Table of Contents

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?	1
1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	4
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	7
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.	11
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	15
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]	27
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]	35
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]	39
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]	43
5. Compared to a "normal" economic environment, have the following factors affected your capital spending this year or next year?	47
5. How have the following factors affected your capital spending this year? (sorted)	63
5. How have the following factors affected your capital spending plans for next year? (sorted)	67
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?	71
6b. Is the aging of your fixed assets a drag on your productivity growth?	75
7.  Going forward, is the nature of your business changing in a way that affects your firm's required amount of capital investment?	79
8.  For firms in your industry, do you believe increased payouts (dividends, repurchases) are constraining corporate investment?	83
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%)	87
10a. Is your firm's rate of productivity growth changing?	91
10b. What effect has "Automation and technology use" had on the productivity growth rate at your company?	95
10b. What effect has "Process change" had on the productivity growth rate at your company?	99
10b. What effect has "New business model" had on the productivity growth rate at your company?	103
10b. What effect has "Unit labor costs" had on the productivity growth rate at your company?	107
10b. What effect has "Economic conditions" had on the productivity growth rate at your company?	111
10b. What effect has "Currency valuation" had on the productivity growth rate at your company?	115
10b. What effect has "Regulation" had on the productivity growth rate at your company?	119
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?	123
10b. What effect has "Other:" had on the productivity growth rate at your company?	127
Return on assets (ROA=operating earnings/assets)	131
Manufacturing capacity utilized	135
Manufacturing capacity utilized (Revenue Weighted)	139

 1 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		63		6	1	2	2	6	8	3	7	15	2	1	9	
		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
+1=More optimistic		27		3	0	0	0	3	2	2	4	6	0	1	5	
		44.3%		60.0%	0.0%	0.0%	0.0%	50.0%	25.0%	66.7%	57.1%	40.0%	0.0%	100.0%	55.6%	
																
0=No change		11		0	0	0	0	2	2	0	1	4	1	0	1	
		18.0%		0.0%	0.0%	0.0%	0.0%	33.3%	25.0%	0.0%	14.3%	26.7%	50.0%	0.0%	11.1%	
																
-1=Less optimistic		23		2	1	2	1	1	4	1	2	5	1	0	3	
		37.7%		40.0%	100.0%	100.0%	100.0%	16.7%	50.0%	33.3%	28.6%	33.3%	50.0%	0.0%	33.3%	
																
Mean		0.1		0.2	-1.0	-1.0	-1.0	0.3	-0.3	0.3	0.3	0.1	-0.5	1.0	0.2	
SD		0.9		1.1	0.0	0.0	0.0	0.8	0.9	1.2	1.0	0.9	0.7	0.0	1.0	

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

2 

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

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

N=63		Sales Revenue	
		
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	
		A	B	C	D	E	F	G	
									
Total		22	11	8	6	8	2	2	
		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%	
									
+1=More optimistic		5	6	3	3	3	2	2	
		22.7%	60.0%	37.5%	50.0%	42.9%	100.0%	100.0%	
		bfg	a				a	a	
									
0=No change		4	1	3	0	2	0	0	
		18.2%	10.0%	37.5%	0.0%	28.6%	0.0%	0.0%	
									
-1=Less optimistic		13	3	2	3	2	0	0	
		59.1%	30.0%	25.0%	50.0%	28.6%	0.0%	0.0%	
									
Mean		-0.4	0.3	0.1	0.0	0.1	1.0	1.0	
SD		0.8	0.9	0.8	1.1	0.9	0.0	0.0	

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

3 

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

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

N=63		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		24	10	6	4	3	2	2	2	7	
		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
+1=More optimistic		16	1	0	2	2	2	0	0	2	
		66.7%	11.1%	0.0%	66.7%	66.7%	100.0%	0.0%	0.0%	28.6%	
		BC	Af	Af			bc				
											
0=No change		4	2	2	0	1	0	0	1	0	
		16.7%	22.2%	33.3%	0.0%	33.3%	0.0%	0.0%	50.0%	0.0%	
											
-1=Less optimistic		4	6	4	1	0	0	2	1	5	
		16.7%	66.7%	66.7%	33.3%	0.0%	0.0%	100.0%	50.0%	71.4%	
		BcgI	A	a				a		A	
											
Mean		0.5	-0.6	-0.7	0.3	0.7	1.0	-1.0	-0.5	-0.4	
SD		0.8	0.7	0.5	1.2	0.6	0.0	0.0	0.7	1.0	
		BCi	Ae	AE		bC				a	

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

4 

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

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		63		6	1	2	2	6	8	3	7	15	2	1	9	
Percent		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
Optimism rating		51		6	0	2	1	5	8	2	5	11	1	1	8	
		56.4		46.3	---	42.5	50.0	59.0	51.3	75.0	62.0	57.4	30.0	70.0	62.1	
		22.1		21.3	---	3.5	---	18.8	24.2	0.0	16.0	27.1	---	---	26.2	

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

5 

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

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=63		Sales Revenue	
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	
		A	B	C	D	E	F	G	
									
Number		22	11	8	6	8	2	2	
Percent		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%	
									
Optimism rating		17	10	7	6	4	2	2	
		49.2	47.6	62.6	60.0	53.8	75.0	82.5	
		22.3	23.2	12.6	21.9	28.4	7.1	10.6	

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

6 

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

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=63		Country Where Based	
Number
Mean
SD		

India	
Singa-
pore	

Malaysia	
Philip-
pines	

Vietnam	

Pakistan	

Taiwan	

Thailand	

Other	
		A	B	C	D	E	F	G	H	I	
											
Number		24	10	6	4	3	2	2	2	7	
Percent		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
Optimism rating		22	6	5	2	2	2	1	2	7	
		65.1	48.0	32.0	55.0	28.0	72.5	40.0	65.0	52.9	
		21.7	13.3	14.8	21.2	31.1	3.5	---	7.1	22.9	
		Ce	f	Afh		a	bc		c		

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

7 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		63		6	1	2	2	6	8	3	7	15	2	1	9	
		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
+1=More optimistic		26		1	0	0	1	2	3	2	4	7	0	1	4	
		42.6%		20.0%	0.0%	0.0%	50.0%	40.0%	37.5%	66.7%	57.1%	46.7%	0.0%	100.0%	44.4%	
																
0=No change		18		2	0	1	1	2	2	0	0	5	2	0	3	
		29.5%		40.0%	0.0%	50.0%	50.0%	40.0%	25.0%	0.0%	0.0%	33.3%	100.0%	0.0%	33.3%	
											j		h			
																
-1=Less optimistic		17		2	1	1	0	1	3	1	3	3	0	0	2	
		27.9%		40.0%	100.0%	50.0%	0.0%	20.0%	37.5%	33.3%	42.9%	20.0%	0.0%	0.0%	22.2%	
																
Mean		0.1		-0.2	-1.0	-0.5	0.5	0.2	0.0	0.3	0.1	0.3	0.0	1.0	0.2	
SD		0.8		0.8	0.0	0.7	0.7	0.8	0.9	1.2	1.1	0.8	0.0	0.0	0.8	

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

8 

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

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

N=63		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		22	11	8	6	8	2	2		15	35	3	2	
		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%		27.3%	63.6%	5.5%	3.6%	
														
+1=More optimistic		7	6	1	3	4	2	1		8	15	0	0	
		31.8%	54.5%	16.7%	50.0%	50.0%	100.0%	50.0%		53.3%	42.9%	0.0%	0.0%	
														
0=No change		6	1	4	2	2	0	1		3	9	1	2	
		27.3%	9.1%	66.7%	33.3%	25.0%	0.0%	50.0%		20.0%	25.7%	50.0%	100.0%	
			c	b						d	d		ab	
														
-1=Less optimistic		9	4	1	1	2	0	0		4	11	1	0	
		40.9%	36.4%	16.7%	16.7%	25.0%	0.0%	0.0%		26.7%	31.4%	50.0%	0.0%	
														
Mean		-0.1	0.2	0.0	0.3	0.3	1.0	0.5		0.3	0.1	-0.5	0.0	
SD		0.9	1.0	0.6	0.8	0.9	0.0	0.7		0.9	0.9	0.7	0.0	

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

9 

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

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

N=63		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	9	5	6	4	4	6		15	20	6	18	
		30.6%	18.4%	10.2%	12.2%	8.2%	8.2%	12.2%		25.4%	33.9%	10.2%	30.5%	
														
+1=More optimistic		6	4	0	1	1	2	4		7	8	2	6	
		40.0%	44.4%	0.0%	16.7%	25.0%	66.7%	66.7%		50.0%	42.1%	33.3%	33.3%	
				g				c						
														
0=No change		5	2	1	2	1	1	2		5	6	4	2	
		33.3%	22.2%	20.0%	33.3%	25.0%	33.3%	33.3%		35.7%	31.6%	66.7%	11.1%	
												d	c	
														
-1=Less optimistic		4	3	4	3	2	0	0		2	5	0	10	
		26.7%	33.3%	80.0%	50.0%	50.0%	0.0%	0.0%		14.3%	26.3%	0.0%	55.6%	
		c		ag				c		d		d	ac	
														
Mean		0.1	0.1	-0.8	-0.3	-0.3	0.7	0.7		0.4	0.2	0.3	-0.2	
SD		0.8	0.9	0.4	0.8	1.0	0.6	0.5		0.7	0.8	0.5	0.9	
		c		aFG	g		C	Cd						

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

10 

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

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

N=63		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		24	10	6	4	3	2	2	2	7	
		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
+1=More optimistic		13	3	0	3	2	1	0	0	2	
		56.5%	30.0%	0.0%	75.0%	66.7%	50.0%	0.0%	0.0%	33.3%	
		c		ad	c						
											
0=No change		6	3	2	0	1	1	1	1	2	
		26.1%	30.0%	33.3%	0.0%	33.3%	50.0%	50.0%	50.0%	33.3%	
											
-1=Less optimistic		4	4	4	1	0	0	1	1	2	
		17.4%	40.0%	66.7%	25.0%	0.0%	0.0%	50.0%	50.0%	33.3%	
		c		a							
											
Mean		0.4	-0.1	-0.7	0.5	0.7	0.5	-0.5	-0.5	0.0	
SD		0.8	0.9	0.5	1.0	0.6	0.7	0.7	0.7	0.9	
		C		AdEf	c	C	c				

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

11 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		63		6	1	2	2	6	8	3	7	15	2	1	9	
Percent		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
Optimism rating		50		6	0	2	1	4	8	2	5	12	0	1	8	
		58.0		50.8	---	30.0	65.0	53.8	55.0	67.5	55.0	60.8	---	70.0	67.1	
		24.6		22.9	---	28.3	---	18.9	23.3	10.6	30.8	27.6	---	---	28.4	

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

12 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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		22	11	8	6	8	2	2		15	35	3	2	
Percent		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%		27.3%	63.6%	5.5%	3.6%	
														
Optimism rating		18	10	6	5	5	2	1		10	30	2	2	
		56.5	46.5	57.5	68.0	56.0	95.0	80.0		59.5	58.3	55.0	75.0	
		24.4	29.2	10.8	34.0	12.9	7.1	---		33.0	23.0	7.1	21.2	
		f	f	F		f	abCe							

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

13 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Number of Employees		Foreign Sales	
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%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		15	9	5	6	4	4	6		15	20	6	18	
Percent		30.6%	18.4%	10.2%	12.2%	8.2%	8.2%	12.2%		25.4%	33.9%	10.2%	30.5%	
														
Optimism rating		12	8	3	6	2	2	5		11	16	4	16	
		61.3	40.9	61.7	43.3	35.0	62.5	78.0		67.7	56.3	63.8	49.8	
		23.2	29.6	2.9	18.9	35.4	17.7	17.9		19.0	27.3	18.0	27.2	
			g		g			bd						

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

14 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
Number
Mean
SD		

India	
Singa-
pore	

Malaysia	
Philip-
pines	

Vietnam	

Pakistan	

Taiwan	

Thailand	

Other	
		A	B	C	D	E	F	G	H	I	
											
Number		24	10	6	4	3	2	2	2	7	
Percent		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
Optimism rating		21	6	4	2	3	2	1	2	7	
		64.4	61.7	30.0	40.0	41.7	67.5	60.0	62.5	55.7	
		26.7	15.7	14.1	42.4	37.5	10.6	---	3.5	20.5	
		c	c	abfh			c		c		

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

15 

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

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

N=61		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		61		6	1	2	2	6	8	2	7	14	2	1	9	
		100.0%		9.8%	1.6%	3.3%	3.3%	9.8%	13.1%	3.3%	11.5%	23.0%	3.3%	1.6%	14.8%	
																
Economic uncertainty		28		4	1	1	1	2	5	0	3	8	0	0	3	
		45.9%		66.7%	100.0%	50.0%	50.0%	33.3%	62.5%	0.0%	42.9%	57.1%	0.0%	0.0%	33.3%	
																
Currency risk		23		3	1	1	0	3	3	2	2	5	2	1	0	
		37.7%		50.0%	100.0%	50.0%	0.0%	50.0%	37.5%	100.0%	28.6%	35.7%	100.0%	100.0%	0.0%	
				l	l			l		L			L	l	abeGJk	
																
Weak demand for your		20		2	1	2	1	1	3	0	3	4	0	0	3	
products/services		32.8%		33.3%	100.0%	100.0%	50.0%	16.7%	37.5%	0.0%	42.9%	28.6%	0.0%	0.0%	33.3%	
																
Government policies		19		1	0	0	1	4	3	2	0	6	0	0	2	
		31.1%		16.7%	0.0%	0.0%	50.0%	66.7%	37.5%	100.0%	0.0%	42.9%	0.0%	0.0%	22.2%	
								h		h	eg					
																
Difficulty attracting /
retaining qualified		
17		
3	
0	
0	
1	
1	
2	
0	
2	
6	
0	
0	
1	
employees		27.9%		50.0%	0.0%	0.0%	50.0%	16.7%	25.0%	0.0%	28.6%	42.9%	0.0%	0.0%	11.1%	
																
Regulatory requirements		17		0	0	0	1	3	3	1	1	4	0	0	4	
		27.9%		0.0%	0.0%	0.0%	50.0%	50.0%	37.5%	50.0%	14.3%	28.6%	0.0%	0.0%	44.4%	
																
Employee productivity		13		3	0	1	0	2	0	0	3	1	0	0	3	
		21.3%		50.0%	0.0%	50.0%	0.0%	33.3%	0.0%	0.0%	42.9%	7.1%	0.0%	0.0%	33.3%	
				fi					a			a				

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

16 

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

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

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		22	11	8	6	6	2	2		14	34	3	2	
		36.1%	18.0%	13.1%	9.8%	9.8%	3.3%	3.3%		23.0%	55.7%	4.9%	3.3%	
														
Economic uncertainty		12	5	3	1	2	1	2		6	18	2	0	
		54.5%	45.5%	37.5%	16.7%	33.3%	50.0%	100.0%		42.9%	52.9%	66.7%	0.0%	
														
Currency risk		6	5	4	3	3	0	2		3	14	2	0	
		27.3%	45.5%	50.0%	50.0%	50.0%	0.0%	100.0%		21.4%	41.2%	66.7%	0.0%	
		g						a						
														
Weak demand for your		10	5	1	2	2	0	0		5	14	1	0	
products/services		45.5%	45.5%	12.5%	33.3%	33.3%	0.0%	0.0%		35.7%	41.2%	33.3%	0.0%	
														
Government policies		5	3	3	0	5	2	0		7	8	2	0	
		22.7%	27.3%	37.5%	0.0%	83.3%	100.0%	0.0%		50.0%	23.5%	66.7%	0.0%	
		ef	e		ef	abd	ad							
														
Difficulty attracting /
retaining qualified		
3	
5	
2	
0	
4	
2	
0		
8	
7	
0	
0	
employees		13.6%	45.5%	25.0%	0.0%	66.7%	100.0%	0.0%		57.1%	20.6%	0.0%	0.0%	
		eF			ef	ad	Ad			b	a			
														
Regulatory requirements		5	4	2	2	1	2	0		6	8	0	1	
		22.7%	36.4%	25.0%	33.3%	16.7%	100.0%	0.0%		42.9%	23.5%	0.0%	50.0%	
		f					a							
														
Employee productivity		6	3	3	1	0	0	0		2	8	0	1	
		27.3%	27.3%	37.5%	16.7%	0.0%	0.0%	0.0%		14.3%	23.5%	0.0%	50.0%	

