Table of Contents

1. Are you more or less optimistic about the economy of the country where you are based 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.	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
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm
anticipates in the next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months?   [Unweighted - Winsorized]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months for:   [Unweighted - Sorted]	10
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]	11
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]	12
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]	13
5a. To date, what effect have changes in interest rates had on your business?	14
5a. Has the effect of interest rates on your business been..	15
5a. To date, what effect have changes in oil prices had on your business?	16
5a. Has the effect of oil prices on your business been..	17
5a. To date, what effect have changes in currency values had on your business?	18
5a. Has the effect of currency values on your business been..	19
5b. How have interest rates affected capital spending plans for the next 12 months?	20
5b. How have low oil prices affected capital spending plans for the next 12 months?	21
5b. How has the dollar appreciation affected capital spending plans for the next 12 months?	22
5b. How have interest rates affected hiring plans for the next 12 months?	23
5b. How have low oil prices affected hiring plans for the next 12 months?	24
5b. How has the dollar appreciation affected hiring plans for the next 12 months?	25
5c. By year-end 2015, what do you expect long term interest rates will change by:	26
5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	27
5c. By year-end 2015, relative to US dollar, our currency will change by:	28
Parametric estimates for year-end prices of oil, currencies, and interest rates:	29
6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal,
change, or make public important data?	30
6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of
concerns about hacking and data security.	31
Other data security steps taken in past year:  	32
7. What should be the focus of the CFO to best serve all stakeholders?	33
The focus of the finance leader (CFO) should be - Other specified:	35
Example of focus for: Administration (back office, support)	36
Example of focus for: Board Relations	37
Example of focus for: Budget and Forecast	38
Example of focus for: Capital Allocation	39
Example of focus for: Capital Structure	40
Example of focus for: Corporate Strategy (including M&A)	41
Example of focus for: Dividends, Share Repurchases	42
Example of focus for: Employee Benefits / Retirement	43
Example of focus for: Executive Leadership Team	44
Example of focus for: Financial Reporting and Compliance	45
Example of focus for: Human Resources	46
Example of focus for: Internal Growth	47
Example of focus for: Investor Relations	48
Example of focus for: Liaison to Regulators / Government	49
Example of focus for: Liquidity Management	50
Example of focus for: Risk Management	51
Example of focus for: Spin-offs, Asset Sales	52
Example of focus for Other new/important roles	53
Example of focus for Other 2	54
8. For your country, what do you think is the likelihood of a recession by the end of 2015?	55
Return on assets (ROA=operating earnings/assets)	56
Manufacturing capacity utilized	57
Manufacturing capacity utilized (Revenue Weighted)	58
Industry	59
Sales Revenue	61
Weighted Sales Revenue (Millions)	62
Number of Employees	63
Weighted Number of Employees	64
Where are you personally located?	65
Headquarters Asia (Other Specified)	66
If your company headquarters is in another country, please indicate which country.	67
Ownership	68
Foreign Sales	69
In what region of the world are most of your foreign sales?	70
What is your company's credit rating? 	71
Your job title (e.g., CFO, Asst. Treasurer, etc):	74

 1 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?

	 	Number	Percent	95% CI
	1=More optimistic	39	54.2 %	± 11.7 %
	0=No change	10	13.9 %	± 8.1 %
	-1=Less optimistic	23	31.9 %	± 10.9 %
	Total	72	100.0 %

	Mean = 0.22
	SD = 0.91

	Missing Cases = 1
	Response Percent = 98.6 %

2 

Duke CFO magazine Global Business Outlook survey - Asia - Second 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.

	Minimum = 20

	Maximum = 100

	Mean = 63.5

	Median = 70

	Standard Deviation (Unbiased Estimate) = 17.9

	95 Percent Confidence Interval Around The Mean = 59.0 - 68.0

4 Groups

	 1 = 50
	 2 = 70
	 3 = 75

Valid Cases =61
Missing Cases =12
Response Percent = 83.6%

3 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

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	41	56.9 %	± 11.7 %
	0=No change	11	15.3 %	± 8.4 %
	-1=Less optimistic	20	27.8 %	± 10.5 %
	Total	72	100.0 %

	Mean = 0.29
	SD = 0.88

	Missing Cases = 1
	Response Percent = 98.6 %

4 

Duke CFO magazine Global Business Outlook survey - Asia - Second 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.

	Minimum = 20

	Maximum = 100

	Mean = 62.0

	Median = 65

	Standard Deviation (Unbiased Estimate) = 20.6

	95 Percent Confidence Interval Around The Mean = 56.7 - 67.2

4 Groups

	 1 = 50
	 2 = 65
	 3 = 75.8

Valid Cases =59
Missing Cases =14
Response Percent = 80.8%

5 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

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

	 	Number	Percent	95% CI
	Economic uncertainty	25	36.8 %	± 11.8 %
	Weak demand for your products/services	20	29.4 %	± 11.1 %
	Government policies	20	29.4 %	± 11.1 %
	Difficulty attracting / retaining qualified employees	19	27.9 %	± 10.9 %
	Access to capital	17	25.0 %	± 10.6 %
	Employee productivity	16	23.5 %	± 10.4 %
	Employee morale	16	23.5 %	± 10.4 %
	Currency risk	15	22.1 %	± 10.1 %
	Cost of borrowing	12	17.6 %	± 9.3 %
	Rising wages and salaries	10	14.7 %	± 8.6 %
	Regulatory requirements	10	14.7 %	± 8.6 %
	Corporate tax code [domestic]	9	13.2 %	± 8.3 %
	Rising input or commodity costs	7	10.3 %	± 7.4 %
	Inflation	7	10.3 %	± 7.4 %
	Data security	7	10.3 %	± 7.4 %
	Cost of benefits	5	7.4 %	± 6.4 %
	Geopolitical / health crises	4	5.9 %	± 5.7 %
	Deflation	2	2.9 %	± 4.1 %
	Other	11	16.2 %	± 9.0 %
	Total	232

