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. During the next year, does your company plan to:	14
5b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)	15
5b. Why is your firm making acquisition(s)? - Other specified	16
5c. How will your firm fund the acquisition(s)? (check all that apply)	17
5c. How will your firm fund the acquisition(s)?  - Other specified	18
6a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?	19
6a. Why has your firm recently increased your primary employees' real wages/salaries?	20
6a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified	21
6b. How difficult is it for your firm to fill your key job openings?	23
7. I believe that the stock market in my country is:	25
8. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects
of, future economic stress (for example, a recession or crisis)?	26
Return on assets (ROA=operating earnings/assets)	27
Manufacturing capacity utilized	28
Manufacturing capacity utilized (Revenue Weighted)	29
Industry	30
Sales Revenue	32
Weighted Sales Revenue (Millions)	33
Number of Employees	34
Weighted Number of Employees	35
Where are you personally located?	36
Headquarters Asia (Other Specified)	37
If your company headquarters is in another country, please indicate which country.	38
Ownership	39
Foreign Sales	40
In what region of the world are most of your foreign sales?	41
What is your company's credit rating? 	42
Your job title (e.g., CFO, Asst. Treasurer, etc):	45

 1 

Duke CFO magazine Global Business Outlook survey - Asia - Third 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	27	32.9 %	± 10.3 %
	0=No change	14	17.1 %	± 8.2 %
	-1=Less optimistic	41	50.0 %	± 11.0 %
	Total	82	100.0 %

	Mean = -0.17
	SD = 0.90

	Missing Cases = 1
	Response Percent = 98.8 %

2 

Duke CFO magazine Global Business Outlook survey - Asia - Third 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 = 0

	Maximum = 100

	Mean = 55.7

	Median = 60

	Standard Deviation (Unbiased Estimate) = 21.0

	95 Percent Confidence Interval Around The Mean = 50.5 - 60.9

4 Groups

	 1 = 40
	 2 = 60
	 3 = 70

Valid Cases =62
Missing Cases =20
Response Percent = 75.6%

3 

Duke CFO magazine Global Business Outlook survey - Asia - Third 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	50.0 %	± 11.0 %
	0=No change	11	13.4 %	± 7.5 %
	-1=Less optimistic	30	36.6 %	± 10.6 %
	Total	82	100.0 %

	Mean = 0.13
	SD = 0.93

	Missing Cases = 1
	Response Percent = 98.8 %

4 

Duke CFO magazine Global Business Outlook survey - Asia - Third 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 = 62.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 20.1

	95 Percent Confidence Interval Around The Mean = 57.7 - 67.5

4 Groups

	 1 = 50
	 2 = 60
	 3 = 80

Valid Cases =64
Missing Cases =19
Response Percent = 77.1%

5 

Duke CFO magazine Global Business Outlook survey - Asia - Third 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	49	61.3 %	± 10.9 %
	Currency risk	35	43.8 %	± 11.1 %
	Weak demand for your products/services	24	30.0 %	± 10.3 %
	Difficulty attracting / retaining qualified employees	22	27.5 %	± 10.0 %
	Government policies	19	23.8 %	± 9.5 %
	Rising wages and salaries	17	21.3 %	± 9.2 %
	Access to capital	16	20.0 %	± 9.0 %
	Regulatory requirements	15	18.8 %	± 8.7 %
	Employee productivity	14	17.5 %	± 8.5 %
	Geopolitical / health crises	12	15.0 %	± 8.0 %
	Inflation	9	11.3 %	± 7.1 %
	Cost of borrowing	7	8.8 %	± 6.3 %
	Employee morale	7	8.8 %	± 6.3 %
	Cost of benefits	6	7.5 %	± 5.9 %
	Rising input or commodity costs	5	6.3 %	± 5.4 %
	Corporate tax code [domestic]	5	6.3 %	± 5.4 %
	Data security	4	5.0 %	± 4.9 %
	Deflation	4	5.0 %	± 4.9 %
	Other	8	10.0 %	± 6.7 %
	Total	278

	Number of Cases = 80
	Number of Responses = 278
	Average Number Of Responses Per Case = 3.5
	Number Of Cases With At Least One Response = 80
	Response Percent = 100.0 %