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

17 

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

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

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	9	5	5	3	4	6		15	19	6	17	
		24.6%	14.8%	8.2%	8.2%	4.9%	6.6%	9.8%		24.6%	31.1%	9.8%	27.9%	
														
Economic uncertainty		6	3	5	2	1	0	4		6	9	3	8	
		40.0%	33.3%	100.0%	40.0%	33.3%	0.0%	66.7%		40.0%	47.4%	50.0%	47.1%	
		c	c	abf			c							
														
Currency risk		5	4	2	0	1	2	4		7	8	2	5	
		33.3%	44.4%	40.0%	0.0%	33.3%	50.0%	66.7%		46.7%	42.1%	33.3%	29.4%	
					g			d						
														
Weak demand for your		6	2	4	3	2	0	0		6	5	1	8	
products/services		40.0%	22.2%	80.0%	60.0%	66.7%	0.0%	0.0%		40.0%	26.3%	16.7%	47.1%	
				fg			c	c						
														
Government policies		3	3	3	2	0	3	4		3	6	4	4	
		20.0%	33.3%	60.0%	40.0%	0.0%	75.0%	66.7%		20.0%	31.6%	66.7%	23.5%	
														
Difficulty attracting /
retaining qualified		
2	
2	
2	
4	
0	
1	
3		
2	
7	
3	
4	
employees		13.3%	22.2%	40.0%	80.0%	0.0%	25.0%	50.0%		13.3%	36.8%	50.0%	23.5%	
		d			a									
														
Regulatory requirements		5	2	0	2	1	1	2		3	5	2	6	
		33.3%	22.2%	0.0%	40.0%	33.3%	25.0%	33.3%		20.0%	26.3%	33.3%	35.3%	
														
Employee productivity		2	3	0	1	2	0	0		4	4	0	5	
		13.3%	33.3%	0.0%	20.0%	66.7%	0.0%	0.0%		26.7%	21.1%	0.0%	29.4%	

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

18 

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

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

N=61		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		24	8	6	4	3	2	2	2	7	
		39.3%	13.1%	9.8%	6.6%	4.9%	3.3%	3.3%	3.3%	11.5%	
											
Economic uncertainty		11	3	3	0	1	0	1	2	5	
		45.8%	37.5%	50.0%	0.0%	33.3%	0.0%	50.0%	100.0%	71.4%	
					i					d	
											
Currency risk		7	2	3	1	0	1	1	2	6	
		29.2%	25.0%	50.0%	25.0%	0.0%	50.0%	50.0%	100.0%	85.7%	
		i	i			i				abe	
											
Weak demand for your		8	3	3	2	0	0	1	1	2	
products/services		33.3%	37.5%	50.0%	50.0%	0.0%	0.0%	50.0%	50.0%	28.6%	
											
Government policies		6	2	0	3	0	1	2	2	2	
		25.0%	25.0%	0.0%	75.0%	0.0%	50.0%	100.0%	100.0%	28.6%	
		gh		dgh	c			ac	ac		
											
Difficulty attracting /
retaining qualified		
10	
3	
0	
1	
1	
0	
1	
0	
0	
employees		41.7%	37.5%	0.0%	25.0%	33.3%	0.0%	50.0%	0.0%	0.0%	
		i								a	
											
Regulatory requirements		10	0	1	3	1	0	0	0	2	
		41.7%	0.0%	16.7%	75.0%	33.3%	0.0%	0.0%	0.0%	28.6%	
		b	ad		b						
											
Employee productivity		5	3	0	1	2	1	0	0	1	
		20.8%	37.5%	0.0%	25.0%	66.7%	50.0%	0.0%	0.0%	14.3%	

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

19 

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

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

N=61		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Access to capital		12		0	0	2	1	1	0	0	1	2	2	0	2	
		19.7%		0.0%	0.0%	100.0%	50.0%	16.7%	0.0%	0.0%	14.3%	14.3%	100.0%	0.0%	22.2%	
				cj		afi			cj			cj	afi			
																
Rising input or		9		1	0	1	0	0	1	0	0	4	1	0	1	
commodity costs		14.8%		16.7%	0.0%	50.0%	0.0%	0.0%	12.5%	0.0%	0.0%	28.6%	50.0%	0.0%	11.1%	
																
Inflation		8		2	0	0	0	2	0	0	0	2	0	0	1	
		13.1%		33.3%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	14.3%	0.0%	0.0%	11.1%	
																
Employee morale		7		0	0	0	0	1	2	0	2	0	0	0	2	
		11.5%		0.0%	0.0%	0.0%	0.0%	16.7%	25.0%	0.0%	28.6%	0.0%	0.0%	0.0%	22.2%	
											i	h				
																
Corporate tax code		7		1	1	0	0	0	1	0	0	1	0	0	3	
		11.5%		16.7%	100.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	7.1%	0.0%	0.0%	33.3%	
					ehi			b			b	b				
																
Cost of borrowing		6		1	0	0	0	1	1	0	0	0	1	0	1	
		9.8%		16.7%	0.0%	0.0%	0.0%	16.7%	12.5%	0.0%	0.0%	0.0%	50.0%	0.0%	11.1%	
												j	i			
																
Data security		6		0	0	0	1	1	0	1	1	0	0	0	2	
		9.8%		0.0%	0.0%	0.0%	50.0%	16.7%	0.0%	50.0%	14.3%	0.0%	0.0%	0.0%	22.2%	
							i			i		dg				
																
Geopolitical / health		5		1	0	0	0	0	1	0	0	1	1	1	0	
crises		8.2%		16.7%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	7.1%	50.0%	100.0%	0.0%	
								k			k	k		ehil	k	

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

20 

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

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

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	
														
Access to capital		6	1	1	3	0	0	0		1	7	1	1	
		27.3%	9.1%	12.5%	50.0%	0.0%	0.0%	0.0%		7.1%	20.6%	33.3%	50.0%	
														
Rising input or		2	2	0	3	2	0	0		3	3	0	0	
commodity costs		9.1%	18.2%	0.0%	50.0%	33.3%	0.0%	0.0%		21.4%	8.8%	0.0%	0.0%	
		d		d	ac									
														
Inflation		0	1	3	1	0	0	1		1	4	2	0	
		0.0%	9.1%	37.5%	16.7%	0.0%	0.0%	50.0%		7.1%	11.8%	66.7%	0.0%	
		CG		A				A		c	c	ab		
														
Employee morale		3	1	1	1	1	0	0		2	5	0	0	
		13.6%	9.1%	12.5%	16.7%	16.7%	0.0%	0.0%		14.3%	14.7%	0.0%	0.0%	
														
Corporate tax code		4	0	1	0	0	0	0		0	3	1	2	
		18.2%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%		0.0%	8.8%	33.3%	100.0%	
										cD	D	a	AB	
														
Cost of borrowing		1	1	2	1	0	0	0		0	2	1	0	
		4.5%	9.1%	25.0%	16.7%	0.0%	0.0%	0.0%		0.0%	5.9%	33.3%	0.0%	
										c		a		
														
Data security		3	1	0	0	2	0	0		2	2	0	1	
		13.6%	9.1%	0.0%	0.0%	33.3%	0.0%	0.0%		14.3%	5.9%	0.0%	50.0%	
											d		b	
														
Geopolitical / health		2	0	1	1	0	1	0		1	3	0	0	
crises		9.1%	0.0%	12.5%	16.7%	0.0%	50.0%	0.0%		7.1%	8.8%	0.0%	0.0%	
			f				b							

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

21 

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

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

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	
														
Access to capital		4	1	0	0	1	2	0		4	3	2	2	
		26.7%	11.1%	0.0%	0.0%	33.3%	50.0%	0.0%		26.7%	15.8%	33.3%	11.8%	
														
Rising input or		1	3	0	1	1	1	1		1	4	1	3	
commodity costs		6.7%	33.3%	0.0%	20.0%	33.3%	25.0%	16.7%		6.7%	21.1%	16.7%	17.6%	
														
Inflation		1	0	1	0	1	1	1		2	2	1	1	
		6.7%	0.0%	20.0%	0.0%	33.3%	25.0%	16.7%		13.3%	10.5%	16.7%	5.9%	
														
Employee morale		2	0	0	0	1	0	1		3	3	0	1	
		13.3%	0.0%	0.0%	0.0%	33.3%	0.0%	16.7%		20.0%	15.8%	0.0%	5.9%	
														
Corporate tax code		2	2	1	0	0	0	0		3	1	1	1	
		13.3%	22.2%	20.0%	0.0%	0.0%	0.0%	0.0%		20.0%	5.3%	16.7%	5.9%	
														
Cost of borrowing		1	1	0	1	0	2	0		2	2	0	1	
		6.7%	11.1%	0.0%	20.0%	0.0%	50.0%	0.0%		13.3%	10.5%	0.0%	5.9%	
		f					a							
														
Data security		1	3	0	0	0	2	0		2	2	1	1	
		6.7%	33.3%	0.0%	0.0%	0.0%	50.0%	0.0%		13.3%	10.5%	16.7%	5.9%	
		f					a							
														
Geopolitical / health		2	0	0	0	0	0	1		0	3	1	1	
crises		13.3%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%		0.0%	15.8%	16.7%	5.9%	

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

22 

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

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

N=61		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Access to capital		2	2	2	1	2	0	0	0	2	
		8.3%	25.0%	33.3%	25.0%	66.7%	0.0%	0.0%	0.0%	28.6%	
		e				a					
											
Rising input or		3	1	2	1	1	0	1	0	0	
commodity costs		12.5%	12.5%	33.3%	25.0%	33.3%	0.0%	50.0%	0.0%	0.0%	
											
Inflation		4	0	0	0	1	0	0	1	0	
		16.7%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	50.0%	0.0%	
											
Employee morale		4	1	0	0	0	0	0	0	2	
		16.7%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	28.6%	
											
Corporate tax code		3	0	0	0	1	1	0	0	1	
		12.5%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%	0.0%	14.3%	
											
Cost of borrowing		4	0	1	0	0	0	0	0	0	
		16.7%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Data security		1	1	0	2	0	2	0	0	0	
		4.2%	12.5%	0.0%	50.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
		dF	f	f	a		Abci			f	
											
Geopolitical / health		2	0	1	0	0	0	0	0	2	
crises		8.3%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	28.6%	

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

23 

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

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

N=61		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Rising wages and salaries		4		1	0	0	1	0	0	0	1	0	1	0	0	
		6.6%		16.7%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	14.3%	0.0%	50.0%	0.0%	0.0%	
							i					dj	i			
																
Cost of benefits		2		0	0	0	0	0	0	0	0	1	0	0	1	
		3.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.1%	0.0%	0.0%	11.1%	
																
Deflation		1		0	0	0	0	0	0	0	0	1	0	0	0	
		1.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.1%	0.0%	0.0%	0.0%	
																
Other		4		0	0	0	0	0	0	0	2	0	0	1	1	
		6.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	28.6%	0.0%	0.0%	100.0%	11.1%	
				k				k	k		i	hK		aefI		

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

24 

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

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

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	
														
Rising wages and salaries		3	1	0	0	0	0	0		0	4	0	0	
		13.6%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	11.8%	0.0%	0.0%	
														
Cost of benefits		1	1	0	0	0	0	0		0	1	0	1	
		4.5%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	2.9%	0.0%	50.0%	
										d	D		aB	
														
Deflation		0	0	0	0	0	0	1		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%		0.0%	2.9%	0.0%	0.0%	
		G	g					Ab						
														
Other		2	0	0	2	0	0	0		1	3	0	0	
		9.1%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%		7.1%	8.8%	0.0%	0.0%	

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

25 

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

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

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	
														
Rising wages and salaries		3	1	0	0	0	0	0		0	2	1	1	
		20.0%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	10.5%	16.7%	5.9%	
														
Cost of benefits		0	2	0	0	0	0	0		1	1	0	0	
		0.0%	22.2%	0.0%	0.0%	0.0%	0.0%	0.0%		6.7%	5.3%	0.0%	0.0%	
														
Deflation		0	0	0	0	1	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
		e				a								
														
Other		2	0	0	0	0	0	0		2	1	0	1	
		13.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		13.3%	5.3%	0.0%	5.9%	

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

26 

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

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

N=61		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Rising wages and salaries		0	3	1	0	0	0	0	0	0	
		0.0%	37.5%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
		B	A								
											
Cost of benefits		0	0	0	0	1	1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%	0.0%	0.0%	
		EF				A	A				
											
Deflation		1	0	0	0	0	0	0	0	0	
		4.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Other		2	2	0	0	0	0	0	0	0	
		8.3%	25.0%	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 - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Revenue		10.4		3.7	---	21.9	10.0	9.3	10.8	-3.0	19.4	9.8	9.0	---	10.0	
		19.8		23.3	---	45.0	---	8.7	26.3	---	30.7	15.8	1.4	---	10.6	
																
Capital spending		9.8		-2.6	5.0	11.0	40.0	7.0	0.0	---	11.8	12.3	0.0	20.0	20.8	
		18.0		21.8	---	12.7	---	8.7	0.0	---	23.7	19.2	14.1	---	16.6	
																
Wages/Salaries		8.7		6.4	---	---	10.0	16.3	10.4	3.0	8.9	5.5	13.7	---	8.2	
		6.0		3.8	---	---	---	4.8	9.1	---	7.1	3.6	9.5	---	1.2	
																
Technology		6.6		0.5	---	---	29.5	1.5	0.0	---	2.5	7.6	6.0	---	11.6	
spending		9.5		0.7	---	---	---	2.1	0.0	---	2.9	11.0	19.8	---	5.1	
																
Marketing/		5.3		2.7	---	---	10.0	-3.8	15.0	---	2.0	5.3	20.0	---	8.7	
advertising
spending		10.2		15.9	---	---	---	11.2	8.7	---	2.6	7.4	---	---	1.2	
																
Share		5.2		0.0	---	---	0.0	0.0	0.0	---	13.1	3.3	10.0	---	---	
repurchases		14.0		0.0	---	---	---	0.0	---	---	26.1	5.8	---	---	---	
																
Cash on the		4.8		-8.8	---	27.4	0.0	32.4	-3.6	-19.7	3.9	12.3	-10.0	---	11.9	
balance sheet		27.2		13.5	---	52.9	---	45.8	32.2	42.0	36.3	16.2	14.1	---	11.5	
																
Number of		4.7		-1.7	---	32.4	10.0	1.0	0.0	---	10.6	1.4	0.0	---	1.3	
offshore
outsourced
employees		10.4		2.9	---	---	---	1.7	---	---	15.3	2.4	---	---	---	
																
Earnings		4.6		-6.0	0.0	-10.0	10.0	19.5	0.7	-3.0	-1.0	12.9	-30.0	---	10.4	
		18.4		16.4	---	---	---	25.6	21.3	---	10.1	17.5	---	---	4.4	
																
Number of		4.5		4.6	-5.0	22.7	0.0	2.5	-13.1	---	21.3	-0.8	0.0	---	5.9	
domestic full-
time employees		18.7		6.1	---	39.2	---	3.5	22.0	---	26.5	6.0	---	---	5.7	
																
Health care		4.1		2.0	5.0	---	7.0	5.0	0.0	---	0.0	3.6	13.2	---	10.0	
costs		4.2		1.7	---	---	---	7.1	---	---	0.0	3.0	---	---	---	

28 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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		19.4	2.5	11.0	2.0	7.1	12.5	-10.0		6.9	11.6	0.0	---	
		28.0	13.4	18.8	10.4	7.5	3.5	---		8.9	23.8	---	---	
														
Capital spending		15.1	-0.5	6.0	11.4	8.7	10.0	50.0		7.1	11.4	9.0	---	
		20.4	8.9	21.0	19.2	15.5	0.0	---		11.3	22.3	9.6	---	
														
Wages/Salaries		11.4	5.4	12.5	8.5	5.4	10.0	---		6.9	9.5	15.0	8.0	
		7.6	3.3	6.5	2.1	3.8	2.8	---		3.7	7.3	---	---	
														
Technology		10.3	1.0	0.0	-1.5	9.9	5.0	---		7.5	6.1	0.0	15.0	
spending		10.1	1.2	---	9.2	13.3	---	---		10.3	9.3	---	7.1	
														