	Number of Cases = 68
	Number of Responses = 232
	Average Number Of Responses Per Case = 3.4
	Number Of Cases With At Least One Response = 68
	Response Percent = 100.0 %

6 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

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

Agr, Forestry, Fishing	Sea Port congestion	
Agr, Forestry, Fishing	volatility of dairy commodities	
Bank/Fin/Insur/Real Est	falling market (Stock market)	
Bank/Fin/Insur/Real Est	Strategy execution	
Energy	No big prosoect left	
Healthcare/Pharm	Currency effect	
Healthcare/Pharm	Security	
Manufacturing	competitive business	
Other	Earthquake & Political instability	
Other	increased competition	
Services, Consulting	Chaning business model to adapt to digital disruption without losing	
	momentum in existing business	
Services, Consulting	Electricity shortage	

7 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Agr, Forestry, Fishing	Not really	
Bank/Fin/Insur/Real Est	Changes to some employee awards (salary packages) that are regulated	
	by the government	
Bank/Fin/Insur/Real Est	Inflation accordig to regulation from government to cut subsidise made	
	consumer price high	
Bank/Fin/Insur/Real Est	none	
Bank/Fin/Insur/Real Est	political and security risks amongst Asia pacific	
Bank/Fin/Insur/Real Est	The volatility of the Philippine equity market is a big concern right now.	
Communication/Media	Inflation and rising rate of unemployment	
Communication/Media	Procurement departments mistaking cost for value.	
Communication/Media	Technological changes, Impact of Digitisation.	
Communication/Media	Uncertainties due to upcoming elections	
Energy	Oil prices	
Energy	Security of staff	
Healthcare/Pharm	Increased government risk	
Healthcare/Pharm	n/a	
Healthcare/Pharm	none	
Healthcare/Pharm	technological disruption	
Manufacturing	Change management	
Manufacturing	customers' greater quality demand may affect business in the long run	
Manufacturing	Facing the cheap imports from foreign countries, like China	
Manufacturing	Increasing Product Recall	
Manufacturing	Lost of domain knowledge of the industry we operate in.	
Manufacturing	Natural calamities:  typhoon and earthquake	
Manufacturing	NO	
Manufacturing	None	
Manufacturing	Taxation worries & Low moral of employees.	
Manufacturing	weak demand from domestic, and huge supply from china	
Mining/Construction	Delay in reforms, religious tensions	
Mining/Construction	New Business	
Mining/Construction	sanctions on Russia	
Other	1.Political instability 2. Recent major Earthquakes & its regular re-	
	occurrence	
Other	large scale devaluation of currency globally of BRIC countries	
Other	none	
Other	Project Risk Assessment	
Retail/Wholesale	Disruptive technologies	
Retail/Wholesale	In ability to Execute Plans due to Economic uncertainty	
Retail/Wholesale	need to find new resources loan	
Retail/Wholesale	the internal control system is in a high risk	
Retail/Wholesale	US currency's stability	
Services, Consulting	Acceleration of threat of digital disruption; Managing change of CEO	
	and executive team	
Services, Consulting	Collections from customers	
Services, Consulting	Terrorism growing across ASia and Africa	
Tech [Soft/Hard/Bio]	Geopolitical	
Tech [Soft/Hard/Bio]	nothing in specific	
Tech [Soft/Hard/Bio]	Political uncertainty, post election turmoil etc	
Tech [Soft/Hard/Bio]	Slowdown in customers' capex	
Unspecified Industry	None	

8 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Unspecified Industry	Sluggish Real Estate market	

9 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?   [Unweighted - Winsorized] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Technology spending	19.70	27.46	10.03 - 29.36	10	-2	82.86	38

Earnings	15.84	28.65	6.73 - 24.95	10	-50	94.24	38

Number of domestic temporary employees	13.58	27.16	3.33 - 23.82	2	-25	80.20	8

Revenue	13.30	17.74	8.52 - 18.07	10	-32.80	61.31	38

Cash on the balance sheet	12.78	13.42	8.51 - 17.05	10	-10	42.22	23

Marketing/advertising spending	9.30	18.20	3.09 - 15.51	4	-25	82.79	33

Capital spending	8.42	36.83	-3.29 - 20.13	4	-80	152.10	42

Dividends	7.25	8.56	1.31 - 13.19	4	0	20	27

Wages/Salaries	6.26	5.60	4.69 - 7.83	5	-6.55	19.08	19

Number of domestic full-time employees	4.98	14.24	0.67 - 9.29	2	-25	51.12	41

Research and development spending	4.62	5.62	2.21 - 7.02	3	0	18.97	24

Health care costs	4.39	5.13	2.29 - 6.49	2	0	16	21

Productivity (output per hour worked)	3.45	5.14	1.40 - 5.51	2	-5	14.86	53

Number of offshore outsourced employees	3.06	5.30	0.68 - 5.44	0	0	15.04	16

Prices of your products	1.88	11.75	-1.71 - 5.48	2	-25.90	31.06	31

Share repurchases	0.61	1.31	-0.04 - 1.25	0	0	3.70	49

10 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

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

(N=73)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.86	43	5	1
Wages/Salaries	0.41	87.8%	10.2%	2.0%

