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 your country's economy on a scale from 0-100, with 0 being the least optimistic and
100 being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of
respondents (Higher number = greater weighted importance)	6
3. What are the top three external concerns facing your corporation? - Other specified	7
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)	8
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)	9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	10
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
(e.g., +3%, -2%, etc.) [Leave blank if not applicable]	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	12
5. 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]	13
5. 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]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	15
6a.  During 2014, does your company plan to:	16
6a. What proportion of your acquisition spending will be cross-border (outside your country)?	17
6a. Where will your cross-border acquisitions occur?	18
6b. During 2014, does your company plan to:	19
7a. By how much, if at all, do you expect your borrowing costs to change by the end of 2014?	20
7a. Relative to today, borrowing costs at my firm are likely to change by …	22
7b. What effect, if any, has the U.S. Federal Reserve Bank's plan to taper its quantitative easing program had on your
company's optimism about its business prospects for 2014?  The effect on our optimism has been:	23
8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to:	24
9a. Does uncertainty about economic conditions affect your business planning?	26
9a. Does uncertainty about economic conditions affect your business planning? - Other specified	27
9b. Does uncertainty about government economic policies affect your business planning?	28
9b. Does uncertainty about government economic policies affect your business planning? - Other specified	29
9c. Does uncertainty about the political situation affect your business planning?	30
9d. Does uncertainty about regulatory implementation affect your business planning?	32
9d. Does uncertainty about regulatory implementation affect your business planning? - Other specified	33
9e. Ways that another uncertainty affects your business planning?	34
9e. Other uncertainty that affects your business planning specified.	35
10a. Out of the following categories, please rank the top four that best describe the culture of your firm. (Please rank #1, #
2, #3, #4 in order)	36
10a. Please rank the top four that best describe the culture of your firm. Reverse scale & weighted by the number of
respondents (Higher number = greater weighted importance)	37
10a. Out of the following categories, please rank the top four that best describe the culture of your firm. - Other category
specified	38
10b. Is any one of these cultural factors a priority for improvement at your company in 2014?	39
10b. Which factor is your first priority for improvement? (choose one)	40
10c. How important is it to your firm to have a clearly defined culture that is well understood by your employees?	42
11. Do you think that there is a real estate bubble in your country?	43
11. How likely do you think it is that the real estate bubble will burst during 2014?	44
11. If the bubble bursts, how badly do you think it will hurt your country's overall economy?	45
Return on assets (ROA=operating earnings/assets)	46
Selected Financial Indicators: (upper and lower 2.5% outliers removed)	47
Manufacturing capacity utilized	48
Manufacturing capacity utilized (Revenue Weighted)	49
Industry	50
Industry (Other specified)	51
Sales Revenue	52
Weighted Sales Revenue (Millions)	53
Number of Employees	54
Weighted Number of Employees	55
In what country are you personally located	56
Headquarters Brazil (Other Specified)	57
If your company headquarters is another country, please indicate which country.	58
Ownership	59
Foreign Sales	60
In what region of the world are most of your foreign sales?	61
What is your company's credit rating? 	62
Your job title (e.g., CFO, Asst. Treasurer, etc):	65
Language version	66
When writing about the results of this survey, reporters often like to talk with CFOs to add real-world examples to their
stories. Would you be willing to discuss your views and experiences with the press?	67
Would you be willing to discuss your views and experiences with the press? YES	68

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

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

	 	Number	Percent	95% CI
	1=More optimistic	6	9.5 %	± 7.5 %
	0=No change	14	22.2 %	± 10.6 %
	-1=Less optimistic	43	68.3 %	± 11.8 %
	Total	63	100.0 %

	Mean = -0.6
	SD = 0.7

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

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

	Minimum = 0

	Maximum = 85

	Mean = 52.6

	Median = 50

	Standard Deviation (Unbiased Estimate) = 16.3

	95 Percent Confidence Interval Around The Mean = 48.1 - 57.2

Quartiles

	 1 = 40
	 2 = 50
	 3 = 60

Valid Cases =50
Missing Cases =13
Response Percent = 79.4%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

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

	 	Number	Percent	95% CI
	1=More optimistic	20	31.7 %	± 11.8 %
	0=No change	24	38.1 %	± 12.3 %
	-1=Less optimistic	19	30.2 %	± 11.7 %
	Total	63	100.0 %

	Mean = 0.0
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 20

	Maximum = 90

	Mean = 63.3

	Median = 65

	Standard Deviation (Unbiased Estimate) = 15.4

	95 Percent Confidence Interval Around The Mean = 59.0 - 67.5

Quartiles

	 1 = 50
	 2 = 65
	 3 = 75

Valid Cases =50
Missing Cases =13
Response Percent = 79.4%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

(N=63)

	Mean & SD	1st	2nd	3rd	Total	
	0.00	0	0	0	0
Potential for stock market correction	0.00	0.00%	0.00%	0.00%	0.00%