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

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

Bank/Fin/Insur/Real Est	M&A opportunities	
Energy	Management is completely in the hands of promoters and  their relatives without	
	any  consideration t	
Energy	oil price	
Manufacturing	China's claim on our land	
Mining/Construction	Going down copper price	
Mining/Construction	market price	
Other	Capital market volumes	
Services, Consulting	Revenue growth	

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Duke CFO magazine Global Business Outlook survey - Asia - Third 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	china	
Bank/Fin/Insur/Real Est	Competition	
Bank/Fin/Insur/Real Est	Cyber risks	
Bank/Fin/Insur/Real Est	Disruptions in the field of financial services	
Bank/Fin/Insur/Real Est	Negative impact of the Yuan devaluation.	
Communication/Media	Currency Volatility	
Communication/Media	political instability ; forex risk	
Energy	Iraq, Iran new territories / new risks	
Energy	None	
Energy	oil price	
Healthcare/Pharm	country sovereign risks	
Healthcare/Pharm	Greece IMF	
Manufacturing	-Order shortfall, shrink in business, labor cost increase	
Manufacturing	China deval	
Manufacturing	china risk	
Manufacturing	China's aggressive stand on claiming South Phil. seas	
Manufacturing	China Yuan Depreciation throwing World out of Gear. Currency fluctuation hit	
	hard with out reason	
Manufacturing	Currecy risk has escalated	
Manufacturing	currency , stock market	
Manufacturing	Currency fluctuation in the region.	
Manufacturing	dampened consumption.	
Manufacturing	Domino effect of China's low economic growth and devaluation strategy	
Manufacturing	Economic Uncertainty and Regulatory requirements	
Manufacturing	Global economic slowdown, introduction of goods and service tax in Malaysia	
	with bad planning.	
Manufacturing	Global Markets Risk	
Manufacturing	MARKET DEMAND SLOWDOWN	
Manufacturing	None	
Manufacturing	None	
Manufacturing	None significant	
Manufacturing	slow down of chine growth & currency devaluation	
Manufacturing	the increasing tension among, US, Russia, Japan and China.	
Mining/Construction	Economic uncertainty	
Mining/Construction	Government decision	
Mining/Construction	Increasing concerns on China's growth prospects and related demand for basic	
	materials	
Mining/Construction	low market price may continue	
Mining/Construction	low price of Oil	
Mining/Construction	The governance risk on how the management should respond to business risk	
	should also be included.	
Other	Currency risk, interest risk, weak demand to lesser extent employee productivity.	
Other	Currency risk.  Competitiveness in the international market.  Retail market	
	slowdown.	
Other	Keeping up with ever increasing compliance especially from international	
	reporting and from reulator	
Other	Najib Razak the PM should step down, he is the liability to Malaysia	
Other	organizational restructuring	
Other	Regulatory environment and delay in getting approval	
Other	regulatory requirements	
Other	violence on immigrant, Yuan currency declining, ICAO regulations, Oil and Gold	
	price unstable.	
Retail/Wholesale	currency risk	
Retail/Wholesale	Due to war in Middle east and Global Europe and Russian head on regarding war	
	on different zones	
Retail/Wholesale	Economy, politics and foreign currency	

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

Services, Consulting	Chinese reaction to global Capital market decline	
Services, Consulting	Continued impact of digital disruption resulting in alternative operating models	
	emerging	
Services, Consulting	devaluation od Chinese Yuan and  the volatilty of the stack markets	
Services, Consulting	Digitalisation and Automation	
Services, Consulting	Drop of oil prices, affecting one major vertical of marine and oil companies, a lot	
	of our clients	
Services, Consulting	GDP growth has not been as per target.	
Services, Consulting	inflation	
Services, Consulting	no emerging risks	
Services, Consulting	the risk and pressure in price cut from mainland China	
Services, Consulting	Unavailability of skilled employees.	
Tech [Soft/Hard/Bio]	currency risk from Japanese and Mainland	
Tech [Soft/Hard/Bio]	disruptive technologies	
Transp, Public Util	potential competitor	

