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 your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	3
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	5
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.	9
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]	28
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]	34
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]	37
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]	40
5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?	43
5. How have the following factors affected your capital spending this year? (sorted)	49
5. How have the following factors affected your capital spending plans for next year? (sorted)	52
6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?	55
6b. Is the aging of your fixed assets a drag on your productivity growth?	59
7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?	63
8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?	67
9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%)	71
10a. Is your firm's rate of productivity growth changing?	74
10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?	78
10b. What effect has "Process change" had on the productivity growth rate at your company?	82
10b. What effect has "New business model" had on the productivity growth rate at your company?	86
10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?	90
10b. What effect has "Economic conditions" had on the productivity growth rate at your company?	94
10b. What effect has "Currency valuation" had on the productivity growth rate at your company?	98
10b. What effect has "Regulation" had on the productivity growth rate at your company?	102
10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?	106
10b. What effect has "Other:" had on the productivity growth rate at your company?	110
Return on assets (ROA=operating earnings/assets)	114
Manufacturing capacity utilized	117
Manufacturing capacity utilized (Revenue Weighted)	120

 1 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		61		5	12	6	1	2	10	2	2	10	0	4	7	
		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
1=More optimistic		8		0	1	2	0	0	2	0	1	2	0	0	0	
		13.3%		0.0%	8.3%	33.3%	0.0%	0.0%	22.2%	0.0%	50.0%	20.0%	0.0%	0.0%	0.0%	
																
0=No change		6		1	1	1	0	1	1	0	0	0	0	0	1	
		10.0%		20.0%	8.3%	16.7%	0.0%	50.0%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
								i				e				
																
-1=Less optimistic		46		4	10	3	1	1	6	2	1	8	0	4	6	
		76.7%		80.0%	83.3%	50.0%	100.0%	50.0%	66.7%	100.0%	50.0%	80.0%	0.0%	100.0%	85.7%	
																
Mean		-0.6		-0.8	-0.8	-0.2	-1.0	-0.5	-0.4	-1.0	0.0	-0.6	---	-1.0	-0.9	
SD		0.7		0.4	0.6	1.0	0.0	0.7	0.9	0.0	1.4	0.8	---	0.0	0.4	

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

2 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Sales Revenue		Where are you personally located?	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
South
Africa	

Nigeria	

Other	
		A	B	C	D	E	F	G		A	B	C	
													
Total		25	11	12	4	3	5	1		55	3	2	
		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		91.7%	5.0%	3.3%	
													
1=More optimistic		3	3	1	1	0	0	0		6	2	0	
		12.5%	27.3%	8.3%	25.0%	0.0%	0.0%	0.0%		10.9%	100.0%	0.0%	
										B	A		
													
0=No change		1	1	3	0	0	1	0		6	0	0	
		4.2%	9.1%	25.0%	0.0%	0.0%	20.0%	0.0%		10.9%	0.0%	0.0%	
													
-1=Less optimistic		20	7	8	3	3	4	1		43	0	2	
		83.3%	63.6%	66.7%	75.0%	100.0%	80.0%	100.0%		78.2%	0.0%	100.0%	
										b	a		
													
Mean		-0.7	-0.4	-0.6	-0.5	-1.0	-0.8	-1.0		-0.7	1.0	-1.0	
SD		0.7	0.9	0.7	1.0	0.0	0.4	0.0		0.7	0.0	0.0	

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

3 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		61		5	12	6	1	2	10	2	2	10	0	4	7	
Percent		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
Optimism rating		53		4	12	6	1	1	8	2	2	8	0	4	5	
		49.3		57.5	46.8	56.2	40.0	70.0	51.3	45.0	60.0	45.9	---	42.5	44.0	
		16.2		9.6	18.7	24.8	---	---	21.2	7.1	0.0	10.6	---	9.6	8.9	

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

4 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Sales Revenue		Where are you personally located?	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
South
Africa	

Nigeria	

Other	
		A	B	C	D	E	F	G		A	B	C	
													
Number		25	11	12	4	3	5	1		55	3	2	
Percent		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		91.7%	5.0%	3.3%	
													
Optimism rating		21	11	10	2	3	5	1		48	2	2	
		50.5	51.2	51.0	31.0	43.3	46.0	60.0		48.1	63.5	60.0	
		15.3	19.7	17.1	1.4	15.3	14.7	---		16.2	16.3	14.1	

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

5 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		61		5	12	6	1	2	10	2	2	10	0	4	7	
		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
1=More optimistic		26		2	5	2	0	0	4	1	2	6	0	2	2	
		43.3%		40.0%	41.7%	33.3%	0.0%	0.0%	44.4%	50.0%	100.0%	60.0%	0.0%	50.0%	28.6%	
																
0=No change		11		1	4	1	0	1	2	0	0	1	0	0	1	
		18.3%		20.0%	33.3%	16.7%	0.0%	50.0%	22.2%	0.0%	0.0%	10.0%	0.0%	0.0%	14.3%	
																
-1=Less optimistic		23		2	3	3	1	1	3	1	0	3	0	2	4	
		38.3%		40.0%	25.0%	50.0%	100.0%	50.0%	33.3%	50.0%	0.0%	30.0%	0.0%	50.0%	57.1%	
																
Mean		0.1		0.0	0.2	-0.2	-1.0	-0.5	0.1	0.0	1.0	0.3	---	0.0	-0.3	
SD		0.9		1.0	0.8	1.0	0.0	0.7	0.9	1.4	0.0	0.9	---	1.2	1.0	

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

6 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	11	12	4	3	5	1		14	40	4	1	
		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		23.7%	67.8%	6.8%	1.7%	
														
1=More optimistic		12	6	6	2	0	0	0		3	18	3	1	
		50.0%	54.5%	50.0%	50.0%	0.0%	0.0%	0.0%		21.4%	46.2%	75.0%	100.0%	
		f					a							
														
0=No change		3	1	2	0	2	3	0		5	6	0	0	
		12.5%	9.1%	16.7%	0.0%	66.7%	60.0%	0.0%		35.7%	15.4%	0.0%	0.0%	
		ef	f			a	ab							
														
-1=Less optimistic		9	4	4	2	1	2	1		6	15	1	0	
		37.5%	36.4%	33.3%	50.0%	33.3%	40.0%	100.0%		42.9%	38.5%	25.0%	0.0%	
														
Mean		0.1	0.2	0.2	0.0	-0.3	-0.4	-1.0		-0.2	0.1	0.5	1.0	
SD		0.9	1.0	0.9	1.2	0.6	0.5	0.0		0.8	0.9	1.0	0.0	

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

7 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		15	18	6	5	1	5	5		20	26	5	10	
		27.3%	32.7%	10.9%	9.1%	1.8%	9.1%	9.1%		32.8%	42.6%	8.2%	16.4%	
														
1=More optimistic		6	12	5	0	1	1	0		12	7	2	5	
		42.9%	66.7%	83.3%	0.0%	100.0%	20.0%	0.0%		60.0%	26.9%	40.0%	55.6%	
			dg	dg	bc			bc		b	a			
														
0=No change		2	2	0	1	0	1	3		0	8	2	1	
		14.3%	11.1%	0.0%	20.0%	0.0%	20.0%	60.0%		0.0%	30.8%	40.0%	11.1%	
			g					b		BC	A	A		
														
-1=Less optimistic		6	4	1	4	0	3	2		8	11	1	3	
		42.9%	22.2%	16.7%	80.0%	0.0%	60.0%	40.0%		40.0%	42.3%	20.0%	33.3%	
			d		b									
														
Mean		0.0	0.4	0.7	-0.8	1.0	-0.4	-0.4		0.2	-0.2	0.2	0.2	
SD		1.0	0.9	0.8	0.4	0.0	0.9	0.5		1.0	0.8	0.8	1.0	
			D	Dg	BC			c						

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

8 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		55	3	2	
		91.7%	5.0%	3.3%	
					
1=More optimistic		23	2	1	
		41.8%	100.0%	50.0%	
					
0=No change		10	0	1	
		18.2%	0.0%	50.0%	
					
-1=Less optimistic		22	0	0	
		40.0%	0.0%	0.0%	
					
Mean		0.0	1.0	0.5	
SD		0.9	0.0	0.7	

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

9 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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.

N=61		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		61		5	12	6	1	2	10	2	2	10	0	4	7	
Percent		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
Optimism rating		53		4	12	6	1	1	8	2	2	8	0	4	5	
		63.5		73.8	64.8	59.7	50.0	70.0	67.1	59.0	82.5	62.9	---	50.0	58.0	
		16.8		4.8	21.3	16.8	---	---	15.0	26.9	10.6	13.2	---	16.3	18.2	
				k										a		

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

10 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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.

N=61		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		25	11	12	4	3	5	1		14	40	4	1	
Percent		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		23.7%	67.8%	6.8%	1.7%	
														
Optimism rating		21	11	10	2	3	5	1		14	32	4	1	
		67.6	56.9	66.0	69.0	53.3	58.0	70.0		60.8	65.4	56.3	80.0	
		16.9	19.4	17.6	1.4	15.3	11.5	---		14.9	17.6	21.4	---	

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

11 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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.

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
		A	B	C	D	E	F	G		A	B	C	D		A	B	C	
																		
Number		15	18	6	5	1	5	5		20	26	5	10		55	3	2	
Percent		27.3%	32.7%	10.9%	9.1%	1.8%	9.1%	9.1%		32.8%	42.6%	8.2%	16.4%		91.7%	5.0%	3.3%	
																		
Optimism rating		12	16	6	4	1	4	5		18	20	5	10		48	2	2	
		60.4	67.3	72.5	66.3	65.0	60.8	59.0		65.8	62.0	54.6	66.5		62.6	79.0	65.0	
		22.8	16.6	15.7	2.5	---	14.0	12.4		14.8	14.2	27.8	19.6		16.5	29.7	21.2	

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

12 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		55		4	10	6	1	1	9	2	2	10	0	3	7	
		100.0%		7.3%	18.2%	10.9%	1.8%	1.8%	16.4%	3.6%	3.6%	18.2%	0.0%	5.5%	12.7%	
																
Economic uncertainty		32		2	7	5	1	0	4	0	1	6	0	2	4	
		58.2%		50.0%	70.0%	83.3%	100.0%	0.0%	44.4%	0.0%	50.0%	60.0%	0.0%	66.7%	57.1%	
																
Currency risk		25		2	6	5	0	0	2	1	1	5	0	0	3	
		45.5%		50.0%	60.0%	83.3%	0.0%	0.0%	22.2%	50.0%	50.0%	50.0%	0.0%	0.0%	42.9%	
						fk			c					c		
																
Government policies		14		0	2	2	0	1	1	0	1	4	0	2	1	
		25.5%		0.0%	20.0%	33.3%	0.0%	100.0%	11.1%	0.0%	50.0%	40.0%	0.0%	66.7%	14.3%	
																
Regulatory requirements		13		1	4	1	1	0	1	1	0	2	0	1	1	
		23.6%		25.0%	40.0%	16.7%	100.0%	0.0%	11.1%	50.0%	0.0%	20.0%	0.0%	33.3%	14.3%	
																
Weak demand for your		12		1	2	2	0	1	0	0	0	4	0	0	2	
products/services		21.8%		25.0%	20.0%	33.3%	0.0%	100.0%	0.0%	0.0%	0.0%	40.0%	0.0%	0.0%	28.6%	
								f	ei			f				
																
Employee morale		11		1	3	1	0	0	1	1	2	1	0	0	1	
		20.0%		25.0%	30.0%	16.7%	0.0%	0.0%	11.1%	50.0%	100.0%	10.0%	0.0%	0.0%	14.3%	
									h		fi	h				
																
Employee productivity		10		3	1	1	0	0	1	0	0	2	0	1	1	
		18.2%		75.0%	10.0%	16.7%	0.0%	0.0%	11.1%	0.0%	0.0%	20.0%	0.0%	33.3%	14.3%	
				bf	a				a							

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

13 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		23	11	12	4	2	3	0		11	38	3	1	
		41.8%	20.0%	21.8%	7.3%	3.6%	5.5%	0.0%		20.0%	69.1%	5.5%	1.8%	
														
Economic uncertainty		12	7	9	2	2	0	0		8	21	1	0	
		52.2%	63.6%	75.0%	50.0%	100.0%	0.0%	0.0%		72.7%	55.3%	33.3%	0.0%	
				f			c							
														
Currency risk		10	4	6	1	1	3	0		10	14	0	0	
		43.5%	36.4%	50.0%	25.0%	50.0%	100.0%	0.0%		90.9%	36.8%	0.0%	0.0%	
										BCd	A	A	a	
														
Government policies		4	4	2	1	2	1	0		5	7	1	0	
		17.4%	36.4%	16.7%	25.0%	100.0%	33.3%	0.0%		45.5%	18.4%	33.3%	0.0%	
		e		e		ac								
														
Regulatory requirements		5	3	2	0	1	2	0		3	9	0	0	
		21.7%	27.3%	16.7%	0.0%	50.0%	66.7%	0.0%		27.3%	23.7%	0.0%	0.0%	
														
Weak demand for your		2	2	4	3	0	1	0		3	8	1	0	
products/services		8.7%	18.2%	33.3%	75.0%	0.0%	33.3%	0.0%		27.3%	21.1%	33.3%	0.0%	
		D			A									
														
Employee morale		5	3	3	0	0	0	0		1	7	2	1	
		21.7%	27.3%	25.0%	0.0%	0.0%	0.0%	0.0%		9.1%	18.4%	66.7%	100.0%	
										d			a	
														
Employee productivity		4	2	2	2	0	0	0		1	7	1	1	
		17.4%	18.2%	16.7%	50.0%	0.0%	0.0%	0.0%		9.1%	18.4%	33.3%	100.0%	
										d			a	

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

14 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		14	16	6	5	1	5	2		19	23	3	10	
		25.5%	29.1%	10.9%	9.1%	1.8%	9.1%	3.6%		34.5%	41.8%	5.5%	18.2%	
														
Economic uncertainty		8	8	3	5	1	3	0		13	12	2	5	
		57.1%	50.0%	50.0%	100.0%	100.0%	60.0%	0.0%		68.4%	52.2%	66.7%	50.0%	
					g			d						
														
Currency risk		4	8	4	1	1	2	2		7	11	1	6	
		28.6%	50.0%	66.7%	20.0%	100.0%	40.0%	100.0%		36.8%	47.8%	33.3%	60.0%	
														
Government policies		3	5	1	1	0	2	1		3	7	1	3	
		21.4%	31.3%	16.7%	20.0%	0.0%	40.0%	50.0%		15.8%	30.4%	33.3%	30.0%	
														
Regulatory requirements		3	4	0	1	0	2	1		3	5	3	2	
		21.4%	25.0%	0.0%	20.0%	0.0%	40.0%	50.0%		15.8%	21.7%	100.0%	20.0%	
										C	c	Abd	c	
														
Weak demand for your		1	4	1	1	0	2	1		2	8	0	2	
products/services		7.1%	25.0%	16.7%	20.0%	0.0%	40.0%	50.0%		10.5%	34.8%	0.0%	20.0%	
														
Employee morale		2	6	2	1	0	0	0		6	4	0	1	
		14.3%	37.5%	33.3%	20.0%	0.0%	0.0%	0.0%		31.6%	17.4%	0.0%	10.0%	
														
Employee productivity		3	3	1	1	0	2	0		5	3	0	2	
		21.4%	18.8%	16.7%	20.0%	0.0%	40.0%	0.0%		26.3%	13.0%	0.0%	20.0%	

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

15 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		50	3	2	
		90.9%	5.5%	3.6%	
					
Economic uncertainty		30	1	1	
		60.0%	33.3%	50.0%	
					
Currency risk		22	2	1	
		44.0%	66.7%	50.0%	
					
Government policies		12	1	1	
		24.0%	33.3%	50.0%	
					
Regulatory requirements		13	0	0	
		26.0%	0.0%	0.0%	
					
Weak demand for your		11	1	0	
products/services		22.0%	33.3%	0.0%	
					
Employee morale		10	1	0	
		20.0%	33.3%	0.0%	
					
Employee productivity		10	0	0	
		20.0%	0.0%	0.0%	

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

16 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Volatility of political		10		0	2	0	0	0	3	1	0	1	0	2	1	
situation		18.2%		0.0%	20.0%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%	10.0%	0.0%	66.7%	14.3%	
																
Access to capital		9		0	3	1	0	0	1	1	0	1	0	1	1	
		16.4%		0.0%	30.0%	16.7%	0.0%	0.0%	11.1%	50.0%	0.0%	10.0%	0.0%	33.3%	14.3%	
																
Difficulty attracting /
retaining qualified		
9		
1	
1	
1	
0	
0	
2	
1	
0	
2	
0	
0	
1	
employees		16.4%		25.0%	10.0%	16.7%	0.0%	0.0%	22.2%	50.0%	0.0%	20.0%	0.0%	0.0%	14.3%	
																
Corruption and white		9		0	1	0	0	1	5	0	0	1	0	1	0	
collar crime		16.4%		0.0%	10.0%	0.0%	0.0%	100.0%	55.6%	0.0%	0.0%	10.0%	0.0%	33.3%	0.0%	
					f	ef		cl	bcil			f			ef	
																
Unrest in the general		6		0	0	0	1	0	3	0	0	1	0	0	1	
population		10.9%		0.0%	0.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	10.0%	0.0%	0.0%	14.3%	
					D	d	Bc									
																
Cost of borrowing		5		1	1	0	0	0	0	0	0	2	0	0	1	
		9.1%		25.0%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	14.3%	
																
Rising input or		5		2	0	1	0	0	0	1	0	1	0	0	0	
commodity costs		9.1%		50.0%	0.0%	16.7%	0.0%	0.0%	0.0%	50.0%	0.0%	10.0%	0.0%	0.0%	0.0%	
				bf	ag				a	b						

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

17 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Volatility of political		4	3	1	1	0	1	0		2	7	1	0	
situation		17.4%	27.3%	8.3%	25.0%	0.0%	33.3%	0.0%		18.2%	18.4%	33.3%	0.0%	
														
Access to capital		4	1	2	2	0	0	0		1	7	1	0	
		17.4%	9.1%	16.7%	50.0%	0.0%	0.0%	0.0%		9.1%	18.4%	33.3%	0.0%	
														
Difficulty attracting /
retaining qualified		
5	
1	
3	
0	
0	
0	
0		
1	
7	
0	
1	
employees		21.7%	9.1%	25.0%	0.0%	0.0%	0.0%	0.0%		9.1%	18.4%	0.0%	100.0%	
										d			a	
														
Corruption and white		7	1	0	1	0	0	0		0	8	1	0	
collar crime		30.4%	9.1%	0.0%	25.0%	0.0%	0.0%	0.0%		0.0%	21.1%	33.3%	0.0%	
		c		a										
														