	1.65	10	3	4	17
Currency risk	0.86	15.87%	4.76%	6.35%	26.98%

	1.75	3	4	1	8
Federal budget deficit	0.71	4.76%	6.35%	1.59%	12.70%

	1.79	10	9	5	24
Corporate tax rates	0.78	15.87%	14.29%	7.94%	38.10%

	1.81	8	3	5	16
Consumer demand	0.91	12.70%	4.76%	7.94%	25.40%

	1.85	11	9	7	27
Federal government policies	0.82	17.46%	14.29%	11.11%	42.86%

	2.00	0	2	0	2
State or local government budget deficits	0.00	0.00%	3.17%	0.00%	3.17%

	2.05	6	6	7	19
Credit markets/interest rates	0.85	9.52%	9.52%	11.11%	30.16%

	2.07	4	6	5	15
Price pressure from competitors	0.80	6.35%	9.52%	7.94%	23.81%

	2.17	5	5	8	18
Inflation	0.86	7.94%	7.94%	12.70%	28.57%

	2.29	1	3	3	7
Cost of fuel	0.76	1.59%	4.76%	4.76%	11.11%

	2.33	1	0	2	3
Cost of non-fuel commodities	1.15	1.59%	0.00%	3.17%	4.76%

	2.33	0	2	1	3
National employment outlook	0.58	0.00%	3.17%	1.59%	4.76%

	2.33	0	2	1	3
Environmental regulation	0.58	0.00%	3.17%	1.59%	4.76%

	2.40	0	3	2	5
Financial regulation	0.55	0.00%	4.76%	3.17%	7.94%

	2.50	0	2	2	4
Foreign competition	0.58	0.00%	3.17%	3.17%	6.35%

	2.60	1	2	7	10
Global financial instability	0.70	1.59%	3.17%	11.11%	15.87%

	3.00	0	0	1	1
Global political instability	0.00	0.00%	0.00%	1.59%	1.59%

	1.75	4	2	2	8
Other:	0.89	6.35%	3.17%	3.17%	12.70%

6 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Federal government policies	0.92	1.20	63

Corporate tax rates	0.84	1.18	63

Currency risk	0.63	1.14	63

Credit markets/interest rates	0.59	1.01	63

Consumer demand	0.56	1.06	63

Inflation	0.52	0.95	63

Price pressure from competitors	0.46	0.91	63

Federal budget deficit	0.29	0.79	63

Global financial instability	0.22	0.58	63

Cost of fuel	0.19	0.59	63

Financial regulation	0.13	0.46	63

Foreign competition	0.10	0.39	63

Environmental regulation	0.08	0.37	63

Cost of non-fuel commodities	0.08	0.41	63

National employment outlook	0.08	0.37	63

State or local government budget deficits	0.06	0.35	63

Global political instability	0.02	0.13	63

Potential for stock market correction	0.00	0.00	63

Other:	0.29	0.81	63

7 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

3. What are the top three external concerns facing your corporation? - Other specified

Healthcare/Pharmaceutical	Regulatory regulations	
Manufacturing	Atrasos em projetos de infraestrutura	
Manufacturing	Politica economica/infraestrutura	
Other	controle do preÃ§o dos combustiveis	
Other	International trade regulation	
Retail/Wholesale	Falta de investimentos em Infraestrutura	
Transportation/Energy	Instabilidade Regulatória	
Transportation/Energy	Risco de racionamento energia	

8 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)

(N=63)

	Mean & SD	1st	2nd	3rd	Total	
	2.05	6	8	7	21
Ability to forecast results	0.80	9.52%	12.70%	11.11%	33.33%

	1.45	26	13	3	42
Ability to maintain margins	0.63	41.27%	20.63%	4.76%	66.67%

	1.92	10	7	8	25
Attracting and retaining qualified employees	0.86	15.87%	11.11%	12.70%	39.68%

	3.00	0	0	2	2
Balance sheet weakness	0.00	0.00%	0.00%	3.17%	3.17%

	2.75	0	1	3	4
Cost of health care	0.50	0.00%	1.59%	4.76%	6.35%

	2.36	3	1	7	11
Counterparty risk	0.92	4.76%	1.59%	11.11%	17.46%

	2.50	0	1	1	2
Data security	0.71	0.00%	1.59%	1.59%	3.17%

	2.04	7	9	8	24
Maintaining morale/productivity	0.81	11.11%	14.29%	12.70%	38.10%

	1.91	4	4	3	11
Managing IT systems	0.83	6.35%	6.35%	4.76%	17.46%

	2.00	0	1	0	1
Pension obligations	0.00	0.00%	1.59%	0.00%	1.59%

	3.00	0	0	1	1
Protection of intellectual property	0.00	0.00%	0.00%	1.59%	1.59%

	2.29	0	10	4	14
Supply chain risk	0.47	0.00%	15.87%	6.35%	22.22%

	2.22	6	6	11	23
Working capital management	0.85	9.52%	9.52%	17.46%	36.51%

	2.50	0	1	1	2
Other:	0.71	0.00%	1.59%	1.59%	3.17%

9 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Ability to maintain margins	1.73	1.31	62