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Duke CFO magazine Global Business Outlook survey - Asia - Third 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

Marketing/advertising spending	8.91	14.84	3.76 - 14.05	5	-20	51	44

Wages/Salaries	7.20	6.51	5.36 - 9.05	7.50	-9.56	25.19	39

Technology spending	5.56	12.19	1.13 - 10.00	4	-26.50	39.81	7

Revenue	4.81	24.97	-1.26 - 10.88	5	-61.90	74.53	52

Research and development spending	2.93	7.24	-0.03 - 5.89	1	-13.30	18.66	21

Productivity (output per hour worked)	2.74	4.16	1.04 - 4.44	2	-5	10	32

Health care costs	2.36	5.01	0.22 - 4.50	1	-9.05	14.29	35

Capital spending	2.05	18.92	-3.54 - 7.64	3	-43.30	49.82	22

Number of domestic temporary employees	1.84	11.40	-2.93 - 6.61	0	-20	30.49	22

Cash on the balance sheet	1.78	24.69	-5.97 - 9.53	3	-56.70	62.49	35

Number of domestic full-time employees	1.56	9.28	-1.51 - 4.64	0	-17.70	21.17	23

Share repurchases	0.92	2.20	-0.28 - 2.11	0	-1	6.92	23

Number of offshore outsourced employees	-0.46	8.29	-3.92 - 3.01	0	-18.10	17.11	65

Earnings	-2.51	24.15	-9.08 - 4.05	3	-61.20	55.64	13

Prices of your products	-3.34	12.10	-7.35 - 0.67	0	-31.90	13	29

Dividends	-15.00	31.70	-38.48 - 8.48	0	-83	8	48

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Duke CFO magazine Global Business Outlook survey - Asia - Third 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=83)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.79	41	4	3
Wages/Salaries	0.54	85.4%	8.3%	6.3%

	0.59	22	7	3
Marketing/advertising spending	0.67	68.8%	21.9%	9.4%

	0.59	21	4	4
Technology spending	0.73	72.4%	13.8%	13.8%

	0.52	14	7	2
Productivity (output per hour worked)	0.67	60.9%	30.4%	8.7%

	0.43	11	8	2
Health care costs	0.68	52.4%	38.1%	9.5%

	0.39	13	6	4
Research and development spending	0.78	56.5%	26.1%	17.4%

	0.31	42	1	22
Revenue	0.95	64.6%	1.5%	33.8%

Number of domestic temporary	0.23	9	9	4
employees	0.75	40.9%	40.9%	18.2%

	0.21	23	1	15
Cash on the balance sheet	0.98	59.0%	2.6%	38.5%

	0.16	23	5	16
Capital spending	0.94	52.3%	11.4%	36.4%

	0.15	3	9	1
Share repurchases	0.55	23.1%	69.2%	7.7%

	0.14	16	8	11
Number of domestic full-time employees	0.88	45.7%	22.9%	31.4%

	0.12	28	2	22
Earnings	0.98	53.8%	3.8%	42.3%

	0.06	16	5	14
Prices of your products	0.94	45.7%	14.3%	40.0%

Number of offshore outsourced	0.00	6	10	6
employees	0.76	27.3%	45.5%	27.3%

	-0.29	1	3	3
Dividends	0.76	14.3%	42.9%	42.9%

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Duke CFO magazine Global Business Outlook survey - Asia - Third 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

Marketing/advertising spending	10.19	15.01	4.92 - 15.47	5	-20	51	29

Cash on the balance sheet	10.13	20.12	3.96 - 16.30	9	-56.70	62.49	20

Technology spending	6.45	9.21	3.15 - 9.75	3	-26.50	39.81	61

Research and development spending	5.40	5.99	2.75 - 8.04	2.50	-13.30	18.66	38

Revenue	2.98	23.50	-2.92 - 8.87	5	-61.90	74.53	31

Share repurchases	1.75	3.11	0.11 - 3.39	0	-1	6.92	59

Capital spending	0.29	13.18	-3.92 - 4.49	3	-43.30	49.82	41

Earnings	-2.20	20.73	-7.51 - 3.11	5	-61.20	55.64	12

Prices of your products	-6.18	13.10	-10.93 - -1.44	0	-31.90	13	14

Dividends	-8.50	18.32	-18.99 - 2.00	0	-83	8	30

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Duke CFO magazine Global Business Outlook survey - Asia - Third 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