	0.82	33	3	2
Cash on the balance sheet	0.51	86.8%	7.9%	5.3%

	0.75	46	1	6
Revenue	0.65	86.8%	1.9%	11.3%

	0.70	16	7	0
Health care costs	0.47	69.6%	30.4%	0.0%

	0.68	22	8	1
Technology spending	0.54	71.0%	25.8%	3.2%

	0.67	23	9	1
Marketing/advertising spending	0.54	69.7%	27.3%	3.0%

	0.63	5	3	0
Dividends	0.52	62.5%	37.5%	0.0%

	0.62	13	8	0
Research and development spending	0.50	61.9%	38.1%	0.0%

	0.61	30	1	7
Earnings	0.79	78.9%	2.6%	18.4%

Number of domestic temporary	0.56	17	8	2
employees	0.64	63.0%	29.6%	7.4%

	0.54	16	5	3
Productivity (output per hour worked)	0.72	66.7%	20.8%	12.5%

Number of domestic full-time	0.43	25	10	7
employees	0.77	59.5%	23.8%	16.7%

Number of offshore outsourced	0.37	7	12	0
employees	0.50	36.8%	63.2%	0.0%

	0.32	21	8	9
Capital spending	0.84	55.3%	21.1%	23.7%

	0.29	24	5	12
Prices of your products	0.90	58.5%	12.2%	29.3%

	0.19	3	13	0
Share repurchases	0.40	18.8%	81.3%	0.0%

11 

Duke CFO magazine Global Business Outlook survey - Asia - Second 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] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Cash on the balance sheet	11.69	11.92	7.17 - 16.20	10	-10	40	40

Marketing/advertising spending	9.40	16.48	3.36 - 15.44	1.20	0	50	29

Revenue	8.54	11.62	5.46 - 11.63	5	-10	30	54

Dividends	8.14	7.39	4.29 - 11.99	3	0	20	25

Research and development spending	7.07	7.64	4.27 - 9.87	3	0	18.97	29

Technology spending	6.21	13.03	1.22 - 11.20	0	0	20	45

Capital spending	3.01	20.99	-5.24 - 11.27	0	-80	20	27

Share repurchases	0.87	1.41	0.32 - 1.42	0	0	3.70	14

Earnings	-0.67	25.03	-7.95 - 6.60	2	-50	94.24	25

Prices of your products	-4.59	12.96	-8.60 - -0.59	0	-25.90	31.06	26

12 

Duke CFO magazine Global Business Outlook survey - Asia - Second 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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Number of domestic temporary employees	7.75	15.58	2.28 - 13.22	1	0	50	30

Wages/Salaries	5.80	4.37	4.51 - 7.10	5	0	19.08	39

Productivity (output per hour worked)	3.27	4.15	1.79 - 4.74	2	-5	10	31

Number of domestic full-time employees	3.18	9.27	0.29 - 6.08	0	-20	33	24

Number of offshore outsourced employees	1.77	4.36	0.03 - 3.52	0	0	15.04	44

Health care costs	1.51	2.87	0.35 - 2.67	0	0	5	23

13 

Duke CFO magazine Global Business Outlook survey - Asia - Second 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] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Cash on the balance sheet	14.12	15.59	3.85 - 24.39	10	0	33

Revenue	11.68	11.68	7.36 - 16.00	5	-5	30

Earnings	8.31	12.78	2.05 - 14.57	3	-10	30

Dividends	8.14	7.39	4.29 - 11.99	3	0	20

Share repurchases	1.53	1.59	0.69 - 2.36	1.50	0	3.70

14 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5a. To date, what effect have changes in interest rates had on your business?

	 	Number	Percent	95% CI
	Direct	25	36.2 %	± 11.2 %
	Indirect	17	24.6 %	± 9.9 %
	Both	7	10.1 %	± 6.9 %
	No effect	20	29.0 %	± 10.5 %
	Total	69	100.0 %

	Missing Cases = 4
	Response Percent = 94.5 %

15 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5a. Has the effect of interest rates on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	2	3.9 %	± 3.9 %
	+1=Positive	23	45.1 %	± 11.0 %
	0=No impact	9	17.6 %	± 7.8 %
	-1=Negative	16	31.4 %	± 9.8 %
	-2=Very negative	1	2.0 %	± 2.8 %
	Total	51	100.0 %

	Mean = 0.18
	SD = 0.99

	Missing Cases = 22
	Response Percent = 69.9 %

16 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5a. To date, what effect have changes in oil prices had on your business?

	 	Number	Percent	95% CI
	Direct	13	18.8 %	± 9.0 %
	Indirect	29	42.0 %	± 11.5 %
	Both	11	15.9 %	± 8.4 %
	No effect	16	23.2 %	± 9.7 %
	Total	69	100.0 %

	Missing Cases = 4
	Response Percent = 94.5 %

17 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5a. Has the effect of oil prices on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	2	3.8 %	± 3.9 %
	+1=Positive	23	44.2 %	± 11.0 %
	0=No impact	6	11.5 %	± 6.5 %
	-1=Negative	19	36.5 %	± 10.4 %
	-2=Very negative	2	3.8 %	± 3.9 %
	Total	52	100.0 %

	Mean = 0.08
	SD = 1.06

	Missing Cases = 21
	Response Percent = 71.2 %

18 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5a. To date, what effect have changes in currency values had on your business?

	 	Number	Percent	95% CI
	Direct	24	35.8 %	± 11.1 %
	Indirect	17	25.4 %	± 10.0 %
	Both	11	16.4 %	± 8.4 %
	No effect	15	22.4 %	± 9.5 %
	Total	67	100.0 %

	Missing Cases = 6
	Response Percent = 91.8 %

19 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5a. Has the effect of currency values on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	8	15.1 %	± 7.4 %
	+1=Positive	14	26.4 %	± 9.3 %
	0=No impact	4	7.5 %	± 5.4 %
	-1=Negative	23	43.4 %	± 11.0 %
	-2=Very negative	4	7.5 %	± 5.4 %
	Total	53	100.0 %

	Mean = -0.02
	SD = 1.28

	Missing Cases = 20
	Response Percent = 72.6 %

20 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5b. How have interest rates affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	3	4.7 %	± 4.9 %
	+1=Up medium	11	17.2 %	± 8.8 %
	0=No change	39	60.9 %	± 12.0 %
	-1=Down medium	9	14.1 %	± 8.1 %
	-2=Down large	2	3.1 %	± 4.0 %
	Total	64	100.0 %