Attracting and retaining qualified employees	0.84	1.16	62

Maintaining morale/productivity	0.76	1.08	62

Ability to forecast results	0.66	1.04	62

Working capital management	0.66	1.01	62

Supply chain risk	0.39	0.75	62

Managing IT systems	0.37	0.87	62

Counterparty risk	0.29	0.73	62

Cost of health care	0.08	0.33	62

Data security	0.05	0.28	62

Balance sheet weakness	0.03	0.18	62

Pension obligations	0.03	0.25	62

Protection of intellectual property	0.02	0.13	62

Other:	0.05	0.28	62

10 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

Healthcare/Pharmaceutical	Manage Inventory at distributors	
Manufacturing	Aumento dos custos do trabalho	

11 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

	Median	Mean	SD	95% CI	Minimum	Maximum	Total

Revenue	10	9.8	10.3	6.5 - 13.1	-10	50	31

Health care costs	8	7.8	6.9	5.3 - 10.3	-1	25	28

Wages/Salaries	7	6.6	2.5	5.8 - 7.3	-3	10	9

Earnings	5.5	12.9	26.0	4.1 - 21.6	-25	100	34

Capital spending	5	3.9	25.9	-5.2 - 13.1	-70	60	29

Prices of your products	5	4.5	3.3	3.3 - 5.6	-5	12	28

Productivity (output per hour worked)	3	4.2	4.9	2.3 - 6.1	-1.2	20	38

Technology spending	3	4.7	6.6	2.1 - 7.4	-10	20	19

Cash on the balance sheet	2	5.4	33.9	-7.2 - 18.0	-60	150	21

Marketing/advertising spending	0.5	2.8	15.6	-3.0 - 8.5	-50	30	35

Dividends	0	-6.1	14.3	-15.5 - 3.2	-30	15	26

Research and development spending	0	1.9	8.3	-1.6 - 5.4	-30	10	22

Number of offshore outsourced employees	0	-0.1	7.2	-3.2 - 3.0	-15	20	37

Share repurchases	0	0.0	0.0	0.0 - 0.0	0	0	0

Number of domestic full-time employees	0	1.4	8.4	-1.3 - 4.1	-20	30	24

Number of domestic temporary employees	0	-0.4	3.1	-1.8 - 1.0	-10	6	43

12 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

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

(N=63)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	1.0	42	0	1	43
Wages/Salaries	0.3	97.7%	0.0%	2.3%	100.0%

	0.8	30	4	1	35
Prices of your products	0.5	85.7%	11.4%	2.9%	100.0%

	0.8	25	3	1	29
Health care costs	0.5	86.2%	10.3%	3.4%	100.0%

	0.8	33	1	3	37
Revenue	0.6	89.2%	2.7%	8.1%	100.0%

	0.7	19	6	1	26
Productivity (output per hour worked)	0.5	73.1%	23.1%	3.8%	100.0%

	0.6	25	3	6	34
Earnings	0.8	73.5%	8.8%	17.6%	100.0%

	0.5	14	9	1	24
Technology spending	0.6	58.3%	37.5%	4.2%	100.0%

	0.5	21	4	6	31
Capital spending	0.8	67.7%	12.9%	19.4%	100.0%

	0.4	10	11	1	22
Research and development spending	0.6	45.5%	50.0%	4.5%	100.0%

	0.3	15	5	8	28
Cash on the balance sheet	0.9	53.6%	17.9%	28.6%	100.0%

	0.2	14	6	8	28
Marketing/advertising spending	0.9	50.0%	21.4%	28.6%	100.0%

	0.2	18	9	11	38
Number of domestic full-time employees	0.9	47.4%	23.7%	28.9%	100.0%

	0.1	4	12	3	19
Number of domestic temporary employees	0.6	21.1%	63.2%	15.8%	100.0%

	0.0	5	11	5	21
Number of offshore outsourced employees	0.7	23.8%	52.4%	23.8%	100.0%

	0.0	0	0	0	0
Share repurchases	0.0	0.0%	0.0%	0.0%	0.0%

	-0.2	2	3	4	9
Dividends	0.8	22.2%	33.3%	44.4%	100.0%

13 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

5. 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] 

	Median	Mean	SD	95% CI	Minimum	Maximum

Earnings	10	14.5	16.5	12.9 - 16.1	-25	63.8

Revenue	8	8.9	5.1	8.4 - 9.4	-10	30

Prices of your products	5	4.7	2.9	4.4 - 4.9	-2.1	11

Capital spending	3	2.5	19.6	0.6 - 4.4	-46.9	54.8

Technology spending	3	4.4	7.3	3.6 - 5.2	-8.3	17.7

Research and development spending	0	2.2	4.7	1.6 - 2.8	-14.5	10

Cash on the balance sheet	0	0.0	18.7	-2.0 - 1.9	-60	71.9

Dividends	0	-5.3	14.2	-7.2 - -3.5	-30	15

Share repurchases	0	0.0	0.0	0.0 - 0.0	0	0

Marketing/advertising spending	0	2.2	13.2	0.8 - 3.5	-27.8	30

14 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

5. 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]

	Median	Mean	SD	95% CI	Minimum	Maximum

Health care costs	8	8.2	6.5	7.4 - 9.0	-1	20

Wages/Salaries	7	7.0	1.7	6.8 - 7.2	1.8	10

Productivity (output per hour worked)	5	4.7	4.2	4.2 - 5.3	-1.2	13.9

Number of offshore outsourced employees	0	0.4	7.3	-0.5 - 1.4	-14	14.1

Number of domestic full-time employees	0	2.2	7.1	1.4 - 3.0	-15.1	18

Number of domestic temporary employees	0	-0.4	2.4	-0.8 - 0.0	-6.5	5.6

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted] 