Unrest in the general		4	2	0	0	0	0	0		0	5	0	1	
population		17.4%	18.2%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	13.2%	0.0%	100.0%	
										D	d		Ab	
														
Cost of borrowing		1	1	2	1	0	0	0		2	3	0	0	
		4.3%	9.1%	16.7%	25.0%	0.0%	0.0%	0.0%		18.2%	7.9%	0.0%	0.0%	
														
Rising input or		2	1	1	1	0	0	0		0	5	0	0	
commodity costs		8.7%	9.1%	8.3%	25.0%	0.0%	0.0%	0.0%		0.0%	13.2%	0.0%	0.0%	

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

18 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Volatility of political		4	2	1	1	0	1	1		2	3	1	4	
situation		28.6%	12.5%	16.7%	20.0%	0.0%	20.0%	50.0%		10.5%	13.0%	33.3%	40.0%	
														
Access to capital		1	4	1	0	0	1	0		2	4	1	2	
		7.1%	25.0%	16.7%	0.0%	0.0%	20.0%	0.0%		10.5%	17.4%	33.3%	20.0%	
														
Difficulty attracting /
retaining qualified		
2	
6	
1	
0	
0	
0	
0		
5	
4	
0	
0	
employees		14.3%	37.5%	16.7%	0.0%	0.0%	0.0%	0.0%		26.3%	17.4%	0.0%	0.0%	
														
Corruption and white		5	1	1	1	0	1	0		3	4	0	2	
collar crime		35.7%	6.3%	16.7%	20.0%	0.0%	20.0%	0.0%		15.8%	17.4%	0.0%	20.0%	
														
Unrest in the general		4	1	0	0	0	0	0		2	2	1	1	
population		28.6%	6.3%	0.0%	0.0%	0.0%	0.0%	0.0%		10.5%	8.7%	33.3%	10.0%	
														
Cost of borrowing		1	2	1	1	0	0	0		3	2	0	0	
		7.1%	12.5%	16.7%	20.0%	0.0%	0.0%	0.0%		15.8%	8.7%	0.0%	0.0%	
														
Rising input or		1	2	2	0	0	0	0		2	3	0	0	
commodity costs		7.1%	12.5%	33.3%	0.0%	0.0%	0.0%	0.0%		10.5%	13.0%	0.0%	0.0%	

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

19 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Volatility of political		8	0	2	
situation		16.0%	0.0%	100.0%	
		C		A	
					
Access to capital		7	1	1	
		14.0%	33.3%	50.0%	
					
Difficulty attracting /
retaining qualified		
9	
0	
0	
employees		18.0%	0.0%	0.0%	
					
Corruption and white		7	1	1	
collar crime		14.0%	33.3%	50.0%	
					
Unrest in the general		6	0	0	
population		12.0%	0.0%	0.0%	
					
Cost of borrowing		3	2	0	
		6.0%	66.7%	0.0%	
		B	A		
					
Rising input or		4	1	0	
commodity costs		8.0%	33.3%	0.0%	

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

20 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Rising wages and salaries		5		0	0	0	0	0	2	0	1	1	0	0	1	
		9.1%		0.0%	0.0%	0.0%	0.0%	0.0%	22.2%	0.0%	50.0%	10.0%	0.0%	0.0%	14.3%	
					h						b					
																
Reliability and cost of		5		1	1	0	0	0	1	0	0	1	0	0	1	
electricity		9.1%		25.0%	10.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	10.0%	0.0%	0.0%	14.3%	
																
Imbalance between
transformation and
service delivery		

5		

0	

0	

2	

1	

0	

0	

0	

0	

2	

0	

0	

0	
imperatives		9.1%		0.0%	0.0%	33.3%	100.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	
					D		Bfl		d						d	
																
Data security		4		0	1	0	0	0	1	1	1	0	0	0	0	
		7.3%		0.0%	10.0%	0.0%	0.0%	0.0%	11.1%	50.0%	50.0%	0.0%	0.0%	0.0%	0.0%	
										i	i	gh				
																
Inflation		4		0	0	0	0	0	1	0	0	1	0	0	2	
		7.3%		0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	10.0%	0.0%	0.0%	28.6%	
																
Geopolitical / health		4		1	0	1	0	0	0	0	0	0	0	1	1	
crises		7.3%		25.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	14.3%	
																
Corporate tax code		3		0	1	0	0	0	0	0	0	1	0	0	1	
		5.5%		0.0%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	0.0%	14.3%	

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

21 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Rising wages and salaries		3	1	1	0	0	0	0		0	4	1	0	
		13.0%	9.1%	8.3%	0.0%	0.0%	0.0%	0.0%		0.0%	10.5%	33.3%	0.0%	
														
Reliability and cost of		4	0	1	0	0	0	0		0	5	0	0	
electricity		17.4%	0.0%	8.3%	0.0%	0.0%	0.0%	0.0%		0.0%	13.2%	0.0%	0.0%	
														
Imbalance between
transformation and
service delivery		

1	

2	

1	

0	

1	

0	

0		

1	

4	

0	

0	
imperatives		4.3%	18.2%	8.3%	0.0%	50.0%	0.0%	0.0%		9.1%	10.5%	0.0%	0.0%	
		e				a								
														
Data security		2	1	0	0	0	1	0		1	2	1	0	
		8.7%	9.1%	0.0%	0.0%	0.0%	33.3%	0.0%		9.1%	5.3%	33.3%	0.0%	
														
Inflation		2	0	2	0	0	0	0		0	3	0	0	
		8.7%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%		0.0%	7.9%	0.0%	0.0%	
														
Geopolitical / health		1	1	1	0	1	0	0		1	2	1	0	
crises		4.3%	9.1%	8.3%	0.0%	50.0%	0.0%	0.0%		9.1%	5.3%	33.3%	0.0%	
		e				a								
														
Corporate tax code		0	0	2	0	0	1	0		1	1	0	0	
		0.0%	0.0%	16.7%	0.0%	0.0%	33.3%	0.0%		9.1%	2.6%	0.0%	0.0%	
		F					A							

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

22 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Rising wages and salaries		0	2	0	2	0	0	0		2	3	0	0	
		0.0%	12.5%	0.0%	40.0%	0.0%	0.0%	0.0%		10.5%	13.0%	0.0%	0.0%	
		d			a									
														
Reliability and cost of		3	1	1	0	0	0	0		3	2	0	0	
electricity		21.4%	6.3%	16.7%	0.0%	0.0%	0.0%	0.0%		15.8%	8.7%	0.0%	0.0%	
														
Imbalance between
transformation and
service delivery		

0	

1	

1	

1	

0	

1	

0		

1	

1	

1	

2	
imperatives		0.0%	6.3%	16.7%	20.0%	0.0%	20.0%	0.0%		5.3%	4.3%	33.3%	20.0%	
														
Data security		1	2	0	0	0	0	1		2	1	0	1	
		7.1%	12.5%	0.0%	0.0%	0.0%	0.0%	50.0%		10.5%	4.3%	0.0%	10.0%	
														
Inflation		2	0	0	0	1	0	0		1	1	0	2	
		14.3%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%		5.3%	4.3%	0.0%	20.0%	
			E	e		Bc								
														
Geopolitical / health		1	0	1	1	0	0	0		1	2	0	1	
crises		7.1%	0.0%	16.7%	20.0%	0.0%	0.0%	0.0%		5.3%	8.7%	0.0%	10.0%	
														
Corporate tax code		0	0	0	0	1	1	0		0	2	0	1	
		0.0%	0.0%	0.0%	0.0%	100.0%	20.0%	0.0%		0.0%	8.7%	0.0%	10.0%	
		E	E	e		ABc								

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

23 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Rising wages and salaries		5	0	0	
		10.0%	0.0%	0.0%	
					
Reliability and cost of		5	0	0	
electricity		10.0%	0.0%	0.0%	
					
Imbalance between
transformation and
service delivery		

5	

0	

0	
imperatives		10.0%	0.0%	0.0%	
					
Data security		4	0	0	
		8.0%	0.0%	0.0%	
					
Inflation		3	1	0	
		6.0%	33.3%	0.0%	
					
Geopolitical / health		3	0	1	
crises		6.0%	0.0%	50.0%	
		c		a	
					
Corporate tax code		3	0	0	
		6.0%	0.0%	0.0%	

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

24 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Government policies
encouraging cross-border		
3		
0	
1	
0	
0	
0	
1	
0	
1	
0	
0	
0	
0	
business operations		5.5%		0.0%	10.0%	0.0%	0.0%	0.0%	11.1%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	
											i	h				
																
Cost of benefits		2		0	1	0	0	0	0	0	0	0	0	0	1	
		3.6%		0.0%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
Violent crime		2		0	0	0	0	0	1	0	0	0	0	0	1	
		3.6%		0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
Property rights		2		0	1	0	0	0	0	0	0	0	0	1	0	
		3.6%		0.0%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	
																
Deflation		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Other		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

25 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Government policies
encouraging cross-border		
2	
1	
0	
0	
0	
0	
0		
1	
2	
0	
0	
business operations		8.7%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%		9.1%	5.3%	0.0%	0.0%	
														
Cost of benefits		0	0	1	0	0	1	0		1	1	0	0	
		0.0%	0.0%	8.3%	0.0%	0.0%	33.3%	0.0%		9.1%	2.6%	0.0%	0.0%	
		F					A							
														
Violent crime		2	0	0	0	0	0	0		0	2	0	0	
		8.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
														
Property rights		1	1	0	0	0	0	0		0	1	0	0	
		4.3%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	2.6%	0.0%	0.0%	
														
Deflation		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

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

26 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Government policies
encouraging cross-border		
1	
1	
1	
0	
0	
0	
0		
1	
0	
0	
2	
business operations		7.1%	6.3%	16.7%	0.0%	0.0%	0.0%	0.0%		5.3%	0.0%	0.0%	20.0%	
											d		b	
														
Cost of benefits		0	0	0	0	0	0	1		0	2	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%		0.0%	8.7%	0.0%	0.0%	
		g	g					ab						
														
Violent crime		1	0	0	0	0	0	0		0	1	1	0	
		7.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	4.3%	33.3%	0.0%	
										c		a		
														
Property rights		1	0	0	1	0	0	0		2	0	0	0	
		7.1%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%		10.5%	0.0%	0.0%	0.0%	
														
Deflation		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

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

27 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=55		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Government policies
encouraging cross-border		
3	
0	
0	
business operations		6.0%	0.0%	0.0%	
					
Cost of benefits		2	0	0	
		4.0%	0.0%	0.0%	
					
Violent crime		2	0	0	
		4.0%	0.0%	0.0%	
					
Property rights		2	0	0	
		4.0%	0.0%	0.0%	
					
Deflation		0	0	0	
		0.0%	0.0%	0.0%	
					
Other		0	0	0	
		0.0%	0.0%	0.0%	

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

28 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Revenue		9.3		5.6	10.3	5.0	12.0	-5.0	11.3	19.0	17.5	10.5	---	7.7	5.5	
		12.6		3.2	6.8	24.3	---	---	11.6	1.4	10.6	17.8	---	9.3	10.4	
																
Wages/Salaries		8.4		8.4	6.6	4.7	8.0	4.0	9.9	7.5	7.0	10.6	---	6.7	9.1	
		5.2		3.6	3.2	4.5	---	---	6.6	3.5	---	6.9	---	4.2	5.4	
																
Technology		7.8		9.4	10.2	0.0	25.0	-5.0	11.8	12.5	---	2.4	---	0.0	7.3	
spending		11.4		21.1	15.4	0.0	---	---	10.6	3.5	---	4.3	---	---	6.4	
																
Health care		7.2		10.0	7.6	3.3	11.0	0.0	7.0	5.0	---	7.7	---	9.5	9.3	
costs		4.7		0.0	7.4	5.8	---	---	---	7.1	---	4.4	---	0.7	2.3	
																
Earnings		6.7		-1.3	9.8	13.4	20.0	-25.8	1.8	31.6	30.0	5.7	---	5.3	8.8	
		19.3		5.9	6.3	28.5	---	5.4	15.5	19.2	---	22.7	---	18.6	26.3	
																
Prices of your		5.2		6.4	6.6	7.6	8.0	7.0	6.0	-3.2	6.5	3.8	---	1.5	5.0	
products		4.9		2.5	5.4	6.0	---	---	2.3	4.5	2.1	7.5	---	2.1	0.0	
																
Dividends		5.1		---	8.3	0.0	---	-4.4	---	15.0	---	10.0	---	---	0.0	
		6.5		---	2.9	0.0	---	---	---	---	---	---	---	---	---	
																
Number of		4.5		0.0	10.0	-4.6	0.0	-2.0	11.0	11.0	25.0	1.7	---	-2.0	7.4	
domestic full-
time employees		11.7		9.5	9.8	9.4	---	---	10.2	1.4	---	13.7	---	10.3	12.9	
																
Productivity		2.7		-0.5	1.3	0.0	7.0	-6.1	4.2	10.7	---	5.5	---	-0.5	-1.5	
(output per
hour worked)		5.0		7.8	2.5	0.0	---	---	3.6	1.0	---	5.0	---	2.1	4.9	
																
Research and		2.6		0.0	3.6	0.0	0.0	-5.0	5.7	8.6	---	0.1	---	8.6	0.0	
development
spending		6.4		---	5.0	0.0	---	---	4.5	12.1	---	6.9	---	12.1	---	
																
Marketing/		1.9		-14.3	-1.8	0.7	20.0	-15.0	9.2	14.2	---	3.6	---	-0.7	4.3	
advertising
spending		12.1		13.4	14.7	5.1	---	---	4.0	20.0	---	9.4	---	9.0	4.0	

29 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Revenue		11.4	17.2	4.0	3.4	-0.5	8.4	7.0		3.3	11.8	5.0	---	
		11.5	15.5	11.6	18.8	6.4	9.0	---		12.6	12.7	5.0	---	
														
Wages/Salaries		9.6	8.7	6.0	7.7	7.5	7.0	14.0		6.5	9.3	4.5	7.0	
		6.1	5.0	3.6	7.5	3.5	2.8	---		3.1	5.8	3.5	---	
														
Technology		6.7	7.0	10.4	2.0	15.0	6.3	---		8.9	7.8	0.0	---	
spending		10.8	11.0	11.1	---	21.2	14.7	---		14.3	10.6	---	---	
														
Health care		5.4	7.8	9.6	4.7	10.0	4.9	---		6.4	7.1	10.0	---	
costs		5.1	5.2	1.7	4.5	---	8.6	---		6.3	4.0	---	---	
														
Earnings		5.5	9.0	10.2	0.3	5.0	10.6	-2.0		5.9	8.9	0.0	-5.0	
		18.3	24.7	18.7	25.0	---	23.8	---		20.2	20.8	0.0	---	
														
Prices of your		4.4	4.8	5.8	6.0	10.3	4.8	5.0		6.1	5.1	2.5	---	
products		5.2	2.9	6.9	3.6	8.9	2.8	---		4.2	5.3	3.5	---	
														
Dividends		---	---	5.0	0.0	0.0	7.1	---		4.4	---	---	---	
		---	---	7.1	---	---	7.3	---		6.7	---	---	---	
														
Number of		9.7	3.4	-0.8	-0.3	0.0	3.8	9.0		1.6	6.7	1.3	10.0	
domestic full-
time employees		13.2	5.4	13.9	2.5	18.0	5.8	---		10.4	12.1	6.0	---	
														
Productivity		3.9	3.0	0.5	3.7	0.0	1.8	---		0.5	3.6	4.0	---	
(output per
hour worked)		5.4	5.2	4.2	5.5	---	6.0	---		5.1	4.6	8.5	---	
														
Research and		3.2	2.0	2.5	6.4	0.0	0.6	---		1.6	2.8	5.0	---	
development
spending		9.0	4.5	5.0	9.4	---	4.7	---		4.9	7.3	7.1	---	
														
Marketing/		4.2	8.3	0.3	5.0	-5.0	-9.8	---		-4.3	4.7	0.0	---	
advertising
spending		14.3	8.2	9.6	3.0	---	11.9	---		11.1	12.1	10.0	---	

30 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Revenue		6.4	14.3	16.2	2.0	8.0	3.5	8.0		12.8	7.5	3.5	10.0		9.8	10.0	0.0	
		10.0	13.3	17.3	12.4	---	15.4	10.3		12.3	13.8	12.0	9.2		13.0	---	0.0	
																		
Wages/Salaries		8.6	11.8	5.5	5.1	7.0	5.8	7.0		9.4	8.2	7.3	7.1		8.4	11.5	1.0	
		6.1	5.4	2.9	4.5	---	4.3	2.8		5.6	5.4	3.1	4.8		5.1	4.9	1.4	
																		
Technology		6.2	6.5	0.0	13.4	---	10.0	8.3		4.6	6.6	16.7	9.2		8.7	2.0	0.0	
spending		13.9	4.9	0.0	15.4	---	14.1	17.4		5.1	11.3	18.9	12.0		11.8	---	0.0	
																		
Health care		3.5	8.1	7.0	9.0	12.0	6.3	4.9		5.6	8.4	5.5	7.3		7.6	5.0	5.0	
costs		4.9	4.2	4.8	---	---	5.5	8.6		5.2	4.0	7.8	5.1		4.6	---	7.1	
																		
Earnings		-3.1	9.6	16.5	-25.0	5.0	0.3	10.8		5.7	4.0	-1.0	18.1		7.2	15.0	0.0	
		9.7	18.0	21.2	---	---	21.1	27.4		19.9	17.9	29.7	20.5		20.3	---	0.0	
																		
Prices of your		5.8	4.2	3.9	1.8	---	4.5	6.9		5.1	5.7	10.5	1.2		5.4	10.0	0.0	
products		4.3	5.0	2.7	11.6	---	1.3	6.0		3.6	5.4	5.3	1.8		5.0	---	0.0	
																		
Dividends		---	0.0	---	---	10.0	3.3	6.4		---	5.0	-4.4	8.3		5.1	---	---	
		---	---	---	---	---	5.8	8.3		---	5.0	---	7.6		6.5	---	---	
																		
Number of		6.4	7.3	6.3	-4.9	---	-2.0	5.8		5.4	2.5	6.0	8.1		4.0	2.0	13.5	
domestic full-
time employees		16.3	10.8	5.6	10.3	---	10.3	9.2		11.0	11.8	12.2	13.6		11.8	---	16.3	
																		
Productivity		1.7	5.5	-1.0	0.0	---	0.3	2.2		3.8	2.5	0.4	3.2		2.7	10.0	-1.0	
(output per
hour worked)		5.2	5.5	1.4	---	---	0.5	6.9		4.0	5.1	9.3	5.4		5.0	---	1.4	
																		
Research and		5.3	2.3	3.3	0.0	---	4.3	0.8		2.5	3.7	-2.5	2.2		2.9	2.0	0.0	
development
spending		5.0	8.3	5.8	---	---	8.6	5.4		5.0	5.5	3.5	9.0		6.8	---	0.0	
																		