	Mean = 0.06
	SD = 0.79

	Missing Cases = 6
	Response Percent = 91.4 %

21 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5b. How have low oil prices affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	3	4.5 %	± 4.8 %
	+1=Up medium	9	13.4 %	± 7.9 %
	0=No change	47	70.1 %	± 11.3 %
	-1=Down medium	6	9.0 %	± 6.6 %
	-2=Down large	2	3.0 %	± 4.0 %
	Total	67	100.0 %

	Mean = 0.07
	SD = 0.72

	Missing Cases = 4
	Response Percent = 94.4 %

22 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5b. How has the dollar appreciation affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	1	1.5 %	± 2.8 %
	+1=Up medium	5	7.5 %	± 6.0 %
	0=No change	46	68.7 %	± 11.4 %
	-1=Down medium	11	16.4 %	± 8.5 %
	-2=Down large	4	6.0 %	± 5.4 %
	Total	67	100.0 %

	Mean = -0.18
	SD = 0.72

	Missing Cases = 5
	Response Percent = 93.1 %

23 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5b. How have interest rates affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	1	1.5 %	± 2.8 %
	+1=Up medium	4	6.2 %	± 5.4 %
	0=No change	50	76.9 %	± 10.9 %
	-1=Down medium	8	12.3 %	± 7.5 %
	-2=Down large	2	3.1 %	± 3.9 %
	Total	65	100.0 %

	Mean = -0.09
	SD = 0.61

	Missing Cases = 7
	Response Percent = 90.3 %

24 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5b. How have low oil prices affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	0	0.0 %	± 0.0 %
	+1=Up medium	6	9.1 %	± 6.6 %
	0=No change	52	78.8 %	± 10.6 %
	-1=Down medium	5	7.6 %	± 6.0 %
	-2=Down large	3	4.5 %	± 4.7 %
	Total	66	100.0 %

	Mean = -0.08
	SD = 0.59

	Missing Cases = 6
	Response Percent = 91.7 %

25 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5b. How has the dollar appreciation affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	2	3.0 %	± 3.9 %
	+1=Up medium	7	10.6 %	± 6.9 %
	0=No change	49	74.2 %	± 11.1 %
	-1=Down medium	4	6.1 %	± 5.4 %
	-2=Down large	4	6.1 %	± 5.4 %
	Total	66	100.0 %

	Mean = -0.02
	SD = 0.73

	Missing Cases = 7
	Response Percent = 90.4 %

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Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5c. By year-end 2015, what do you expect long term interest rates will change by:

	 	Number	Percent	95% CI
	-300 bps	0	0.0 %	± 0.0 %
	-250 bps	2	2.9 %	± 3.8 %
	-200 bps	1	1.5 %	± 2.7 %
	-150 bps	0	0.0 %	± 0.0 %
	-100 bps	14	20.6 %	± 9.3 %
	-50 bps	16	23.5 %	± 9.7 %
	no chg	17	25.0 %	± 9.9 %
	+50 bps	13	19.1 %	± 9.0 %
	+100 bps	4	5.9 %	± 5.4 %
	+150 bps	1	1.5 %	± 2.7 %
	+200 bps	0	0.0 %	± 0.0 %
	+250 bps	0	0.0 %	± 0.0 %
	+300 bps	0	0.0 %	± 0.0 %
	Total	68	100.0 %

	Mean = -25.00
	SD = 77.02

	Missing Cases = 5
	Response Percent = 93.2 %

27 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

	 	Number	Percent	95% CI
	$25	0	0.0 %	± 0.0 %
	$30	0	0.0 %	± 0.0 %
	$35	0	0.0 %	± 0.0 %
	$40	1	1.5 %	± 2.7 %
	$45	8	11.9 %	± 7.4 %
	$50	3	4.5 %	± 4.7 %
	$55	9	13.4 %	± 7.7 %
	$60 (current spot)	13	19.4 %	± 9.0 %
	$65	8	11.9 %	± 7.4 %
	$70	7	10.4 %	± 6.9 %
	$75	6	9.0 %	± 6.5 %
	$80	4	6.0 %	± 5.4 %
	$85	2	3.0 %	± 3.8 %
	$90	3	4.5 %	± 4.7 %
	$95	0	0.0 %	± 0.0 %
	$100	1	1.5 %	± 2.7 %
	$105	0	0.0 %	± 0.0 %
	$110	0	0.0 %	± 0.0 %
	$115	0	0.0 %	± 0.0 %
	$120	2	3.0 %	± 3.8 %
	Total	67	100.0 %

	Mean = 65.45
	SD = 16.21

	Missing Cases = 6
	Response Percent = 91.8 %

28 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

5c. By year-end 2015, relative to US dollar, our currency will change by:

	 	Number	Percent	95% CI
	-50%	0	0.0 %	± 0.0 %
	-45%	0	0.0 %	± 0.0 %
	-40%	0	0.0 %	± 0.0 %
	-35%	0	0.0 %	± 0.0 %
	-30%	0	0.0 %	± 0.0 %
	-25%	0	0.0 %	± 0.0 %
	-20%	2	2.9 %	± 3.8 %
	-15%	3	4.3 %	± 4.7 %
	-10%	9	13.0 %	± 7.7 %
	-5%	24	34.8 %	± 11.1 %
	no change	10	14.5 %	± 8.1 %
	+5%	13	18.8 %	± 9.0 %
	+10%	7	10.1 %	± 6.9 %
	+15%	0	0.0 %	± 0.0 %
	+20%	0	0.0 %	± 0.0 %
	+25%	1	1.4 %	± 2.7 %
	+30%	0	0.0 %	± 0.0 %
	+35%	0	0.0 %	± 0.0 %
	+40%	0	0.0 %	± 0.0 %
	+45%	0	0.0 %	± 0.0 %
	+50%	0	0.0 %	± 0.0 %
	Total	69	100.0 %

	Mean = -1.96
	SD = 8.01

	Missing Cases = 4
	Response Percent = 94.5 %

29 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Parametric estimates for year-end prices of oil, currencies, and interest rates: 

	Mean	SD	Median	Total

By year-end 2015, what do you expect long term interest rates will change by:	-25.00	77.02	0	68

By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	65.45	16.21	60	67

By year-end 2015, relative to US dollar, our currency will change by:	-1.96	8.01	-5	69

30 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?