	Median	Mean	SD	95% CI	Minimum	Maximum

Earnings	10	16.5	15.3	14.8 - 18.3	-25	50

Revenue	8	8.7	3.8	8.3 - 9.1	-10	20

Cash on the balance sheet	0	-0.7	15.9	-2.5 - 1.2	-30	40

Dividends	0	-5.3	14.2	-7.2 - -3.5	-30	15

Share repurchases	0	0.0	0.0	0.0 - 0.0	0	0

16 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

6a.  During 2014, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	5	8.8 %	± 6.9 %
	Acquire part of another company or companies?	2	3.5 %	± 4.5 %
	Both	5	8.8 %	± 6.9 %
	Neither	45	78.9 %	± 11.5 %
	Total	57	100.0 %

	Missing Cases = 6
	Response Percent = 90.5 %

17 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

6a. What proportion of your acquisition spending will be cross-border (outside your country)?

	 	Number	Percent	95% CI
	0% [None]	4	44.4 %	± 32.8 %
	10%	0	0.0 %	± 0.0 %
	20%	1	11.1 %	± 19.3 %
	30%	1	11.1 %	± 19.3 %
	40%	0	0.0 %	± 0.0 %
	50%	2	22.2 %	± 26.0 %
	60%	0	0.0 %	± 0.0 %
	70%	0	0.0 %	± 0.0 %
	80%	0	0.0 %	± 0.0 %
	90%	0	0.0 %	± 0.0 %
	100% [All]	1	11.1 %	± 19.3 %
	Total	9	100.0 %

	Mean = 27.8
	SD = 34.2

	Missing Cases = 3
	Response Percent = 75.0 %

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

6a. Where will your cross-border acquisitions occur?

	 	Number	Percent	95% CI
	Latin America	3	60.0 %	± 78.1 %
	US/Canada	2	40.0 %	± 78.1 %
	Africa	0	0.0 %	± 0.1 %
	Asia/Pacific Basin	0	0.0 %	± 0.1 %
	Europe	0	0.0 %	± 0.1 %
	Total	5

	Number of Cases = 5
	Number of Responses = 5
	Average Number Of Responses Per Case = 1.0
	Number Of Cases With At Least One Response = 4
	Response Percent = 80.0 %

19 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

6b. During 2014, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company	0	0.0 %	± 0.0 %
	Sell part of your company	5	9.3 %	± 6.9 %
	Neither	49	90.7 %	± 10.6 %
	Total	54	100.0 %

	Missing Cases = 9
	Response Percent = 85.7 %

20 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

7a. By how much, if at all, do you expect your borrowing costs to change by the end of 2014?

	 	Number	Percent	95% CI
	We do not borrow	16	26.2 %	± 11.1 %
	We do borrow	45	73.8 %	± 11.5 %
	Total	61	100.0 %

	Missing Cases = 2
	Response Percent = 96.8 %

21 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

7a. By how much, if at all, do you expect your borrowing costs to change by the end of 2014?

	Minimum = -5

	Maximum = 6

	Mean = 1.5

	Median = 1.5

	Standard Deviation (Unbiased Estimate) = 1.8

	95 Percent Confidence Interval Around The Mean = 1.0 - 2.0

Quartiles

	 1 = 0.5
	 2 = 1.5
	 3 = 2

Valid Cases =45
Missing Cases =0
Response Percent = 100.0%

22 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

7a. Relative to today, borrowing costs at my firm are likely to change by … 

	 	Number	Percent	Cumulative
	-600 bps	0	0.0 %	0.0 %
	-500 bps	0	0.0 %	0.0 %
	-400 bps	1	2.2 %	2.2 %
	-300 bps	0	0.0 %	2.2 %
	-200 bps	0	0.0 %	2.2 %
	-100 bps	1	2.2 %	4.4 %
	0 bps	7	15.6 %	20.0 %
	+100 bps	10	22.2 %	42.2 %
	+200 bps	18	40.0 %	82.2 %
	+300 bps	1	2.2 %	84.4 %
	+400 bps	4	8.9 %	93.3 %
	+500 bps	2	4.4 %	97.8 %
	+600 bps	1	2.2 %	100.0 %
	Total	45	100.0 %	100.0 %

	Missing Cases = 18
	Response Percent = 71.4 %

23 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

7b. What effect, if any, has the U.S. Federal Reserve Bank's plan to taper its quantitative easing program had on your company's optimism about its business prospects for 2014?  The effect on our optimism has been:

	 	Number	Percent	95% CI
	-2=Very negative	4	6.5 %	± 6.2 %
	-1=Somewhat negative	26	41.9 %	± 12.5 %
	0=None	25	40.3 %	± 12.4 %
	+1=Somewhat positive	4	6.5 %	± 6.2 %
	+2=Very positive	3	4.8 %	± 5.4 %
	Total	62	100.0 %