Marketing/		8.0	0.4	7.3	---	4.0	12.5	---		6.5	3.7	0.0	10.0	
advertising
spending		11.8	7.5	17.1	---	5.3	10.6	---		6.4	11.5	---	---	
														
Share		12.0	0.0	0.0	---	0.0	---	---		0.0	8.0	0.0	---	
repurchases		20.3	0.0	---	---	0.0	---	---		0.0	17.1	---	---	
														
Cash on the		8.7	10.4	-13.3	-5.0	-5.2	20.0	---		6.3	5.8	0.0	---	
balance sheet		38.2	22.0	15.3	7.1	20.0	0.0	---		25.1	30.7	---	---	
														
Number of		11.0	0.1	-0.7	---	5.0	5.0	---		4.2	5.6	1.5	---	
offshore
outsourced
employees		16.6	0.2	4.0	---	5.8	---	---		4.9	13.4	2.1	---	
														
Earnings		1.6	10.8	-8.8	0.0	5.6	27.5	-10.0		12.1	1.6	0.0	---	
		23.5	17.2	16.5	14.1	5.7	17.7	---		16.5	19.2	0.0	---	
														
Number of		8.5	1.9	7.5	-5.0	0.3	-2.5	---		1.2	6.4	-2.5	---	
domestic full-
time employees		31.5	3.7	6.5	---	1.3	10.6	---		5.9	23.9	3.5	---	
														
Health care		4.6	3.8	0.0	---	4.0	3.0	---		4.7	3.9	2.5	---	
costs		6.2	4.0	---	---	3.6	2.8	---		4.5	4.6	3.5	---	

29 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Number of Employees		Foreign Sales	
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%	
														
Revenue		18.4	2.0	2.4	6.3	-5.8	6.0	10.3		17.7	6.8	10.0	9.2	
		20.5	22.1	10.8	8.2	5.1	5.3	7.3		22.0	20.4	0.0	20.3	
														
Capital spending		12.9	-0.8	-2.5	1.6	26.0	16.7	4.8		7.9	6.4	14.3	12.9	
		19.5	10.1	19.8	4.2	33.9	25.2	4.8		19.9	16.9	17.5	19.4	
														
Wages/Salaries		12.1	7.2	5.7	7.5	5.5	10.7	6.8		10.8	8.6	11.8	6.8	
		9.2	2.6	2.2	6.7	3.5	4.0	5.0		5.6	6.6	7.9	5.0	
														
Technology		6.2	6.8	8.1	2.5	---	7.2	3.3		4.0	0.6	19.8	8.1	
spending		8.8	7.7	2.7	3.5	---	19.8	2.9		14.4	1.1	9.8	8.6	
														
Marketing/		11.9	-0.9	3.7	2.0	---	5.0	8.3		1.7	4.0	13.3	6.3	
advertising
spending		7.9	8.9	7.5	1.0	---	7.1	10.4		7.6	12.9	5.8	8.7	
														
Share		12.5	0.0	---	0.0	---	0.0	0.0		0.0	0.0	5.0	12.5	
repurchases		22.7	0.0	---	0.0	---	0.0	---		---	0.0	7.1	22.7	
														
Cash on the		-4.5	14.0	-3.1	1.6	-29.7	0.0	10.8		21.4	-2.9	-3.3	3.7	
balance sheet		23.9	24.1	9.8	5.9	27.9	0.0	10.8		31.1	29.5	15.3	24.5	
														
Number of		8.1	0.1	-1.9	0.0	---	5.0	4.5		9.1	4.7	4.3	2.7	
offshore
outsourced
employees		16.2	0.3	4.5	0.0	---	7.1	4.2		20.3	12.2	5.1	4.1	
														
Earnings		0.6	11.9	-4.0	5.8	-7.7	5.0	16.3		2.5	3.0	-3.3	9.2	
		19.7	20.3	14.3	6.0	4.0	7.1	17.0		15.4	20.6	23.1	17.3	
														
Number of		5.2	2.6	1.4	4.3	-5.0	0.0	-0.8		20.2	2.4	0.0	-1.6	
domestic full-
time employees		27.3	2.8	6.5	5.5	---	0.0	6.5		27.9	20.2	0.0	4.7	
														
Health care		4.4	4.6	7.5	2.5	---	3.5	2.0		2.5	3.5	10.1	1.5	
costs		7.6	3.9	3.5	3.5	---	4.9	2.6		3.5	3.7	4.4	2.4	

30 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Revenue		7.1	16.5	-5.3	15.0	23.6	---	3.5	10.0	23.3	
		9.1	26.8	16.4	20.8	26.1	---	5.0	---	37.1	
											
Capital spending		11.8	5.6	-5.0	15.0	28.6	---	6.3	2.0	16.7	
		13.8	29.2	11.2	21.7	36.2	---	8.8	---	15.3	
											
Wages/Salaries		8.8	8.6	10.6	10.0	4.5	8.0	3.4	3.0	12.3	
		6.3	6.6	7.5	0.0	0.7	---	4.8	---	6.8	
											
Technology		3.5	2.5	4.3	16.3	15.3	20.0	3.1	---	5.0	
spending		4.2	3.5	11.8	18.7	20.2	---	4.4	---	7.1	
											
Marketing/		3.2	1.8	1.6	13.3	2.0	---	4.0	---	15.6	
advertising
spending		11.0	4.7	14.9	10.4	---	---	5.7	---	9.7	
											
Share		0.0	17.4	3.3	0.0	10.0	---	0.0	---	---	
repurchases		0.0	30.2	5.8	0.0	---	---	---	---	---	
											
Cash on the		8.1	-6.6	-5.4	19.9	27.5	---	1.9	---	1.1	
balance sheet		8.7	38.5	9.8	33.3	31.8	---	2.7	---	44.0	
											
Number of		2.5	9.1	0.0	5.0	0.5	---	0.6	3.0	32.4	
offshore
outsourced
employees		4.2	20.3	0.0	7.1	---	---	0.9	---	---	
											
Earnings		7.8	-2.8	-7.5	19.6	25.7	---	3.1	3.0	-15.0	
		12.7	16.7	17.1	25.2	32.1	---	4.4	---	17.3	
											
Number of		0.8	21.3	0.0	0.0	6.0	---	0.9	-5.0	0.7	
domestic full-
time employees		5.8	26.5	0.0	5.0	---	---	1.3	---	40.0	
											
Health care		1.6	4.0	5.4	8.5	7.0	---	0.0	---	---	
costs		2.4	1.4	6.9	2.1	---	---	---	---	---	

31 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Research and		2.8		0.0	---	---	10.0	0.0	0.0	---	1.7	3.0	12.2	---	---	
development
spending		3.9		---	---	---	---	0.0	0.0	---	2.9	2.1	---	---	---	
																
Number of		2.3		0.5	-5.0	---	14.1	5.7	0.0	---	4.0	1.0	0.0	---	0.3	
domestic
temporary
employees		5.8		0.7	---	---	---	7.4	---	---	3.6	4.2	---	---	9.1	
																
Dividends		1.6		---	---	---	0.0	0.0	---	---	0.0	3.1	---	---	---	
		3.4		---	---	---	---	---	---	---	---	4.6	---	---	---	
																
Productivity		1.5		1.0	---	18.9	10.0	1.7	-2.5	-10.0	-1.0	2.4	-20.0	---	0.0	
(output per
hour worked)		10.3		1.4	---	29.6	---	2.9	3.5	---	3.6	3.6	---	---	---	
																
Prices of your		0.6		4.2	---	-10.0	-10.0	4.2	-6.0	-3.0	0.0	-1.3	18.7	10.0	0.6	
products		8.1		5.2	---	---	---	10.2	10.4	---	7.1	5.0	---	---	9.2	

32 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
														
Research and		3.4	0.8	0.0	---	5.0	3.5	---		2.8	3.1	0.0	---	
development
spending		5.3	1.5	---	---	5.0	2.1	---		4.0	4.3	---	---	
														
Number of		2.8	-0.2	0.0	---	5.3	5.0	---		5.3	0.8	-2.5	---	
domestic
temporary
employees		6.5	2.9	---	---	6.7	0.0	---		4.6	6.2	3.5	---	
														
Dividends		---	0.0	---	---	0.0	4.7	---		1.6	---	---	---	
		---	0.0	---	---	0.0	5.3	---		3.4	---	---	---	
														
Productivity		3.6	0.7	0.0	-2.0	-0.8	5.0	---		0.6	2.2	0.0	---	
(output per
hour worked)		18.2	2.2	---	---	7.5	4.2	---		6.1	13.0	---	---	
														
Prices of your		-0.1	-0.6	5.5	3.3	-0.6	-5.0	---		-2.8	1.5	0.0	---	
products		11.1	4.4	4.9	11.5	7.2	---	---		6.8	8.5	---	---	

33 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Number of Employees		Foreign Sales	
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%	
														
Research and		4.1	2.0	---	2.5	---	5.0	2.3		0.0	1.0	11.1	3.0	
development
spending		7.0	2.4	---	3.5	---	7.1	2.5		---	1.9	1.5	2.4	
														
Number of		0.3	-0.4	0.2	0.0	---	7.0	4.3		-2.5	3.3	7.0	2.1	
domestic
temporary
employees		0.6	6.5	6.4	0.0	---	10.0	3.0		3.5	5.1	10.0	4.1	
														
Dividends		---	0.0	---	0.0	---	0.0	3.1		---	2.8	0.0	0.5	
		---	---	---	---	---	---	4.6		---	4.9	---	0.7	
														
Productivity		-3.3	1.0	-3.0	1.5	-4.0	5.0	1.3		19.9	-0.7	-5.0	1.2	
(output per
hour worked)		11.4	2.0	---	0.7	5.3	7.1	5.4		28.2	4.0	21.2	4.2	
														
Prices of your		-0.7	2.0	-1.8	-3.3	-4.3	-5.0	1.7		5.0	1.3	4.3	-2.1	
products		11.3	2.4	6.7	5.8	5.1	7.1	7.6		4.1	8.4	20.3	6.9	

34 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Research and		1.4	2.5	5.7	5.0	3.0	---	0.0	---	0.0	
development
spending		2.2	3.5	6.1	7.1	---	---	---	---	---	
											
Number of		3.0	0.0	1.7	8.5	---	---	1.4	-5.0	---	
domestic
temporary
employees		5.5	---	2.9	7.8	---	---	1.9	---	---	
											
Dividends		3.1	---	---	0.0	---	---	0.0	---	---	
		4.6	---	---	0.0	---	---	---	---	---	
											
Productivity		1.1	-4.5	-3.8	2.7	4.5	---	0.0	-3.0	17.4	
(output per
hour worked)		3.6	7.8	11.1	6.4	0.7	---	---	---	31.7	
											
Prices of your		4.3	-1.6	0.7	-5.7	4.3	---	-4.2	-2.0	-2.0	
products		7.4	5.5	10.9	7.5	1.2	---	5.9	---	15.1	

35 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Capital spending		12.7		0.0	5.0	4.0	40.0	7.9	0.0	---	3.0	10.9	-7.8	20.0	34.4	
		18.1		56.8	---	---	56.8	15.0	---	---	8.4	16.8	---	---	---	
																
Technology		8.1		0.5	---	---	29.5	0.7	0.0	---	4.8	3.4	-4.9	---	12.0	
spending		11.0		---	---	---	11.0	---	---	---	1.2	3.5	---	---	---	
																
Revenue		6.5		9.1	---	-3.1	10.0	5.5	12.3	-3.0	16.3	5.6	8.2	---	7.0	
		10.6		34.2	---	---	34.2	---	---	34.2	10.2	9.1	---	---	18.7	
																
Earnings		6.1		-14.3	0.0	-10.0	10.0	10.6	3.7	-3.0	9.2	7.8	-30.0	---	9.6	
		12.6		31.5	---	---	31.5	---	143.8	143.8	4.0	13.6	---	---	---	
																
Marketing/		6.4		6.8	---	---	10.0	-1.5	15.0	---	1.9	5.4	20.0	---	9.0	
advertising
spending		7.9		37.0	---	---	37.0	---	---	---	---	7.5	---	---	---	
																
Research and		4.3		0.0	---	---	10.0	0.0	0.0	---	1.5	2.9	12.2	---	---	
development
spending		3.8		---	---	---	3.8	---	---	---	---	2.3	---	---	---	
																
Dividends		1.8		---	---	---	0.0	0.0	---	---	0.0	2.6	---	---	---	
		3.4		---	---	---	0.0	---	---	---	---	3.8	---	---	---	
																
Share		0.5		0.0	---	---	0.0	0.0	0.0	---	12.3	0.1	10.0	---	---	
repurchases		4.6		---	---	---	0.0	---	---	---	---	1.1	---	---	---	
																
Prices of your		-0.3		6.1	---	-10.0	-10.0	2.3	-6.0	-3.0	8.9	-1.2	18.7	10.0	7.1	
products		7.0		7.1	---	---	7.1	---	---	7.1	4.2	2.5	---	---	43.3	
																
Cash on the		-1.3		-14.4	---	-1.9	0.0	14.3	-3.6	-47.8	3.1	6.9	-2.2	---	3.8	
balance sheet		20.1		29.4	---	---	0.0	---	---	11.1	13.1	9.5	---	---	---	

36 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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		15.1	-0.5	6.0	11.4	8.7	10.0	50.0		10.0	19.6	10.4	---	
		73.0	---	25.7	19.9	14.4	0.0	0.0		13.4	25.1	---	---	
														
Technology		10.3	1.0	0.0	-1.5	9.9	5.0	---		10.2	5.2	0.0	15.0	
spending		---	---	---	10.6	11.9	0.0	---		12.3	4.3	---	---	
														
Revenue		19.4	2.5	11.0	2.0	7.1	12.5	-10.0		8.3	0.2	0.0	---	
		51.9	30.3	23.1	11.1	7.1	2.8	0.0		7.4	14.6	---	---	
														
Earnings		1.6	10.8	-8.8	0.0	5.6	27.5	-10.0		9.5	-3.0	0.0	---	
		58.4	---	22.2	16.3	5.4	13.9	0.0		11.4	11.3	---	---	
														
Marketing/		8.0	0.4	7.3	---	4.0	12.5	---		7.8	2.0	0.0	10.0	
advertising
spending		---	---	29.8	---	4.5	8.3	---		7.3	6.3	---	---	
														
Research and		3.4	0.8	0.0	---	5.0	3.5	---		4.3	4.7	0.0	---	
development
spending		---	---	---	---	4.3	1.7	---		4.3	2.0	---	---	
														
Dividends		---	0.0	---	---	0.0	4.7	---		1.8	---	---	---	
		---	---	---	---	0.0	4.1	---		3.4	---	---	---	
														
Share		12.0	0.0	0.0	---	0.0	---	---		0.0	1.4	0.0	---	
repurchases		---	---	---	---	0.0	---	---		0.0	8.2	---	---	
														
Prices of your		-0.1	-0.6	5.5	3.3	-0.6	-5.0	---		-1.7	2.4	0.0	---	
products		39.7	---	6.6	12.3	6.6	0.0	---		7.1	5.9	---	---	
														
Cash on the		8.7	10.4	-13.3	-5.0	-5.2	20.0	---		-0.8	-2.4	0.0	---	
balance sheet		94.9	71.4	26.7	8.2	18.9	0.0	---		21.0	18.3	---	---	

37 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Number of Employees		Foreign Sales	
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%	
														
Capital spending		13.8	-1.2	-14.4	3.3	41.8	31.2	4.4		8.4	15.5	21.4	4.8	
		19.9	---	---	2.6	20.3	19.7	4.6		27.2	20.7	18.6	8.2	
														
Technology		6.0	6.2	6.2	4.9	---	21.7	3.1		-3.4	0.1	28.9	5.2	
spending		---	---	---	0.9	---	16.1	2.5		15.2	0.6	3.6	2.4	
														
Revenue		17.9	-1.9	-3.7	9.0	-6.6	8.9	9.7		8.2	3.8	10.0	8.1	
		---	---	---	5.8	3.8	3.0	7.1		16.1	12.2	0.0	9.7	
														
Earnings		0.6	12.1	-13.0	7.3	-6.7	9.1	13.7		0.4	4.6	9.5	7.2	
		---	---	---	4.0	3.7	3.2	14.5		20.4	16.3	4.5	8.3	
														