	 	Number	Percent	95% CI
	Yes	45	86.5 %	± 11.6 %
	No	7	13.5 %	± 7.5 %
	Total	52	100.0 %

	Missing Cases = 16
	Response Percent = 76.5 %

31 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

	 	Number	Percent	95% CI
	Installed new software or changed procedures to try to
	   prevent a data breach	28	38.4 %	± 11.4 %
	Instituted required employee training on best practices to
	   prevent hacking and data breaches	18	24.7 %	± 10.1 %
	Purchased new hardware to try to prevent a data breach	17	23.3 %	± 9.9 %
	Moved to cloud servers	12	16.4 %	± 8.7 %
	Hired at least one staff member specializing in data security	12	16.4 %	± 8.7 %
	Hired a data security firm to review your protocol and the
	   safety of your system	9	12.3 %	± 7.7 %
	Currently considering how to better ensure the safety of
	   your network	8	11.0 %	± 7.4 %
	Hired a consultant to try to hack into your system	6	8.2 %	± 6.5 %
	Other data security steps taken in past year	4	5.5 %	± 5.4 %
	Had your staff try to hack into your system	3	4.1 %	± 4.7 %
	In the past year, we have not taken any significant steps
	   to address data security	15	20.5 %	± 9.5 %
	Total	132

	Number of Cases = 73
	Number of Responses = 132
	Average Number Of Responses Per Case = 1.8
	Number Of Cases With At Least One Response = 68
	Response Percent = 93.2 %

32 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Other data security steps taken in past year:  

Bank/Fin/Insur/Real Est	Security is largely driven by the Regional office.	
Retail/Wholesale	Framework exist, updated regularly	
Tech [Soft/Hard/Bio]	Already in place	
Tech [Soft/Hard/Bio]	own security	

33 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

7. What should be the focus of the CFO to best serve all stakeholders?

(N=73)

	Mean & SD	None	Minor	Moderate	Significant
	  	0	1	2	3	
	2.53	2	2	22	42
Budget and Forecast	0.70	2.9%	2.9%	32.4%	61.8%

	2.35	2	1	32	27
Risk Management	0.68	3.2%	1.6%	51.6%	43.5%

	2.26	3	5	27	27
Liquidity Management	0.81	4.8%	8.1%	43.5%	43.5%

	2.22	0	10	29	24
Financial Reporting and Compliance	0.71	0.0%	15.9%	46.0%	38.1%

	2.20	3	6	30	25
Executive Leadership Team	0.80	4.7%	9.4%	46.9%	39.1%

	2.16	2	11	25	25
Corporate Strategy (including M&A)	0.83	3.2%	17.5%	39.7%	39.7%

	2.13	4	10	23	26
Board Relations	0.91	6.3%	15.9%	36.5%	41.3%

	2.11	4	9	25	24
Capital Allocation	0.89	6.5%	14.5%	40.3%	38.7%

	2.03	2	11	32	17
Capital Structure	0.77	3.2%	17.7%	51.6%	27.4%

	2.03	3	10	34	18
Internal Growth	0.79	4.6%	15.4%	52.3%	27.7%

	1.98	7	5	32	18
Investor Relations	0.91	11.3%	8.1%	51.6%	29.0%

	1.90	4	10	35	12
Liaison to Regulators / Government	0.79	6.6%	16.4%	57.4%	19.7%

	1.79	2	19	32	10
Human Resources	0.74	3.2%	30.2%	50.8%	15.9%

	1.57	4	24	30	5
Administration (back office, support)	0.73	6.3%	38.1%	47.6%	7.9%

	1.52	5	28	19	9
Employee Benefits / Retirement	0.85	8.2%	45.9%	31.1%	14.8%

	1.41	11	18	25	5
Dividends, Share Repurchases	0.89	18.6%	30.5%	42.4%	8.5%

34 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

7. What should be the focus of the CFO to best serve all stakeholders?

	Mean & SD	None	Minor	Moderate	Significant
	  	0	1	2	3	
	1.33	15	16	23	6
Spin-offs, Asset Sales	0.97	25.0%	26.7%	38.3%	10.0%

	1.20	4	1	4	1
Other 2	1.14	40.0%	10.0%	40.0%	10.0%

	1.00	6	1	4	1
Other 1	1.13	50.0%	8.3%	33.3%	8.3%

35 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

The focus of the finance leader (CFO) should be - Other specified:

Other	Drive Business Performance	
	Enabling Business Sustenance	

36 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Administration (back office, support) 

Communication/Media	Shift from transactional to analytical	
Healthcare/Pharm	Consolidation	
Services, Consulting	Financial Statement and Analysis	

37 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Board Relations

Agr, Forestry, Fishing	corporate governance	
Healthcare/Pharm	sales	
Healthcare/Pharm	corporate governance	
Healthcare/Pharm	Board Training, Board Meeting Agenda	
Manufacturing	Governance	
Manufacturing	Financial Reporting	
Manufacturing	Information integrity	
Services, Consulting	Guidance and alignment on strategies	
Services, Consulting	board member investment	