Marketing/		-0.5	4.3	3.5	8.3	---	-4.7	-6.3		1.1	0.7	2.5	5.4		1.9	5.0	0.0	
advertising
spending		14.3	13.7	3.7	7.6	---	13.8	10.3		11.4	12.9	24.7	9.2		12.6	---	0.0	

31 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Share		1.2		0.0	0.0	0.0	0.0	0.0	0.0	5.0	10.5	0.0	---	0.0	0.0	
repurchases		3.4		---	0.0	---	---	---	0.0	7.1	---	0.0	---	---	---	
																
Capital spending		0.4		17.0	7.1	-15.3	0.0	56.5	2.7	30.0	---	-13.3	---	-20.7	5.5	
		28.2		22.2	9.9	14.4	---	---	2.5	14.1	---	32.4	---	25.0	53.4	
																
Number of		-0.6		-13.5	-3.3	-8.9	30.0	0.0	-1.7	15.0	---	-5.3	---	1.5	5.0	
domestic
temporary
employees		17.3		19.1	15.3	31.3	---	---	7.6	7.1	---	17.6	---	2.1	18.7	
																
Number of		-0.8		0.0	-1.3	0.0	0.0	-13.5	0.3	0.0	---	0.5	---	0.0	0.0	
offshore
outsourced
employees		3.4		---	3.2	---	---	---	0.6	0.0	---	1.0	---	---	---	
																
Cash on the		-1.5		3.0	-2.0	-6.3	0.0	-17.0	0.0	20.0	10.0	-4.1	---	6.6	-20.1	
balance sheet		14.9		8.1	19.0	11.1	---	---	6.4	0.0	---	16.5	---	16.5	18.1	

32 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Share		1.5	0.0	0.0	0.0	0.0	3.3	---		2.5	0.9	0.0	---	
repurchases		4.0	0.0	0.0	---	---	5.8	---		5.0	3.0	---	---	
														
Capital spending		3.1	-9.3	1.4	-10.7	-5.0	16.3	3.0		-2.0	2.1	-2.0	---	
		32.0	25.5	32.5	31.6	25.0	24.9	---		31.3	28.6	15.9	---	
														
Number of		3.8	10.6	-4.3	-5.0	-36.6	0.0	-27.0		-9.5	3.0	-3.5	5.0	
domestic
temporary
employees		9.9	16.6	24.3	8.7	---	14.1	---		17.1	17.9	9.2	---	
														
Number of		0.4	0.0	0.0	0.0	---	-4.4	---		-4.4	0.2	0.0	---	
offshore
outsourced
employees		0.8	0.0	0.0	---	---	6.6	---		6.6	0.6	---	---	
														
Cash on the		1.2	-5.5	-2.8	6.3	-10.0	-6.8	---		-11.1	2.0	-0.8	---	
balance sheet		13.1	14.9	13.3	22.0	---	24.3	---		19.3	13.0	8.8	---	

33 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

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

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Share		0.0	1.7	0.0	0.0	---	0.0	3.3		0.0	1.5	0.0	2.0		1.5	0.0	0.0	
repurchases		0.0	4.3	---	0.0	---	---	5.8		0.0	4.0	0.0	4.5		3.7	---	0.0	
																		
Capital spending		2.4	-3.3	1.0	6.7	---	-16.8	18.3		1.9	0.8	25.5	-15.3		1.5	-19.7	2.0	
		43.5	29.2	17.9	40.4	---	25.8	24.7		32.4	25.4	28.6	26.9		28.6	49.1	2.8	
																		
Number of		2.5	-1.9	14.0	-23.3	---	-10.4	-3.3		3.0	-4.5	15.0	-0.5		0.3	0.0	1.5	
domestic
temporary
employees		2.9	14.6	15.6	18.8	---	20.3	15.3		13.5	18.7	21.2	16.8		17.9	---	2.1	
																		
Number of		0.0	0.5	0.0	0.0	---	---	-4.4		0.0	-0.4	-6.8	0.5		-1.0	0.0	0.0	
offshore
outsourced
employees		0.0	0.8	0.0	0.0	---	---	6.6		0.0	1.9	9.5	1.0		3.8	---	0.0	
																		
Cash on the		-5.6	1.1	3.8	-4.8	5.0	-7.8	2.7		-3.4	-3.5	-8.5	9.1		-0.8	-14.0	0.0	
balance sheet		14.3	15.8	7.5	13.0	---	26.8	18.6		15.4	14.2	12.0	14.0		14.7	26.9	0.0	

34 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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] 

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Capital spending		10.6		12.2	3.4	-15.5	0.0	56.5	2.7	20.3	---	-11.7	---	-34.3	-13.9	
		24.8		19.3	9.7	14.6	---	0.0	---	2.7	---	36.2	---	---	58.9	
																
Earnings		9.2		-0.3	10.2	3.6	20.0	-22.6	1.8	44.7	30.0	7.6	---	16.7	12.4	
		20.4		3.7	1.9	15.1	---	2.1	---	3.7	---	21.0	---	---	32.5	
																
Technology		7.3		17.5	8.8	0.0	25.0	-5.0	11.8	14.9	---	1.4	---	0.0	7.3	
spending		13.2		21.6	15.7	0.0	---	0.0	---	0.7	---	4.0	---	---	7.2	
																
Revenue		7.3		5.9	9.3	-1.7	12.0	-5.0	11.3	20.0	17.5	4.0	---	13.3	4.3	
		9.3		3.0	2.5	11.7	---	0.0	---	0.3	---	19.4	---	---	13.0	
																
Dividends		6.6		---	8.3	0.0	---	-4.4	---	15.0	---	10.0	---	---	0.0	
		6.6		---	2.4	0.0	---	0.0	---	0.0	---	---	---	---	---	
																
Prices of your		5.3		5.9	6.4	7.0	8.0	7.0	6.0	-0.1	6.5	2.3	---	2.4	5.0	
products		3.8		2.4	2.9	6.1	---	0.0	---	0.9	---	11.0	---	---	11.0	
																
Share		2.7		0.0	0.0	0.0	0.0	0.0	0.0	9.8	10.5	0.0	---	0.0	0.0	
repurchases		4.5		---	0.0	0.0	---	0.0	---	1.4	---	0.0	---	---	---	
																
Research and		1.0		0.0	2.9	0.0	0.0	-5.0	5.7	0.3	---	0.6	---	13.9	0.0	
development
spending		4.6		---	4.0	0.0	---	0.0	---	2.3	---	6.1	---	---	---	
																
Cash on the		-5.4		4.6	-13.7	-10.1	0.0	-17.0	0.0	20.0	10.0	-4.1	---	17.3	-14.3	
balance sheet		19.4		9.5	21.0	5.5	---	0.0	---	0.0	---	16.9	---	---	22.4	
																
Marketing/		-7.3		-10.6	-10.5	-2.8	20.0	-15.0	9.2	0.5	---	2.9	---	4.1	4.3	
advertising
spending		11.4		17.9	12.7	4.5	---	0.0	---	3.9	---	8.8	---	---	4.5	

35 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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] 

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Capital spending		3.1	-9.3	1.4	-10.7	-5.0	16.3	3.0		12.2	2.7	-1.5	---	
		58.1	---	33.6	38.7	22.6	22.6	22.6		24.6	26.3	---	---	
														
Earnings		5.5	9.0	10.2	0.3	5.0	10.6	-2.0		9.8	7.3	0.0	-5.0	
		25.9	---	19.3	28.3	28.3	21.5	21.5		21.0	20.0	---	---	
														
Technology		6.7	7.0	10.4	2.0	15.0	6.3	---		7.1	8.7	0.0	---	
spending		22.7	---	11.5	---	17.6	13.3	---		13.6	11.6	---	---	
														
Revenue		11.4	17.2	4.0	3.4	-0.5	8.4	7.0		7.2	8.1	5.0	---	
		15.3	---	11.9	23.0	5.3	8.1	8.1		9.1	11.1	---	---	
														
Dividends		---	---	5.0	0.0	0.0	7.1	---		6.6	---	---	---	
		---	---	9.0	---	0.0	6.7	---		6.7	---	---	---	
														
Prices of your		4.4	4.8	5.8	6.0	10.3	4.8	5.0		5.3	5.5	2.5	---	
products		7.3	---	7.1	4.4	7.4	2.5	2.5		3.3	5.7	---	---	
														
Share		1.5	0.0	0.0	0.0	0.0	3.3	---		3.1	0.3	0.0	---	
repurchases		---	---	0.0	---	0.0	4.8	---		4.7	2.2	---	---	
														
Research and		3.2	2.0	2.5	6.4	0.0	0.6	---		0.7	3.1	5.0	---	
development
spending		---	---	5.4	11.4	0.0	4.2	---		4.3	7.5	---	---	
														
Cash on the		1.2	-5.5	-2.8	6.3	-10.0	-6.8	---		-7.2	1.8	-1.1	---	
balance sheet		18.0	---	13.6	26.9	26.9	21.4	---		20.5	14.1	---	---	
														
Marketing/		4.2	8.3	0.3	5.0	-5.0	-9.8	---		-8.8	1.9	0.3	---	
advertising
spending		23.6	---	9.9	3.7	3.7	10.8	---		10.8	11.4	---	---	

36 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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] 

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Capital spending		2.4	-3.6	8.8	9.2	---	-0.7	18.0		6.5	1.0	48.7	6.2		11.1	2.1	2.1	
		---	25.7	16.2	63.9	---	19.6	24.4		24.7	14.9	16.4	24.8		25.3	---	---	
																		
Earnings		-3.1	2.1	12.4	-25.0	5.0	6.8	10.8		7.7	8.0	-21.2	33.9		9.6	15.0	0.0	
		158.0	13.9	20.6	---	---	11.2	24.2		16.7	10.3	6.0	18.5		20.9	---	---	
																		
Technology		6.2	7.2	0.0	14.7	---	16.1	4.4		7.2	7.4	2.1	12.0		7.4	2.0	0.0	
spending		---	5.1	---	23.9	---	8.4	13.9		9.6	14.4	14.8	6.8		13.3	---	---	
																		
Revenue		6.4	7.0	14.0	-2.4	8.0	7.8	8.0		10.8	6.9	-4.7	16.0		7.4	10.0	0.0	
		163.3	11.5	16.0	19.0	---	7.4	9.1		12.4	7.4	2.4	7.0		9.6	---	---	
																		
Dividends		---	0.0	---	---	10.0	7.6	6.4		---	7.9	-4.4	11.9		6.6	---	---	
		---	---	---	---	---	4.5	7.3		---	3.0	0.0	6.0		6.6	---	---	
																		
Prices of your		5.7	5.8	4.8	-3.9	---	5.4	5.2		6.1	5.6	8.8	0.9		5.3	10.0	0.0	
products		69.8	3.7	2.4	---	---	1.0	3.9		3.6	2.9	4.0	1.7		3.9	---	---	
																		
Share		0.0	0.7	0.0	0.0	---	0.0	3.3		0.0	0.1	0.0	7.7		2.8	0.0	0.0	
repurchases		---	3.9	---	---	---	0.0	4.8		---	1.2	0.0	4.4		4.6	---	---	
																		
Research and		5.3	1.6	7.3	0.0	---	1.0	0.8		4.2	2.5	-4.9	1.0		1.0	2.0	0.0	
development
spending		---	7.6	---	---	---	4.2	4.7		7.7	3.9	0.7	4.6		4.7	---	---	
																		
Cash on the		-5.6	-1.6	2.9	-4.9	5.0	-26.1	2.7		0.9	-12.6	-16.7	14.1		-5.5	-2.0	0.0	
balance sheet		---	18.8	11.2	21.9	---	17.7	15.5		14.6	19.2	2.4	12.5		19.5	---	---	
																		
Marketing/		-0.5	-0.3	4.2	3.4	---	-17.3	-6.3		-1.8	-8.6	-14.4	0.0		-7.4	5.0	0.0	
advertising
spending		---	16.1	5.3	---	---	11.2	9.1		14.6	12.9	5.0	4.1		11.4	---	---	

37 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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]

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Wages/Salaries		7.1		8.1	7.5	2.9	---	4.0	9.5	9.6	7.0	9.5	---	7.4	9.3	
		4.0		4.6	2.3	3.1	---	3.1	7.1	1.5	---	8.8	---	2.2	---	
																
Health care		6.0		10.0	14.0	4.7	---	0.0	7.0	0.8	---	7.7	---	9.1	12.0	
costs		6.0		---	3.2	5.4	---	0.0	---	2.9	---	4.8	---	0.4	---	
																
Number of		3.3		0.0	7.5	-7.9	---	-2.0	7.2	10.2	25.0	1.1	---	0.3	-2.0	
domestic full-
time employees		9.8		21.1	8.6	7.9	---	7.9	14.6	0.6	---	15.8	---	4.3	---	
																
Productivity		1.7		2.2	1.8	0.0	---	-6.1	4.4	10.1	---	4.8	---	0.7	-5.0	
(output per
hour worked)		4.9		---	2.5	0.0	---	0.0	---	0.4	---	5.9	---	1.1	---	
																
Number of		-3.4		0.0	-2.0	0.0	---	-13.5	0.3	0.0	---	0.4	---	0.0	---	
offshore
outsourced
employees		5.6		---	3.2	---	---	3.2	1.0	0.0	---	1.2	---	---	---	
																
Number of		-6.3		-13.5	-7.7	-22.9	---	0.0	-6.8	10.8	---	-9.5	---	0.3	-10.0	
domestic
temporary
employees		16.1		---	15.6	17.0	---	0.0	61.9	2.9	---	23.2	---	1.1	---	

38 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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]

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Wages/Salaries		9.8	8.7	4.7	4.6	8.0	6.8	14.0		6.5	8.7	4.5	7.0	
		6.2	5.7	5.0	5.0	2.6	2.5	---		3.2	5.4	---	---	
														
Health care		6.1	6.7	10.0	4.5	10.0	4.9	---		5.1	7.9	10.0	---	
costs		8.6	12.8	1.8	4.7	4.7	7.3	---		6.6	3.4	---	---	
														
Number of		10.5	3.7	-6.7	-1.3	5.8	3.4	9.0		3.3	3.7	1.3	10.0	
domestic full-
time employees		12.4	6.2	13.7	1.8	18.4	5.2	---		9.8	10.5	13.3	---	
														
Productivity		5.5	2.0	0.0	1.0	0.0	1.9	---		1.4	2.8	4.0	---	
(output per
hour worked)		6.3	7.9	6.1	2.4	0.0	5.7	---		5.1	4.1	---	---	
														
Number of		0.5	0.0	0.0	0.0	---	-4.4	---		-4.4	0.3	0.0	---	
offshore
outsourced
employees		1.0	---	0.0	---	---	5.9	---		5.9	0.7	---	---	
														
Number of		2.2	5.8	-21.8	-7.1	-36.6	-0.9	-27.0		-7.7	-2.6	-3.5	5.0	
domestic
temporary
employees		15.0	21.1	26.4	8.1	8.1	12.8	---		16.6	15.9	---	---	

39 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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]

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Wages/Salaries		8.6	11.8	5.5	5.1	7.0	5.8	7.0		8.7	6.1	7.0	7.9		7.0	11.5	1.5	
		9.8	5.7	4.2	4.7	---	3.9	2.6		4.7	4.7	3.2	2.8		3.9	---	---	
																		
Health care		3.5	8.1	7.0	9.0	12.0	6.3	4.9		5.6	8.9	0.0	5.9		6.0	5.0	7.5	
costs		---	4.9	6.9	---	---	4.7	7.3		6.7	6.8	0.0	4.9		6.0	---	---	
																		
Number of		6.4	7.3	6.3	-4.9	---	-2.0	5.8		4.6	1.8	9.0	0.9		3.2	2.0	7.8	
domestic full-
time employees		89.6	11.6	8.1	11.3	---	9.3	8.4		10.0	7.4	11.6	11.2		9.9	---	---	
																		
Productivity		1.7	5.5	-1.0	0.0	---	0.3	2.2		3.2	1.8	-6.1	4.4		1.7	10.0	-1.5	
(output per
hour worked)		---	6.2	---	---	---	0.5	6.1		5.3	3.3	3.3	5.0		4.9	---	---	
																		
Number of		0.0	0.5	0.0	0.0	---	---	-4.4		0.0	-1.6	-13.5	0.1		-3.6	0.0	0.0	
offshore
outsourced
employees		---	1.0	---	0.0	---	---	5.9		0.0	3.0	3.0	0.6		5.6	---	---	
																		
Number of		2.5	-1.9	14.0	-23.3	---	-10.4	-3.3		0.4	-10.3	0.0	-5.2		-6.3	0.0	2.2	
domestic
temporary
employees		---	16.3	---	23.0	---	18.3	12.9		17.8	14.9	0.0	20.2		16.2	---	---	

40 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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] 

N=46		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Earnings		9.8		---	10.3	1.2	---	-22.0	---	45.2	---	---	---	---	-15.0	
		21.0		---	1.8	8.5	---	0.0	---	0.0	---	---	---	---	---	
																
Revenue		7.2		---	9.3	-3.0	---	-5.0	---	20.0	---	---	---	---	-10.0	
		9.1		---	2.4	8.4	---	0.0	---	0.0	---	---	---	---	---	
																
Dividends		6.6		---	8.3	0.0	---	-4.4	---	15.0	---	---	---	---	0.0	
		6.7		---	2.4	0.0	---	0.0	---	0.0	---	---	---	---	---	
																
Share		3.1		---	0.0	0.0	---	0.0	---	10.0	---	---	---	---	---	
repurchases		4.7		---	0.0	0.0	---	0.0	---	0.0	---	---	---	---	---	
																
Cash on the		-7.2		---	-14.0	-11.3	---	-17.0	---	20.0	---	-33.0	---	---	-25.0	
balance sheet		20.5		---	21.0	2.8	---	0.0	---	0.0	---	---	---	---	---	

41 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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] 

N=46		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Earnings		---	---	2.5	-10.0	5.0	10.6	---		9.8	---	---	---	
		---	---	31.6	---	31.6	21.5	---		21.0	---	---	---	
														
Revenue		---	---	5.0	-17.9	-0.5	8.4	---		7.2	---	---	---	
		---	---	27.0	---	5.3	8.1	---		9.1	---	---	---	
														
Dividends		---	---	0.0	0.0	0.0	7.1	---		6.6	---	---	---	
		---	---	---	---	0.0	6.7	---		6.7	---	---	---	
														
Share		---	---	---	---	0.0	3.3	---		3.1	---	---	---	
repurchases		---	---	---	---	0.0	4.8	---		4.7	---	---	---	
														
Cash on the		---	-33.0	-7.5	-15.0	-10.0	-6.8	---		-7.2	---	---	---	
balance sheet		---	---	31.6	---	31.6	21.4	---		20.5	---	---	---	

42 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth 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] 