Marketing/		11.6	-0.9	-2.6	2.0	---	9.1	6.9		-1.2	7.8	10.2	3.4	
advertising
spending		---	---	---	0.3	---	3.2	8.8		---	11.4	1.7	3.2	
														
Research and		4.1	1.8	---	4.9	---	9.1	1.9		0.0	1.8	10.0	3.8	
development
spending		---	---	---	0.9	---	3.2	2.2		---	2.6	0.4	1.6	
														
Dividends		---	0.0	---	0.0	---	0.0	2.6		---	3.2	0.0	1.0	
		---	---	---	---	---	0.0	3.8		---	4.4	0.0	0.3	
														
Share		11.9	0.0	---	0.0	---	0.0	0.0		0.0	0.0	0.2	1.3	
repurchases		---	---	---	0.0	---	0.0	0.0		---	0.0	1.7	8.5	
														
Prices of your		4.3	2.1	1.7	-0.3	-4.0	-9.1	2.6		5.9	-0.7	-9.4	1.9	
products		16.0	---	---	1.8	2.9	3.2	6.4		5.2	4.3	4.8	7.1	
														
Cash on the		-4.2	13.2	-7.4	3.3	-43.2	0.0	8.6		5.7	-8.7	4.7	3.1	
balance sheet		---	---	---	6.5	16.0	0.0	9.4		28.3	26.9	6.0	12.1	

38 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Capital spending		14.1	-1.1	-8.1	33.3	25.8	---	0.3	2.0	23.7	
		17.0	11.7	15.8	16.1	---	---	2.1	---	---	
											
Technology		4.6	4.9	-3.5	28.8	13.7	20.0	0.1	---	5.0	
spending		1.7	0.8	25.9	4.9	---	---	1.0	---	---	
											
Revenue		8.9	0.3	1.2	7.8	16.1	---	0.2	10.0	30.9	
		9.2	8.5	25.2	9.6	---	---	1.2	---	---	
											
Earnings		10.3	-1.4	-7.1	8.2	23.3	---	0.1	3.0	-17.3	
		13.4	6.4	---	11.0	---	---	1.0	---	---	
											
Marketing/		10.7	1.5	0.8	10.2	2.0	---	0.2	---	21.5	
advertising
spending		9.4	2.4	---	2.7	---	---	1.3	---	---	
											
Research and		3.1	4.9	5.3	9.7	3.0	---	0.0	---	0.0	
development
spending		2.0	0.8	---	1.9	---	---	0.0	---	---	
											
Dividends		4.6	---	---	0.0	---	---	0.0	---	---	
		4.1	---	---	0.0	---	---	0.0	---	---	
											
Share		0.0	1.1	3.1	0.0	10.0	---	0.0	---	---	
repurchases		---	8.7	---	0.0	---	---	0.0	---	---	
											
Prices of your		4.9	-1.3	0.2	-9.7	4.7	---	-0.2	-2.0	5.4	
products		7.3	2.3	---	2.2	---	---	1.4	---	---	
											
Cash on the		9.8	-25.0	-2.4	0.4	25.1	---	0.1	---	-10.8	
balance sheet		7.2	25.3	14.1	12.3	---	---	0.6	---	---	

39 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Wages/Salaries		7.6		5.8	---	---	10.0	14.9	16.5	3.0	6.6	6.4	7.6	---	7.8	
		4.8		---	---	---	4.8	2.2	32.7	32.7	2.8	4.8	3.9	---	0.7	
																
Number of		4.1		-2.5	---	---	10.0	2.0	0.0	---	8.8	2.3	0.0	---	1.3	
offshore
outsourced
employees		4.5		---	---	---	4.5	1.5	---	---	5.4	2.6	---	---	---	
																
Number of		4.1		0.4	-5.0	---	14.1	0.2	0.0	---	6.0	3.0	0.0	---	1.9	
domestic
temporary
employees		4.4		---	---	---	4.4	1.0	---	---	2.6	2.7	---	---	---	
																
Health care		2.6		2.2	5.0	---	7.0	0.7	0.0	---	0.0	2.2	13.2	---	10.0	
costs		3.0		---	---	---	3.0	3.4	---	---	---	2.3	---	---	---	
																
Productivity		1.1		0.8	---	-2.0	10.0	0.2	0.0	-10.0	-3.9	3.1	-20.0	---	0.0	
(output per
hour worked)		5.3		---	---	5.3	5.3	1.4	---	1.4	2.7	3.5	---	---	0.0	
																
Number of		-0.1		2.5	-5.0	-5.0	0.0	0.3	5.0	---	3.1	-1.6	0.0	---	6.0	
domestic full-
time employees		6.3		---	---	6.3	0.0	1.7	---	---	7.2	6.3	---	---	---	

40 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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		10.6	5.4	15.3	7.0	4.8	10.0	---		6.8	9.1	15.0	8.0	
		14.3	3.2	4.6	4.6	3.9	2.1	---		4.2	7.4	7.4	---	
														
Number of		5.1	0.1	1.8	---	5.6	5.0	---		5.4	1.2	2.1	---	
offshore
outsourced
employees		---	0.3	2.1	---	5.2	5.2	---		4.4	10.0	1.5	---	
														
Number of		0.2	-0.5	0.0	---	5.1	5.0	---		5.1	-0.6	-0.6	---	
domestic
temporary
employees		---	4.3	0.0	---	5.4	5.4	---		4.0	5.0	2.1	---	
														
Health care		4.3	2.5	0.0	---	2.5	3.0	---		2.7	4.2	0.6	---	
costs		---	6.1	0.0	---	3.4	2.1	---		2.9	5.0	2.1	---	
														
Productivity		-3.3	0.6	0.0	-2.0	-0.9	5.0	---		1.4	-0.3	0.0	---	
(output per
hour worked)		---	2.1	0.0	0.0	5.9	3.2	---		5.6	5.1	0.0	---	
														
Number of		1.6	2.2	2.8	-5.0	0.7	-2.5	---		-0.6	3.3	-0.6	---	
domestic full-
time employees		57.1	5.3	5.2	5.2	1.1	7.9	---		5.5	12.7	2.1	---	

41 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Number of Employees		Foreign Sales	
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%	
														
Wages/Salaries		12.1	7.2	5.7	7.5	5.5	10.7	6.8		10.8	7.0	9.1	6.7	
		---	---	8.7	7.0	3.5	3.6	4.4		4.8	6.4	3.8	2.3	
														
Number of		8.1	0.1	-1.9	0.0	---	5.0	4.5		-0.6	0.6	5.1	6.3	
offshore
outsourced
employees		---	---	---	0.0	---	5.7	3.7		2.1	5.0	3.6	3.7	
														
Number of		0.3	-0.4	0.2	0.0	---	7.0	4.3		-0.6	2.4	13.4	4.9	
domestic
temporary
employees		---	---	25.4	0.0	---	8.1	2.7		2.1	2.6	4.1	2.8	
														
Health care		4.4	4.6	7.5	2.5	---	3.5	2.0		0.6	2.7	7.3	1.3	
costs		---	---	---	4.4	---	4.0	2.2		2.1	2.8	1.8	1.5	
														
Productivity		-3.3	1.0	-3.0	1.5	-4.0	5.0	1.3		0.0	0.0	8.6	1.1	
(output per
hour worked)		---	---	---	0.9	5.2	5.7	4.8		0.0	3.4	8.6	6.0	
														
Number of		5.2	2.6	1.4	4.3	-5.0	0.0	-0.8		0.0	3.2	0.0	-3.3	
domestic full-
time employees		---	---	11.9	6.1	6.1	0.0	5.8		2.8	6.4	0.0	5.9	

42 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Wages/Salaries		9.5	4.7	7.2	10.0	4.0	8.0	0.4	3.0	20.0	
		3.9	5.2	4.1	0.0	---	---	1.7	---	---	
											
Number of		5.6	1.9	0.0	9.3	0.5	---	0.1	3.0	---	
offshore
outsourced
employees		4.1	33.3	---	3.4	---	---	0.3	0.3	---	
											
Number of		4.5	0.0	1.9	13.3	---	---	0.1	-5.0	---	
domestic
temporary
employees		2.7	---	---	3.8	---	---	0.7	---	---	
											
Health care		2.3	4.6	4.4	7.2	7.0	---	0.0	---	---	
costs		2.3	---	---	1.0	---	---	0.0	---	---	
											
Productivity		1.4	-5.5	-3.0	5.7	4.0	---	0.0	-3.0	---	
(output per
hour worked)		4.9	8.2	---	6.8	---	---	0.0	---	---	
											
Number of		-0.3	4.9	0.0	-1.3	6.0	---	0.1	-5.0	-25.0	
domestic full-
time employees		6.4	30.5	---	3.2	---	---	0.5	---	---	

43 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=34		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Earnings		9.5		---	---	-10.0	10.0	48.4	---	-3.0	9.6	12.8	---	---	10.0	
		11.4		---	---	---	11.4	---	---	11.4	2.4	12.6	---	---	---	
																
Revenue		8.3		---	---	-10.0	10.0	20.0	---	-3.0	15.6	9.5	---	---	8.0	
		7.4		---	---	---	7.4	---	---	7.4	2.8	6.0	---	---	---	
																
Dividends		1.8		---	---	---	0.0	0.0	---	---	0.0	2.6	---	---	---	
		3.4		---	---	---	0.0	---	---	---	---	3.8	---	---	---	
																
Share		0.0		---	---	---	0.0	0.0	---	---	0.0	0.0	---	---	---	
repurchases		0.0		---	---	---	0.0	---	---	---	---	0.0	---	---	---	
																
Cash on the		-0.8		---	---	-10.0	0.0	64.8	---	-49.4	2.9	9.4	---	---	---	
balance sheet		21.0		---	---	---	0.0	---	---	0.0	0.6	7.9	---	---	---	

44 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=34		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		---	21.8	---	0.0	6.2	27.5	---		9.5	---	---	---	
		---	---	---	16.3	5.6	13.9	---		11.4	---	---	---	
														
Revenue		---	6.5	---	-1.0	8.0	12.5	---		8.3	---	---	---	
		---	---	---	14.7	7.3	2.8	---		7.4	---	---	---	
														
Dividends		---	0.0	---	---	0.0	4.7	---		1.8	---	---	---	
		---	---	---	---	0.0	4.1	---		3.4	---	---	---	
														
Share		---	0.0	---	---	0.0	---	---		0.0	---	---	---	
repurchases		---	---	---	---	0.0	---	---		0.0	---	---	---	
														
Cash on the		---	20.7	---	-10.0	-5.2	20.0	---		-0.8	---	---	---	
balance sheet		---	---	---	---	20.4	0.0	---		21.0	---	---	---	

45 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=34		Number of Employees		Foreign Sales	
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%	
														
Earnings		---	48.4	---	9.8	-4.1	10.0	13.7		11.3	9.1	10.0	9.5	
		---	---	---	1.6	2.8	2.8	14.5		---	16.0	16.0	7.7	
														
Revenue		---	20.0	---	12.1	-4.1	10.0	9.7		8.3	6.0	10.0	10.8	
		---	---	---	3.7	2.8	2.8	7.1		---	8.6	8.6	8.5	
														
Dividends		---	0.0	---	0.0	---	0.0	2.6		---	3.2	0.0	1.0	
		---	---	---	---	---	0.0	3.8		---	4.4	0.0	0.3	
														
Share		---	0.0	---	0.0	---	0.0	0.0		---	0.0	0.0	0.0	
repurchases		---	---	---	---	---	0.0	0.0		---	0.0	0.0	---	
														
Cash on the		---	64.8	---	7.3	-43.2	0.0	8.6		20.0	-8.2	5.0	7.3	
balance sheet		---	---	---	3.0	16.0	0.0	9.4		---	27.5	5.3	10.5	

46 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=34		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Earnings		14.8	-3.0	---	7.8	---	---	0.0	---	---	
		10.6	10.6	---	10.6	---	---	0.0	---	---	
											
Revenue		13.0	-3.0	-5.0	7.1	---	---	0.0	---	---	
		3.0	3.0	---	8.3	---	---	0.0	---	---	
											
Dividends		4.6	---	---	0.0	---	---	0.0	---	---	
		4.1	---	---	0.0	---	---	0.0	---	---	
											
Share		0.0	---	---	0.0	---	---	0.0	---	---	
repurchases		---	---	---	0.0	---	---	0.0	---	---	
											
Cash on the		10.1	-49.4	-2.0	0.0	---	---	0.0	---	---	
balance sheet		7.1	7.1	---	11.9	---	---	0.0	---	---	

47 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Currency		0.2		0.3	-1.0	-0.5	0.5	0.3	0.0	0.3	0.0	0.1	0.5	1.0	0.3	
valuation (2015
actual)		0.8		1.0	---	0.7	0.7	0.8	0.8	0.6	0.0	0.8	0.7	---	0.7	
																
New or		0.1		0.6	-1.0	-0.5	0.5	-0.3	0.3	1.0	0.0	0.0	0.5	0.0	-0.2	
anticipated
regulatory
requirements
(2016 planned)		0.8		0.5	---	0.7	0.7	0.8	0.8	0.0	0.7	0.8	0.7	---	0.8	
																
New or		0.0		0.4	-1.0	-0.5	0.5	-0.5	0.3	0.7	0.0	-0.1	0.5	0.0	0.0	
anticipated
regulatory
requirements
(2015 actual)		0.7		0.5	---	0.7	0.7	0.8	0.8	0.6	0.6	0.6	0.7	---	0.9	
																
Dividends/share		0.0		0.3	0.0	0.0	0.0	0.0	0.0	1.0	-0.7	-0.1	0.5	0.0	0.3	
repurchases
(2016 planned)		0.6		0.5	---	0.0	0.0	0.7	0.0	---	0.6	0.6	0.7	---	1.0	
																
Interest rates		0.0		0.3	-1.0	0.5	0.0	0.0	0.3	0.3	0.0	-0.1	0.0	0.0	-0.4	
(2016 planned)		0.7		0.8	---	0.7	0.0	0.6	0.5	1.2	0.0	0.7	1.4	---	0.8	
																
Interest rates		0.0		0.3	-1.0	0.5	0.5	0.0	-0.2	0.0	0.0	-0.1	0.5	0.0	-0.3	
(2015 actual)		0.7		0.8	---	0.7	0.7	0.6	0.8	1.0	0.0	0.7	0.7	---	0.9	
																
Other: (2015		0.0		1.0	---	---	---	0.0	0.0	---	0.0	0.0	---	-1.0	---	
actual)		0.5		---	---	---	---	0.0	---	---	0.0	---	---	---	---	
																
Dividends/share		0.0		0.0	0.0	0.0	0.5	0.0	-0.2	0.0	-0.4	-0.1	0.5	0.0	0.0	
repurchases
(2015 actual)		0.5		0.0	---	0.0	0.7	0.7	0.4	---	0.5	0.5	0.7	---	0.8	

48 

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

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

N=63		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		0.0	-0.2	0.4	0.4	0.6	0.0	1.0		0.2	0.2	0.3	0.0	
valuation (2015
actual)		0.7	0.8	0.8	0.5	0.5	1.4	---		0.8	0.7	1.2	0.0	
														
New or		-0.1	-0.2	0.5	0.0	0.5	0.5	-1.0		0.2	0.1	0.0	-0.5	
anticipated
regulatory
requirements
(2016 planned)		0.7	0.8	0.8	0.7	0.8	0.7	---		0.8	0.8	1.0	0.7	
														
New or		-0.1	-0.2	0.5	-0.4	0.5	-0.5	0.0		0.0	0.1	0.0	-0.5	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.6	0.8	0.5	0.8	0.7	---		0.8	0.7	1.0	0.7	
														
Dividends/share		-0.1	0.0	0.3	0.2	0.2	0.0	0.0		0.1	0.0	0.0	---	
repurchases
(2016 planned)		0.6	0.7	0.6	0.4	0.4	1.4	---		0.5	0.7	0.0	---	
														
Interest rates		-0.1	-0.1	0.3	0.0	0.4	-0.5	0.0		0.1	0.1	0.0	-0.5	
(2016 planned)		0.6	0.7	0.8	1.0	0.8	0.7	---		0.8	0.6	1.0	0.7	
														
Interest rates		-0.2	0.0	0.1	0.2	0.3	-1.0	0.0		0.2	0.0	0.0	-0.5	
(2015 actual)		0.6	0.6	0.9	0.8	0.8	0.0	---		0.8	0.7	1.0	0.7	
														