Wages/Salaries	5.72	6.49	3.94 - 7.50	7	-9.56	25.19	33

Productivity (output per hour worked)	3.50	3.64	2.26 - 4.75	3	-5	10	35

Number of domestic temporary employees	1.95	7.01	-1.16 - 5.06	0	-20	30.49	20

Health care costs	1.14	4.00	-0.77 - 3.04	0	-9.05	14.29	27

Number of offshore outsourced employees	0.73	7.08	-1.92 - 3.38	0	-18.10	17.11	51

Number of domestic full-time employees	-0.70	7.11	-3.07 - 1.67	0	-17.70	21.17	17

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Duke CFO magazine Global Business Outlook survey - Asia - Third 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	3.87	8.42	0.20 - 7.54	10	-20	15

Revenue	3.84	17.49	-1.97 - 9.65	7	-50	30

Share repurchases	0.00	0.00	0.00 - 0.00	0	0	0

Earnings	-0.41	18.15	-6.16 - 5.34	5	-61.20	40

Dividends	-8.50	18.32	-18.99 - 2.00	0	-83	8

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

5a. During the next year, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	10	12.2 %	± 7.2 %
	Acquire part of another company or companies?	6	7.3 %	± 5.7 %
	Both	11	13.4 %	± 7.5 %
	Neither	55	67.1 %	± 10.4 %
	Total	82	100.0 %

	Missing Cases = 1
	Response Percent = 98.8 %

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

5b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)

	 	Number	Percent	95% CI
	To improve our industry position	13	48.1 %	± 20.2 %
	Product diversification	12	44.4 %	± 20.1 %
	Geographic diversification	11	40.7 %	± 19.8 %
	Revenue synergies	10	37.0 %	± 19.5 %
	Cost synergies	6	22.2 %	± 16.8 %
	Consolidation of industry	5	18.5 %	± 15.7 %
	Acquire fast-growing assets	3	11.1 %	± 12.7 %
	Deploy cash reserves	3	11.1 %	± 12.7 %
	Acquire personnel	3	11.1 %	± 12.7 %
	Attractive target valuation	2	7.4 %	± 10.6 %
	Change in government regulation/programs	1	3.7 %	± 7.6 %
	Tax savings	1	3.7 %	± 7.6 %
	Other	1	3.7 %	± 7.6 %
	Total	71

	Number of Cases = 27
	Number of Responses = 71
	Average Number Of Responses Per Case = 2.6
	Number Of Cases With At Least One Response = 27
	Response Percent = 100.0 %

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

5b. Why is your firm making acquisition(s)? - Other specified

Other	offer the largest network of customer posts to various organisations	

17 

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

5c. How will your firm fund the acquisition(s)? (check all that apply)

	 	Number	Percent	95% CI
	Cash Reserves	19	70.4 %	± 18.5 %
	Debt	11	40.7 %	± 19.9 %
	Stock	5	18.5 %	± 15.7 %
	Other	4	14.8 %	± 14.4 %
	Total	39

	Number of Cases = 27
	Number of Responses = 39
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response = 26
	Response Percent = 96.3 %

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

5c. How will your firm fund the acquisition(s)?  - Other specified

Services, Consulting	Venture Capital	
Other	Bank loan	
Energy	Expansion	
Other	Investor	

19 

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

6a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

	 	Number	Percent	95% CI
	Yes	46	65.7 %	± 11.0 %
	No	24	34.3 %	± 10.0 %
	Total	70	100.0 %

	Missing Cases = 13
	Response Percent = 84.3 %

20 

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

6a. Why has your firm recently increased your primary employees' real wages/salaries?