38 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Budget and Forecast

Agr, Forestry, Fishing	More accuracy	
Communication/Media	Cost benefit ; Revenue vs costs	
Healthcare/Pharm	margin %	
Healthcare/Pharm	improve the forecasting accuracy	
Manufacturing	Rigour	
Manufacturing	Budgeting and Actual Achievements is primary function.	
Manufacturing	volume and transfer pricing	
Manufacturing	Top line Management	
Manufacturing	Capex and tracking of projects vs execution and returns	
Manufacturing	Variations in allocation	
Other	all attempt tobe made to meet budget target	
Other	For proper business direction	
Retail/Wholesale	ROS	
Retail/Wholesale	actual vs budget	
Services, Consulting	Investment	
Tech [Soft/Hard/Bio]	For better monitoring & course correction	
Tech [Soft/Hard/Bio]	Long Term Budgeting	
Transp, Public Util	cashflow planning	

39 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Capital Allocation

Agr, Forestry, Fishing	judicious	
Bank/Fin/Insur/Real Est	To allocate in save /positive return	
Healthcare/Pharm	Capital Allocation aligned to Strategy	
Healthcare/Pharm	ROE	
Manufacturing	optimisation	
Manufacturing	For Minimising Finance Cost	
Manufacturing	To make best use of funds to maximize shareholders returns	
Other	rationing of funds	
Other	To enhance business delivery & performance	
Retail/Wholesale	priority	
Transp, Public Util	investment strategy planning	

40 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Capital Structure

Healthcare/Pharm	Decison on Capital Structure aligned to Industry Capital Investment	
	Requirements	
Healthcare/Pharm	new business verticals	
Manufacturing	optimisation	
Manufacturing	Manage enterprise risk.	
Services, Consulting	Guided by lending rates	
Transp, Public Util	optimal financial structure	

41 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Corporate Strategy (including M&A)

Agr, Forestry, Fishing	explore inorganic growth	
Healthcare/Pharm	Industry and Competitive Analysis	
Manufacturing	Chief Opportunity Officer!!	
Manufacturing	Crtical Lines of Business	
Manufacturing	Right allocation of financial resources to ensure paybacks justify risk	
	elements	
Retail/Wholesale	Tax strategy & revenue	
Tech [Soft/Hard/Bio]	Strategic Mergers and Acquisitions	
Transp, Public Util	investment priortization	

42 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Dividends, Share Repurchases

Manufacturing	Right capital structure and better reflection of share value	

43 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Employee Benefits / Retirement

Communication/Media	Health care & retirement plans	
Manufacturing	aging workforce	
Other	To retain quality employees	

44 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Executive Leadership Team

Agr, Forestry, Fishing	support and challenge strategy development	
Agr, Forestry, Fishing	Coaching  and mentoring	
Healthcare/Pharm	Team Building,	
Healthcare/Pharm	Country business heads	
Manufacturing	succession planning	
Manufacturing	Succession planning and retention of good employees	
Other	For Capability building within teams	
Tech [Soft/Hard/Bio]	Critical to move ahead	
Transp, Public Util	Alignment of interest	

45 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Financial Reporting and Compliance

Agr, Forestry, Fishing	create robust systems	
Bank/Fin/Insur/Real Est	Compliance	
Communication/Media	IFRS	
Healthcare/Pharm	moare focus on the daily reporting system	
Healthcare/Pharm	compliance IFRS	
Manufacturing	Internal Financial Controls over Financial Reporting	
Services, Consulting	Money Laundering	
Tech [Soft/Hard/Bio]	IFRS Compliance	

46 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Human Resources

Communication/Media	for asiapacific expansion	
Healthcare/Pharm	Talent Pipeline oversight	
Other	For Capacity building	

47 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Internal Growth

Agr, Forestry, Fishing	Pursue more aggressively	
Communication/Media	Increase in revenue to support growth	
Healthcare/Pharm	turnover % increase	
Manufacturing	Sustainability of existing businesses	
Manufacturing	Spending lock-ups	
Other	Through training & Mentoring	
Tech [Soft/Hard/Bio]	Organic Growth is very important	

48 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Investor Relations

Agr, Forestry, Fishing	communication	
Healthcare/Pharm	fundning	
Healthcare/Pharm	investor forums	
Healthcare/Pharm	Close communication with leading analyst and banks	
Manufacturing	Company PRO	
Manufacturing	Current Relevant Information	
Manufacturing	A channel to ensure corporate transparency	

49 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Liaison to Regulators / Government

Healthcare/Pharm	Close relationship with regulators	
Retail/Wholesale	custom and tax	

50 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Liquidity Management

Agr, Forestry, Fishing	high Focus	
Bank/Fin/Insur/Real Est	Working capital management	
Communication/Media	Cash management to prioritize growth & expansion	
Communication/Media	Liquidity reviews on a monthly basis.	
Healthcare/Pharm	c/f liquidity	
Healthcare/Pharm	working capital management	
Healthcare/Pharm	Cash Forecast aligned latest Outlook	
Manufacturing	Allocation of Surplus Funds is a Key to success.	
Manufacturing	Debtors role is Important	
Transp, Public Util	Cashflow planning	

51 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Risk Management 

Agr, Forestry, Fishing	high focus	
Communication/Media	Liquidity and profitability reviews done at least once a quarter.	
Communication/Media	Currency Management	
Healthcare/Pharm	company wide Risk Grid with mitigation	
Healthcare/Pharm	Risk Inventory and Remediation Plans	
Manufacturing	Custodial and help board oversight	
Manufacturing	Foreign Exchange / Commodity Hedging and Insurance	
Manufacturing	natural disasters	
Manufacturing	Exchange Fluctuation & Dollar Volatiility	
Manufacturing	Expansion stuck	
Services, Consulting	Independent assessment of risk	
Tech [Soft/Hard/Bio]	Very critical and need to micro manage	