Other: (2015		0.0	0.5	0.0	-1.0	0.0	---	---		0.0	0.0	---	---	
actual)		0.0	0.7	---	---	---	---	---		0.0	0.6	---	---	
														
Dividends/share		-0.2	-0.2	0.3	0.2	0.2	0.5	0.0		0.2	-0.1	0.0	---	
repurchases
(2015 actual)		0.6	0.4	0.5	0.4	0.4	0.7	---		0.4	0.5	0.0	---	

49 

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

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

N=63		Number of Employees		Foreign Sales	
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%	
														
Currency		0.4	-0.1	-0.2	0.0	0.5	0.5	0.5		-0.2	0.3	0.8	0.0	
valuation (2015
actual)		0.6	0.8	1.1	0.6	0.6	0.6	1.0		0.7	0.7	0.4	0.8	
														
New or		0.2	-0.4	-0.3	0.5	0.0	0.8	0.0		-0.3	0.1	0.6	0.1	
anticipated
regulatory
requirements
(2016 planned)		0.7	0.5	1.2	0.8	1.0	0.5	0.7		0.9	0.8	0.5	0.7	
														
New or		0.0	-0.1	0.0	0.5	0.3	0.8	-0.4		-0.3	0.1	0.6	-0.1	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.6	1.2	0.8	0.6	0.5	0.5		0.9	0.6	0.5	0.8	
														
Dividends/share		0.2	-0.4	-0.5	0.0	0.5	0.0	0.0		0.3	0.1	0.3	-0.3	
repurchases
(2016 planned)		0.6	0.5	0.7	0.0	0.6	0.0	0.8		0.5	0.6	0.5	0.6	
														
Interest rates		0.3	-0.3	-0.5	-0.2	0.3	0.3	0.0		0.0	0.1	0.4	-0.1	
(2016 planned)		0.5	0.7	0.6	0.8	1.0	1.0	0.8		0.9	0.8	0.5	0.5	
														
Interest rates		0.2	0.0	-0.2	-0.3	0.3	0.3	-0.3		-0.3	0.1	0.4	-0.1	
(2015 actual)		0.6	0.7	0.8	0.5	1.0	1.0	1.0		0.8	0.8	0.5	0.6	
														
Other: (2015		-0.2	0.3	---	---	---	---	0.0		0.0	0.2	---	-0.3	
actual)		0.4	0.6	---	---	---	---	---		---	0.4	---	0.6	
														
Dividends/share		0.0	-0.4	-0.5	0.0	0.0	0.3	0.3		0.2	-0.1	0.5	-0.3	
repurchases
(2015 actual)		0.6	0.5	0.7	0.0	0.0	0.6	0.5		0.4	0.5	0.6	0.5	

50 

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

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

N=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Currency		0.1	-0.1	0.3	0.3	0.3	0.0	1.0	0.0	-0.1	
valuation (2015
actual)		0.7	0.6	0.8	1.0	0.6	0.0	0.0	1.4	0.9	
											
New or		0.1	0.3	0.0	0.3	0.0	0.0	0.5	-0.5	0.0	
anticipated
regulatory
requirements
(2016 planned)		0.8	0.5	0.6	1.0	1.0	1.4	0.7	0.7	0.9	
											
New or		-0.1	0.3	-0.2	0.3	0.3	0.0	0.5	-0.5	0.0	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.5	0.8	1.0	0.6	1.4	0.7	0.7	0.8	
											
Dividends/share		0.1	0.0	0.0	0.0	0.0	---	0.0	-0.5	0.0	
repurchases
(2016 planned)		0.7	0.6	0.6	0.0	1.4	---	---	0.7	0.0	
											
Interest rates		-0.2	0.0	-0.2	0.3	0.7	0.0	0.5	0.0	0.2	
(2016 planned)		0.7	0.6	0.8	0.5	0.6	1.4	0.7	0.0	0.8	
											
Interest rates		-0.3	0.0	0.0	0.5	0.3	-1.0	0.5	0.0	0.3	
(2015 actual)		0.7	0.5	0.6	0.6	1.2	0.0	0.7	0.0	0.5	
											
Other: (2015		-0.3	0.0	0.3	0.0	---	---	0.0	---	---	
actual)		0.6	---	0.6	---	---	---	---	---	---	
											
Dividends/share		0.1	-0.2	0.0	0.3	-0.3	0.0	0.0	-0.5	-0.3	
repurchases
(2015 actual)		0.5	0.4	0.6	0.5	0.6	---	---	0.7	0.5	

51 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Economic/		-0.1		0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-0.1	0.0	0.0	-0.1	
political
changes in Latin
America (2015
actual)		0.3		0.0	---	0.0	0.0	0.0	0.0	0.0	0.4	0.5	0.0	---	0.4	
																
Currency		-0.1		0.0	-1.0	0.0	0.5	-0.2	0.0	-0.3	-0.4	-0.1	0.0	1.0	0.0	
valuation (2016
planned)		0.8		1.1	---	---	0.7	1.0	0.9	1.2	0.5	0.8	1.4	---	0.6	
																
Economic/		-0.1		0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.3	-0.2	0.0	0.0	-0.2	
political
changes in Latin
America (2016
planned)		0.4		0.0	---	0.0	0.0	0.0	0.0	0.0	0.5	0.6	0.0	---	0.4	
																
Slowdown in		-0.1		-0.3	0.0	0.5	0.5	-0.3	-0.3	0.0	-0.2	-0.3	0.0	0.0	0.1	
China (2015
actual)		0.5		0.5	---	0.7	0.7	0.5	0.5	0.0	0.4	0.6	0.0	---	0.4	
																
Slowdown in		-0.1		-0.4	0.0	0.5	0.5	-0.3	0.0	0.0	-0.5	-0.2	0.0	0.0	0.0	
China (2016
planned)		0.6		0.5	---	0.7	0.7	0.5	0.7	0.0	0.5	0.8	0.0	---	0.0	
																
Price of fuel		-0.1		-0.2	0.0	0.0	1.0	-0.2	-0.3	0.0	0.2	-0.2	0.0	0.0	-0.4	
(2016 planned)		0.8		1.0	---	1.4	0.0	1.0	0.5	1.0	0.4	0.7	1.4	---	0.9	
																
Price of fuel		-0.2		-0.2	0.0	0.0	0.5	0.5	-0.4	-0.3	0.2	-0.4	0.0	0.0	-0.7	
(2015 actual)		0.8		1.0	---	1.4	0.7	0.8	0.5	1.2	0.4	0.8	1.4	---	0.5	
																
Other: (2016		-0.2		-1.0	---	---	---	0.0	---	---	0.0	0.0	---	-1.0	---	
planned)		0.4		---	---	---	---	0.0	---	---	0.0	0.0	---	---	---	

52 

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

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

N=63		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/		0.0	-0.1	0.0	0.0	-0.3	-1.0	0.0		-0.3	0.0	0.0	0.0	
political
changes in Latin
America (2015
actual)		0.0	0.3	0.0	0.0	0.5	---	---		0.5	0.2	---	---	
														
Currency		-0.2	-0.4	0.4	-0.2	-0.1	0.5	-0.5		-0.1	-0.1	0.3	0.0	
valuation (2016
planned)		0.8	0.8	0.8	0.8	0.9	0.7	0.7		0.8	0.8	1.2	0.0	
														
Economic/		0.0	-0.2	0.0	0.0	-0.3	-1.0	-0.5		-0.3	-0.1	0.0	0.0	
political
changes in Latin
America (2016
planned)		0.0	0.4	0.0	0.0	0.5	---	0.7		0.5	0.3	---	---	
														
Slowdown in		-0.1	-0.1	-0.4	0.3	-0.3	-0.5	-1.0		-0.3	-0.1	0.0	0.0	
China (2015
actual)		0.4	0.6	0.5	0.5	0.5	0.7	---		0.8	0.4	0.0	---	
														
Slowdown in		0.1	-0.3	-0.4	0.3	0.0	-0.5	-1.0		-0.3	-0.1	0.0	0.0	
China (2016
planned)		0.6	0.5	0.5	0.5	0.6	0.7	0.0		0.7	0.6	0.0	---	
														
Price of fuel		-0.1	-0.6	0.3	-0.2	0.3	-0.5	0.0		-0.2	-0.1	0.7	-1.0	
(2016 planned)		0.7	0.5	1.0	0.8	0.9	0.7	---		0.8	0.8	0.6	---	
														
Price of fuel		-0.1	-0.5	0.3	-0.5	-0.1	0.0	0.0		-0.1	-0.2	0.7	-1.0	
(2015 actual)		0.7	0.8	1.0	0.6	0.8	1.4	---		0.9	0.7	0.6	---	
														
Other: (2016		0.0	-0.5	0.0	-1.0	0.0	---	0.0		0.0	-0.3	---	---	
planned)		0.0	0.7	---	---	---	---	---		0.0	0.5	---	---	

53 

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

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

N=63		Number of Employees		Foreign Sales	
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%	
														
Economic/		0.0	0.0	0.0	0.0	-0.3	0.0	-1.0		0.0	-0.1	0.0	-0.1	
political
changes in Latin
America (2015
actual)		0.0	0.0	0.0	0.0	0.6	0.0	0.0		0.0	0.3	0.0	0.4	
														
Currency		0.2	-0.6	-0.5	-0.3	0.3	0.0	0.0		-0.3	-0.1	0.6	-0.1	
valuation (2016
planned)		0.7	0.7	1.0	0.5	0.5	1.2	1.0		0.8	0.8	0.5	0.8	
														
Economic/		0.0	0.0	-0.3	0.0	-0.3	0.0	-1.0		-0.1	-0.1	0.0	-0.1	
political
changes in Latin
America (2016
planned)		0.0	0.0	0.5	0.0	0.6	0.0	0.0		0.3	0.4	0.0	0.5	
														
Slowdown in		-0.1	0.0	0.0	-0.4	0.0	0.0	-0.4		-0.3	0.0	-0.4	-0.1	
China (2015
actual)		0.5	0.5	0.7	0.5	1.0	0.0	0.5		0.5	0.5	0.5	0.5	
														
Slowdown in		0.1	-0.4	-0.3	0.0	0.0	0.0	-0.6		-0.4	-0.1	0.0	-0.1	
China (2016
planned)		0.5	0.5	0.5	0.7	1.0	0.0	0.5		0.5	0.6	0.0	0.7	
														
Price of fuel		-0.2	-0.4	-0.7	-0.2	-0.8	0.5	0.2		-0.1	-0.3	1.0	-0.3	
(2016 planned)		0.7	0.7	0.6	0.8	0.5	1.0	0.8		0.9	0.7	0.0	0.7	
														
Price of fuel		-0.2	-0.2	-0.8	-0.2	-0.8	-0.3	0.4		-0.3	-0.2	0.8	-0.3	
(2015 actual)		0.7	0.8	0.5	0.8	0.5	1.0	0.9		0.9	0.8	0.5	0.7	
														
Other: (2016		-0.3	-0.3	---	---	0.0	---	0.0		0.0	-0.2	---	-0.3	
planned)		0.5	0.6	---	---	---	---	---		---	0.4	---	0.6	

54 

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

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

N=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Economic/		-0.1	0.0	0.0	0.0	0.0	0.0	-0.5	0.0	0.0	
political
changes in Latin
America (2015
actual)		0.5	0.0	0.0	0.0	0.0	0.0	0.7	---	0.0	
											
Currency		0.0	-0.1	-0.7	0.3	0.7	-0.5	0.0	0.0	-0.2	
valuation (2016
planned)		0.7	0.7	0.8	1.0	0.6	0.7	1.4	1.4	1.0	
											
Economic/		-0.2	0.0	0.0	0.0	0.0	0.0	-0.5	-1.0	0.0	
political
changes in Latin
America (2016
planned)		0.5	0.0	0.0	0.0	0.0	0.0	0.7	---	0.0	
											
Slowdown in		-0.2	-0.1	-0.2	0.0	0.0	0.0	0.0	0.0	-0.2	
China (2015
actual)		0.4	0.6	0.4	0.8	1.0	0.0	0.0	0.0	0.4	
											
Slowdown in		-0.2	0.2	-0.4	0.0	-0.3	0.0	0.0	0.0	0.0	
China (2016
planned)		0.4	0.8	0.5	0.8	1.2	0.0	---	0.0	0.6	
											
Price of fuel		-0.1	-0.4	-0.2	-0.3	0.0	0.0	0.0	0.0	0.2	
(2016 planned)		0.7	0.8	0.8	1.0	1.0	1.4	---	1.4	0.8	
											
Price of fuel		-0.1	-0.4	-0.2	0.0	0.0	-1.0	0.0	0.0	0.2	
(2015 actual)		0.8	0.7	0.8	0.8	1.0	0.0	---	1.4	1.0	
											
Other: (2016		-0.3	0.0	-0.3	0.0	---	---	0.0	---	---	
planned)		0.6	---	0.6	---	---	---	---	---	---	

55 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Currency		0.2		0.3	-1.0	-0.5	0.5	0.3	0.0	0.3	0.0	0.1	0.5	1.0	0.3	
valuation (2015
actual)		0.8		1.0	---	0.7	0.7	0.8	0.8	0.6	0.0	0.8	0.7	---	0.7	
																
New or		0.1		0.6	-1.0	-0.5	0.5	-0.3	0.3	1.0	0.0	0.0	0.5	0.0	-0.2	
anticipated
regulatory
requirements
(2016 planned)		0.8		0.5	---	0.7	0.7	0.8	0.8	0.0	0.7	0.8	0.7	---	0.8	
																
New or		0.0		0.4	-1.0	-0.5	0.5	-0.5	0.3	0.7	0.0	-0.1	0.5	0.0	0.0	
anticipated
regulatory
requirements
(2015 actual)		0.7		0.5	---	0.7	0.7	0.8	0.8	0.6	0.6	0.6	0.7	---	0.9	
																
Dividends/share		0.0		0.3	0.0	0.0	0.0	0.0	0.0	1.0	-0.7	-0.1	0.5	0.0	0.3	
repurchases
(2016 planned)		0.6		0.5	---	0.0	0.0	0.7	0.0	---	0.6	0.6	0.7	---	1.0	
																
Interest rates		0.0		0.3	-1.0	0.5	0.0	0.0	0.3	0.3	0.0	-0.1	0.0	0.0	-0.4	
(2016 planned)		0.7		0.8	---	0.7	0.0	0.6	0.5	1.2	0.0	0.7	1.4	---	0.8	
																
Interest rates		0.0		0.3	-1.0	0.5	0.5	0.0	-0.2	0.0	0.0	-0.1	0.5	0.0	-0.3	
(2015 actual)		0.7		0.8	---	0.7	0.7	0.6	0.8	1.0	0.0	0.7	0.7	---	0.9	
																
Other: (2015		0.0		1.0	---	---	---	0.0	0.0	---	0.0	0.0	---	-1.0	---	
actual)		0.5		---	---	---	---	0.0	---	---	0.0	---	---	---	---	
																
Dividends/share		0.0		0.0	0.0	0.0	0.5	0.0	-0.2	0.0	-0.4	-0.1	0.5	0.0	0.0	
repurchases
(2015 actual)		0.5		0.0	---	0.0	0.7	0.7	0.4	---	0.5	0.5	0.7	---	0.8	

56 

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

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

N=63		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		0.0	-0.2	0.4	0.4	0.6	0.0	1.0		0.2	0.2	0.3	0.0	
valuation (2015
actual)		0.7	0.8	0.8	0.5	0.5	1.4	---		0.8	0.7	1.2	0.0	
														
New or		-0.1	-0.2	0.5	0.0	0.5	0.5	-1.0		0.2	0.1	0.0	-0.5	
anticipated
regulatory
requirements
(2016 planned)		0.7	0.8	0.8	0.7	0.8	0.7	---		0.8	0.8	1.0	0.7	
														
New or		-0.1	-0.2	0.5	-0.4	0.5	-0.5	0.0		0.0	0.1	0.0	-0.5	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.6	0.8	0.5	0.8	0.7	---		0.8	0.7	1.0	0.7	
														
Dividends/share		-0.1	0.0	0.3	0.2	0.2	0.0	0.0		0.1	0.0	0.0	---	
repurchases
(2016 planned)		0.6	0.7	0.6	0.4	0.4	1.4	---		0.5	0.7	0.0	---	
														