N=46		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Earnings		---	-15.0	20.0	---	---	7.9	10.8		20.0	8.7	-22.0	37.4		9.8	---	---	
		---	---	---	---	---	5.2	24.2		---	5.3	0.0	16.8		21.0	---	---	
																		
Revenue		---	-10.0	20.0	---	---	7.2	8.0		20.0	6.9	-5.0	16.9		7.2	---	---	
		---	---	---	---	---	7.2	9.1		---	6.3	0.0	6.7		9.1	---	---	
																		
Dividends		---	0.0	---	---	---	7.6	6.4		---	7.9	-4.4	12.1		6.6	---	---	
		---	---	---	---	---	4.5	7.3		---	3.0	0.0	6.3		6.7	---	---	
																		
Share		---	---	---	---	---	0.0	3.3		---	0.0	0.0	8.1		3.1	---	---	
repurchases		---	---	---	---	---	0.0	4.8		---	0.0	0.0	4.2		4.7	---	---	
																		
Cash on the		---	-26.3	10.0	---	---	-29.4	2.7		3.1	-15.5	-17.0	14.2		-7.1	-33.0	---	
balance sheet		---	---	---	---	---	10.9	15.5		---	20.0	0.0	12.5		20.5	---	---	

43 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Price of fuel		0.2		0.3	0.3	-0.4	0.0	-1.0	0.2	0.5	0.0	0.2	---	-0.5	0.6	
(2016 planned)		0.6		0.5	0.6	0.5	---	---	0.7	0.7	---	0.6	---	0.7	0.5	
																
Currency		0.1		0.5	0.1	0.0	-1.0	1.0	-0.1	0.0	1.0	0.0	---	0.3	-0.3	
valuation (2015
actual)		0.8		0.6	0.8	1.1	---	---	0.8	1.4	---	0.8	---	0.6	1.0	
																
Price of fuel		0.1		0.0	0.3	-0.4	0.0	-1.0	0.2	0.5	0.0	0.0	---	-0.7	0.5	
(2015 actual)		0.7		0.0	0.8	0.5	---	---	0.8	0.7	---	0.7	---	0.6	0.6	
																
Dividends/share		0.1		-0.3	0.1	0.0	0.0	0.0	0.0	0.5	0.0	0.1	---	0.0	0.0	
repurchases
(2015 actual)		0.4		0.5	0.3	0.0	---	---	0.0	0.7	---	0.7	---	---	0.0	
																
Dividends/share		0.0		-0.3	0.1	-0.2	0.0	0.0	0.0	0.5	0.0	0.1	---	0.0	0.0	
repurchases
(2016 planned)		0.4		0.5	0.3	0.4	---	---	0.0	0.7	---	0.7	---	---	0.0	
																
Economic/		0.0		0.0	0.0	-0.3	0.0	0.0	0.3	---	0.0	0.0	---	0.0	0.0	
political
changes in Latin
America (2016
planned)		0.3		0.0	0.0	0.5	---	---	0.5	---	---	0.5	---	0.0	0.0	
																
Interest rates		0.0		0.0	0.3	-0.3	-1.0	0.0	0.1	-0.5	0.0	-0.1	---	0.0	0.2	
(2015 actual)		0.6		0.7	0.6	0.5	---	---	0.6	0.7	---	0.6	---	0.8	0.4	
																
Other: (2016		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
planned)		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
																
Other: (2015		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
actual)		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
																
Interest rates		0.0		-0.2	0.3	-0.3	-1.0	1.0	0.3	-0.5	0.0	-0.4	---	0.0	0.3	
(2016 planned)		0.7		0.8	0.6	0.5	---	---	0.7	0.7	---	0.7	---	1.0	0.5	

44 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Price of fuel		0.2	0.1	0.2	0.0	0.0	0.0	1.0		0.0	0.2	0.3	0.0	
(2016 planned)		0.6	0.7	0.7	1.0	0.0	0.7	---		0.6	0.6	1.2	---	
														
Currency		-0.1	0.1	0.4	0.0	-0.3	0.0	1.0		-0.1	0.0	0.7	---	
valuation (2015
actual)		0.8	0.9	0.8	1.0	1.2	1.0	---		0.9	0.8	0.6	---	
														
Price of fuel		0.1	0.1	0.2	-0.7	-0.3	0.2	---		0.0	0.1	0.0	---	
(2015 actual)		0.7	0.7	0.7	0.6	0.6	0.8	---		0.7	0.6	1.2	---	
														
Dividends/share		-0.1	0.3	0.0	0.0	0.0	0.2	0.0		0.1	-0.1	1.0	---	
repurchases
(2015 actual)		0.3	0.5	0.5	---	0.0	0.4	---		0.3	0.3	0.0	---	
														
Dividends/share		-0.1	0.3	0.0	-0.5	0.0	0.2	0.0		0.0	-0.1	1.0	0.0	
repurchases
(2016 planned)		0.3	0.5	0.5	0.7	0.0	0.4	---		0.4	0.3	0.0	---	
														
Economic/		0.2	-0.1	0.0	-0.3	0.0	0.0	0.0		-0.1	0.1	0.0	0.0	
political
changes in Latin
America (2016
planned)		0.4	0.3	0.0	0.6	---	0.0	---		0.3	0.4	0.0	---	
														
Interest rates		0.1	0.0	0.1	-0.3	-0.5	-0.2	1.0		-0.2	0.1	0.3	---	
(2015 actual)		0.6	0.8	0.5	0.6	0.7	0.4	---		0.6	0.5	1.0	---	
														
Other: (2016		0.0	0.0	---	0.0	---	---	---		0.0	0.0	---	---	
planned)		0.0	---	---	---	---	---	---		---	0.0	---	---	
														
Other: (2015		0.0	---	---	0.0	---	---	---		---	0.0	---	---	
actual)		0.0	---	---	---	---	---	---		---	0.0	---	---	
														
Interest rates		0.1	0.0	0.0	-0.7	-0.5	0.0	1.0		-0.1	0.0	0.0	0.0	
(2016 planned)		0.6	0.8	0.8	0.6	0.7	0.7	---		0.7	0.7	1.2	---	

45 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Price of fuel		0.2	0.3	0.0	0.2	1.0	-0.3	0.0		0.2	0.1	0.3	0.2		0.2	0.7	-1.0	
(2016 planned)		0.7	0.6	0.8	0.4	---	0.5	0.8		0.6	0.6	1.0	0.8		0.6	0.6	0.0	
																		
Currency		-0.3	0.2	0.8	0.5	1.0	0.0	-0.2		0.3	0.0	-0.2	0.2		0.0	0.0	0.5	
valuation (2015
actual)		0.7	0.8	0.4	0.6	---	0.8	1.1		0.6	0.9	1.1	0.8		0.8	1.0	0.7	
																		
Price of fuel		0.2	-0.1	0.0	0.4	1.0	-0.3	0.0		0.2	0.0	-0.2	0.2		0.1	0.0	-1.0	
(2015 actual)		0.8	0.7	0.8	0.5	---	0.5	1.0		0.7	0.6	0.8	0.8		0.7	1.0	0.0	
																		
Dividends/share		-0.1	0.1	0.0	0.0	1.0	0.0	0.3		0.0	0.0	0.0	0.3		0.1	0.0	0.0	
repurchases
(2015 actual)		0.3	0.5	0.0	0.0	---	0.0	0.5		0.5	0.3	0.0	0.5		0.4	---	---	
																		
Dividends/share		-0.1	0.1	0.0	0.0	1.0	-0.3	0.3		0.0	-0.1	0.0	0.3		0.0	0.0	0.0	
repurchases
(2016 planned)		0.3	0.5	0.0	0.0	---	0.5	0.5		0.4	0.4	0.0	0.5		0.4	---	---	
																		
Economic/		0.1	0.0	0.0	0.3	---	-0.3	0.0		0.1	-0.1	0.0	0.3		0.0	0.0	0.0	
political
changes in Latin
America (2016
planned)		0.3	0.4	0.0	0.5	---	0.5	0.0		0.3	0.3	0.0	0.5		0.4	0.0	0.0	
																		
Interest rates		0.1	0.1	0.4	-0.3	1.0	-0.3	-0.4		0.1	0.0	-0.2	0.2		0.0	0.3	0.5	
(2015 actual)		0.7	0.6	0.5	0.5	---	0.5	0.5		0.6	0.6	0.8	0.6		0.6	0.6	0.7	
																		
Other: (2016		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	0.0	---	
planned)		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	0.0	---	
																		
Other: (2015		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	0.0	---	
actual)		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	---	---	
																		
Interest rates		0.1	0.0	0.2	-0.3	1.0	-0.3	-0.2		0.1	-0.1	0.0	0.2		0.0	-0.3	0.5	
(2016 planned)		0.7	0.7	0.8	1.0	---	0.5	0.8		0.7	0.7	1.0	0.6		0.7	0.6	0.7	

46 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Economic/		0.0		0.0	0.0	-0.3	0.0	0.0	0.1	---	0.0	-0.1	---	0.0	0.0	
political
changes in Latin
America (2015
actual)		0.3		0.0	0.0	0.5	---	---	0.4	---	---	0.3	---	0.0	0.0	
																
Currency		-0.1		0.5	-0.2	-0.8	-1.0	1.0	0.1	1.0	1.0	0.0	---	-0.3	-0.4	
valuation (2016
planned)		0.8		0.6	0.9	0.4	---	---	0.6	0.0	---	0.8	---	1.0	0.9	
																
New or		-0.1		-0.3	0.2	-0.6	-1.0	0.0	0.1	0.0	0.0	-0.3	---	-0.3	0.3	
anticipated
regulatory
requirements
(2015 actual)		0.7		0.6	0.8	0.5	---	---	0.8	1.4	---	0.5	---	0.5	0.5	
																
New or		-0.1		-0.3	0.2	-0.6	-1.0	0.0	0.3	0.0	0.0	-0.2	---	-0.8	-0.2	
anticipated
regulatory
requirements
(2016 planned)		0.7		0.6	0.8	0.5	---	---	0.9	1.4	---	0.6	---	0.5	0.8	
																
Slowdown in		-0.3		-0.3	-0.1	-0.6	-1.0	-0.5	0.1	-1.0	0.0	-0.4	---	-0.3	-0.3	
China (2015
actual)		0.5		0.5	0.6	0.5	---	0.7	0.4	---	---	0.5	---	0.6	0.5	
																
Slowdown in		-0.3		-0.3	0.0	-0.6	-1.0	-0.5	-0.1	-1.0	0.0	-0.3	---	-0.3	-0.4	
China (2016
planned)		0.5		0.5	0.5	0.5	---	0.7	0.7	---	---	0.5	---	0.6	0.5	

47 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Economic/		0.1	-0.1	0.0	-0.3	0.0	0.0	0.0		-0.1	0.0	0.0	---	
political
changes in Latin
America (2015
actual)		0.3	0.3	0.0	0.6	---	0.0	---		0.3	0.3	0.0	---	
														
Currency		-0.2	-0.2	0.3	0.0	-0.7	0.0	1.0		-0.2	0.0	0.3	-1.0	
valuation (2016
planned)		0.7	0.9	0.8	1.0	0.6	1.0	---		0.8	0.8	1.2	---	
														
New or		0.0	-0.2	-0.1	-0.3	-1.0	0.4	0.0		-0.2	-0.1	0.0	---	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.4	0.6	0.6	0.0	0.9	---		0.8	0.7	0.0	---	
														
New or		-0.1	-0.1	-0.1	-0.3	-1.0	0.2	0.0		-0.3	0.0	-0.3	-1.0	
anticipated
regulatory
requirements
(2016 planned)		0.9	0.7	0.6	0.6	0.0	0.8	---		0.8	0.7	1.0	---	
														
Slowdown in		-0.2	-0.2	-0.2	-0.5	-1.0	-0.5	0.0		-0.5	-0.2	-0.3	---	
China (2015
actual)		0.5	0.6	0.4	0.6	0.0	0.6	---		0.5	0.5	0.6	---	
														
Slowdown in		-0.3	-0.1	-0.3	-0.5	-1.0	-0.3	0.0		-0.4	-0.2	-0.3	0.0	
China (2016
planned)		0.6	0.6	0.5	0.6	0.0	0.5	---		0.5	0.6	0.6	---	

48 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Economic/		0.0	-0.1	0.0	0.3	---	-0.3	0.0		0.1	-0.1	0.0	0.0		0.0	0.0	0.0	
political
changes in Latin
America (2015
actual)		0.0	0.3	0.0	0.5	---	0.5	0.0		0.3	0.3	0.0	0.0		0.3	0.0	0.0	
																		
Currency		-0.3	0.1	0.3	0.3	1.0	-0.3	-0.2		-0.3	0.0	-0.2	0.2		-0.1	0.0	0.5	
valuation (2016
planned)		0.6	0.9	1.0	1.0	---	0.5	1.1		0.8	0.9	1.1	0.6		0.8	1.0	0.7	
																		
New or		-0.1	-0.1	0.0	0.0	0.0	-0.3	0.0		-0.2	-0.1	-0.4	0.2		-0.2	0.3	0.5	
anticipated
regulatory
requirements
(2015 actual)		0.8	0.6	0.0	1.0	---	1.0	1.0		0.7	0.7	0.5	0.6		0.7	0.6	0.7	
																		
New or		-0.1	-0.1	-0.3	0.3	0.0	-0.5	0.0		-0.2	-0.1	-0.6	0.2		-0.2	0.3	0.0	
anticipated
regulatory
requirements
(2016 planned)		0.9	0.7	0.5	1.2	---	0.6	1.0		0.8	0.7	0.5	0.8		0.7	0.6	1.4	
																		
Slowdown in		0.0	-0.3	0.0	0.0	-1.0	-0.6	-0.7		0.0	-0.4	-0.3	-0.3		-0.3	0.0	0.0	
China (2015
actual)		0.5	0.4	0.0	0.8	---	0.5	0.6		0.5	0.5	1.0	0.5		0.6	0.0	0.0	
																		
Slowdown in		-0.2	-0.2	0.0	0.0	-1.0	-0.6	-0.3		-0.1	-0.3	-0.3	-0.4		-0.3	0.0	0.0	
China (2016
planned)		0.6	0.4	0.0	0.8	---	0.5	0.6		0.5	0.5	1.0	0.5		0.6	0.0	0.0	

49 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. How have the following factors affected your capital spending this year? (sorted)

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Currency		0.1		0.5	0.1	0.0	-1.0	1.0	-0.1	0.0	1.0	0.0	---	0.3	-0.3	
valuation		0.8		0.6	0.8	1.1	---	---	0.8	1.4	---	0.8	---	0.6	1.0	
																
Price of fuel		0.1		0.0	0.3	-0.4	0.0	-1.0	0.2	0.5	0.0	0.0	---	-0.7	0.5	
		0.7		0.0	0.8	0.5	---	---	0.8	0.7	---	0.7	---	0.6	0.6	
																
Dividends/share		0.1		-0.3	0.1	0.0	0.0	0.0	0.0	0.5	0.0	0.1	---	0.0	0.0	
repurchases		0.4		0.5	0.3	0.0	---	---	0.0	0.7	---	0.7	---	---	0.0	
																
Interest rates		0.0		0.0	0.3	-0.3	-1.0	0.0	0.1	-0.5	0.0	-0.1	---	0.0	0.2	
		0.6		0.7	0.6	0.5	---	---	0.6	0.7	---	0.6	---	0.8	0.4	
																
Other:		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
																
Economic/		0.0		0.0	0.0	-0.3	0.0	0.0	0.1	---	0.0	-0.1	---	0.0	0.0	
political
changes in Latin
America		0.3		0.0	0.0	0.5	---	---	0.4	---	---	0.3	---	0.0	0.0	
																
New or		-0.1		-0.3	0.2	-0.6	-1.0	0.0	0.1	0.0	0.0	-0.3	---	-0.3	0.3	
anticipated
regulatory
requirements		0.7		0.6	0.8	0.5	---	---	0.8	1.4	---	0.5	---	0.5	0.5	
																
Slowdown in		-0.3		-0.3	-0.1	-0.6	-1.0	-0.5	0.1	-1.0	0.0	-0.4	---	-0.3	-0.3	
China		0.5		0.5	0.6	0.5	---	0.7	0.4	---	---	0.5	---	0.6	0.5	

50 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. How have the following factors affected your capital spending this year? (sorted)

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Currency		-0.1	0.1	0.4	0.0	-0.3	0.0	1.0		-0.1	0.0	0.7	---	
valuation		0.8	0.9	0.8	1.0	1.2	1.0	---		0.9	0.8	0.6	---	
														
Price of fuel		0.1	0.1	0.2	-0.7	-0.3	0.2	---		0.0	0.1	0.0	---	
		0.7	0.7	0.7	0.6	0.6	0.8	---		0.7	0.6	1.2	---	
														
Dividends/share		-0.1	0.3	0.0	0.0	0.0	0.2	0.0		0.1	-0.1	1.0	---	
repurchases		0.3	0.5	0.5	---	0.0	0.4	---		0.3	0.3	0.0	---	
														
Interest rates		0.1	0.0	0.1	-0.3	-0.5	-0.2	1.0		-0.2	0.1	0.3	---	
		0.6	0.8	0.5	0.6	0.7	0.4	---		0.6	0.5	1.0	---	
														
Other:		0.0	---	---	0.0	---	---	---		---	0.0	---	---	
		0.0	---	---	---	---	---	---		---	0.0	---	---	
														
Economic/		0.1	-0.1	0.0	-0.3	0.0	0.0	0.0		-0.1	0.0	0.0	---	
political
changes in Latin
America		0.3	0.3	0.0	0.6	---	0.0	---		0.3	0.3	0.0	---	
														
New or		0.0	-0.2	-0.1	-0.3	-1.0	0.4	0.0		-0.2	-0.1	0.0	---	
anticipated
regulatory
requirements		0.7	0.4	0.6	0.6	0.0	0.9	---		0.8	0.7	0.0	---	
														
Slowdown in		-0.2	-0.2	-0.2	-0.5	-1.0	-0.5	0.0		-0.5	-0.2	-0.3	---	
China		0.5	0.6	0.4	0.6	0.0	0.6	---		0.5	0.5	0.6	---	

51 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. How have the following factors affected your capital spending this year? (sorted)

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Currency		-0.3	0.2	0.8	0.5	1.0	0.0	-0.2		0.3	0.0	-0.2	0.2		0.0	0.0	0.5	
valuation		0.7	0.8	0.4	0.6	---	0.8	1.1		0.6	0.9	1.1	0.8		0.8	1.0	0.7	
																		
Price of fuel		0.2	-0.1	0.0	0.4	1.0	-0.3	0.0		0.2	0.0	-0.2	0.2		0.1	0.0	-1.0	
		0.8	0.7	0.8	0.5	---	0.5	1.0		0.7	0.6	0.8	0.8		0.7	1.0	0.0	
																		