	Why increase? (check one or two best options)	Number	Percent	95% CI
	Difficulty attracting/retaining qualified employees	17	37.0 %	± 14.5 %
	Labor market pressures/conditions	16	34.8 %	± 14.3 %
	To keep up with wages at our peer firms	14	30.4 %	± 13.8 %
	Pressure from employees or their representatives	12	26.1 %	± 13.2 %
	Company s financial performance has improved	6	13.0 %	± 10.1 %
	Company altruism	4	8.7 %	± 8.5 %
	Employees are stakeholders in the firm	1	2.2 %	± 4.4 %
	Other:	7	15.2 %	± 10.8 %
	Total	77

	Number of Cases = 46
	Number of Responses = 77
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response = 45
	Response Percent = 97.8 %

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

6a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified

Manufacturing	we are guided by inflation rate	
Manufacturing	Government policy	
Manufacturing	PERIODIC AGREEMENT IS DUE	
Transp, Public Util	to comply minimum wage threshold	
Manufacturing	Mandatory increase re minimum wages	
Manufacturing	to keep up inflation rate	
Mining/Construction	inflationary adjustment	

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

6a. Why has your not increased your primary employees' real wages/salaries?

--- No Response ---

23 

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

6b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	We have job openings for key jobs	77	95.1 %	± 4.8 %
	We do not have job openings for key jobs	4	4.9 %	± 4.8 %
	Total	81	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

24 

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

6b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	+1=Easy	6	7.8 %	± 6.1 %
	0=Normal	20	26.0 %	± 10.0 %
	-1=Difficult	51	66.2 %	± 10.8 %
	Total	77	100.0 %

	Mean = -0.58
	SD = 0.64

	Missing Cases = 0
	Response Percent = 100.0 %

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

7. I believe that the stock market in my country is:

	 	Number	Percent	95% CI
	+1=Overvalued	31	41.3 %	± 10.7 %
	0=Correctly valued	23	30.7 %	± 9.9 %
	-1=Undervalued	21	28.0 %	± 9.6 %
	Total	75	100.0 %

	Mean = 0.13
	SD = 0.83

	Missing Cases = 8
	Response Percent = 90.4 %

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

8. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects of, future economic stress (for example, a recession or crisis)?

	 	Number	Percent	95% CI
	Yes	34	47.2 %	± 10.8 %
	No	38	52.8 %	± 11.0 %
	Total	72	100.0 %

	Missing Cases = 11
	Response Percent = 86.7 %

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

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	9.39	18.66	5.04 - 13.73	5	-25	100	71

% Expected ROA in 2015	9.07	14.67	5.65 - 12.48	6	-25	100	71

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

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	81.19	13.17	75.56 - 86.82	84	50	100	21

% of capacity utilization planned for the remainder of
2015	80.33	24.39	69.90 - 90.76	80	10	120	21

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

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	86.28	11.60	82.45 - 90.11	85	50	100	35

% of capacity utilization planned for the remainder of
2015	90.16	14.90	85.25 - 95.08	80	10	120	35

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	22	26.5 %	± 9.7 %
	Services, Consulting	15	18.1 %	± 8.5 %
	Mining/Construction	8	9.6 %	± 6.5 %
	Banking/Finance/Insurance/Real Estate	6	7.2 %	± 5.7 %
	Communication/Media	5	6.0 %	± 5.2 %
	Retail/Wholesale	4	4.8 %	± 4.7 %
	Technology [Software/Hardware/Biotech]	4	4.8 %	± 4.7 %
	Energy	4	4.8 %	± 4.7 %
	Healthcare/Pharmaceutical	3	3.6 %	± 4.1 %
	Agriculture, Forestry, & Fishing	1	1.2 %	± 2.4 %
	Transportation & Public Utilities	1	1.2 %	± 2.4 %
	Public Administration	0	0.0 %	± 0.0 %
	Other Industry	10	12.0 %	± 7.2 %
	Total	83	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

31 

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

Industry (Other specified)

--- No Response ---

32 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	26	31.7 %	± 10.2 %
	$25-$99 million	12	14.6 %	± 7.7 %
	$100-$499 million	18	22.0 %	± 9.1 %
	$500-$999 million	3	3.7 %	± 4.1 %
	$1-$4.9 billion	16	19.5 %	± 8.7 %
	$5-$9.9 billion	5	6.1 %	± 5.2 %
	More than $10 billion	2	2.4 %	± 3.4 %
	Total	82	100.0 %