Interest rates		-0.1	-0.1	0.3	0.0	0.4	-0.5	0.0		0.1	0.1	0.0	-0.5	
(2016 planned)		0.6	0.7	0.8	1.0	0.8	0.7	---		0.8	0.6	1.0	0.7	
														
Interest rates		-0.2	0.0	0.1	0.2	0.3	-1.0	0.0		0.2	0.0	0.0	-0.5	
(2015 actual)		0.6	0.6	0.9	0.8	0.8	0.0	---		0.8	0.7	1.0	0.7	
														
Other: (2015		0.0	0.5	0.0	-1.0	0.0	---	---		0.0	0.0	---	---	
actual)		0.0	0.7	---	---	---	---	---		0.0	0.6	---	---	
														
Dividends/share		-0.2	-0.2	0.3	0.2	0.2	0.5	0.0		0.2	-0.1	0.0	---	
repurchases
(2015 actual)		0.6	0.4	0.5	0.4	0.4	0.7	---		0.4	0.5	0.0	---	

57 

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

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

N=63		Number of Employees		Foreign Sales	
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%	
														
Currency		0.4	-0.1	-0.2	0.0	0.5	0.5	0.5		-0.2	0.3	0.8	0.0	
valuation (2015
actual)		0.6	0.8	1.1	0.6	0.6	0.6	1.0		0.7	0.7	0.4	0.8	
														
New or		0.2	-0.4	-0.3	0.5	0.0	0.8	0.0		-0.3	0.1	0.6	0.1	
anticipated
regulatory
requirements
(2016 planned)		0.7	0.5	1.2	0.8	1.0	0.5	0.7		0.9	0.8	0.5	0.7	
														
New or		0.0	-0.1	0.0	0.5	0.3	0.8	-0.4		-0.3	0.1	0.6	-0.1	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.6	1.2	0.8	0.6	0.5	0.5		0.9	0.6	0.5	0.8	
														
Dividends/share		0.2	-0.4	-0.5	0.0	0.5	0.0	0.0		0.3	0.1	0.3	-0.3	
repurchases
(2016 planned)		0.6	0.5	0.7	0.0	0.6	0.0	0.8		0.5	0.6	0.5	0.6	
														
Interest rates		0.3	-0.3	-0.5	-0.2	0.3	0.3	0.0		0.0	0.1	0.4	-0.1	
(2016 planned)		0.5	0.7	0.6	0.8	1.0	1.0	0.8		0.9	0.8	0.5	0.5	
														
Interest rates		0.2	0.0	-0.2	-0.3	0.3	0.3	-0.3		-0.3	0.1	0.4	-0.1	
(2015 actual)		0.6	0.7	0.8	0.5	1.0	1.0	1.0		0.8	0.8	0.5	0.6	
														
Other: (2015		-0.2	0.3	---	---	---	---	0.0		0.0	0.2	---	-0.3	
actual)		0.4	0.6	---	---	---	---	---		---	0.4	---	0.6	
														
Dividends/share		0.0	-0.4	-0.5	0.0	0.0	0.3	0.3		0.2	-0.1	0.5	-0.3	
repurchases
(2015 actual)		0.6	0.5	0.7	0.0	0.0	0.6	0.5		0.4	0.5	0.6	0.5	

58 

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

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

N=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Currency		0.1	-0.1	0.3	0.3	0.3	0.0	1.0	0.0	-0.1	
valuation (2015
actual)		0.7	0.6	0.8	1.0	0.6	0.0	0.0	1.4	0.9	
											
New or		0.1	0.3	0.0	0.3	0.0	0.0	0.5	-0.5	0.0	
anticipated
regulatory
requirements
(2016 planned)		0.8	0.5	0.6	1.0	1.0	1.4	0.7	0.7	0.9	
											
New or		-0.1	0.3	-0.2	0.3	0.3	0.0	0.5	-0.5	0.0	
anticipated
regulatory
requirements
(2015 actual)		0.7	0.5	0.8	1.0	0.6	1.4	0.7	0.7	0.8	
											
Dividends/share		0.1	0.0	0.0	0.0	0.0	---	0.0	-0.5	0.0	
repurchases
(2016 planned)		0.7	0.6	0.6	0.0	1.4	---	---	0.7	0.0	
											
Interest rates		-0.2	0.0	-0.2	0.3	0.7	0.0	0.5	0.0	0.2	
(2016 planned)		0.7	0.6	0.8	0.5	0.6	1.4	0.7	0.0	0.8	
											
Interest rates		-0.3	0.0	0.0	0.5	0.3	-1.0	0.5	0.0	0.3	
(2015 actual)		0.7	0.5	0.6	0.6	1.2	0.0	0.7	0.0	0.5	
											
Other: (2015		-0.3	0.0	0.3	0.0	---	---	0.0	---	---	
actual)		0.6	---	0.6	---	---	---	---	---	---	
											
Dividends/share		0.1	-0.2	0.0	0.3	-0.3	0.0	0.0	-0.5	-0.3	
repurchases
(2015 actual)		0.5	0.4	0.6	0.5	0.6	---	---	0.7	0.5	

59 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Economic/		-0.1		0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-0.1	0.0	0.0	-0.1	
political
changes in Latin
America (2015
actual)		0.3		0.0	---	0.0	0.0	0.0	0.0	0.0	0.4	0.5	0.0	---	0.4	
																
Currency		-0.1		0.0	-1.0	0.0	0.5	-0.2	0.0	-0.3	-0.4	-0.1	0.0	1.0	0.0	
valuation (2016
planned)		0.8		1.1	---	---	0.7	1.0	0.9	1.2	0.5	0.8	1.4	---	0.6	
																
Economic/		-0.1		0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.3	-0.2	0.0	0.0	-0.2	
political
changes in Latin
America (2016
planned)		0.4		0.0	---	0.0	0.0	0.0	0.0	0.0	0.5	0.6	0.0	---	0.4	
																
Slowdown in		-0.1		-0.3	0.0	0.5	0.5	-0.3	-0.3	0.0	-0.2	-0.3	0.0	0.0	0.1	
China (2015
actual)		0.5		0.5	---	0.7	0.7	0.5	0.5	0.0	0.4	0.6	0.0	---	0.4	
																
Slowdown in		-0.1		-0.4	0.0	0.5	0.5	-0.3	0.0	0.0	-0.5	-0.2	0.0	0.0	0.0	
China (2016
planned)		0.6		0.5	---	0.7	0.7	0.5	0.7	0.0	0.5	0.8	0.0	---	0.0	
																
Price of fuel		-0.1		-0.2	0.0	0.0	1.0	-0.2	-0.3	0.0	0.2	-0.2	0.0	0.0	-0.4	
(2016 planned)		0.8		1.0	---	1.4	0.0	1.0	0.5	1.0	0.4	0.7	1.4	---	0.9	
																
Price of fuel		-0.2		-0.2	0.0	0.0	0.5	0.5	-0.4	-0.3	0.2	-0.4	0.0	0.0	-0.7	
(2015 actual)		0.8		1.0	---	1.4	0.7	0.8	0.5	1.2	0.4	0.8	1.4	---	0.5	
																
Other: (2016		-0.2		-1.0	---	---	---	0.0	---	---	0.0	0.0	---	-1.0	---	
planned)		0.4		---	---	---	---	0.0	---	---	0.0	0.0	---	---	---	

60 

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

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

N=63		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/		0.0	-0.1	0.0	0.0	-0.3	-1.0	0.0		-0.3	0.0	0.0	0.0	
political
changes in Latin
America (2015
actual)		0.0	0.3	0.0	0.0	0.5	---	---		0.5	0.2	---	---	
														
Currency		-0.2	-0.4	0.4	-0.2	-0.1	0.5	-0.5		-0.1	-0.1	0.3	0.0	
valuation (2016
planned)		0.8	0.8	0.8	0.8	0.9	0.7	0.7		0.8	0.8	1.2	0.0	
														
Economic/		0.0	-0.2	0.0	0.0	-0.3	-1.0	-0.5		-0.3	-0.1	0.0	0.0	
political
changes in Latin
America (2016
planned)		0.0	0.4	0.0	0.0	0.5	---	0.7		0.5	0.3	---	---	
														
Slowdown in		-0.1	-0.1	-0.4	0.3	-0.3	-0.5	-1.0		-0.3	-0.1	0.0	0.0	
China (2015
actual)		0.4	0.6	0.5	0.5	0.5	0.7	---		0.8	0.4	0.0	---	
														
Slowdown in		0.1	-0.3	-0.4	0.3	0.0	-0.5	-1.0		-0.3	-0.1	0.0	0.0	
China (2016
planned)		0.6	0.5	0.5	0.5	0.6	0.7	0.0		0.7	0.6	0.0	---	
														
Price of fuel		-0.1	-0.6	0.3	-0.2	0.3	-0.5	0.0		-0.2	-0.1	0.7	-1.0	
(2016 planned)		0.7	0.5	1.0	0.8	0.9	0.7	---		0.8	0.8	0.6	---	
														
Price of fuel		-0.1	-0.5	0.3	-0.5	-0.1	0.0	0.0		-0.1	-0.2	0.7	-1.0	
(2015 actual)		0.7	0.8	1.0	0.6	0.8	1.4	---		0.9	0.7	0.6	---	
														
Other: (2016		0.0	-0.5	0.0	-1.0	0.0	---	0.0		0.0	-0.3	---	---	
planned)		0.0	0.7	---	---	---	---	---		0.0	0.5	---	---	

61 

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

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

N=63		Number of Employees		Foreign Sales	
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%	
														
Economic/		0.0	0.0	0.0	0.0	-0.3	0.0	-1.0		0.0	-0.1	0.0	-0.1	
political
changes in Latin
America (2015
actual)		0.0	0.0	0.0	0.0	0.6	0.0	0.0		0.0	0.3	0.0	0.4	
														
Currency		0.2	-0.6	-0.5	-0.3	0.3	0.0	0.0		-0.3	-0.1	0.6	-0.1	
valuation (2016
planned)		0.7	0.7	1.0	0.5	0.5	1.2	1.0		0.8	0.8	0.5	0.8	
														
Economic/		0.0	0.0	-0.3	0.0	-0.3	0.0	-1.0		-0.1	-0.1	0.0	-0.1	
political
changes in Latin
America (2016
planned)		0.0	0.0	0.5	0.0	0.6	0.0	0.0		0.3	0.4	0.0	0.5	
														
Slowdown in		-0.1	0.0	0.0	-0.4	0.0	0.0	-0.4		-0.3	0.0	-0.4	-0.1	
China (2015
actual)		0.5	0.5	0.7	0.5	1.0	0.0	0.5		0.5	0.5	0.5	0.5	
														
Slowdown in		0.1	-0.4	-0.3	0.0	0.0	0.0	-0.6		-0.4	-0.1	0.0	-0.1	
China (2016
planned)		0.5	0.5	0.5	0.7	1.0	0.0	0.5		0.5	0.6	0.0	0.7	
														
Price of fuel		-0.2	-0.4	-0.7	-0.2	-0.8	0.5	0.2		-0.1	-0.3	1.0	-0.3	
(2016 planned)		0.7	0.7	0.6	0.8	0.5	1.0	0.8		0.9	0.7	0.0	0.7	
														
Price of fuel		-0.2	-0.2	-0.8	-0.2	-0.8	-0.3	0.4		-0.3	-0.2	0.8	-0.3	
(2015 actual)		0.7	0.8	0.5	0.8	0.5	1.0	0.9		0.9	0.8	0.5	0.7	
														
Other: (2016		-0.3	-0.3	---	---	0.0	---	0.0		0.0	-0.2	---	-0.3	
planned)		0.5	0.6	---	---	---	---	---		---	0.4	---	0.6	

62 

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

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

N=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Economic/		-0.1	0.0	0.0	0.0	0.0	0.0	-0.5	0.0	0.0	
political
changes in Latin
America (2015
actual)		0.5	0.0	0.0	0.0	0.0	0.0	0.7	---	0.0	
											
Currency		0.0	-0.1	-0.7	0.3	0.7	-0.5	0.0	0.0	-0.2	
valuation (2016
planned)		0.7	0.7	0.8	1.0	0.6	0.7	1.4	1.4	1.0	
											
Economic/		-0.2	0.0	0.0	0.0	0.0	0.0	-0.5	-1.0	0.0	
political
changes in Latin
America (2016
planned)		0.5	0.0	0.0	0.0	0.0	0.0	0.7	---	0.0	
											
Slowdown in		-0.2	-0.1	-0.2	0.0	0.0	0.0	0.0	0.0	-0.2	
China (2015
actual)		0.4	0.6	0.4	0.8	1.0	0.0	0.0	0.0	0.4	
											
Slowdown in		-0.2	0.2	-0.4	0.0	-0.3	0.0	0.0	0.0	0.0	
China (2016
planned)		0.4	0.8	0.5	0.8	1.2	0.0	---	0.0	0.6	
											
Price of fuel		-0.1	-0.4	-0.2	-0.3	0.0	0.0	0.0	0.0	0.2	
(2016 planned)		0.7	0.8	0.8	1.0	1.0	1.4	---	1.4	0.8	
											
Price of fuel		-0.1	-0.4	-0.2	0.0	0.0	-1.0	0.0	0.0	0.2	
(2015 actual)		0.8	0.7	0.8	0.8	1.0	0.0	---	1.4	1.0	
											
Other: (2016		-0.3	0.0	-0.3	0.0	---	---	0.0	---	---	
planned)		0.6	---	0.6	---	---	---	---	---	---	

63 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Currency		0.2		0.3	-1.0	-0.5	0.5	0.3	0.0	0.3	0.0	0.1	0.5	1.0	0.3	
valuation		0.8		1.0	---	0.7	0.7	0.8	0.8	0.6	0.0	0.8	0.7	---	0.7	
																
New or		0.0		0.4	-1.0	-0.5	0.5	-0.5	0.3	0.7	0.0	-0.1	0.5	0.0	0.0	
anticipated
regulatory
requirements		0.7		0.5	---	0.7	0.7	0.8	0.8	0.6	0.6	0.6	0.7	---	0.9	
																
Interest rates		0.0		0.3	-1.0	0.5	0.5	0.0	-0.2	0.0	0.0	-0.1	0.5	0.0	-0.3	
		0.7		0.8	---	0.7	0.7	0.6	0.8	1.0	0.0	0.7	0.7	---	0.9	
																
Other:		0.0		1.0	---	---	---	0.0	0.0	---	0.0	0.0	---	-1.0	---	
		0.5		---	---	---	---	0.0	---	---	0.0	---	---	---	---	
																
Dividends/share		0.0		0.0	0.0	0.0	0.5	0.0	-0.2	0.0	-0.4	-0.1	0.5	0.0	0.0	
repurchases		0.5		0.0	---	0.0	0.7	0.7	0.4	---	0.5	0.5	0.7	---	0.8	
																
Economic/		-0.1		0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.2	-0.1	0.0	0.0	-0.1	
political
changes in Latin
America		0.3		0.0	---	0.0	0.0	0.0	0.0	0.0	0.4	0.5	0.0	---	0.4	
																
Slowdown in		-0.1		-0.3	0.0	0.5	0.5	-0.3	-0.3	0.0	-0.2	-0.3	0.0	0.0	0.1	
China		0.5		0.5	---	0.7	0.7	0.5	0.5	0.0	0.4	0.6	0.0	---	0.4	
																
Price of fuel		-0.2		-0.2	0.0	0.0	0.5	0.5	-0.4	-0.3	0.2	-0.4	0.0	0.0	-0.7	
		0.8		1.0	---	1.4	0.7	0.8	0.5	1.2	0.4	0.8	1.4	---	0.5	

64 

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

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

N=63		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		0.0	-0.2	0.4	0.4	0.6	0.0	1.0		0.2	0.2	0.3	0.0	
valuation		0.7	0.8	0.8	0.5	0.5	1.4	---		0.8	0.7	1.2	0.0	
														
New or		-0.1	-0.2	0.5	-0.4	0.5	-0.5	0.0		0.0	0.1	0.0	-0.5	
anticipated
regulatory
requirements		0.7	0.6	0.8	0.5	0.8	0.7	---		0.8	0.7	1.0	0.7	
														
Interest rates		-0.2	0.0	0.1	0.2	0.3	-1.0	0.0		0.2	0.0	0.0	-0.5	
		0.6	0.6	0.9	0.8	0.8	0.0	---		0.8	0.7	1.0	0.7	
														