Dividends/share		-0.1	0.1	0.0	0.0	1.0	0.0	0.3		0.0	0.0	0.0	0.3		0.1	0.0	0.0	
repurchases		0.3	0.5	0.0	0.0	---	0.0	0.5		0.5	0.3	0.0	0.5		0.4	---	---	
																		
Interest rates		0.1	0.1	0.4	-0.3	1.0	-0.3	-0.4		0.1	0.0	-0.2	0.2		0.0	0.3	0.5	
		0.7	0.6	0.5	0.5	---	0.5	0.5		0.6	0.6	0.8	0.6		0.6	0.6	0.7	
																		
Other:		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	0.0	---	
		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	---	---	
																		
Economic/		0.0	-0.1	0.0	0.3	---	-0.3	0.0		0.1	-0.1	0.0	0.0		0.0	0.0	0.0	
political
changes in Latin
America		0.0	0.3	0.0	0.5	---	0.5	0.0		0.3	0.3	0.0	0.0		0.3	0.0	0.0	
																		
New or		-0.1	-0.1	0.0	0.0	0.0	-0.3	0.0		-0.2	-0.1	-0.4	0.2		-0.2	0.3	0.5	
anticipated
regulatory
requirements		0.8	0.6	0.0	1.0	---	1.0	1.0		0.7	0.7	0.5	0.6		0.7	0.6	0.7	
																		
Slowdown in		0.0	-0.3	0.0	0.0	-1.0	-0.6	-0.7		0.0	-0.4	-0.3	-0.3		-0.3	0.0	0.0	
China		0.5	0.4	0.0	0.8	---	0.5	0.6		0.5	0.5	1.0	0.5		0.6	0.0	0.0	

52 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. How have the following factors affected your capital spending plans for next year? (sorted)

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Price of fuel		0.2		0.3	0.3	-0.4	0.0	-1.0	0.2	0.5	0.0	0.2	---	-0.5	0.6	
		0.6		0.5	0.6	0.5	---	---	0.7	0.7	---	0.6	---	0.7	0.5	
																
Dividends/share		0.0		-0.3	0.1	-0.2	0.0	0.0	0.0	0.5	0.0	0.1	---	0.0	0.0	
repurchases		0.4		0.5	0.3	0.4	---	---	0.0	0.7	---	0.7	---	---	0.0	
																
Economic/		0.0		0.0	0.0	-0.3	0.0	0.0	0.3	---	0.0	0.0	---	0.0	0.0	
political
changes in Latin
America		0.3		0.0	0.0	0.5	---	---	0.5	---	---	0.5	---	0.0	0.0	
																
Other:		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
		0.0		---	---	---	---	---	0.0	---	---	0.0	---	---	---	
																
Interest rates		0.0		-0.2	0.3	-0.3	-1.0	1.0	0.3	-0.5	0.0	-0.4	---	0.0	0.3	
		0.7		0.8	0.6	0.5	---	---	0.7	0.7	---	0.7	---	1.0	0.5	
																
Currency		-0.1		0.5	-0.2	-0.8	-1.0	1.0	0.1	1.0	1.0	0.0	---	-0.3	-0.4	
valuation		0.8		0.6	0.9	0.4	---	---	0.6	0.0	---	0.8	---	1.0	0.9	
																
New or		-0.1		-0.3	0.2	-0.6	-1.0	0.0	0.3	0.0	0.0	-0.2	---	-0.8	-0.2	
anticipated
regulatory
requirements		0.7		0.6	0.8	0.5	---	---	0.9	1.4	---	0.6	---	0.5	0.8	
																
Slowdown in		-0.3		-0.3	0.0	-0.6	-1.0	-0.5	-0.1	-1.0	0.0	-0.3	---	-0.3	-0.4	
China		0.5		0.5	0.5	0.5	---	0.7	0.7	---	---	0.5	---	0.6	0.5	

53 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. How have the following factors affected your capital spending plans for next year? (sorted)

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Price of fuel		0.2	0.1	0.2	0.0	0.0	0.0	1.0		0.0	0.2	0.3	0.0	
		0.6	0.7	0.7	1.0	0.0	0.7	---		0.6	0.6	1.2	---	
														
Dividends/share		-0.1	0.3	0.0	-0.5	0.0	0.2	0.0		0.0	-0.1	1.0	0.0	
repurchases		0.3	0.5	0.5	0.7	0.0	0.4	---		0.4	0.3	0.0	---	
														
Economic/		0.2	-0.1	0.0	-0.3	0.0	0.0	0.0		-0.1	0.1	0.0	0.0	
political
changes in Latin
America		0.4	0.3	0.0	0.6	---	0.0	---		0.3	0.4	0.0	---	
														
Other:		0.0	0.0	---	0.0	---	---	---		0.0	0.0	---	---	
		0.0	---	---	---	---	---	---		---	0.0	---	---	
														
Interest rates		0.1	0.0	0.0	-0.7	-0.5	0.0	1.0		-0.1	0.0	0.0	0.0	
		0.6	0.8	0.8	0.6	0.7	0.7	---		0.7	0.7	1.2	---	
														
Currency		-0.2	-0.2	0.3	0.0	-0.7	0.0	1.0		-0.2	0.0	0.3	-1.0	
valuation		0.7	0.9	0.8	1.0	0.6	1.0	---		0.8	0.8	1.2	---	
														
New or		-0.1	-0.1	-0.1	-0.3	-1.0	0.2	0.0		-0.3	0.0	-0.3	-1.0	
anticipated
regulatory
requirements		0.9	0.7	0.6	0.6	0.0	0.8	---		0.8	0.7	1.0	---	
														
Slowdown in		-0.3	-0.1	-0.3	-0.5	-1.0	-0.3	0.0		-0.4	-0.2	-0.3	0.0	
China		0.6	0.6	0.5	0.6	0.0	0.5	---		0.5	0.6	0.6	---	

54 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

5. How have the following factors affected your capital spending plans for next year? (sorted)

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Price of fuel		0.2	0.3	0.0	0.2	1.0	-0.3	0.0		0.2	0.1	0.3	0.2		0.2	0.7	-1.0	
		0.7	0.6	0.8	0.4	---	0.5	0.8		0.6	0.6	1.0	0.8		0.6	0.6	0.0	
																		
Dividends/share		-0.1	0.1	0.0	0.0	1.0	-0.3	0.3		0.0	-0.1	0.0	0.3		0.0	0.0	0.0	
repurchases		0.3	0.5	0.0	0.0	---	0.5	0.5		0.4	0.4	0.0	0.5		0.4	---	---	
																		
Economic/		0.1	0.0	0.0	0.3	---	-0.3	0.0		0.1	-0.1	0.0	0.3		0.0	0.0	0.0	
political
changes in Latin
America		0.3	0.4	0.0	0.5	---	0.5	0.0		0.3	0.3	0.0	0.5		0.4	0.0	0.0	
																		
Other:		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	0.0	---	
		0.0	0.0	---	---	---	---	---		0.0	0.0	---	---		0.0	0.0	---	
																		
Interest rates		0.1	0.0	0.2	-0.3	1.0	-0.3	-0.2		0.1	-0.1	0.0	0.2		0.0	-0.3	0.5	
		0.7	0.7	0.8	1.0	---	0.5	0.8		0.7	0.7	1.0	0.6		0.7	0.6	0.7	
																		
Currency		-0.3	0.1	0.3	0.3	1.0	-0.3	-0.2		-0.3	0.0	-0.2	0.2		-0.1	0.0	0.5	
valuation		0.6	0.9	1.0	1.0	---	0.5	1.1		0.8	0.9	1.1	0.6		0.8	1.0	0.7	
																		
New or		-0.1	-0.1	-0.3	0.3	0.0	-0.5	0.0		-0.2	-0.1	-0.6	0.2		-0.2	0.3	0.0	
anticipated
regulatory
requirements		0.9	0.7	0.5	1.2	---	0.6	1.0		0.8	0.7	0.5	0.8		0.7	0.6	1.4	
																		
Slowdown in		-0.2	-0.2	0.0	0.0	-1.0	-0.6	-0.3		-0.1	-0.3	-0.3	-0.4		-0.3	0.0	0.0	
China		0.6	0.4	0.0	0.8	---	0.5	0.6		0.5	0.5	1.0	0.5		0.6	0.0	0.0	

55 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=61		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		61		5	12	6	1	2	10	2	2	10	0	4	7	
		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
+2=Large increase in age		6		0	0	1	0	0	1	0	0	1	0	2	1	
		10.0%		0.0%	0.0%	16.7%	0.0%	0.0%	10.0%	0.0%	0.0%	10.0%	0.0%	50.0%	14.3%	
					k									b		
																
+1=Moderate increase		32		3	5	5	1	2	3	0	0	8	0	1	4	
in age		53.3%		60.0%	45.5%	83.3%	100.0%	100.0%	30.0%	0.0%	0.0%	80.0%	0.0%	25.0%	57.1%	
									i			f				
																
0=No change		10		0	5	0	0	0	3	0	1	0	0	0	1	
		16.7%		0.0%	45.5%	0.0%	0.0%	0.0%	30.0%	0.0%	50.0%	0.0%	0.0%	0.0%	14.3%	
					i						i	bh				
																
-1=Moderate decrease in		8		2	1	0	0	0	2	1	1	1	0	0	0	
age		13.3%		40.0%	9.1%	0.0%	0.0%	0.0%	20.0%	50.0%	50.0%	10.0%	0.0%	0.0%	0.0%	
																
-2=Large decrease in age		4		0	0	0	0	0	1	1	0	0	0	1	1	
		6.7%		0.0%	0.0%	0.0%	0.0%	0.0%	10.0%	50.0%	0.0%	0.0%	0.0%	25.0%	14.3%	
					g					bi		g				
																
Mean		0.5		0.2	0.4	1.2	1.0	1.0	0.1	-1.5	-0.5	0.9	---	0.8	0.6	
SD		1.1		1.1	0.7	0.4	0.0	0.0	1.2	0.7	0.7	0.7	---	1.9	1.3	
					cG	bGH				BCI	Ci	Gh				

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

56 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=61		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	11	12	4	3	5	1		14	40	4	1	
		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		23.7%	67.8%	6.8%	1.7%	
														
+2=Large increase in age		4	1	1	0	0	0	0		2	2	1	0	
		16.0%	10.0%	8.3%	0.0%	0.0%	0.0%	0.0%		14.3%	5.1%	25.0%	0.0%	
														
+1=Moderate increase		10	7	6	3	2	3	1		8	20	2	1	
in age		40.0%	70.0%	50.0%	75.0%	66.7%	60.0%	100.0%		57.1%	51.3%	50.0%	100.0%	
														
0=No change		6	1	2	0	1	0	0		2	8	0	0	
		24.0%	10.0%	16.7%	0.0%	33.3%	0.0%	0.0%		14.3%	20.5%	0.0%	0.0%	
														
-1=Moderate decrease in		4	1	2	0	0	1	0		1	6	1	0	
age		16.0%	10.0%	16.7%	0.0%	0.0%	20.0%	0.0%		7.1%	15.4%	25.0%	0.0%	
														
-2=Large decrease in age		1	0	1	1	0	1	0		1	3	0	0	
		4.0%	0.0%	8.3%	25.0%	0.0%	20.0%	0.0%		7.1%	7.7%	0.0%	0.0%	
														
Mean		0.5	0.8	0.3	0.3	0.7	0.0	1.0		0.6	0.3	0.8	1.0	
SD		1.1	0.8	1.2	1.5	0.6	1.4	0.0		1.1	1.1	1.3	0.0	

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

57 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=61		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		15	18	6	5	1	5	5		20	26	5	10	
		27.3%	32.7%	10.9%	9.1%	1.8%	9.1%	9.1%		32.8%	42.6%	8.2%	16.4%	
														
+2=Large increase in age		2	2	1	1	0	0	0		6	0	0	0	
		13.3%	11.1%	16.7%	25.0%	0.0%	0.0%	0.0%		31.6%	0.0%	0.0%	0.0%	
										B	A			
														
+1=Moderate increase		4	10	4	2	1	4	2		7	17	3	5	
in age		26.7%	55.6%	66.7%	50.0%	100.0%	80.0%	40.0%		36.8%	65.4%	60.0%	50.0%	
		f					a							
														
0=No change		6	2	1	0	0	0	1		4	2	2	2	
		40.0%	11.1%	16.7%	0.0%	0.0%	0.0%	20.0%		21.1%	7.7%	40.0%	20.0%	
														
-1=Moderate decrease in		2	4	0	1	0	0	1		2	5	0	1	
age		13.3%	22.2%	0.0%	25.0%	0.0%	0.0%	20.0%		10.5%	19.2%	0.0%	10.0%	
														
-2=Large decrease in age		1	0	0	0	0	1	1		0	2	0	2	
		6.7%	0.0%	0.0%	0.0%	0.0%	20.0%	20.0%		0.0%	7.7%	0.0%	20.0%	
														
Mean		0.3	0.6	1.0	0.8	1.0	0.4	-0.2		0.9	0.3	0.6	0.0	
SD		1.1	1.0	0.6	1.3	0.0	1.3	1.3		1.0	1.0	0.5	1.2	
										d			a	

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

58 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6. Considering the normal aging of your assets and your rate of investment in new assets, by about how much has the age of your fixed assets changed relative to five years ago?

N=61		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		55	3	2	
		91.7%	5.0%	3.3%	
					
+2=Large increase in age		5	1	0	
		9.3%	33.3%	0.0%	
					
+1=Moderate increase		29	1	1	
in age		53.7%	33.3%	50.0%	
					
0=No change		8	1	1	
		14.8%	33.3%	50.0%	
					
-1=Moderate decrease in		8	0	0	
age		14.8%	0.0%	0.0%	
					
-2=Large decrease in age		4	0	0	
		7.4%	0.0%	0.0%	
					
Mean		0.4	1.0	0.5	
SD		1.1	1.0	0.7	

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

59 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=38		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		38		3	5	6	1	2	4	0	0	9	0	3	5	
		100.0%		7.9%	13.2%	15.8%	2.6%	5.3%	10.5%	0.0%	0.0%	23.7%	0.0%	7.9%	13.2%	
																
No		22		2	3	3	1	2	2	0	0	6	0	0	3	
		61.1%		66.7%	60.0%	60.0%	100.0%	100.0%	50.0%	0.0%	0.0%	66.7%	0.0%	0.0%	75.0%	
																
Yes		14		1	2	2	0	0	2	0	0	3	0	3	1	
		38.9%		33.3%	40.0%	40.0%	0.0%	0.0%	50.0%	0.0%	0.0%	33.3%	0.0%	100.0%	25.0%	

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

60 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=38		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		14	8	7	3	2	3	1		10	22	3	1	
		36.8%	21.1%	18.4%	7.9%	5.3%	7.9%	2.6%		27.8%	61.1%	8.3%	2.8%	
														
No		9	4	4	3	0	2	0		4	15	1	1	
		64.3%	50.0%	66.7%	100.0%	0.0%	66.7%	0.0%		50.0%	68.2%	33.3%	100.0%	
														
Yes		5	4	2	0	1	1	1		4	7	2	0	
		35.7%	50.0%	33.3%	0.0%	100.0%	33.3%	100.0%		50.0%	31.8%	66.7%	0.0%	

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

61 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=38		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		6	12	5	3	1	4	2		13	17	3	5	
		18.2%	36.4%	15.2%	9.1%	3.0%	12.1%	6.1%		34.2%	44.7%	7.9%	13.2%	
														
No		5	4	3	2	1	2	2		8	8	3	3	
		83.3%	36.4%	60.0%	66.7%	100.0%	50.0%	100.0%		61.5%	53.3%	100.0%	60.0%	
														
Yes		1	7	2	1	0	2	0		5	7	0	2	
		16.7%	63.6%	40.0%	33.3%	0.0%	50.0%	0.0%		38.5%	46.7%	0.0%	40.0%	

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

62 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

6b. Is the aging of your fixed assets a drag on your productivity growth?

N=38		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		34	2	1	
		91.9%	5.4%	2.7%	
					
No		21	1	0	
		65.6%	50.0%	0.0%	
					
Yes		11	1	1	
		34.4%	50.0%	100.0%	

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

63 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=61		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		61		5	12	6	1	2	10	2	2	10	0	4	7	
		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
-2=Much less capital
investment will be		
3		
0	
1	
0	
0	
0	
0	
0	
0	
2	
0	
0	
0	
required		5.0%		0.0%	8.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	
																
-1=Moderately less		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
0=No change		21		0	4	3	1	2	5	0	2	1	0	0	3	
		35.0%		0.0%	33.3%	50.0%	100.0%	100.0%	55.6%	0.0%	100.0%	10.0%	0.0%	0.0%	42.9%	
				eh				ai	i		ai	efh				
																
+1=Moderately more		24		4	4	3	0	0	4	0	0	6	0	2	1	
		40.0%		80.0%	33.3%	50.0%	0.0%	0.0%	44.4%	0.0%	0.0%	60.0%	0.0%	50.0%	14.3%	
				l											a	
																
+2=Much more capital
investment will be		
12		
1	
3	
0	
0	
0	
0	
2	
0	
1	
0	
2	
3	
required		20.0%		20.0%	25.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	10.0%	0.0%	50.0%	42.9%	
						g			Gkl	cFi		g		f	f	
																
Mean		0.7		1.2	0.7	0.5	0.0	0.0	0.4	2.0	0.0	0.4	---	1.5	1.0	
SD		1.0		0.4	1.2	0.5	0.0	0.0	0.5	0.0	0.0	1.3	---	0.6	1.0	
				cf		ak			aK					cF		

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

64 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=61		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	11	12	4	3	5	1		14	40	4	1	
		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		23.7%	67.8%	6.8%	1.7%	
														
-2=Much less capital
investment will be		
1	
0	
1	
0	
0	
1	
0		
1	
2	
0	
0	
required		4.2%	0.0%	8.3%	0.0%	0.0%	20.0%	0.0%		7.1%	5.1%	0.0%	0.0%	
														
-1=Moderately less		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
0=No change		9	4	1	2	3	2	0		7	12	1	1	
		37.5%	36.4%	8.3%	50.0%	100.0%	40.0%	0.0%		50.0%	30.8%	25.0%	100.0%	
				E		C								
														
+1=Moderately more		9	5	6	2	0	1	1		4	18	1	0	
		37.5%	45.5%	50.0%	50.0%	0.0%	20.0%	100.0%		28.6%	46.2%	25.0%	0.0%	
														
+2=Much more capital
investment will be		
5	
2	
4	
0	
0	
1	
0		
2	
7	
2	
0	
required		20.8%	18.2%	33.3%	0.0%	0.0%	20.0%	0.0%		14.3%	17.9%	50.0%	0.0%	
														
Mean		0.7	0.8	1.0	0.5	0.0	0.2	1.0		0.4	0.7	1.3	0.0	
SD		1.0	0.8	1.1	0.6	0.0	1.5	0.0		1.0	0.9	1.0	0.0	

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

65 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=61		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		15	18	6	5	1	5	5		20	26	5	10	
		27.3%	32.7%	10.9%	9.1%	1.8%	9.1%	9.1%		32.8%	42.6%	8.2%	16.4%	
														
-2=Much less capital
investment will be		
1	
0	
0	
1	
0	
0	
1		
0	
3	
0	
0	
required		7.1%	0.0%	0.0%	20.0%	0.0%	0.0%	20.0%		0.0%	11.5%	0.0%	0.0%	
														
-1=Moderately less		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
0=No change		7	6	0	0	0	3	3		6	9	4	2	
		50.0%	33.3%	0.0%	0.0%	0.0%	60.0%	60.0%		30.0%	34.6%	80.0%	22.2%	
		c		a										
														
+1=Moderately more		4	7	5	3	1	2	0		11	7	1	5	
		28.6%	38.9%	83.3%	60.0%	100.0%	40.0%	0.0%		55.0%	26.9%	20.0%	55.6%	
		c		ag				c						
														
+2=Much more capital
investment will be		
2	
5	
1	
1	
0	
0	
1		
3	
7	
0	
2	
required		14.3%	27.8%	16.7%	20.0%	0.0%	0.0%	20.0%		15.0%	26.9%	0.0%	22.2%	
														
Mean		0.4	0.9	1.2	0.6	1.0	0.4	0.0		0.9	0.6	0.2	1.0	
SD		1.0	0.8	0.4	1.5	0.0	0.5	1.4		0.7	1.2	0.4	0.7	
				f			c					d	c	

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

66 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?