	Mean = -0.4
	SD = 0.9

	Missing Cases = 1
	Response Percent = 98.4 %

24 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to: 

	Median	Mean	SD	95% CI	Minimum	Maximum	Total

a. Reduce hiring:	3	3.9	2.9	2.7 - 5.1	0	10	23

b. Reduce capital spending:	3	2.9	2.3	2.1 - 3.8	0	10	29

c. Reduce borrowing:	3	3.3	2.7	2.1 - 4.5	0	10	21

25 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to: 

(N=33)

	0 bps	100 bps	200 bps	300 bps	400 bps	500 bps	600 bps	700 bps	800 bps	900 bps	1,000 bps	Total	
a. Reduce	2	0	7	3	3	4	1	0	0	0	3	23
hiring	8.7%	0.0%	30.4%	13.0%	13.0%	17.4%	4.3%	0.0%	0.0%	0.0%	13.0%	100.0%

b. Reduce
capital	4	2	7	7	4	2	1	0	1	0	1	29
spending	13.8%	6.9%	24.1%	24.1%	13.8%	6.9%	3.4%	0.0%	3.4%	0.0%	3.4%	100.0%

c. Reduce	3	2	3	6	3	0	1	0	2	0	1	21
borrowing	14.3%	9.5%	14.3%	28.6%	14.3%	0.0%	4.8%	0.0%	9.5%	0.0%	4.8%	100.0%

26 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9a. Does uncertainty about economic conditions affect your business planning?

	 	Number	Percent	95% CI
	Reduce/delay capital spending	42	43.3 %	± 12.0 %
	Reduce/delay hiring	37	38.1 %	± 12.5 %
	Increase cash holdings	16	16.5 %	± 11.1 %
	No real effect	0	0.0 %	± 0.0 %
	Other	2	2.1 %	± 4.5 %
	Total	97	100.0 %

	Number of Cases = 63
	Number of Responses = 97
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response = 62
	Response Percent = 98.4 %

27 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9a. Does uncertainty about economic conditions affect your business planning? - Other specified

Banking/Finance/Insurance	reduction of growth	
Retail/Wholesale	Aumentar a gama de produtos vendidos, ampliaÃ§Ã£o importados	

28 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9b. Does uncertainty about government economic policies affect your business planning?

	 	Number	Percent	95% CI
	Reduce/delay capital spending	43	47.3 %	± 11.8 %
	Reduce/delay hiring	32	35.2 %	± 12.7 %
	Increase cash holdings	13	14.3 %	± 10.3 %
	No real effect	1	1.1 %	± 3.2 %
	Other	2	2.2 %	± 4.5 %
	Total	91	100.0 %

	Number of Cases = 63
	Number of Responses = 91
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response = 60
	Response Percent = 95.2 %

29 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9b. Does uncertainty about government economic policies affect your business planning? - Other specified

Banking/Finance/Insurance	change in investment strategy	
Manufacturing	taxes	

30 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9c. Does uncertainty about the political situation affect your business planning?

	 	Number	Percent	95% CI
	Reduce/delay capital spending	33	44.0 %	± 12.7 %
	Reduce/delay hiring	23	30.7 %	± 12.3 %
	No real effect	10	13.3 %	± 9.3 %
	Increase cash holdings	9	12.0 %	± 8.9 %
	Other	0	0.0 %	± 0.0 %
	Total	75	100.0 %

	Number of Cases = 63
	Number of Responses = 75
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response = 58
	Response Percent = 92.1 %

31 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9c. Does uncertainty about the political situation affect your business planning? - Other specified

--- No Response ---

32 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9d. Does uncertainty about regulatory implementation affect your business planning?

	 	Number	Percent	95% CI
	Reduce/delay capital spending	31	40.3 %	± 12.7 %
	Reduce/delay hiring	17	22.1 %	± 11.3 %
	No real effect	13	16.9 %	± 10.3 %
	Increase cash holdings	12	15.6 %	± 10.0 %
	Other	4	5.2 %	± 6.2 %
	Total	77	100.0 %

	Number of Cases = 63
	Number of Responses = 77
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response = 58
	Response Percent = 92.1 %

33 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9d. Does uncertainty about regulatory implementation affect your business planning? - Other specified

Manufacturing	Aumento de custos	
Manufacturing	taxes	
Retail/Wholesale	ExpansÃ£o para outros Estados, novos canais	
Transportation/Energy	reduzir investimento	

34 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9e. Ways that another uncertainty affects your business planning?

	 	Number	Percent	95% CI
	Reduce/delay hiring	4	50.0 %	± 8.7 %
	Reduce/delay capital spending	2	25.0 %	± 6.3 %
	Increase cash holdings	1	12.5 %	± 4.5 %
	Other	1	12.5 %	± 4.5 %
	Total	8	100.0 %

	Number of Cases = 62
	Number of Responses = 8
	Average Number Of Responses Per Case = 0.1
	Number Of Cases With At Least One Response = 5
	Response Percent = 8.1 %

35 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

9e. Other uncertainty that affects your business planning specified.