Other:		0.0	0.5	0.0	-1.0	0.0	---	---		0.0	0.0	---	---	
		0.0	0.7	---	---	---	---	---		0.0	0.6	---	---	
														
Dividends/share		-0.2	-0.2	0.3	0.2	0.2	0.5	0.0		0.2	-0.1	0.0	---	
repurchases		0.6	0.4	0.5	0.4	0.4	0.7	---		0.4	0.5	0.0	---	
														
Economic/		0.0	-0.1	0.0	0.0	-0.3	-1.0	0.0		-0.3	0.0	0.0	0.0	
political
changes in Latin
America		0.0	0.3	0.0	0.0	0.5	---	---		0.5	0.2	---	---	
														
Slowdown in		-0.1	-0.1	-0.4	0.3	-0.3	-0.5	-1.0		-0.3	-0.1	0.0	0.0	
China		0.4	0.6	0.5	0.5	0.5	0.7	---		0.8	0.4	0.0	---	
														
Price of fuel		-0.1	-0.5	0.3	-0.5	-0.1	0.0	0.0		-0.1	-0.2	0.7	-1.0	
		0.7	0.8	1.0	0.6	0.8	1.4	---		0.9	0.7	0.6	---	

65 

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

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

N=63		Number of Employees		Foreign Sales	
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%	
														
Currency		0.4	-0.1	-0.2	0.0	0.5	0.5	0.5		-0.2	0.3	0.8	0.0	
valuation		0.6	0.8	1.1	0.6	0.6	0.6	1.0		0.7	0.7	0.4	0.8	
														
New or		0.0	-0.1	0.0	0.5	0.3	0.8	-0.4		-0.3	0.1	0.6	-0.1	
anticipated
regulatory
requirements		0.7	0.6	1.2	0.8	0.6	0.5	0.5		0.9	0.6	0.5	0.8	
														
Interest rates		0.2	0.0	-0.2	-0.3	0.3	0.3	-0.3		-0.3	0.1	0.4	-0.1	
		0.6	0.7	0.8	0.5	1.0	1.0	1.0		0.8	0.8	0.5	0.6	
														
Other:		-0.2	0.3	---	---	---	---	0.0		0.0	0.2	---	-0.3	
		0.4	0.6	---	---	---	---	---		---	0.4	---	0.6	
														
Dividends/share		0.0	-0.4	-0.5	0.0	0.0	0.3	0.3		0.2	-0.1	0.5	-0.3	
repurchases		0.6	0.5	0.7	0.0	0.0	0.6	0.5		0.4	0.5	0.6	0.5	
														
Economic/		0.0	0.0	0.0	0.0	-0.3	0.0	-1.0		0.0	-0.1	0.0	-0.1	
political
changes in Latin
America		0.0	0.0	0.0	0.0	0.6	0.0	0.0		0.0	0.3	0.0	0.4	
														
Slowdown in		-0.1	0.0	0.0	-0.4	0.0	0.0	-0.4		-0.3	0.0	-0.4	-0.1	
China		0.5	0.5	0.7	0.5	1.0	0.0	0.5		0.5	0.5	0.5	0.5	
														
Price of fuel		-0.2	-0.2	-0.8	-0.2	-0.8	-0.3	0.4		-0.3	-0.2	0.8	-0.3	
		0.7	0.8	0.5	0.8	0.5	1.0	0.9		0.9	0.8	0.5	0.7	

66 

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

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

N=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Currency		0.1	-0.1	0.3	0.3	0.3	0.0	1.0	0.0	-0.1	
valuation		0.7	0.6	0.8	1.0	0.6	0.0	0.0	1.4	0.9	
											
New or		-0.1	0.3	-0.2	0.3	0.3	0.0	0.5	-0.5	0.0	
anticipated
regulatory
requirements		0.7	0.5	0.8	1.0	0.6	1.4	0.7	0.7	0.8	
											
Interest rates		-0.3	0.0	0.0	0.5	0.3	-1.0	0.5	0.0	0.3	
		0.7	0.5	0.6	0.6	1.2	0.0	0.7	0.0	0.5	
											
Other:		-0.3	0.0	0.3	0.0	---	---	0.0	---	---	
		0.6	---	0.6	---	---	---	---	---	---	
											
Dividends/share		0.1	-0.2	0.0	0.3	-0.3	0.0	0.0	-0.5	-0.3	
repurchases		0.5	0.4	0.6	0.5	0.6	---	---	0.7	0.5	
											
Economic/		-0.1	0.0	0.0	0.0	0.0	0.0	-0.5	0.0	0.0	
political
changes in Latin
America		0.5	0.0	0.0	0.0	0.0	0.0	0.7	---	0.0	
											
Slowdown in		-0.2	-0.1	-0.2	0.0	0.0	0.0	0.0	0.0	-0.2	
China		0.4	0.6	0.4	0.8	1.0	0.0	0.0	0.0	0.4	
											
Price of fuel		-0.1	-0.4	-0.2	0.0	0.0	-1.0	0.0	0.0	0.2	
		0.8	0.7	0.8	0.8	1.0	0.0	---	1.4	1.0	

67 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
New or		0.1		0.6	-1.0	-0.5	0.5	-0.3	0.3	1.0	0.0	0.0	0.5	0.0	-0.2	
anticipated
regulatory
requirements		0.8		0.5	---	0.7	0.7	0.8	0.8	0.0	0.7	0.8	0.7	---	0.8	
																
Dividends/share		0.0		0.3	0.0	0.0	0.0	0.0	0.0	1.0	-0.7	-0.1	0.5	0.0	0.3	
repurchases		0.6		0.5	---	0.0	0.0	0.7	0.0	---	0.6	0.6	0.7	---	1.0	
																
Interest rates		0.0		0.3	-1.0	0.5	0.0	0.0	0.3	0.3	0.0	-0.1	0.0	0.0	-0.4	
		0.7		0.8	---	0.7	0.0	0.6	0.5	1.2	0.0	0.7	1.4	---	0.8	
																
Currency		-0.1		0.0	-1.0	0.0	0.5	-0.2	0.0	-0.3	-0.4	-0.1	0.0	1.0	0.0	
valuation		0.8		1.1	---	---	0.7	1.0	0.9	1.2	0.5	0.8	1.4	---	0.6	
																
Economic/		-0.1		0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.3	-0.2	0.0	0.0	-0.2	
political
changes in Latin
America		0.4		0.0	---	0.0	0.0	0.0	0.0	0.0	0.5	0.6	0.0	---	0.4	
																
Slowdown in		-0.1		-0.4	0.0	0.5	0.5	-0.3	0.0	0.0	-0.5	-0.2	0.0	0.0	0.0	
China		0.6		0.5	---	0.7	0.7	0.5	0.7	0.0	0.5	0.8	0.0	---	0.0	
																
Price of fuel		-0.1		-0.2	0.0	0.0	1.0	-0.2	-0.3	0.0	0.2	-0.2	0.0	0.0	-0.4	
		0.8		1.0	---	1.4	0.0	1.0	0.5	1.0	0.4	0.7	1.4	---	0.9	
																
Other:		-0.2		-1.0	---	---	---	0.0	---	---	0.0	0.0	---	-1.0	---	
		0.4		---	---	---	---	0.0	---	---	0.0	0.0	---	---	---	

68 

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

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

N=63		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	
														
New or		-0.1	-0.2	0.5	0.0	0.5	0.5	-1.0		0.2	0.1	0.0	-0.5	
anticipated
regulatory
requirements		0.7	0.8	0.8	0.7	0.8	0.7	---		0.8	0.8	1.0	0.7	
														
Dividends/share		-0.1	0.0	0.3	0.2	0.2	0.0	0.0		0.1	0.0	0.0	---	
repurchases		0.6	0.7	0.6	0.4	0.4	1.4	---		0.5	0.7	0.0	---	
														
Interest rates		-0.1	-0.1	0.3	0.0	0.4	-0.5	0.0		0.1	0.1	0.0	-0.5	
		0.6	0.7	0.8	1.0	0.8	0.7	---		0.8	0.6	1.0	0.7	
														
Currency		-0.2	-0.4	0.4	-0.2	-0.1	0.5	-0.5		-0.1	-0.1	0.3	0.0	
valuation		0.8	0.8	0.8	0.8	0.9	0.7	0.7		0.8	0.8	1.2	0.0	
														
Economic/		0.0	-0.2	0.0	0.0	-0.3	-1.0	-0.5		-0.3	-0.1	0.0	0.0	
political
changes in Latin
America		0.0	0.4	0.0	0.0	0.5	---	0.7		0.5	0.3	---	---	
														
Slowdown in		0.1	-0.3	-0.4	0.3	0.0	-0.5	-1.0		-0.3	-0.1	0.0	0.0	
China		0.6	0.5	0.5	0.5	0.6	0.7	0.0		0.7	0.6	0.0	---	
														
Price of fuel		-0.1	-0.6	0.3	-0.2	0.3	-0.5	0.0		-0.2	-0.1	0.7	-1.0	
		0.7	0.5	1.0	0.8	0.9	0.7	---		0.8	0.8	0.6	---	
														
Other:		0.0	-0.5	0.0	-1.0	0.0	---	0.0		0.0	-0.3	---	---	
		0.0	0.7	---	---	---	---	---		0.0	0.5	---	---	

69 

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

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

N=63		Number of Employees		Foreign Sales	
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%	
														
New or		0.2	-0.4	-0.3	0.5	0.0	0.8	0.0		-0.3	0.1	0.6	0.1	
anticipated
regulatory
requirements		0.7	0.5	1.2	0.8	1.0	0.5	0.7		0.9	0.8	0.5	0.7	
														
Dividends/share		0.2	-0.4	-0.5	0.0	0.5	0.0	0.0		0.3	0.1	0.3	-0.3	
repurchases		0.6	0.5	0.7	0.0	0.6	0.0	0.8		0.5	0.6	0.5	0.6	
														
Interest rates		0.3	-0.3	-0.5	-0.2	0.3	0.3	0.0		0.0	0.1	0.4	-0.1	
		0.5	0.7	0.6	0.8	1.0	1.0	0.8		0.9	0.8	0.5	0.5	
														
Currency		0.2	-0.6	-0.5	-0.3	0.3	0.0	0.0		-0.3	-0.1	0.6	-0.1	
valuation		0.7	0.7	1.0	0.5	0.5	1.2	1.0		0.8	0.8	0.5	0.8	
														
Economic/		0.0	0.0	-0.3	0.0	-0.3	0.0	-1.0		-0.1	-0.1	0.0	-0.1	
political
changes in Latin
America		0.0	0.0	0.5	0.0	0.6	0.0	0.0		0.3	0.4	0.0	0.5	
														
Slowdown in		0.1	-0.4	-0.3	0.0	0.0	0.0	-0.6		-0.4	-0.1	0.0	-0.1	
China		0.5	0.5	0.5	0.7	1.0	0.0	0.5		0.5	0.6	0.0	0.7	
														
Price of fuel		-0.2	-0.4	-0.7	-0.2	-0.8	0.5	0.2		-0.1	-0.3	1.0	-0.3	
		0.7	0.7	0.6	0.8	0.5	1.0	0.8		0.9	0.7	0.0	0.7	
														
Other:		-0.3	-0.3	---	---	0.0	---	0.0		0.0	-0.2	---	-0.3	
		0.5	0.6	---	---	---	---	---		---	0.4	---	0.6	

70 

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

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

N=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
New or		0.1	0.3	0.0	0.3	0.0	0.0	0.5	-0.5	0.0	
anticipated
regulatory
requirements		0.8	0.5	0.6	1.0	1.0	1.4	0.7	0.7	0.9	
											
Dividends/share		0.1	0.0	0.0	0.0	0.0	---	0.0	-0.5	0.0	
repurchases		0.7	0.6	0.6	0.0	1.4	---	---	0.7	0.0	
											
Interest rates		-0.2	0.0	-0.2	0.3	0.7	0.0	0.5	0.0	0.2	
		0.7	0.6	0.8	0.5	0.6	1.4	0.7	0.0	0.8	
											
Currency		0.0	-0.1	-0.7	0.3	0.7	-0.5	0.0	0.0	-0.2	
valuation		0.7	0.7	0.8	1.0	0.6	0.7	1.4	1.4	1.0	
											
Economic/		-0.2	0.0	0.0	0.0	0.0	0.0	-0.5	-1.0	0.0	
political
changes in Latin
America		0.5	0.0	0.0	0.0	0.0	0.0	0.7	---	0.0	
											
Slowdown in		-0.2	0.2	-0.4	0.0	-0.3	0.0	0.0	0.0	0.0	
China		0.4	0.8	0.5	0.8	1.2	0.0	---	0.0	0.6	
											
Price of fuel		-0.1	-0.4	-0.2	-0.3	0.0	0.0	0.0	0.0	0.2	
		0.7	0.8	0.8	1.0	1.0	1.4	---	1.4	0.8	
											
Other:		-0.3	0.0	-0.3	0.0	---	---	0.0	---	---	
		0.6	---	0.6	---	---	---	---	---	---	

71 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		63		6	1	2	2	6	8	3	7	15	2	1	9	
		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
+2=Large increase in age		4		0	0	1	0	0	1	1	0	1	0	0	0	
		6.9%		0.0%	0.0%	50.0%	0.0%	0.0%	12.5%	33.3%	0.0%	6.7%	0.0%	0.0%	0.0%	
																
+1=Moderate increase		27		2	1	1	0	2	3	1	2	6	2	1	5	
in age		46.6%		33.3%	100.0%	50.0%	0.0%	50.0%	37.5%	33.3%	33.3%	40.0%	100.0%	100.0%	62.5%	
																
0=No change		14		2	0	0	1	1	1	0	4	4	0	0	1	
		24.1%		33.3%	0.0%	0.0%	100.0%	25.0%	12.5%	0.0%	66.7%	26.7%	0.0%	0.0%	12.5%	
																
-1=Moderate decrease in		8		2	0	0	0	0	2	0	0	2	0	0	2	
age		13.8%		33.3%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	13.3%	0.0%	0.0%	25.0%	
																
-2=Large decrease in age		5		0	0	0	0	1	1	1	0	2	0	0	0	
		8.6%		0.0%	0.0%	0.0%	0.0%	25.0%	12.5%	33.3%	0.0%	13.3%	0.0%	0.0%	0.0%	
																
Mean		0.3		0.0	1.0	1.5	0.0	0.0	0.1	0.3	0.3	0.1	1.0	1.0	0.4	
SD		1.1		0.9	0.0	0.7	0.0	1.4	1.4	2.1	0.5	1.2	0.0	0.0	0.9	
						h					c					

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

72 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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		22	11	8	6	8	2	2		15	35	3	2	
		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%		27.3%	63.6%	5.5%	3.6%	
														
+2=Large increase in age		2	2	0	0	0	0	0		0	3	0	0	
		10.5%	18.2%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	9.1%	0.0%	0.0%	
														
+1=Moderate increase		7	6	2	5	4	1	0		11	13	1	0	
in age		36.8%	54.5%	28.6%	83.3%	57.1%	50.0%	0.0%		78.6%	39.4%	50.0%	0.0%	
										b	a			
														
0=No change		5	1	2	1	2	1	2		3	9	1	0	
		26.3%	9.1%	28.6%	16.7%	28.6%	50.0%	100.0%		21.4%	27.3%	50.0%	0.0%	
		g	g					ab						
														
-1=Moderate decrease in		4	2	1	0	0	0	0		0	5	0	1	
age		21.1%	18.2%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	15.2%	0.0%	100.0%	
										D	d		Ab	
														
-2=Large decrease in age		1	0	2	0	1	0	0		0	3	0	0	
		5.3%	0.0%	28.6%	0.0%	14.3%	0.0%	0.0%		0.0%	9.1%	0.0%	0.0%	
														
Mean		0.3	0.7	-0.4	0.8	0.3	0.5	0.0		0.8	0.2	0.5	-1.0	
SD		1.1	1.0	1.3	0.4	1.1	0.7	0.0		0.4	1.1	0.7	0.0	
			c	bd	c									

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

73 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	9	5	6	4	4	6		15	20	6	18	
		30.6%	18.4%	10.2%	12.2%	8.2%	8.2%	12.2%		25.4%	33.9%	10.2%	30.5%	
														