N=61		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		55	3	2	
		91.7%	5.0%	3.3%	
					
-2=Much less capital
investment will be		
3	
0	
0	
required		5.6%	0.0%	0.0%	
					
-1=Moderately less		0	0	0	
		0.0%	0.0%	0.0%	
					
0=No change		20	1	0	
		37.0%	33.3%	0.0%	
					
+1=Moderately more		19	2	2	
		35.2%	66.7%	100.0%	
					
+2=Much more capital
investment will be		
12	
0	
0	
required		22.2%	0.0%	0.0%	
					
Mean		0.7	0.7	1.0	
SD		1.0	0.6	0.0	

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

67 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=61		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		61		5	12	6	1	2	10	2	2	10	0	4	7	
		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
2=Yes, a lot		4		0	0	2	0	0	1	0	0	1	0	0	0	
		8.0%		0.0%	0.0%	40.0%	0.0%	0.0%	12.5%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
																
1=Yes, a little		17		2	5	1	0	0	3	1	0	2	0	1	2	
		34.0%		50.0%	50.0%	20.0%	0.0%	0.0%	37.5%	50.0%	0.0%	22.2%	0.0%	33.3%	40.0%	
																
0=No		29		2	5	2	1	2	4	1	1	6	0	2	3	
		58.0%		50.0%	50.0%	40.0%	100.0%	100.0%	50.0%	50.0%	100.0%	66.7%	0.0%	66.7%	60.0%	
																
Mean		0.5		0.5	0.5	1.0	0.0	0.0	0.6	0.5	0.0	0.4	---	0.3	0.4	
SD		0.6		0.6	0.5	1.0	0.0	0.0	0.7	0.7	0.0	0.7	---	0.6	0.5	

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

68 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=61		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	11	12	4	3	5	1		14	40	4	1	
		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		23.7%	67.8%	6.8%	1.7%	
														
2=Yes, a lot		1	0	2	1	0	0	0		2	2	0	0	
		5.6%	0.0%	16.7%	25.0%	0.0%	0.0%	0.0%		14.3%	6.5%	0.0%	0.0%	
														
1=Yes, a little		7	2	5	1	1	1	0		5	10	1	1	
		38.9%	28.6%	41.7%	25.0%	33.3%	20.0%	0.0%		35.7%	32.3%	50.0%	100.0%	
														
0=No		10	5	5	2	2	4	1		7	19	1	0	
		55.6%	71.4%	41.7%	50.0%	66.7%	80.0%	100.0%		50.0%	61.3%	50.0%	0.0%	
														
Mean		0.5	0.3	0.8	0.8	0.3	0.2	0.0		0.6	0.5	0.5	1.0	
SD		0.6	0.5	0.8	1.0	0.6	0.4	0.0		0.7	0.6	0.7	0.0	

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

69 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=61		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		15	18	6	5	1	5	5		20	26	5	10	
		27.3%	32.7%	10.9%	9.1%	1.8%	9.1%	9.1%		32.8%	42.6%	8.2%	16.4%	
														
2=Yes, a lot		0	0	1	2	0	1	0		2	2	0	0	
		0.0%	0.0%	20.0%	50.0%	0.0%	20.0%	0.0%		16.7%	8.7%	0.0%	0.0%	
		d	d		ab									
														
1=Yes, a little		4	6	4	0	0	0	2		7	5	1	4	
		40.0%	42.9%	80.0%	0.0%	0.0%	0.0%	40.0%		58.3%	21.7%	20.0%	40.0%	
				df	c		c			b	a			
														
0=No		6	8	0	2	1	4	3		3	16	4	6	
		60.0%	57.1%	0.0%	50.0%	100.0%	80.0%	60.0%		25.0%	69.6%	80.0%	60.0%	
		c	c	abf			c			b	a			
														
Mean		0.4	0.4	1.2	1.0	0.0	0.4	0.4		0.9	0.4	0.2	0.4	
SD		0.5	0.5	0.4	1.2	0.0	0.9	0.5		0.7	0.7	0.4	0.5	
		c	C	aBg				c		bc	a	a		

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

70 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?

N=61		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		55	3	2	
		91.7%	5.0%	3.3%	
					
2=Yes, a lot		4	0	0	
		9.1%	0.0%	0.0%	
					
1=Yes, a little		14	1	2	
		31.8%	33.3%	100.0%	
					
0=No		26	2	0	
		59.1%	66.7%	0.0%	
					
Mean		0.5	0.3	1.0	
SD		0.7	0.6	0.0	

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

71 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%) 

N=61		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Percentage		-4.8		-4.0	-1.3	-4.8	10.0	-7.5	-9.4	-15.0	-12.5	-4.8	---	3.0	-5.9	
change		10.8		7.2	12.7	10.1	---	10.6	10.1	7.1	3.5	12.2	---	8.9	10.9	

72 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%) 

N=61		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Percentage		-7.2	-4.2	-3.3	5.7	5.0	-9.2	-10.0		-4.3	-5.7	2.3	-20.0	
change		10.6	10.0	8.5	5.1	22.9	9.5	---		13.7	9.6	8.6	---	

73 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

9. By how much do you expect the value of your currency relative to the USD to change over the next 12 months? (e.g., -15%, +10%) 

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
																		
Percentage		-2.8	-7.1	-5.3	-13.4	-5.0	2.2	-2.0		-5.3	-5.1	4.6	-7.5		-4.6	-2.5	-8.5	
change		11.8	8.7	7.6	7.1	---	6.3	20.2		9.7	9.7	17.9	10.6		11.0	17.7	2.1	

74 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10a. Is your firm's rate of productivity growth changing?

N=61		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		61		5	12	6	1	2	10	2	2	10	0	4	7	
		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
-2=Slowing a lot		3		0	0	1	0	1	0	1	0	0	0	0	0	
		4.9%		0.0%	0.0%	16.7%	0.0%	50.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					eg			bfi	eg	bfi		eg				
																
-1=Slowing moderately		17		3	5	2	0	0	2	0	0	2	0	2	1	
		27.9%		60.0%	41.7%	33.3%	0.0%	0.0%	20.0%	0.0%	0.0%	20.0%	0.0%	50.0%	14.3%	
																
0=No change		14		1	3	1	0	0	3	0	0	2	0	1	3	
		23.0%		20.0%	25.0%	16.7%	0.0%	0.0%	30.0%	0.0%	0.0%	20.0%	0.0%	25.0%	42.9%	
																
+1=Accelerating		27		1	4	2	1	1	5	1	2	6	0	1	3	
moderately		44.3%		20.0%	33.3%	33.3%	100.0%	50.0%	50.0%	50.0%	100.0%	60.0%	0.0%	25.0%	42.9%	
																
+2=Accelerating a lot		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.1		-0.4	-0.1	-0.3	1.0	-0.5	0.3	-0.5	1.0	0.4	---	-0.3	0.3	
SD		1.0		0.9	0.9	1.2	0.0	2.1	0.8	2.1	0.0	0.8	---	1.0	0.8	

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

75 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10a. Is your firm's rate of productivity growth changing?

N=61		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	11	12	4	3	5	1		14	40	4	1	
		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		23.7%	67.8%	6.8%	1.7%	
														
-2=Slowing a lot		1	0	1	1	0	0	0		0	3	0	0	
		4.0%	0.0%	8.3%	25.0%	0.0%	0.0%	0.0%		0.0%	7.5%	0.0%	0.0%	
														
-1=Slowing moderately		7	2	4	0	2	2	0		5	9	2	0	
		28.0%	18.2%	33.3%	0.0%	66.7%	40.0%	0.0%		35.7%	22.5%	50.0%	0.0%	
														
0=No change		7	3	2	1	0	1	0		3	9	1	0	
		28.0%	27.3%	16.7%	25.0%	0.0%	20.0%	0.0%		21.4%	22.5%	25.0%	0.0%	
														
+1=Accelerating		10	6	5	2	1	2	1		6	19	1	1	
moderately		40.0%	54.5%	41.7%	50.0%	33.3%	40.0%	100.0%		42.9%	47.5%	25.0%	100.0%	
														
+2=Accelerating a lot		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0	0.4	-0.1	0.0	-0.3	0.0	1.0		0.1	0.1	-0.3	1.0	
SD		0.9	0.8	1.1	1.4	1.2	1.0	0.0		0.9	1.0	1.0	0.0	

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

76 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10a. Is your firm's rate of productivity growth changing?

N=61		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		15	18	6	5	1	5	5		20	26	5	10	
		27.3%	32.7%	10.9%	9.1%	1.8%	9.1%	9.1%		32.8%	42.6%	8.2%	16.4%	
														
-2=Slowing a lot		0	1	0	0	0	1	0		0	3	0	0	
		0.0%	5.6%	0.0%	0.0%	0.0%	20.0%	0.0%		0.0%	11.5%	0.0%	0.0%	
														
-1=Slowing moderately		5	4	1	3	0	2	1		6	9	1	1	
		33.3%	22.2%	16.7%	60.0%	0.0%	40.0%	20.0%		30.0%	34.6%	20.0%	10.0%	
														
0=No change		6	2	2	0	1	1	1		4	5	1	4	
		40.0%	11.1%	33.3%	0.0%	100.0%	20.0%	20.0%		20.0%	19.2%	20.0%	40.0%	
			e			b								
														
+1=Accelerating		4	11	3	2	0	1	3		10	9	3	5	
moderately		26.7%	61.1%	50.0%	40.0%	0.0%	20.0%	60.0%		50.0%	34.6%	60.0%	50.0%	
														
+2=Accelerating a lot		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		-0.1	0.3	0.3	-0.2	0.0	-0.6	0.4		0.2	-0.2	0.4	0.4	
SD		0.8	1.0	0.8	1.1	0.0	1.1	0.9		0.9	1.1	0.9	0.7	

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

77 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10a. Is your firm's rate of productivity growth changing?

N=61		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		55	3	2	
		91.7%	5.0%	3.3%	
					
-2=Slowing a lot		3	0	0	
		5.5%	0.0%	0.0%	
					
-1=Slowing moderately		17	0	0	
		30.9%	0.0%	0.0%	
					
0=No change		12	0	2	
		21.8%	0.0%	100.0%	
		c		a	
					
+1=Accelerating		23	3	0	
moderately		41.8%	100.0%	0.0%	
					
+2=Accelerating a lot		0	0	0	
		0.0%	0.0%	0.0%	
					
Mean		0.0	1.0	0.0	
SD		1.0	0.0	0.0	

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

78 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		8		0	2	1	0	0	2	1	0	1	0	1	0	
		17.8%		0.0%	20.0%	25.0%	0.0%	0.0%	33.3%	50.0%	0.0%	12.5%	0.0%	33.3%	0.0%	
																
2=Positive		28		2	8	1	1	1	3	1	1	5	0	1	4	
		62.2%		50.0%	80.0%	25.0%	100.0%	100.0%	50.0%	50.0%	50.0%	62.5%	0.0%	33.3%	100.0%	
																
3=No impact		9		2	0	2	0	0	1	0	1	2	0	1	0	
		20.0%		50.0%	0.0%	50.0%	0.0%	0.0%	16.7%	0.0%	50.0%	25.0%	0.0%	33.3%	0.0%	
				b	ach	b					b					
																
4=Negative		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
5=Very negative		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		2.0		2.5	1.8	2.3	2.0	2.0	1.8	1.5	2.5	2.1	---	2.0	2.0	
SD		0.6		0.6	0.4	1.0	0.0	0.0	0.8	0.7	0.7	0.6	---	1.0	0.0	
				b	a											

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

79 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		3	2	1	0	0	2	0		3	4	0	0	
		17.6%	25.0%	11.1%	0.0%	0.0%	40.0%	0.0%		27.3%	13.8%	0.0%	0.0%	
														
2=Positive		9	6	7	2	1	3	0		6	19	2	1	
		52.9%	75.0%	77.8%	100.0%	33.3%	60.0%	0.0%		54.5%	65.5%	66.7%	100.0%	
														
3=No impact		5	0	1	0	2	0	1		2	6	1	0	
		29.4%	0.0%	11.1%	0.0%	66.7%	0.0%	100.0%		18.2%	20.7%	33.3%	0.0%	
			eg			b		b						
														
4=Negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
5=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		2.1	1.8	2.0	2.0	2.7	1.6	3.0		1.9	2.1	2.3	2.0	
SD		0.7	0.5	0.5	0.0	0.6	0.5	0.0		0.7	0.6	0.6	0.0	
			e			bf	e							

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

80 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		2	1	2	1	0	0	2		4	2	0	2	
		22.2%	6.3%	66.7%	25.0%	0.0%	0.0%	40.0%		28.6%	9.5%	0.0%	33.3%	
			c	b										
														
2=Positive		4	12	1	2	0	2	3		8	14	4	2	
		44.4%	75.0%	33.3%	50.0%	0.0%	66.7%	60.0%		57.1%	66.7%	100.0%	33.3%	
														
3=No impact		3	3	0	1	0	1	0		2	5	0	2	
		33.3%	18.8%	0.0%	25.0%	0.0%	33.3%	0.0%		14.3%	23.8%	0.0%	33.3%	
														
4=Negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
5=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		2.1	2.1	1.3	2.0	---	2.3	1.6		1.9	2.1	2.0	2.0	
SD		0.8	0.5	0.6	0.8	---	0.6	0.5		0.7	0.6	0.0	0.9	
			c	b										

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

81 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		8	0	0	
		19.5%	0.0%	0.0%	
					
2=Positive		26	2	0	
		63.4%	66.7%	0.0%	
					
3=No impact		7	1	0	
		17.1%	33.3%	0.0%	
					
4=Negative		0	0	0	
		0.0%	0.0%	0.0%	
					
5=Very negative		0	0	0	
		0.0%	0.0%	0.0%	
					
Mean		2.0	2.3	---	
SD		0.6	0.6	---	

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

82 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		6		0	1	0	0	0	2	1	0	1	0	0	1	
		13.0%		0.0%	10.0%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%	12.5%	0.0%	0.0%	25.0%	
																
2=Positive		28		2	7	3	1	1	4	1	1	5	0	1	2	
		60.9%		50.0%	70.0%	60.0%	100.0%	100.0%	66.7%	50.0%	50.0%	62.5%	0.0%	33.3%	50.0%	
																
3=No impact		10		2	1	2	0	0	0	0	1	2	0	2	0	
		21.7%		50.0%	10.0%	40.0%	0.0%	0.0%	0.0%	0.0%	50.0%	25.0%	0.0%	66.7%	0.0%	
																
4=Negative		2		0	1	0	0	0	0	0	0	0	0	0	1	
		4.3%		0.0%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
																
5=Very negative		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		2.2		2.5	2.2	2.4	2.0	2.0	1.7	1.5	2.5	2.1	---	2.7	2.3	
SD		0.7		0.6	0.8	0.5	0.0	0.0	0.5	0.7	0.7	0.6	---	0.6	1.3	
				f		f			ack					f		

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

83 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		3	1	1	0	0	1	0		1	5	0	0	
		17.6%	12.5%	10.0%	0.0%	0.0%	20.0%	0.0%		8.3%	17.2%	0.0%	0.0%	
														
2=Positive		7	5	7	2	3	3	1		9	17	2	0	
		41.2%	62.5%	70.0%	100.0%	100.0%	60.0%	100.0%		75.0%	58.6%	66.7%	0.0%	
														
3=No impact		6	2	2	0	0	0	0		1	7	1	0	
		35.3%	25.0%	20.0%	0.0%	0.0%	0.0%	0.0%		8.3%	24.1%	33.3%	0.0%	
														
4=Negative		1	0	0	0	0	1	0		1	0	0	1	
		5.9%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		8.3%	0.0%	0.0%	100.0%	
										d	D		aB	
														
5=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		2.3	2.1	2.1	2.0	2.0	2.2	2.0		2.2	2.1	2.3	4.0	
SD		0.8	0.6	0.6	0.0	0.0	1.1	0.0		0.7	0.7	0.6	0.0	

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

84 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		1	2	0	1	0	0	1		1	4	0	1	
		11.1%	12.5%	0.0%	25.0%	0.0%	0.0%	20.0%		6.7%	19.0%	0.0%	16.7%	
														
2=Positive		4	10	3	2	0	3	3		8	11	4	5	
		44.4%	62.5%	75.0%	50.0%	0.0%	100.0%	60.0%		53.3%	52.4%	100.0%	83.3%	
														
3=No impact		3	4	1	1	0	0	0		5	5	0	0	
		33.3%	25.0%	25.0%	25.0%	0.0%	0.0%	0.0%		33.3%	23.8%	0.0%	0.0%	
														
4=Negative		1	0	0	0	0	0	1		1	1	0	0	
		11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		6.7%	4.8%	0.0%	0.0%	
														
5=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		2.4	2.1	2.3	2.0	---	2.0	2.2		2.4	2.1	2.0	1.8	
SD		0.9	0.6	0.5	0.8	---	0.0	1.1		0.7	0.8	0.0	0.4	

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

85 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Process change" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		6	0	0	
		14.3%	0.0%	0.0%	
					