Manufacturing	Negociações sindicais Perda de competitividade	
Service/Consulting	InflaÃ§Ã£o	
Transportation/Energy	ConcessÃµes	

36 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

10a. Out of the following categories, please rank the top four that best describe the culture of your firm. (Please rank #1, #2, #3, #4 in order) 

(N=63)

	Mean & SD	1st	2nd	3rd	4th	Total	
	2.04	20	15	12	5	52
Integrity	1.01	31.75%	23.81%	19.05%	7.94%	82.54%

	2.07	17	13	8	6	44
Customer-orientation	1.07	26.98%	20.63%	12.70%	9.52%	69.84%

	2.41	5	3	6	3	17
Collaboration	1.12	7.94%	4.76%	9.52%	4.76%	26.98%

	2.63	7	12	3	13	35
Near-term results orientation	1.19	11.11%	19.05%	4.76%	20.63%	55.56%

	2.71	4	8	12	7	31
Strategic results orientation	0.97	6.35%	12.70%	19.05%	11.11%	49.21%

	2.73	3	3	13	3	22
Adaptability	0.88	4.76%	4.76%	20.63%	4.76%	34.92%

	2.75	4	3	2	7	16
Detail-orientation	1.29	6.35%	4.76%	3.17%	11.11%	25.40%

	3.19	2	6	8	16	32
Internal transparency	0.97	3.17%	9.52%	12.70%	25.40%	50.79%

	1.00	1	0	0	0	1
Other	0.00	1.59%	0.00%	0.00%	0.00%	1.59%

37 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

10a. Please rank the top four that best describe the culture of your firm. Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Integrity	2.44	1.46	63

Customer-orientation	2.05	1.62	63

Near-term results orientation	1.32	1.48	63

Strategic results orientation	1.13	1.34	63

Internal transparency	0.92	1.14	63

Adaptability	0.79	1.21	63

Collaboration	0.70	1.29	63

Detail-orientation	0.57	1.17	63

Other	0.06	0.50	63

38 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

10a. Out of the following categories, please rank the top four that best describe the culture of your firm. - Other category specified

Banking/Finance/Insurance	confiabilidade para o mercado	

39 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

10b. Is any one of these cultural factors a priority for improvement at your company in 2014?

	 	Number	Percent	95% CI
	Yes	49	77.8 %	± 10.6 %
	No	14	22.2 %	± 10.6 %
	Total	63	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

40 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

10b. Which factor is your first priority for improvement? (choose one)

	 	Number	Percent	95% CI
	Strategic results orientation	13	28.9 %	± 10.4 %
	Customer-orientation	9	20.0 %	± 9.0 %
	Near-term results orientation	7	15.6 %	± 8.1 %
	Adaptability	7	15.6 %	± 8.1 %
	Internal transparency	5	11.1 %	± 6.9 %
	Detail-orientation	2	4.4 %	± 4.5 %
	Integrity	1	2.2 %	± 3.2 %
	Collaboration	1	2.2 %	± 3.2 %
	Other	0	0.0 %	± 0.0 %
	Total	45	100.0 %

	Missing Cases = 18
	Response Percent = 71.4 %

41 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

10b: Which factor is your first priority for improvement? - Specified "other factor" as first priority

--- No Response ---

42 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

10c. How important is it to your firm to have a clearly defined culture that is well understood by your employees?

	 	Number	Percent	95% CI
	0=Not important	0	0.0 %	± 0.0 %
	1=Small importance	0	0.0 %	± 0.0 %
	2=Medium importance	8	12.7 %	± 8.5 %
	3=Very important	55	87.3 %	± 8.5 %
	Total	63	100.0 %

	Mean = 2.9
	SD = 0.3

	Missing Cases = 0
	Response Percent = 100.0 %

43 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

11. Do you think that there is a real estate bubble in your country?

	 	Number	Percent	95% CI
	Yes	31	53.4 %	± 13.2 %
	No	27	46.6 %	± 13.2 %
	Total	58	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

44 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

11. How likely do you think it is that the real estate bubble will burst during 2014?

	Minimum = 0

	Maximum = 70

	Mean = 30.7

	Median = 25

	Standard Deviation (Unbiased Estimate) = 20.6

	95 Percent Confidence Interval Around The Mean = 23.2 - 38.2

Quartiles

	 1 = 20
	 2 = 25
	 3 = 40

Valid Cases =29
Missing Cases =2
Response Percent = 93.5%

45 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

11. If the bubble bursts, how badly do you think it will hurt your country's overall economy?

	 	Number	Percent	95% CI
	0=No effect	0	0.0 %	± 0.0 %
	-1=Small negative effect	2	8.7 %	± 11.5 %
	-2=Medium negative effect	11	47.8 %	± 21.0 %
	-3=Large negative effect	10	43.5 %	± 20.8 %
	Total	23	100.0 %

	Mean = -2.3
	SD = 0.6

	Missing Cases = 2
	Response Percent = 92.0 %

46 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2013	4.9	8.1	2.3 - 7.4	5	-25	20	39

% Expected ROA in 2014	7.1	6.5	5.1 - 9.2	5.8	-8	24	38

47 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Selected Financial Indicators: (upper and lower 2.5% outliers removed)

	Mean	SD	Median	Minimum	Maximum	Total

Debt-to-Total Assets ratio  ((Short + Long Term Debt) / Assets)	36.0	120.4	1.1	0	722	36