52 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for: Spin-offs, Asset Sales

Manufacturing	Right size portfolio mgmt	

53 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for Other new/important roles

Other	Drive Business Performance	through Cost & Process efficiency	
		and scalability	

54 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Example of focus for Other 2

Other	Enabling Business Sustenance	By adopting reconciliation as a	
		practice & by implementing HR best	
		practices	

55 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

8. For your country, what do you think is the likelihood of a recession by the end of 2015?

	Minimum = 0

	Maximum = 80

	Mean = 7.90

	Median = 2

	Variance (Unbiased Estimate) = 207.74

	Standard Deviation (Unbiased Estimate) = 14.41

	Standard Error Of The Mean  = 1.74

	95 Percent Confidence Interval Around The Mean = 4.50 - 11.30

	99 Percent Confidence Interval Around The Mean = 3.43 - 12.37

	Skewness = 2.95

	Kurtosis = 12.73

4 Groups

	 1 = 0
	 2 = 1.50
	 3 = 10

Valid Cases =69
Missing Cases =4
Response Percent = 94.5%

56 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	8.80	12.47	5.59 - 12.01	6	-25	50	58

% Expected ROA in 2015	12.62	13.57	9.07 - 16.18	9	0.50	70	56

57 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	80.00	15.00	71.14 - 88.86	80	60	110	11

% of capacity utilization planned for 2015	84.64	16.42	74.94 - 94.34	80	60	120	11

58 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	77.79	12.51	69.44 - 86.14	80	60	110	9

% of capacity utilization planned for 2015	85.63	11.47	77.98 - 93.29	85	80	120	9

59 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Industry

	 	Number	Percent	95% CI
	Manufacturing	11	15.3 %	± 8.4 %
	Services, Consulting	9	12.5 %	± 7.7 %
	Retail/Wholesale	7	9.7 %	± 6.9 %
	Technology [Software/Hardware/Biotech]	6	8.3 %	± 6.5 %
	Banking/Finance/Insurance/Real Estate	6	8.3 %	± 6.5 %
	Mining/Construction	5	6.9 %	± 5.9 %
	Communication/Media	5	6.9 %	± 5.9 %
	Healthcare/Pharmaceutical	5	6.9 %	± 5.9 %
	Agriculture, Forestry, & Fishing	4	5.6 %	± 5.4 %
	Energy	2	2.8 %	± 3.8 %
	Transportation & Public Utilities	1	1.4 %	± 2.7 %
	Public Administration	0	0.0 %	± 0.0 %
	Other Industry	11	15.3 %	± 8.4 %
	Total	72	100.0 %

	Missing Cases = 1
	Response Percent = 98.6 %

60 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Industry (Other specified)

--- No Response ---

61 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	24	33.3 %	± 11.0 %
	$25-$99 million	16	22.2 %	± 9.7 %
	$100-$499 million	13	18.1 %	± 9.0 %
	$500-$999 million	5	6.9 %	± 5.9 %
	$1-$4.9 billion	7	9.7 %	± 6.9 %
	$5-$9.9 billion	3	4.2 %	± 4.7 %
	More than $10 billion	4	5.6 %	± 5.4 %
	Total	72	100.0 %

	Missing Cases = 1
	Response Percent = 98.6 %

62 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1343.64

	Median = 62

	Variance (Unbiased Estimate) = 8307361.84

	Standard Deviation (Unbiased Estimate) = 2882.25

	Standard Error Of The Mean  = 339.68

	95 Percent Confidence Interval Around The Mean = 677.87 - 2009.40

	99 Percent Confidence Interval Around The Mean = 468.97 - 2218.31

	Skewness = 2.51

	Kolmogorov-Smirnov Statistic For Normality = 3.32

Quartiles

	 1 = 25
	 2 = 62
	 3 = 750

Valid Cases =72
Missing Cases =1
Response Percent = 98.6%

63 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	15	26.3 %	± 9.5 %
	100-499	15	26.3 %	± 9.5 %
	500-999	7	12.3 %	± 7.0 %
	1,000-2,499	6	10.5 %	± 6.5 %
	2,500-4,999	2	3.5 %	± 3.9 %
	5,000-9,999	4	7.0 %	± 5.4 %
	Over 10,000	8	14.0 %	± 7.4 %
	Total	57	100.0 %

	Missing Cases = 16
	Response Percent = 78.1 %

64 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2723.68

	Median = 300

	Variance (Unbiased Estimate) = 17965812.97

	Standard Deviation (Unbiased Estimate) = 4238.61

	Standard Error Of The Mean  = 561.42

	95 Percent Confidence Interval Around The Mean = 1623.31 - 3824.06

	99 Percent Confidence Interval Around The Mean = 1278.03 - 4169.33

	Skewness = 1.49

	Kolmogorov-Smirnov Statistic For Normality = 2.65

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1750

Valid Cases =57
Missing Cases =16
Response Percent = 78.1%

65 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Where are you personally located?

	 	Number	Percent	95% CI
	India	20	29.4 %	± 10.5 %
	Philippines	11	16.2 %	± 8.4 %
	Singapore	6	8.8 %	± 6.5 %
	Australia	6	8.8 %	± 6.5 %
	Malaysia	5	7.4 %	± 5.9 %
	Indonesia	3	4.4 %	± 4.7 %
	Korea	3	4.4 %	± 4.7 %
	Other (please specify)	3	4.4 %	± 4.7 %
	Vietnam	3	4.4 %	± 4.7 %
	Pakistan	3	4.4 %	± 4.7 %
	Sri Lanka	2	2.9 %	± 3.8 %
	Thailand	1	1.5 %	± 2.7 %
	Taiwan	1	1.5 %	± 2.7 %
	Kazakhstan	1	1.5 %	± 2.7 %
	Laos	0	0.0 %	± 0.0 %
	Hong Kong	0	0.0 %	± 0.0 %
	People's Republic of China	0	0.0 %	± 0.0 %
	U.S.	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Myanmar	0	0.0 %	± 0.0 %
	Japan	0	0.0 %	± 0.0 %
	Cambodia	0	0.0 %	± 0.0 %
	Total	68	100.0 %