2=Positive		25	2	0	
		59.5%	66.7%	0.0%	
					
3=No impact		9	1	0	
		21.4%	33.3%	0.0%	
					
4=Negative		2	0	0	
		4.8%	0.0%	0.0%	
					
5=Very negative		0	0	0	
		0.0%	0.0%	0.0%	
					
Mean		2.2	2.3	---	
SD		0.7	0.6	---	

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

86 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		6		0	1	0	0	1	2	1	0	1	0	0	0	
		13.0%		0.0%	10.0%	0.0%	0.0%	100.0%	33.3%	50.0%	0.0%	12.5%	0.0%	0.0%	0.0%	
																
2=Positive		23		2	5	4	0	0	4	1	1	3	0	1	2	
		50.0%		50.0%	50.0%	80.0%	0.0%	0.0%	66.7%	50.0%	50.0%	37.5%	0.0%	33.3%	50.0%	
																
3=No impact		14		2	3	1	1	0	0	0	0	4	0	1	2	
		30.4%		50.0%	30.0%	20.0%	100.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	33.3%	50.0%	
							f		d							
																
4=Negative		3		0	1	0	0	0	0	0	1	0	0	1	0	
		6.5%		0.0%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	33.3%	0.0%	
																
5=Very negative		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		2.3		2.5	2.4	2.2	3.0	1.0	1.7	1.5	3.0	2.4	---	3.0	2.5	
SD		0.8		0.6	0.8	0.4	0.0	0.0	0.5	0.7	1.4	0.7	---	1.0	0.6	
				f					akl					f	f	

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

87 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		3	1	0	0	0	2	0		2	4	0	0	
		17.6%	12.5%	0.0%	0.0%	0.0%	40.0%	0.0%		16.7%	13.8%	0.0%	0.0%	
														
2=Positive		6	1	9	2	3	2	0		7	16	0	0	
		35.3%	12.5%	90.0%	100.0%	100.0%	40.0%	0.0%		58.3%	55.2%	0.0%	0.0%	
		c	Cde	aB	b	b								
														
3=No impact		6	6	1	0	0	0	1		2	8	3	1	
		35.3%	75.0%	10.0%	0.0%	0.0%	0.0%	100.0%		16.7%	27.6%	100.0%	100.0%	
			cf	b			b			c	c	ab		
														
4=Negative		2	0	0	0	0	1	0		1	1	0	0	
		11.8%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		8.3%	3.4%	0.0%	0.0%	
														
5=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		2.4	2.6	2.1	2.0	2.0	2.0	3.0		2.2	2.2	3.0	3.0	
SD		0.9	0.7	0.3	0.0	0.0	1.2	0.0		0.8	0.7	0.0	0.0	

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

88 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		1	2	0	1	0	0	2		1	3	1	1	
		11.1%	12.5%	0.0%	25.0%	0.0%	0.0%	40.0%		6.7%	14.3%	25.0%	16.7%	
														
2=Positive		4	5	3	2	0	3	2		6	11	2	4	
		44.4%	31.3%	75.0%	50.0%	0.0%	100.0%	40.0%		40.0%	52.4%	50.0%	66.7%	
			f				b							
														
3=No impact		3	8	1	1	0	0	0		6	6	1	1	
		33.3%	50.0%	25.0%	25.0%	0.0%	0.0%	0.0%		40.0%	28.6%	25.0%	16.7%	
														
4=Negative		1	1	0	0	0	0	1		2	1	0	0	
		11.1%	6.3%	0.0%	0.0%	0.0%	0.0%	20.0%		13.3%	4.8%	0.0%	0.0%	
														
5=Very negative		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		2.4	2.5	2.3	2.0	---	2.0	2.0		2.6	2.2	2.0	2.0	
SD		0.9	0.8	0.5	0.8	---	0.0	1.2		0.8	0.8	0.8	0.6	

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

89 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "New business model" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		6	0	0	
		14.3%	0.0%	0.0%	
					
2=Positive		21	2	0	
		50.0%	66.7%	0.0%	
					
3=No impact		12	1	0	
		28.6%	33.3%	0.0%	
					
4=Negative		3	0	0	
		7.1%	0.0%	0.0%	
					
5=Very negative		0	0	0	
		0.0%	0.0%	0.0%	
					
Mean		2.3	2.3	---	
SD		0.8	0.6	---	

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

90 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
2=Positive		8		0	1	1	0	1	0	2	0	3	0	0	0	
		16.7%		0.0%	10.0%	20.0%	0.0%	50.0%	0.0%	100.0%	0.0%	37.5%	0.0%	0.0%	0.0%	
					g				g	bf						
																
3=No impact		23		2	5	3	1	0	5	0	1	2	0	1	3	
		47.9%		50.0%	50.0%	60.0%	100.0%	0.0%	71.4%	0.0%	50.0%	25.0%	0.0%	33.3%	75.0%	
																
4=Negative		16		2	4	1	0	1	2	0	1	2	0	2	1	
		33.3%		50.0%	40.0%	20.0%	0.0%	50.0%	28.6%	0.0%	50.0%	25.0%	0.0%	66.7%	25.0%	
																
5=Very negative		1		0	0	0	0	0	0	0	0	1	0	0	0	
		2.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	
																
Mean		3.2		3.5	3.3	3.0	3.0	3.0	3.3	2.0	3.5	3.1	---	3.7	3.3	
SD		0.7		0.6	0.7	0.7	0.0	1.4	0.5	0.0	0.7	1.1	---	0.6	0.5	

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

91 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		2	1	0	1	1	3	0		4	3	1	0	
		11.1%	12.5%	0.0%	33.3%	33.3%	60.0%	0.0%		33.3%	9.7%	33.3%	0.0%	
		f		f			ac							
														
3=No impact		10	4	8	0	0	1	0		4	16	2	1	
		55.6%	50.0%	80.0%	0.0%	0.0%	20.0%	0.0%		33.3%	51.6%	66.7%	100.0%	
				def	c	c	c							
														
4=Negative		5	3	2	2	2	1	1		4	11	0	0	
		27.8%	37.5%	20.0%	66.7%	66.7%	20.0%	100.0%		33.3%	35.5%	0.0%	0.0%	
														
5=Very negative		1	0	0	0	0	0	0		0	1	0	0	
		5.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	3.2%	0.0%	0.0%	
														
Mean		3.3	3.3	3.2	3.3	3.3	2.6	4.0		3.0	3.3	2.7	3.0	
SD		0.8	0.7	0.4	1.2	1.2	0.9	0.0		0.9	0.7	0.6	0.0	

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

92 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		0	4	0	0	0	1	3		0	4	1	3	
		0.0%	25.0%	0.0%	0.0%	0.0%	25.0%	60.0%		0.0%	18.2%	25.0%	50.0%	
		g						a		D			A	
														
3=No impact		6	6	3	4	0	0	1		12	8	1	2	
		66.7%	37.5%	75.0%	80.0%	0.0%	0.0%	20.0%		75.0%	36.4%	25.0%	33.3%	
		f			f		ad			b	a			
														
4=Negative		2	6	1	1	0	3	1		4	9	2	1	
		22.2%	37.5%	25.0%	20.0%	0.0%	75.0%	20.0%		25.0%	40.9%	50.0%	16.7%	
														
5=Very negative		1	0	0	0	0	0	0		0	1	0	0	
		11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	4.5%	0.0%	0.0%	
														
Mean		3.4	3.1	3.3	3.2	---	3.5	2.6		3.3	3.3	3.3	2.7	
SD		0.7	0.8	0.5	0.4	---	1.0	0.9		0.4	0.8	1.0	0.8	
										d			a	

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

93 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		0	0	0	
		0.0%	0.0%	0.0%	
					
2=Positive		7	1	0	
		15.9%	33.3%	0.0%	
					
3=No impact		22	1	0	
		50.0%	33.3%	0.0%	
					
4=Negative		14	1	0	
		31.8%	33.3%	0.0%	
					
5=Very negative		1	0	0	
		2.3%	0.0%	0.0%	
					
Mean		3.2	3.0	---	
SD		0.7	1.0	---	

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

94 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
2=Positive		2		0	0	0	0	0	0	1	0	1	0	0	0	
		4.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	12.5%	0.0%	0.0%	0.0%	
					g					b						
																
3=No impact		11		0	1	1	0	1	2	0	1	2	0	1	2	
		22.9%		0.0%	10.0%	20.0%	0.0%	50.0%	28.6%	0.0%	50.0%	25.0%	0.0%	33.3%	50.0%	
																
4=Negative		27		4	9	4	1	0	4	0	0	3	0	0	2	
		56.3%		100.0%	90.0%	80.0%	100.0%	0.0%	57.1%	0.0%	0.0%	37.5%	0.0%	0.0%	50.0%	
				k	eghik			b		b	b	b		ab		
																
5=Very negative		8		0	0	0	0	1	1	1	1	2	0	2	0	
		16.7%		0.0%	0.0%	0.0%	0.0%	50.0%	14.3%	50.0%	50.0%	25.0%	0.0%	66.7%	0.0%	
					eghk			b		b	b			b		
																
Mean		3.9		4.0	3.9	3.8	4.0	4.0	3.9	3.5	4.0	3.8	---	4.3	3.5	
SD		0.7		0.0	0.3	0.4	0.0	1.4	0.7	2.1	1.4	1.0	---	1.2	0.6	

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

95 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		0	0	0	1	0	1	0		1	1	0	0	
		0.0%	0.0%	0.0%	33.3%	0.0%	20.0%	0.0%		8.3%	3.2%	0.0%	0.0%	
		d			a									
														
3=No impact		7	1	1	0	0	2	0		2	7	1	1	
		38.9%	12.5%	10.0%	0.0%	0.0%	40.0%	0.0%		16.7%	22.6%	33.3%	100.0%	
														
4=Negative		6	6	9	0	3	2	1		9	16	2	0	
		33.3%	75.0%	90.0%	0.0%	100.0%	40.0%	100.0%		75.0%	51.6%	66.7%	0.0%	
		Ce		Ad	c	a								
														
5=Very negative		5	1	0	2	0	0	0		0	7	0	0	
		27.8%	12.5%	0.0%	66.7%	0.0%	0.0%	0.0%		0.0%	22.6%	0.0%	0.0%	
				d	c									
														
Mean		3.9	4.0	3.9	4.0	4.0	3.2	4.0		3.7	3.9	3.7	3.0	
SD		0.8	0.5	0.3	1.7	0.0	0.8	0.0		0.7	0.8	0.6	0.0	
				f			c							

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

96 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		0	1	0	0	0	0	1		0	1	0	1	
		0.0%	6.3%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	4.5%	0.0%	16.7%	
														
3=No impact		3	4	1	0	0	0	2		5	3	1	2	
		33.3%	25.0%	25.0%	0.0%	0.0%	0.0%	40.0%		31.3%	13.6%	25.0%	33.3%	
														
4=Negative		4	8	3	4	0	2	2		8	14	3	2	
		44.4%	50.0%	75.0%	80.0%	0.0%	50.0%	40.0%		50.0%	63.6%	75.0%	33.3%	
														
5=Very negative		2	3	0	1	0	2	0		3	4	0	1	
		22.2%	18.8%	0.0%	20.0%	0.0%	50.0%	0.0%		18.8%	18.2%	0.0%	16.7%	
														
Mean		3.9	3.8	3.8	4.2	---	4.5	3.2		3.9	4.0	3.8	3.5	
SD		0.8	0.8	0.5	0.4	---	0.6	0.8		0.7	0.7	0.5	1.0	
					g		g	df						

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

97 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Economic conditions" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		0	0	0	
		0.0%	0.0%	0.0%	
					
2=Positive		1	1	0	
		2.3%	33.3%	0.0%	
		b	a		
					
3=No impact		11	0	0	
		25.0%	0.0%	0.0%	
					
4=Negative		24	2	0	
		54.5%	66.7%	0.0%	
					
5=Very negative		8	0	0	
		18.2%	0.0%	0.0%	
					
Mean		3.9	3.3	---	
SD		0.7	1.2	---	

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

98 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		1		0	0	0	0	1	0	0	0	0	0	0	0	
		2.2%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					E			Bfi	e			e				
																
2=Positive		3		0	0	0	0	0	0	1	0	1	0	1	0	
		6.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	12.5%	0.0%	33.3%	0.0%	
					g					b						
																
3=No impact		18		0	6	2	1	0	2	0	1	3	0	0	3	
		39.1%		0.0%	60.0%	40.0%	100.0%	0.0%	33.3%	0.0%	50.0%	37.5%	0.0%	0.0%	75.0%	
																
4=Negative		19		3	3	2	0	0	4	1	0	3	0	2	1	
		41.3%		75.0%	30.0%	40.0%	0.0%	0.0%	66.7%	50.0%	0.0%	37.5%	0.0%	66.7%	25.0%	
																
5=Very negative		5		1	1	1	0	0	0	0	1	1	0	0	0	
		10.9%		25.0%	10.0%	20.0%	0.0%	0.0%	0.0%	0.0%	50.0%	12.5%	0.0%	0.0%	0.0%	
																
Mean		3.5		4.3	3.5	3.8	3.0	1.0	3.7	3.0	4.0	3.5	---	3.3	3.3	
SD		0.9		0.5	0.7	0.8	0.0	0.0	0.5	1.4	1.4	0.9	---	1.2	0.5	
				l											a	

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

99 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		0	0	0	0	0	1	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		8.3%	0.0%	0.0%	0.0%	
														
2=Positive		1	0	0	1	0	1	0		1	2	0	0	
		5.9%	0.0%	0.0%	50.0%	0.0%	20.0%	0.0%		8.3%	6.9%	0.0%	0.0%	
				d	c									
														
3=No impact		5	6	4	0	1	2	0		3	12	2	1	
		29.4%	75.0%	40.0%	0.0%	33.3%	40.0%	0.0%		25.0%	41.4%	66.7%	100.0%	
		b	a											
														
4=Negative		9	1	5	1	1	1	1		6	11	1	0	
		52.9%	12.5%	50.0%	50.0%	33.3%	20.0%	100.0%		50.0%	37.9%	33.3%	0.0%	
														
5=Very negative		2	1	1	0	1	0	0		1	4	0	0	
		11.8%	12.5%	10.0%	0.0%	33.3%	0.0%	0.0%		8.3%	13.8%	0.0%	0.0%	
														
Mean		3.7	3.4	3.7	3.0	4.0	2.6	4.0		3.4	3.6	3.3	3.0	
SD		0.8	0.7	0.7	1.4	1.0	1.1	0.0		1.1	0.8	0.6	0.0	
		f		f			ac							

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

100 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		0	0	0	0	0	0	1		0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	0.0%	25.0%	0.0%	
											c	b		
														
2=Positive		0	1	0	0	0	1	1		0	0	0	3	
		0.0%	6.3%	0.0%	0.0%	0.0%	33.3%	20.0%		0.0%	0.0%	0.0%	50.0%	
										D	D		AB	
														
3=No impact		4	5	1	2	0	2	1		7	8	2	1	
		44.4%	31.3%	25.0%	50.0%	0.0%	66.7%	20.0%		46.7%	38.1%	50.0%	16.7%	
														
4=Negative		4	8	3	2	0	0	1		7	10	0	2	
		44.4%	50.0%	75.0%	50.0%	0.0%	0.0%	20.0%		46.7%	47.6%	0.0%	33.3%	
														
5=Very negative		1	2	0	0	0	0	1		1	3	1	0	
		11.1%	12.5%	0.0%	0.0%	0.0%	0.0%	20.0%		6.7%	14.3%	25.0%	0.0%	
														
Mean		3.7	3.7	3.8	3.5	---	2.7	3.0		3.6	3.8	3.0	2.8	
SD		0.7	0.8	0.5	0.6	---	0.6	1.6		0.6	0.7	1.6	1.0	
				f			c			d	d		ab	

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

101 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Currency valuation" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		1	0	0	
		2.4%	0.0%	0.0%	
					
2=Positive		3	0	0	
		7.1%	0.0%	0.0%	
					
3=No impact		18	0	0	
		42.9%	0.0%	0.0%	
					
4=Negative		15	3	0	
		35.7%	100.0%	0.0%	
		b	a		
					
5=Very negative		5	0	0	
		11.9%	0.0%	0.0%	
					
Mean		3.5	4.0	---	
SD		0.9	0.0	---	

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

102 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		1		0	0	0	0	0	0	1	0	0	0	0	0	
		2.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					g					b						
																
2=Positive		3		0	1	0	0	0	1	0	1	0	0	0	0	
		6.7%		0.0%	10.0%	0.0%	0.0%	0.0%	14.3%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	
																
3=No impact		13		3	2	2	0	1	2	0	0	2	0	0	1	
		28.9%		75.0%	20.0%	40.0%	0.0%	100.0%	28.6%	0.0%	0.0%	33.3%	0.0%	0.0%	25.0%	
																
4=Negative		23		1	5	3	1	0	4	0	1	3	0	2	3	
		51.1%		25.0%	50.0%	60.0%	100.0%	0.0%	57.1%	0.0%	50.0%	50.0%	0.0%	66.7%	75.0%	
																
5=Very negative		5		0	2	0	0	0	0	1	0	1	0	1	0	
		11.1%		0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	16.7%	0.0%	33.3%	0.0%	
																
Mean		3.6		3.3	3.8	3.6	4.0	3.0	3.4	3.0	3.0	3.8	---	4.3	3.8	
SD		0.9		0.5	0.9	0.5	0.0	0.0	0.8	2.8	1.4	0.8	---	0.6	0.5	
				k										a		

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

103 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		0	0	0	0	0	1	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		8.3%	0.0%	0.0%	0.0%	
														
2=Positive		2	0	0	0	0	1	0		1	2	0	0	
		11.8%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		8.3%	7.1%	0.0%	0.0%	
														
3=No impact		3	3	5	0	0	1	1		3	8	2	0	
		17.6%	37.5%	50.0%	0.0%	0.0%	20.0%	100.0%		25.0%	28.6%	66.7%	0.0%	
														
4=Negative		10	4	5	1	2	1	0		5	16	1	1	
		58.8%	50.0%	50.0%	100.0%	66.7%	20.0%	0.0%		41.7%	57.1%	33.3%	100.0%	
														
5=Very negative		2	1	0	0	1	1	0		2	2	0	0	
		11.8%	12.5%	0.0%	0.0%	33.3%	20.0%	0.0%		16.7%	7.1%	0.0%	0.0%	
														
Mean		3.7	3.8	3.5	4.0	4.3	3.0	3.0		3.5	3.6	3.3	4.0	
SD		0.8	0.7	0.5	0.0	0.6	1.6	0.0		1.2	0.7	0.6	0.0	
				e		c								

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

104 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	0.0%	0.0%	20.0%	
														
2=Positive		1	1	0	0	0	0	1		0	2	0	1	
		11.1%	7.1%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	10.0%	0.0%	20.0%	
														
3=No impact		2	4	4	1	0	0	1		7	4	1	1	
		22.2%	28.6%	100.0%	20.0%	0.0%	0.0%	20.0%		43.8%	20.0%	25.0%	20.0%	
		c	c	abdfg	c		c	c						
														