(Cash + marketable securities) / total assets	9.1	18.0	0.4	0	80	33

48 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in 2013	82.3	12.5	75.7 - 88.8	85	50	100	14

% of capacity utilization planned for 2014	82.1	10.9	76.3 - 87.8	85	60	100	14

49 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in 2013	77.1	8.9	72.5 - 81.8	70	50	100	14

% of capacity utilization planned for 2014	78.6	7.4	74.7 - 82.5	75	60	100	14

50 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Industry

	 	Number	Percent	95% CI
	Manufacturing	15	24.2 %	± 10.8 %
	Retail/Wholesale	13	21.0 %	± 10.3 %
	Banking/Finance/Insurance	6	9.7 %	± 7.5 %
	Transportation/Energy	6	9.7 %	± 7.5 %
	Healthcare/Pharmaceutical	3	4.8 %	± 5.4 %
	Service/Consulting	3	4.8 %	± 5.4 %
	Tech [Software/Biotech]	2	3.2 %	± 4.5 %
	Communications/Media	1	1.6 %	± 3.2 %
	Construction	1	1.6 %	± 3.2 %
	Mining	0	0.0 %	± 0.0 %
	Other	12	19.4 %	± 10.0 %
	Total	62	100.0 %

	Missing Cases = 1
	Response Percent = 98.4 %

51 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Industry (Other specified)

agrÃ­cola/agronegÃ³cio	
agriculture	
agronegocio	
Alimentos	
Animal nutrition industry and distribution	
Petroquimica	
PREPARAÃ‡Ã•ES DE COUROS	
quimico	
Real State	
ServiÃ§os de SaÃºde/Hospitalar	
sucroalcooleiro	
Trading	

52 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	5	8.3 %	± 6.9 %
	$25-$99 million	3	5.0 %	± 5.4 %
	$100-$499 million	26	43.3 %	± 12.5 %
	$500-$999 million	9	15.0 %	± 8.9 %
	$1-$4.9 billion	15	25.0 %	± 10.8 %
	$5-$9.9 billion	0	0.0 %	± 0.0 %
	More than $10 billion	2	3.3 %	± 4.5 %
	Total	60	100.0 %

	Missing Cases = 3
	Response Percent = 95.2 %

53 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1364.4

	Median = 300

	Standard Deviation (Unbiased Estimate) = 2150.0

	95 Percent Confidence Interval Around The Mean = 820.3 - 1908.4

	99 Percent Confidence Interval Around The Mean = 649.6 - 2079.1

	Skewness = 3.1

	Kolmogorov-Smirnov Statistic For Normality = 2.6

Quartiles

	 1 = 300
	 2 = 300
	 3 = 3000

Valid Cases =60
Missing Cases =3
Response Percent = 95.2%

54 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	4	7.1 %	± 6.2 %
	100-499	11	19.6 %	± 9.7 %
	500-999	9	16.1 %	± 8.9 %
	1,000-2,499	16	28.6 %	± 11.1 %
	2,500-4,999	3	5.4 %	± 5.4 %
	5,000-9,999	7	12.5 %	± 8.0 %
	Over 10,000	6	10.7 %	± 7.5 %
	Total	56	100.0 %