	Missing Cases = 1
	Response Percent = 98.8 %

33 

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1421.27

	Median = 300

	Variance (Unbiased Estimate) = 6234315.88

	Standard Deviation (Unbiased Estimate) = 2496.86

	Standard Error Of The Mean  = 275.73

	95 Percent Confidence Interval Around The Mean = 880.83 - 1961.70

	99 Percent Confidence Interval Around The Mean = 711.26 - 2131.28

	Skewness = 2.25

	Kolmogorov-Smirnov Statistic For Normality = 14.04

Quartiles

	 1 = 25
	 2 = 300
	 3 = 3000

Valid Cases =82
Missing Cases =1
Response Percent = 98.8%

34 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	20	29.9 %	± 9.4 %
	100-499	11	16.4 %	± 7.5 %
	500-999	4	6.0 %	± 4.7 %
	1,000-2,499	9	13.4 %	± 6.9 %
	2,500-4,999	6	9.0 %	± 5.7 %
	5,000-9,999	4	6.0 %	± 4.7 %
	Over 10,000	13	19.4 %	± 8.0 %
	Total	67	100.0 %

	Missing Cases = 16
	Response Percent = 80.7 %

35 

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3470.90

	Median = 750

	Variance (Unbiased Estimate) = 21291223.43

	Standard Deviation (Unbiased Estimate) = 4614.24

	Standard Error Of The Mean  = 563.72

	95 Percent Confidence Interval Around The Mean = 2366.01 - 4575.79

	99 Percent Confidence Interval Around The Mean = 2019.32 - 4922.47

	Skewness = 1.10

	Kolmogorov-Smirnov Statistic For Normality = 12.00

Quartiles

	 1 = 100
	 2 = 750
	 3 = 5625

Valid Cases =67
Missing Cases =16
Response Percent = 80.7%

36 

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

Where are you personally located?

	 	Number	Percent	95% CI
	India	24	28.9 %	± 10.0 %
	Philippines	8	9.6 %	± 6.5 %
	Malaysia	8	9.6 %	± 6.5 %
	Singapore	8	9.6 %	± 6.5 %
	Other (please specify)	5	6.0 %	± 5.2 %
	Taiwan	5	6.0 %	± 5.2 %
	Sri Lanka	4	4.8 %	± 4.7 %
	Vietnam	4	4.8 %	± 4.7 %
	Kazakhstan	3	3.6 %	± 4.1 %
	Australia	3	3.6 %	± 4.1 %
	Pakistan	3	3.6 %	± 4.1 %
	Thailand	3	3.6 %	± 4.1 %
	Indonesia	3	3.6 %	± 4.1 %
	Korea	2	2.4 %	± 3.4 %
	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	83	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

37 

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

Headquarters Asia (Other Specified)

0094	
Australia	
Turkey	
turkey	
TURKIYE	
UAE	
UAE	

38 

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

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

29405	
Denmark	
Dubai	
France	
Japan	
Liechtenstein	
Luxembourg	
Luxembourg	
New York	
NO	
Switzerland	
UK	
United Kingdom	
USA	
USA	
Zurich Switzerland	

39 

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

Ownership

	 	Number	Percent	95% CI
	Private	52	65.8 %	± 10.6 %
	Public	26	32.9 %	± 10.2 %
	Nonprofit	1	1.3 %	± 2.4 %
	Government	0	0.0 %	± 0.0 %
	Total	79	100.0 %

	Missing Cases = 4
	Response Percent = 95.2 %

40 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	18	21.7 %	± 9.1 %
	1-24%	32	38.6 %	± 10.7 %
	25-50%	9	10.8 %	± 6.8 %
	More than 50%	24	28.9 %	± 10.0 %
	Total	83	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

41 

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

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

	 	Number	Percent	95% CI
	Asia/Pacific Basin	36	66.7 %	± 12.5 %
	Europe	10	18.5 %	± 9.1 %
	US/Canada	7	13.0 %	± 7.8 %
	Africa	1	1.9 %	± 3.1 %
	Latin America	0	0.0 %	± 0.0 %
	Total	54	100.0 %