4=Negative		5	7	0	4	0	2	1		8	11	2	2	
		55.6%	50.0%	0.0%	80.0%	0.0%	66.7%	20.0%		50.0%	55.0%	50.0%	40.0%	
				d	c									
														
5=Very negative		1	2	0	0	0	1	1		1	3	1	0	
		11.1%	14.3%	0.0%	0.0%	0.0%	33.3%	20.0%		6.3%	15.0%	25.0%	0.0%	
														
Mean		3.7	3.7	3.0	3.8	---	4.3	3.0		3.6	3.8	4.0	2.8	
SD		0.9	0.8	0.0	0.4	---	0.6	1.6		0.6	0.9	0.8	1.3	

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

105 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Regulation" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		1	0	0	
		2.4%	0.0%	0.0%	
					
2=Positive		2	1	0	
		4.8%	50.0%	0.0%	
		b	a		
					
3=No impact		12	0	0	
		28.6%	0.0%	0.0%	
					
4=Negative		22	1	0	
		52.4%	50.0%	0.0%	
					
5=Very negative		5	0	0	
		11.9%	0.0%	0.0%	
					
Mean		3.7	3.0	---	
SD		0.8	1.4	---	

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

106 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
2=Positive		1		0	0	0	0	0	0	1	0	0	0	0	0	
		2.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					g					b						
																
3=No impact		13		1	3	0	0	1	1	0	1	4	0	0	2	
		27.7%		25.0%	30.0%	0.0%	0.0%	50.0%	16.7%	0.0%	50.0%	50.0%	0.0%	0.0%	50.0%	
																
4=Negative		24		3	6	4	1	1	4	0	1	3	0	1	0	
		51.1%		75.0%	60.0%	80.0%	100.0%	50.0%	66.7%	0.0%	50.0%	37.5%	0.0%	33.3%	0.0%	
						l									c	
																
5=Very negative		9		0	1	1	0	0	1	1	0	1	0	2	2	
		19.1%		0.0%	10.0%	20.0%	0.0%	0.0%	16.7%	50.0%	0.0%	12.5%	0.0%	66.7%	50.0%	
																
Mean		3.9		3.8	3.8	4.2	4.0	3.5	4.0	3.5	3.5	3.6	---	4.7	4.0	
SD		0.7		0.5	0.6	0.4	0.0	0.7	0.6	2.1	0.7	0.7	---	0.6	1.2	

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

107 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		0	0	0	0	0	1	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		8.3%	0.0%	0.0%	0.0%	
														
3=No impact		4	3	2	1	0	2	1		2	9	2	0	
		23.5%	37.5%	20.0%	33.3%	0.0%	40.0%	100.0%		16.7%	30.0%	66.7%	0.0%	
														
4=Negative		8	4	6	2	2	2	0		7	17	0	0	
		47.1%	50.0%	60.0%	66.7%	66.7%	40.0%	0.0%		58.3%	56.7%	0.0%	0.0%	
														
5=Very negative		5	1	2	0	1	0	0		2	4	1	1	
		29.4%	12.5%	20.0%	0.0%	33.3%	0.0%	0.0%		16.7%	13.3%	33.3%	100.0%	
											d		b	
														
Mean		4.1	3.8	4.0	3.7	4.3	3.2	3.0		3.8	3.8	3.7	5.0	
SD		0.7	0.7	0.7	0.6	0.6	0.8	0.0		0.8	0.6	1.2	0.0	
		f					a							

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

108 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		0	0	0	0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	0.0%	0.0%	16.7%	
														
3=No impact		1	7	0	1	0	1	1		3	7	1	2	
		11.1%	43.8%	0.0%	25.0%	0.0%	25.0%	20.0%		20.0%	31.8%	25.0%	33.3%	
														
4=Negative		5	5	4	3	0	3	2		8	11	2	3	
		55.6%	31.3%	100.0%	75.0%	0.0%	75.0%	40.0%		53.3%	50.0%	50.0%	50.0%	
			c	b										
														
5=Very negative		3	4	0	0	0	0	1		4	4	1	0	
		33.3%	25.0%	0.0%	0.0%	0.0%	0.0%	20.0%		26.7%	18.2%	25.0%	0.0%	
														
Mean		4.2	3.8	4.0	3.8	---	3.8	3.6		4.1	3.9	4.0	3.3	
SD		0.7	0.8	0.0	0.5	---	0.5	1.1		0.7	0.7	0.8	0.8	

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

109 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Business disruption from external events (e.g., bad weather, political turmoil, supply chain interruptions)" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		0	0	0	
		0.0%	0.0%	0.0%	
					
2=Positive		1	0	0	
		2.3%	0.0%	0.0%	
					
3=No impact		11	1	0	
		25.6%	33.3%	0.0%	
					
4=Negative		22	2	0	
		51.2%	66.7%	0.0%	
					
5=Very negative		9	0	0	
		20.9%	0.0%	0.0%	
					
Mean		3.9	3.7	---	
SD		0.8	0.6	---	

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

110 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=48		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		48		4	10	5	1	2	7	2	2	8	0	3	4	
		100.0%		8.3%	20.8%	10.4%	2.1%	4.2%	14.6%	4.2%	4.2%	16.7%	0.0%	6.3%	8.3%	
																
1=Very positive		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
2=Positive		1		0	0	0	0	0	0	0	0	1	0	0	0	
		12.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	
																
3=No impact		4		0	0	1	0	0	1	0	0	1	0	1	0	
		50.0%		0.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%	50.0%	0.0%	50.0%	0.0%	
																
4=Negative		1		0	1	0	0	0	0	0	0	0	0	0	0	
		12.5%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
5=Very negative		2		0	0	0	0	1	0	0	0	0	0	1	0	
		25.0%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	
																
Mean		3.5		---	4.0	3.0	---	5.0	3.0	---	---	2.5	---	4.0	---	
SD		1.1		---	0.0	0.0	---	0.0	0.0	---	---	0.7	---	1.4	---	

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

111 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=48		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		18	8	10	3	3	5	1		12	31	3	1	
		37.5%	16.7%	20.8%	6.3%	6.3%	10.4%	2.1%		25.5%	66.0%	6.4%	2.1%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		1	0	0	0	0	0	0		0	1	0	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	20.0%	0.0%	0.0%	
														
3=No impact		1	0	0	2	1	0	0		1	3	0	0	
		33.3%	0.0%	0.0%	100.0%	100.0%	0.0%	0.0%		50.0%	60.0%	0.0%	0.0%	
														
4=Negative		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	20.0%	0.0%	0.0%	
														
5=Very negative		1	0	0	0	0	1	0		1	0	0	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		50.0%	0.0%	0.0%	0.0%	
														
Mean		3.3	4.0	---	3.0	3.0	5.0	---		4.0	3.0	---	---	
SD		1.5	0.0	---	0.0	0.0	0.0	---		1.4	0.7	---	---	

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

112 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=48		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	16	4	5	0	4	5		16	22	4	6	
		20.9%	37.2%	9.3%	11.6%	0.0%	9.3%	11.6%		33.3%	45.8%	8.3%	12.5%	
														
1=Very positive		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Positive		0	1	0	0	0	0	0		1	0	0	0	
		0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%		33.3%	0.0%	0.0%	0.0%	
														
3=No impact		1	1	0	0	0	2	0		1	1	0	2	
		33.3%	50.0%	0.0%	0.0%	0.0%	100.0%	0.0%		33.3%	100.0%	0.0%	100.0%	
														
4=Negative		1	0	0	0	0	0	0		0	0	1	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	50.0%	0.0%	
														
5=Very negative		1	0	0	0	0	0	1		1	0	1	0	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%		33.3%	0.0%	50.0%	0.0%	
														
Mean		4.0	2.5	---	---	---	3.0	5.0		3.3	3.0	4.5	3.0	
SD		1.0	0.7	---	---	---	0.0	0.0		1.5	0.0	0.7	0.0	

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

113 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

10b. What effect has "Other:" had on the productivity growth rate at your company?

N=48		Where are you personally located?	
		South
Africa	
Nigeria	
Other	
		A	B	C	
					
Total		44	3	0	
		93.6%	6.4%	0.0%	
					
1=Very positive		0	0	0	
		0.0%	0.0%	0.0%	
					
2=Positive		1	0	0	
		14.3%	0.0%	0.0%	
					
3=No impact		3	1	0	
		42.9%	100.0%	0.0%	
					
4=Negative		1	0	0	
		14.3%	0.0%	0.0%	
					
5=Very negative		2	0	0	
		28.6%	0.0%	0.0%	
					
Mean		3.6	3.0	---	
SD		1.1	0.0	---	

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

114 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=61		Totals		Industry	
Number
Mean
SD
Median		

		
Retail/
Whole-
sale	
Bank/Fin
Insur Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardware
Bio	

Manufac-
turing	

Healthcare
Pharm	

Agr, Pub
Admin	

Other
Industry	
		A		A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		61		5	12	6	1	2	10	2	2	10	0	4	7	
Percent		100.0%		8.2%	19.7%	9.8%	1.6%	3.3%	16.4%	3.3%	3.3%	16.4%	0.0%	6.6%	11.5%	
																
% Approximate ROA in		52		5	8	6	1	2	9	2	1	10	0	3	5	
2014		10.0		10.5	8.5	11.0	12.0	25.0	6.9	12.0	18.4	9.0	---	14.0	7.2	
		9.3		13.9	7.3	6.7	---	11.3	6.5	25.5	---	10.4	---	8.5	2.8	
		0.0		3.8	7.6	10.0	6.0	25.0	4.0	12.0	9.2	11.5	---	10.0	6.0	
					e			bfl	e						e	
																
% Expected ROA in		51		5	8	6	1	2	9	2	1	10	0	2	5	
2015		9.7		9.7	8.0	10.6	15.0	20.0	9.4	8.0	17.0	7.4	---	19.5	6.8	
		8.0		7.4	5.8	7.3	---	11.2	9.8	17.0	---	8.6	---	0.7	2.4	
		1.0		5.8	7.6	8.0	7.5	20.0	4.1	8.0	8.5	8.0	---	19.5	6.1	
					k			l						bL	eK	

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

115 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=61		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		25	11	12	4	3	5	1		14	40	4	1	
Percent		41.0%	18.0%	19.7%	6.6%	4.9%	8.2%	1.6%		23.7%	67.8%	6.8%	1.7%	
														
% Approximate ROA in		20	7	12	4	3	5	1		13	33	3	1	
2014		9.6	9.5	5.3	18.0	11.4	15.7	14.0		11.0	9.4	14.0	5.0	
		10.8	5.1	5.0	10.4	7.5	12.4	---		9.2	9.9	7.0	---	
		6.5	10.0	6.0	15.0	7.1	11.0	7.0		7.1	7.5	10.0	2.5	
				Df	C		c							
														
% Expected ROA in		19	7	12	4	3	5	1		13	33	3	1	
2015		10.7	9.4	5.7	12.2	11.4	11.7	16.0		9.0	9.6	14.3	5.0	
		8.5	7.0	4.2	15.3	7.5	8.5	---		7.0	8.8	4.5	---	
		9.6	8.0	5.8	14.0	7.1	8.5	8.0		7.1	7.6	12.0	2.5	

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

116 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=61		Number of Employees		Foreign Sales		Where are you personally located?	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%		

South
Africa	

Nigeria	

Other	
		A	B	C	D	E	F	G		A	B	C	D		A	B	C	
																		
Number		15	18	6	5	1	5	5		20	26	5	10		55	3	2	
Percent		27.3%	32.7%	10.9%	9.1%	1.8%	9.1%	9.1%		32.8%	42.6%	8.2%	16.4%		91.7%	5.0%	3.3%	
																		
% Approximate ROA in		11	17	4	4	1	5	5		17	25	3	7		48	3	0	
2014		10.3	9.5	8.0	1.0	15.0	18.0	11.9		6.9	10.7	11.7	14.4		10.1	7.3	---	
		9.6	9.2	7.2	2.9	---	10.8	11.7		8.0	9.9	5.4	10.1		9.5	6.8	---	
		5.0	9.5	6.8	0.5	7.5	12.0	5.6		5.0	9.0	9.1	11.5		8.5	3.5	---	
					f		d											
																		
% Expected ROA in		10	17	4	4	1	5	5		16	25	3	7		47	3	0	
2015		11.3	8.6	7.9	2.6	15.0	16.8	8.9		9.4	8.8	11.1	13.2		10.2	-0.1	---	
		9.1	7.9	7.7	2.5	---	8.6	7.3		8.3	8.4	4.5	7.2		7.8	6.7	---	
		8.0	9.1	5.5	2.7	7.5	14.0	5.6		7.3	7.6	9.1	11.5		8.0	-3.1	---	
					f		d								b	a		

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

117 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Manufacturing capacity utilized

N=10		Total		Industry	
Number
Mean
SD
Median		

		
Retail/
Whole-
sale	
Bank/Fin
Insur Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardware
Bio	

Manufac-
turing	

Healthcare
Pharm	

Agr, Pub
Admin	

Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		10		0	0	0	0	0	0	0	0	10	0	0	0	
Percent		100.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
																
% of capacity utilized in		10		0	0	0	0	0	0	0	0	10	0	0	0	
first half of 2015		72.0		---	---	---	---	---	---	---	---	72.0	---	---	---	
		10.6		---	---	---	---	---	---	---	---	10.6	---	---	---	
		70.0		---	---	---	---	---	---	---	---	70.0	---	---	---	
																
% of capacity utilization		10		0	0	0	0	0	0	0	0	10	0	0	0	
planned for the		74.5		---	---	---	---	---	---	---	---	74.5	---	---	---	
remainder of 2015		11.2		---	---	---	---	---	---	---	---	11.2	---	---	---	
		75.0		---	---	---	---	---	---	---	---	75.0	---	---	---	

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

118 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Manufacturing capacity utilized

N=10		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		3	4	2	1	0	0	0		1	7	1	0	
Percent		30.0%	40.0%	20.0%	10.0%	0.0%	0.0%	0.0%		11.1%	77.8%	11.1%	0.0%	
														
% of capacity utilized in		3	4	2	1	0	0	0		1	7	1	0	
first half of 2015		70.0	66.3	75.0	95.0	---	---	---		60.0	74.3	70.0	---	
		10.0	4.8	7.1	---	---	---	---		---	11.7	---	---	
		65.0	67.5	75.0	47.5	---	---	---		30.0	70.0	35.0	---	
														
% of capacity utilization		3	4	2	1	0	0	0		1	7	1	0	
planned for the		73.3	68.8	75.0	100.0	---	---	---		60.0	78.6	60.0	---	
remainder of 2015		2.9	10.3	0.0	---	---	---	---		---	9.9	---	---	
		72.5	67.5	75.0	50.0	---	---	---		30.0	75.0	30.0	---	

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

119 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Manufacturing capacity utilized

N=10		Number of Employees		Foreign Sales		Where are you personally located?	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%		

South
Africa	

Nigeria	

Other	
		A	B	C	D	E	F	G		A	B	C	D		A	B	C	
																		
Number		1	7	0	1	1	0	0		2	6	0	2		8	2	0	
Percent		10.0%	70.0%	0.0%	10.0%	10.0%	0.0%	0.0%		20.0%	60.0%	0.0%	20.0%		80.0%	20.0%	0.0%	
																		
% of capacity utilized in		1	7	0	1	1	0	0		2	6	0	2		8	2	0	
first half of 2015		80.0	70.0	---	80.0	70.0	---	---		65.0	76.7	---	65.0		70.6	77.5	---	
		---	11.9	---	---	---	---	---		7.1	10.8	---	7.1		6.8	24.7	---	
		40.0	67.5	---	40.0	35.0	---	---		65.0	75.0	---	65.0		70.0	77.5	---	
																		
% of capacity utilization		1	7	0	1	1	0	0		2	6	0	2		8	2	0	
planned for the		75.0	74.3	---	75.0	75.0	---	---		65.0	77.5	---	75.0		73.1	80.0	---	
remainder of 2015		---	13.7	---	---	---	---	---		7.1	12.9	---	0.0		5.9	28.3	---	
		37.5	72.5	---	37.5	37.5	---	---		65.0	75.0	---	75.0		75.0	80.0	---	

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

120 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=3		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		3		0	0	0	0	0	0	0	0	3	0	0	0	
Percent		99.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	99.0%	0.0%	0.0%	0.0%	
																
% of capacity utilized in		3		0	0	0	0	0	0	0	0	3	0	0	0	
first half of 2015		76.8		---	---	---	---	---	---	---	---	76.8	---	---	---	
		13.4		---	---	---	---	---	---	---	---	13.4	---	---	---	
																
% of capacity utilization		3		0	0	0	0	0	0	0	0	3	0	0	0	
planned for the		78.7		---	---	---	---	---	---	---	---	78.7	---	---	---	
remainder of 2015		14.3		---	---	---	---	---	---	---	---	14.3	---	---	---	

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

121 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=3		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		0	1	1	1	0	0	0		0	2	0	0	
Percent		12.5%	18.2%	48.1%	20.1%	0.0%	0.0%	0.0%		6.8%	98.7%	6.8%	0.0%	
														
% of capacity utilized in		0	1	1	1	0	0	0		0	2	0	0	
first half of 2015		70.0	66.3	75.0	95.0	---	---	---		60.0	80.9	70.0	---	
		---	---	9.0	---	---	---	---		---	15.7	---	---	
														
% of capacity utilization		0	1	1	1	0	0	0		0	2	0	0	
planned for the		73.3	68.8	75.0	100.0	---	---	---		60.0	82.7	60.0	---	
remainder of 2015		---	---	15.7	---	---	---	---		---	16.6	---	---	

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

122 

Duke / CFO magazine Global Business Outlook survey - Africa - Fourth Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=3		Number of Employees		Foreign Sales		Where are you personally located?	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%		
South
Africa	

Nigeria	

Other	
		A	B	C	D	E	F	G		A	B	C	D		A	B	C	
																		
Number		0	1	0	1	1	0	0		0	2	0	1		2	1	0	
Percent		4.2%	46.7%	0.0%	24.1%	24.1%	0.0%	0.0%		8.7%	62.0%	0.0%	28.2%		74.4%	24.6%	0.0%	
																		
% of capacity utilized in		0	1	0	1	1	0	0		0	2	0	1		2	1	0	
first half of 2015		80.0	78.4	---	80.0	70.0	---	---		64.8	82.3	---	68.5		72.9	88.5	---	
		---	27.7	---	---	---	---	---		---	14.6	---	---		8.1	---	---	
																		
% of capacity utilization		0	1	0	1	1	0	0		0	2	0	1		2	1	0	
planned for the		75.0	82.9	---	75.0	75.0	---	---		64.8	82.4	---	75.0		74.1	92.6	---	
remainder of 2015		---	29.9	---	---	---	---	---		---	19.0	---	---		5.4	---	---	

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