	Missing Cases = 5
	Response Percent = 93.2 %

66 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Headquarters Asia (Other Specified)

BALI	
hyderabad	
NEPAL	
New Delhi	
New Zealand	
Pakistan	
UAE	

67 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

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

France	
Hong Kong	
India	
Japan	
Liechtenstein	
Singapore	
Switzerland	
UK	
UNITED STATES	
US	
USA	
Usa	

68 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Ownership

	 	Number	Percent	95% CI
	Private	50	73.5 %	± 10.9 %
	Public	16	23.5 %	± 9.7 %
	Government	1	1.5 %	± 2.7 %
	Nonprofit	1	1.5 %	± 2.7 %
	Total	68	100.0 %

	Missing Cases = 5
	Response Percent = 93.2 %

69 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Foreign Sales

	 	Number	Percent	95% CI
	0%	23	31.9 %	± 10.9 %
	1-24%	26	36.1 %	± 11.3 %
	25-50%	5	6.9 %	± 5.9 %
	More than 50%	18	25.0 %	± 10.1 %
	Total	72	100.0 %

	Missing Cases = 1
	Response Percent = 98.6 %

70 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

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

	 	Number	Percent	95% CI
	Asia/Pacific Basin	23	60.5 %	± 14.6 %
	US/Canada	10	26.3 %	± 11.8 %
	Africa	2	5.3 %	± 5.8 %
	Europe	2	5.3 %	± 5.8 %
	Latin America	1	2.6 %	± 4.1 %
	Total	38	100.0 %

	Missing Cases = 11
	Response Percent = 77.6 %

71 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	5	10.6 %	10.6 %
	AA+	9	19.1 %	29.8 %
	AA	4	8.5 %	38.3 %
	AA-	1	2.1 %	40.4 %
	A+	1	2.1 %	42.6 %
	A	3	6.4 %	48.9 %
	A-	5	10.6 %	59.6 %
	BBB+	5	10.6 %	70.2 %
	BBB	1	2.1 %	72.3 %
	BBB-	1	2.1 %	74.5 %
	BB+	4	8.5 %	83.0 %
	BB	3	6.4 %	89.4 %
	BB-	0	0.0 %	89.4 %
	B+	2	4.3 %	93.6 %
	B	1	2.1 %	95.7 %
	B-	0	0.0 %	95.7 %
	CCC	0	0.0 %	95.7 %
	CC	0	0.0 %	95.7 %
	D	2	4.3 %	100.0 %
	Total	47	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

72 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

What is your company's credit rating? 

N=47		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		47		27	20	
		100.0%		57.4%	42.6%	
						
AAA		5		3	2	
		10.6%		11.1%	10.0%	
						
AA+		9		5	4	
		19.1%		18.5%	20.0%	
						
AA		4		2	2	
		8.5%		7.4%	10.0%	
						
AA-		1		0	1	
		2.1%		0.0%	5.0%	
						
A+		1		1	0	
		2.1%		3.7%	0.0%	
						
A		3		1	2	
		6.4%		3.7%	10.0%	
						
A-		5		4	1	
		10.6%		14.8%	5.0%	
						
BBB+		5		3	2	
		10.6%		11.1%	10.0%	
						
BBB		1		1	0	
		2.1%		3.7%	0.0%	
						
BBB-		1		1	0	
		2.1%		3.7%	0.0%	
						
BB+		4		3	1	
		8.5%		11.1%	5.0%	
						
BB		3		2	1	
		6.4%		7.4%	5.0%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		2		0	2	
		4.3%		0.0%	10.0%	

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

73 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

What is your company's credit rating? 

N=47		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		1		0	1	
		2.1%		0.0%	5.0%	
						
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%	
						
D		2		1	1	
		4.3%		3.7%	5.0%	

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

74 

Duke CFO magazine Global Business Outlook survey - Asia - Second Quarter, 2015

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	CFO	22	31.4 %
	CEO	6	8.6 %
	Vice President	2	2.9 %
	Treasurer	2	2.9 %
	Finance Director	2	2.9 %
	Managing Partner	2	2.9 %
	Controller	2	2.9 %
	CCO	1	1.4 %
	director	1	1.4 %
	Budget Director	1	1.4 %
	director finanace	1	1.4 %
	CIA	1	1.4 %
	Group CFO	1	1.4 %
	Country Managing Director	1	1.4 %
	CFO & CIO	1	1.4 %
	Partner	1	1.4 %
	Head	1	1.4 %
	Sr Internal Audit manager	1	1.4 %
	Delivery head	1	1.4 %
	Financial Controller	1	1.4 %
	Head of Finance	1	1.4 %
	employee	1	1.4 %
	C F O	1	1.4 %
	VP-General Manager	1	1.4 %
	Finance Controller	1	1.4 %
	EVP	1	1.4 %
	FINANCE ADVISOR	1	1.4 %
	Finance and administration Manager	1	1.4 %
	Chief Accountant	1	1.4 %
	Chief Audit Executive & CRO	1	1.4 %
	Senior manager finance	1	1.4 %
	Director, Finance Strategy & Investments	1	1.4 %
	Associate Director, Finance Manager	1	1.4 %
	VP	1	1.4 %
	Asia Director	1	1.4 %
	FINANCE CONTROLLER	1	1.4 %
	Chief Auditor	1	1.4 %
	Senior director - Finance	1	1.4 %
	Accounts & HR Senior Manager	1	1.4 %
	Total	70	100.0 %

	Missing Cases = 3
	Response Percent = 95.9 %