	Missing Cases = 11
	Response Percent = 83.1 %

42 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	8	16.3 %	16.3 %
	AA+	9	18.4 %	34.7 %
	AA	3	6.1 %	40.8 %
	AA-	1	2.0 %	42.9 %
	A+	4	8.2 %	51.0 %
	A	6	12.2 %	63.3 %
	A-	2	4.1 %	67.3 %
	BBB+	2	4.1 %	71.4 %
	BBB	3	6.1 %	77.6 %
	BBB-	3	6.1 %	83.7 %
	BB+	2	4.1 %	87.8 %
	BB	0	0.0 %	87.8 %
	BB-	3	6.1 %	93.9 %
	B+	1	2.0 %	95.9 %
	B	1	2.0 %	98.0 %
	B-	0	0.0 %	98.0 %
	CCC	0	0.0 %	98.0 %
	CC	0	0.0 %	98.0 %
	D	1	2.0 %	100.0 %
	Total	49	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

43 

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

What is your company's credit rating? 

N=49		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		49		29	20	
		100.0%		59.2%	40.8%	
						
AAA		8		6	2	
		16.3%		20.7%	10.0%	
						
AA+		9		5	4	
		18.4%		17.2%	20.0%	
						
AA		3		2	1	
		6.1%		6.9%	5.0%	
						
AA-		1		1	0	
		2.0%		3.4%	0.0%	
						
A+		4		2	2	
		8.2%		6.9%	10.0%	
						
A		6		2	4	
		12.2%		6.9%	20.0%	
						
A-		2		0	2	
		4.1%		0.0%	10.0%	
						
BBB+		2		0	2	
		4.1%		0.0%	10.0%	
						
BBB		3		3	0	
		6.1%		10.3%	0.0%	
						
BBB-		3		3	0	
		6.1%		10.3%	0.0%	
						
BB+		2		1	1	
		4.1%		3.4%	5.0%	
						
BB		0		0	0	
		0.0%		0.0%	0.0%	
						
BB-		3		2	1	
		6.1%		6.9%	5.0%	
						
B+		1		1	0	
		2.0%		3.4%	0.0%	
						
B		1		1	0	
		2.0%		3.4%	0.0%	

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

44 

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

What is your company's credit rating? 

N=49		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
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		1		0	1	
		2.0%		0.0%	5.0%	

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

45 

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

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

	 	Number	Percent
	CFO	25	30.5 %
	CEO	11	13.4 %
	Finance Manager	2	2.4 %
	Cfo	2	2.4 %
	director	2	2.4 %
	Senior Manager	2	2.4 %
	General Manager	2	2.4 %
	VP	2	2.4 %
	Financial Controller	2	2.4 %
	VP-General Manager	1	1.2 %
	Sr VP Finance	1	1.2 %
	CSO(Chief strategy officer)	1	1.2 %
	Senior Finance Manager	1	1.2 %
	Treasurer	1	1.2 %
	Country CFO	1	1.2 %
	Director	1	1.2 %
	corporate adviser	1	1.2 %
	Head of Finance - Deputy CFO	1	1.2 %
	President	1	1.2 %
	Partner	1	1.2 %
	Chief Audit Executive	1	1.2 %
	VP Finance, Process Automation APAC	1	1.2 %
	Accounting Manager	1	1.2 %
	Director of IT	1	1.2 %
	DIRECTOR	1	1.2 %
	VP&CIA	1	1.2 %
	Managing Director	1	1.2 %
	Chief Accountant	1	1.2 %
	Business Performance Lead	1	1.2 %
	Head of Audit and Assurances	1	1.2 %
	SVP Finance	1	1.2 %
	SENIOR MANAGER	1	1.2 %
	Financial controller - Projects	1	1.2 %
	Sr. Vise President	1	1.2 %
	CIA & VP	1	1.2 %
	Accountant -Treasury	1	1.2 %
	Panel Faculty	1	1.2 %
	Accountatnt	1	1.2 %
	Finance Director	1	1.2 %
	Accountant	1	1.2 %
	Vice President	1	1.2 %
	Total	82	100.0 %

	Missing Cases = 1
	Response Percent = 98.8 %