. Skills are the ability to put those capabilities to work in practice.
Can ≈ Technical Knowledge × Skills
Will | The Motivation to Deliver Outcomes
A state shaped by countless factors, including work, evaluation, compensation, opportunities, relationships, health, family and emotions.
People cannot be fully reduced to a set of factors. The starting point is therefore two questions: one about capability and one about motivation. The multiplication sign represents a conceptual relationship, not a precise equation or a multiplication of scores.
Research Foundations, Expressed Through Two Questions
Gary Becker’s human capital theory examines investment in people.
John P. Campbell’s model examines job performance through knowledge, skills and motivation.
Victor Vroom’s expectancy theory considers motivation through expectations about effort, performance and rewards.
Self-Determination Theory | Edward L. Deci / Richard M. Ryan examines the quality of motivation and how autonomy, competence and relatedness support it.
AMO Framework | Ability, Motivation and Opportunity considers employee performance through people’s abilities, their motivation, and the opportunities they have to contribute.
NINGEN INDEX draws on insights across economics, work psychology and human resource management. Rather than adopting any single theory, NINGEN INDEX brings together shared themes from these different perspectives into two employee-centered questions:
Can they do it? × Will they do it?
Can × Will expresses NINGEN INDEX’s synthesis of a common denominator across these academic perspectives. It brings their complementary insights into a simple lens for thinking about human productivity: the ability to deliver outcomes and the motivation to do so.
This is NINGEN INDEX’s conceptual synthesis, not a replacement for the theories or a claim that their full explanations reduce to two factors.
Could Japan’s intangible assets hold growth potential that has yet to come into view?
In Japan, long-term employment has provided a foundation for passing knowledge and skills from experienced colleagues to the next generation. Employees have developed through hands-on experience. This accumulated capability can be a corporate strength, yet parts of it depend on individual experience and mentorship and remain difficult to see from outside the company.
The challenge ahead is to develop and put these capabilities to work across the organization: designing investment in people around business strategy, implementing it, and examining the outcomes. These efforts offer another perspective on a company’s potential for growth.
NINGEN INDEX focuses on human capital as a source of intangible value, bringing disclosed initiatives to a global audience.
See what has been difficult to see. Then consider the room to grow.
For investors, business leaders, employees, and those who may one day join them—NINGEN INDEX provides information to explore the growth potential of Japanese companies together.
This assessment is based solely on information disclosed in the company's Japanese-language Annual Securities Report filed through EDINET.
It does not assess the human capital initiatives a company actually implements or the company's human capital capabilities themselves.
Items for which no disclosure was identified in the Annual Securities Report receive no points, regardless of whether the company actually implements the relevant initiatives.