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  "documentTitle": "Toyota Industries Corporation (6201.T)",
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  "presentationDate": "2026-01-27 00:00:00",
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  "notes": "The slide uses a combination of financial data (ROIC comparison) and news citations to build a case for governance failure.",
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      "text": "排出ガス不正で露呈した看過できないガバナンス不全",
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      "text": "トヨタ自動車の利益のために自動車事業へ過剰投資",
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      "text": "業界最高水準の資産を有するが、豊田自動織機の少数株主ではなくトヨタ自動車の利益のために運営",
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      "text": "豊田自動織機の株価評価で議論が複雑になる一つの要因は[...]そこから生まれるガバナンス問題[...]最大顧客が最大株主であるため、豊田自動織機には利益を最大化するインセンティブが欠如している。 — UBS、2022年4月26日",
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      "text": "株式の持合いが監督機能の不全と不公平な取引を招いている",
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