	Missing Cases = 7
	Response Percent = 88.9 %

55 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3110.7

	Median = 1750

	Standard Deviation (Unbiased Estimate) = 3845.1

	95 Percent Confidence Interval Around The Mean = 2103.6 - 4117.8

	99 Percent Confidence Interval Around The Mean = 1787.6 - 4433.8

	Skewness = 1.4

	Kolmogorov-Smirnov Statistic For Normality = 2.7

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 3750

Valid Cases =56
Missing Cases =7
Response Percent = 88.9%

56 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

In what country are you personally located

	 	Number	Percent	95% CI
	Brazil	63	100.0 %	± 0.0 %
	Antigua	0	0.0 %	± 0.0 %
	Argentina	0	0.0 %	± 0.0 %
	Bahamas	0	0.0 %	± 0.0 %
	Barbados	0	0.0 %	± 0.0 %
	Barbuda	0	0.0 %	± 0.0 %
	Belize	0	0.0 %	± 0.0 %
	Bolivia	0	0.0 %	± 0.0 %
	Aruba	0	0.0 %	± 0.0 %
	Caicos Islands	0	0.0 %	± 0.0 %
	Cayman Islands	0	0.0 %	± 0.0 %
	Chile	0	0.0 %	± 0.0 %
	Colombia	0	0.0 %	± 0.0 %
	Costa Rica	0	0.0 %	± 0.0 %
	Cuba	0	0.0 %	± 0.0 %
	Dominica	0	0.0 %	± 0.0 %
	Dominican Republic	0	0.0 %	± 0.0 %
	Ecuador	0	0.0 %	± 0.0 %
	El Salvador	0	0.0 %	± 0.0 %
	French Guiana	0	0.0 %	± 0.0 %
	Grenada	0	0.0 %	± 0.0 %
	Grenadines	0	0.0 %	± 0.0 %
	Guadeloupe	0	0.0 %	± 0.0 %
	Guatemala	0	0.0 %	± 0.0 %
	Guyana	0	0.0 %	± 0.0 %
	Haiti	0	0.0 %	± 0.0 %
	Honduras	0	0.0 %	± 0.0 %
	Jamaica	0	0.0 %	± 0.0 %
	Martinique	0	0.0 %	± 0.0 %
	Mexico	0	0.0 %	± 0.0 %
	Nevis	0	0.0 %	± 0.0 %
	Nicaragua	0	0.0 %	± 0.0 %
	Panama	0	0.0 %	± 0.0 %
	Paraguay	0	0.0 %	± 0.0 %
	Peru	0	0.0 %	± 0.0 %
	Puerto Rico	0	0.0 %	± 0.0 %
	Saint Barthélemy	0	0.0 %	± 0.0 %
	St. Kitts	0	0.0 %	± 0.0 %
	St. Lucia	0	0.0 %	± 0.0 %
	St. Vincent	0	0.0 %	± 0.0 %
	Suriname	0	0.0 %	± 0.0 %
	Tobago	0	0.0 %	± 0.0 %
	Trinidad	0	0.0 %	± 0.0 %
	Turks	0	0.0 %	± 0.0 %
	Uruguay	0	0.0 %	± 0.0 %
	Venezuela	0	0.0 %	± 0.0 %
	Virgin Islands	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Australia	0	0.0 %	± 0.0 %
	Canada	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	United States	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	63	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

57 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Headquarters Brazil (Other Specified)

BrasÃ­lia	
MT	
Santa Catarina	

58 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

If your company headquarters is another country, please indicate which country.

Alemanha	
Estados Unidos	
FranÃ§a	
Japan	
Norway	
São Paulo	
US	

59 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Ownership

	 	Number	Percent	95% CI
	Private	33	52.4 %	± 12.7 %
	Public	23	36.5 %	± 12.2 %
	Nonprofit	6	9.5 %	± 7.5 %
	Government	1	1.6 %	± 3.2 %
	Total	63	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

60 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

Foreign Sales

	 	Number	Percent	95% CI
	0%	30	49.2 %	± 12.7 %
	1-24%	22	36.1 %	± 12.1 %
	25-50%	6	9.8 %	± 7.5 %
	More than 50%	3	4.9 %	± 5.4 %
	Total	61	100.0 %

	Missing Cases = 2
	Response Percent = 96.8 %

61 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

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

	 	Number	Percent	95% CI
	Latin America	13	48.1 %	± 18.5 %
	US/Canada	6	22.2 %	± 14.8 %
	Asia/Pacific Basin	5	18.5 %	± 13.8 %
	Europe	3	11.1 %	± 11.1 %
	Africa	0	0.0 %	± 0.0 %
	Total	27	100.0 %

	Missing Cases = 4
	Response Percent = 87.1 %

62 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	1	2.8 %	2.8 %
	AA+	4	11.1 %	13.9 %
	AA	5	13.9 %	27.8 %
	AA-	4	11.1 %	38.9 %
	A+	3	8.3 %	47.2 %
	A	2	5.6 %	52.8 %
	A-	0	0.0 %	52.8 %
	BBB+	5	13.9 %	66.7 %
	BBB	4	11.1 %	77.8 %
	BBB-	3	8.3 %	86.1 %
	BB+	0	0.0 %	86.1 %
	BB	0	0.0 %	86.1 %
	BB-	2	5.6 %	91.7 %
	B+	1	2.8 %	94.4 %
	B	1	2.8 %	97.2 %
	B-	0	0.0 %	97.2 %
	CCC	0	0.0 %	97.2 %
	CC	0	0.0 %	97.2 %
	D	1	2.8 %	100.0 %
	Total	36	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

63 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

What is your company's credit rating? 

N=36		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		36		19	17	
		100.0%		52.8%	47.2%	
						
AAA		1		1	0	
		2.8%		5.3%	0.0%	
						
AA+		4		2	2	
		11.1%		10.5%	11.8%	
						
AA		5		1	4	
		13.9%		5.3%	23.5%	
						
AA-		4		2	2	
		11.1%		10.5%	11.8%	
						
A+		3		2	1	
		8.3%		10.5%	5.9%	
						
A		2		0	2	
		5.6%		0.0%	11.8%	
						
A-		0		0	0	
		0.0%		0.0%	0.0%	
						
BBB+		5		3	2	
		13.9%		15.8%	11.8%	
						
BBB		4		4	0	
		11.1%		21.1%	0.0%	
						
BBB-		3		3	0	
		8.3%		15.8%	0.0%	
						
BB+		0		0	0	
		0.0%		0.0%	0.0%	
						
BB		0		0	0	
		0.0%		0.0%	0.0%	
						
BB-		2		0	2	
		5.6%		0.0%	11.8%	
						
B+		1		0	1	
		2.8%		0.0%	5.9%	
						
B		1		1	0	
		2.8%		5.3%	0.0%	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	

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

64 

Duke, FGV, CFO magazine Global Business Outlook survey - Brazil - First Quarter, 2014

What is your company's credit rating? 

N=36		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
D		1		0	1	
		2.8%		0.0%	5.9%	

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