+2=Large increase in age		1	2	0	0	0	0	0		2	1	0	0	
		7.7%	22.2%	0.0%	0.0%	0.0%	0.0%	0.0%		14.3%	5.6%	0.0%	0.0%	
														
+1=Moderate increase		7	1	4	5	3	1	1		7	8	2	8	
in age		53.8%	11.1%	80.0%	83.3%	75.0%	33.3%	20.0%		50.0%	44.4%	40.0%	47.1%	
			cde	b	b	b								
														
0=No change		2	3	0	0	1	1	4		3	5	2	4	
		15.4%	33.3%	0.0%	0.0%	25.0%	33.3%	80.0%		21.4%	27.8%	40.0%	23.5%	
		g		g	g			acd						
														
-1=Moderate decrease in		2	3	1	0	0	0	0		1	3	1	2	
age		15.4%	33.3%	20.0%	0.0%	0.0%	0.0%	0.0%		7.1%	16.7%	20.0%	11.8%	
														
-2=Large decrease in age		1	0	0	1	0	1	0		1	1	0	3	
		7.7%	0.0%	0.0%	16.7%	0.0%	33.3%	0.0%		7.1%	5.6%	0.0%	17.6%	
														
Mean		0.4	0.2	0.6	0.5	0.8	-0.3	0.2		0.6	0.3	0.2	0.0	
SD		1.1	1.2	0.9	1.2	0.5	1.5	0.4		1.1	1.0	0.8	1.2	

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

74 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		24	10	6	4	3	2	2	2	7	
		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
+2=Large increase in age		0	0	0	0	1	0	0	0	3	
		0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	50.0%	
		eI	i			a				Ab	
											
+1=Moderate increase		13	4	3	3	0	0	1	0	1	
in age		61.9%	44.4%	50.0%	75.0%	0.0%	0.0%	50.0%	0.0%	16.7%	
											
0=No change		6	2	2	1	1	0	1	1	0	
		28.6%	22.2%	33.3%	25.0%	33.3%	0.0%	50.0%	50.0%	0.0%	
											
-1=Moderate decrease in		0	2	0	0	1	1	0	1	2	
age		0.0%	22.2%	0.0%	0.0%	33.3%	50.0%	0.0%	50.0%	33.3%	
		beFHi	a			a	A		A	a	
											
-2=Large decrease in age		2	1	1	0	0	1	0	0	0	
		9.5%	11.1%	16.7%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	
											
Mean		0.4	0.0	0.2	0.8	0.3	-1.5	0.5	-0.5	0.8	
SD		0.9	1.1	1.2	0.5	1.5	0.7	0.7	0.7	1.5	
		F			F		AD				

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

75 

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

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

N=31		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		31		2	1	2	0	2	4	2	2	7	2	1	5	
		100.0%		6.7%	3.3%	6.7%	0.0%	6.7%	13.3%	6.7%	6.7%	23.3%	6.7%	3.3%	16.7%	
																
No		17		1	0	1	0	2	3	2	1	5	0	1	1	
		65.4%		100.0%	0.0%	50.0%	0.0%	100.0%	75.0%	100.0%	100.0%	83.3%	0.0%	100.0%	25.0%	
																
Yes		9		0	1	1	0	0	1	0	0	1	2	0	3	
		34.6%		0.0%	100.0%	50.0%	0.0%	0.0%	25.0%	0.0%	0.0%	16.7%	100.0%	0.0%	75.0%	

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

76 

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

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

N=31		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		9	8	2	5	4	1	0		11	16	1	0	
		31.0%	27.6%	6.9%	17.2%	13.8%	3.4%	0.0%		39.3%	57.1%	3.6%	0.0%	
														
No		5	5	2	1	3	1	0		6	10	0	0	
		55.6%	83.3%	100.0%	25.0%	100.0%	100.0%	0.0%		66.7%	71.4%	0.0%	0.0%	
														
Yes		4	1	0	3	0	0	0		3	4	1	0	
		44.4%	16.7%	0.0%	75.0%	0.0%	0.0%	0.0%		33.3%	28.6%	100.0%	0.0%	

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

77 

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

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

N=31		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		8	3	4	5	3	1	1		9	9	2	8	
		32.0%	12.0%	16.0%	20.0%	12.0%	4.0%	4.0%		32.1%	32.1%	7.1%	28.6%	
														
No		5	3	1	2	2	0	1		4	8	1	3	
		71.4%	100.0%	25.0%	66.7%	66.7%	0.0%	100.0%		50.0%	100.0%	50.0%	50.0%	
										b	ad		b	
														
Yes		2	0	3	1	1	1	0		4	0	1	3	
		28.6%	0.0%	75.0%	33.3%	33.3%	100.0%	0.0%		50.0%	0.0%	50.0%	50.0%	
										b	ad		b	

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

78 

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

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

N=31		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		13	4	3	3	1	0	1	0	4	
		44.8%	13.8%	10.3%	10.3%	3.4%	0.0%	3.4%	0.0%	13.8%	
											
No		8	3	0	2	1	0	0	0	3	
		80.0%	100.0%	0.0%	66.7%	100.0%	0.0%	0.0%	0.0%	75.0%	
		c		a							
											
Yes		2	0	3	1	0	0	1	0	1	
		20.0%	0.0%	100.0%	33.3%	0.0%	0.0%	100.0%	0.0%	25.0%	
		c		a							

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

79 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		63		6	1	2	2	6	8	3	7	15	2	1	9	
		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
-2=Much less capital
investment will be		
2		
0	
0	
1	
0	
1	
0	
0	
0	
0	
0	
0	
0	
required		3.3%		0.0%	0.0%	50.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
						i						c				
																
-1=Moderately less		6		1	0	0	0	0	1	0	0	1	0	0	3	
		10.0%		16.7%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	7.1%	0.0%	0.0%	42.9%	
																
0=No change		21		3	1	0	1	2	4	1	3	5	0	0	1	
		35.0%		50.0%	100.0%	0.0%	50.0%	33.3%	50.0%	33.3%	42.9%	35.7%	0.0%	0.0%	14.3%	
																
+1=Moderately more		23		1	0	0	0	2	3	2	4	7	1	0	3	
		38.3%		16.7%	0.0%	0.0%	0.0%	33.3%	37.5%	66.7%	57.1%	50.0%	50.0%	0.0%	42.9%	
																
+2=Much more capital
investment will be		
8		
1	
0	
1	
1	
1	
0	
0	
0	
1	
1	
1	
0	
required		13.3%		16.7%	0.0%	50.0%	50.0%	16.7%	0.0%	0.0%	0.0%	7.1%	50.0%	100.0%	0.0%	
									k		k	k		fhil	k	
																
Mean		0.5		0.3	0.0	0.0	1.0	0.3	0.3	0.7	0.6	0.6	1.5	2.0	0.0	
SD		1.0		1.0	0.0	2.8	1.4	1.4	0.7	0.6	0.5	0.8	0.7	0.0	1.0	

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

80 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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		22	11	8	6	8	2	2		15	35	3	2	
		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%		27.3%	63.6%	5.5%	3.6%	
														
-2=Much less capital
investment will be		
0	
0	
1	
1	
0	
0	
0		
1	
1	
0	
0	
required		0.0%	0.0%	12.5%	16.7%	0.0%	0.0%	0.0%		6.7%	2.9%	0.0%	0.0%	
														
-1=Moderately less		1	2	1	1	0	0	0		2	4	0	0	
		5.0%	18.2%	12.5%	16.7%	0.0%	0.0%	0.0%		13.3%	11.4%	0.0%	0.0%	
														
0=No change		8	6	2	1	2	1	1		5	11	2	1	
		40.0%	54.5%	25.0%	16.7%	25.0%	50.0%	50.0%		33.3%	31.4%	66.7%	100.0%	
														
+1=Moderately more		7	3	3	2	6	0	1		6	14	1	0	
		35.0%	27.3%	37.5%	33.3%	75.0%	0.0%	50.0%		40.0%	40.0%	33.3%	0.0%	
														
+2=Much more capital
investment will be		
4	
0	
1	
1	
0	
1	
0		
1	
5	
0	
0	
required		20.0%	0.0%	12.5%	16.7%	0.0%	50.0%	0.0%		6.7%	14.3%	0.0%	0.0%	
			f				b							
														
Mean		0.7	0.1	0.3	0.2	0.8	1.0	0.5		0.3	0.5	0.3	0.0	
SD		0.9	0.7	1.3	1.5	0.5	1.4	0.7		1.0	1.0	0.6	0.0	
			e			b								

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

81 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	9	5	6	4	4	6		15	20	6	18	
		30.6%	18.4%	10.2%	12.2%	8.2%	8.2%	12.2%		25.4%	33.9%	10.2%	30.5%	
														
-2=Much less capital
investment will be		
1	
0	
0	
0	
1	
0	
0		
1	
0	
0	
1	
required		7.1%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%		6.7%	0.0%	0.0%	6.3%	
														
-1=Moderately less		1	0	2	1	1	0	0		2	2	0	1	
		7.1%	0.0%	40.0%	16.7%	25.0%	0.0%	0.0%		13.3%	10.0%	0.0%	6.3%	
														
0=No change		4	6	1	1	0	1	4		4	7	3	6	
		28.6%	75.0%	20.0%	16.7%	0.0%	25.0%	66.7%		26.7%	35.0%	60.0%	37.5%	
		b	ae			b								
														
+1=Moderately more		4	2	2	4	2	3	1		7	8	1	6	
		28.6%	25.0%	40.0%	66.7%	50.0%	75.0%	16.7%		46.7%	40.0%	20.0%	37.5%	
														
+2=Much more capital
investment will be		
4	
0	
0	
0	
0	
0	
1		
1	
3	
1	
2	
required		28.6%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%		6.7%	15.0%	20.0%	12.5%	
														
Mean		0.6	0.3	0.0	0.5	-0.3	0.8	0.5		0.3	0.6	0.6	0.4	
SD		1.2	0.5	1.0	0.8	1.5	0.5	0.8		1.0	0.9	0.9	1.0	

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

82 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		24	10	6	4	3	2	2	2	7	
		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
-2=Much less capital
investment will be		
1	
0	
0	
1	
0	
0	
0	
0	
0	
required		4.5%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
-1=Moderately less		3	1	1	0	0	0	0	0	0	
		13.6%	10.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
0=No change		6	3	1	3	3	1	1	1	2	
		27.3%	30.0%	16.7%	75.0%	100.0%	50.0%	50.0%	50.0%	33.3%	
		e		e		ac					
											
+1=Moderately more		10	5	2	0	0	1	1	1	2	
		45.5%	50.0%	33.3%	0.0%	0.0%	50.0%	50.0%	50.0%	33.3%	
											
+2=Much more capital
investment will be		
2	
1	
2	
0	
0	
0	
0	
0	
2	
required		9.1%	10.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
											
Mean		0.4	0.6	0.8	-0.5	0.0	0.5	0.5	0.5	1.0	
SD		1.0	0.8	1.2	1.0	0.0	0.7	0.7	0.7	0.9	
					i					d	

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

83 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		63		6	1	2	2	6	8	3	7	15	2	1	9	
		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
2=Yes, a lot		5		1	0	0	0	1	2	0	0	1	0	0	0	
		9.6%		16.7%	0.0%	0.0%	0.0%	20.0%	25.0%	0.0%	0.0%	7.1%	0.0%	0.0%	0.0%	
																
1=Yes, a little		15		1	0	0	1	1	3	0	0	6	2	0	1	
		28.8%		16.7%	0.0%	0.0%	100.0%	20.0%	37.5%	0.0%	0.0%	42.9%	100.0%	0.0%	20.0%	
							h				dj		h			
																
0=No		32		4	0	0	0	3	3	3	6	7	0	1	4	
		61.5%		66.7%	0.0%	0.0%	0.0%	60.0%	37.5%	100.0%	100.0%	50.0%	0.0%	100.0%	80.0%	
							h		h		dfij	h	h			
																
Mean		0.5		0.5	---	---	1.0	0.6	0.9	0.0	0.0	0.6	1.0	0.0	0.2	
SD		0.7		0.8	---	---	0.0	0.9	0.8	0.0	0.0	0.6	0.0	0.0	0.4	

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

84 

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

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

N=63		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		22	11	8	6	8	2	2		15	35	3	2	
		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%		27.3%	63.6%	5.5%	3.6%	
														
2=Yes, a lot		2	0	2	0	0	0	0		0	3	0	0	
		14.3%	0.0%	28.6%	0.0%	0.0%	0.0%	0.0%		0.0%	10.0%	0.0%	0.0%	
														
1=Yes, a little		3	4	3	1	4	0	0		4	8	0	0	
		21.4%	36.4%	42.9%	25.0%	50.0%	0.0%	0.0%		28.6%	26.7%	0.0%	0.0%	
														
0=No		9	7	2	3	4	2	2		10	19	1	0	
		64.3%	63.6%	28.6%	75.0%	50.0%	100.0%	100.0%		71.4%	63.3%	100.0%	0.0%	
														
Mean		0.5	0.4	1.0	0.3	0.5	0.0	0.0		0.3	0.5	0.0	---	
SD		0.8	0.5	0.8	0.5	0.5	0.0	0.0		0.5	0.7	0.0	---	

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

85 

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

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

N=63		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	9	5	6	4	4	6		15	20	6	18	
		30.6%	18.4%	10.2%	12.2%	8.2%	8.2%	12.2%		25.4%	33.9%	10.2%	30.5%	
														
2=Yes, a lot		3	0	0	0	0	0	0		1	2	0	2	
		23.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		9.1%	10.5%	0.0%	14.3%	
														
1=Yes, a little		3	2	1	4	1	2	0		3	5	4	3	
		23.1%	28.6%	33.3%	66.7%	33.3%	50.0%	0.0%		27.3%	26.3%	100.0%	21.4%	
					g			d		c	c	abd	c	
														
0=No		7	5	2	2	2	2	5		7	12	0	9	
		53.8%	71.4%	66.7%	33.3%	66.7%	50.0%	100.0%		63.6%	63.2%	0.0%	64.3%	
					g			d		c	c	abd	c	
														
Mean		0.7	0.3	0.3	0.7	0.3	0.5	0.0		0.5	0.5	1.0	0.5	
SD		0.9	0.5	0.6	0.5	0.6	0.6	0.0		0.7	0.7	0.0	0.8	

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

86 

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

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

N=63		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		24	10	6	4	3	2	2	2	7	
		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
2=Yes, a lot		2	0	0	1	0	0	0	0	2	
		9.5%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	40.0%	
											
1=Yes, a little		4	3	2	2	2	0	0	1	1	
		19.0%	37.5%	33.3%	66.7%	66.7%	0.0%	0.0%	100.0%	20.0%	
											
0=No		15	5	4	0	1	1	1	0	2	
		71.4%	62.5%	66.7%	0.0%	33.3%	100.0%	100.0%	0.0%	40.0%	
		d			a						
											
Mean		0.4	0.4	0.3	1.3	0.7	0.0	0.0	1.0	1.0	
SD		0.7	0.5	0.5	0.6	0.6	0.0	0.0	0.0	1.0	
		d	d	d	abc						

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

87 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Percentage		-2.1		-9.8	-10.0	3.5	-5.0	5.0	-0.4	-8.3	-3.9	-0.9	-17.5	10.0	1.3	
change		11.2		13.0	---	9.2	7.1	14.1	16.9	5.8	3.3	8.5	3.5	---	9.6	

88 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		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		-2.4	-4.8	0.8	5.0	-5.5	-2.5	-3.0		-1.3	-3.9	0.0	---	
change		12.8	11.1	14.1	11.2	3.5	10.6	2.8		7.8	10.5	17.3	---	

89 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Number of Employees		Foreign Sales	
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%	
														
Percentage		0.1	-5.9	-4.2	-7.7	-1.3	-10.0	1.8		-3.2	-5.0	2.4	2.1	
change		14.4	13.7	8.3	3.0	7.5	4.1	10.1		10.5	9.6	21.4	9.2	

90 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=63		Country Where Based	
Mean
SD		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
											
Percentage		-1.2	0.2	-10.7	5.0	0.3	-5.0	-2.0	12.5	-10.2	
change		8.5	13.1	15.4	10.0	9.6	---	1.4	10.6	11.7	

91 

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

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

N=63		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		63		6	1	2	2	6	8	3	7	15	2	1	9	
		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
-2=Slowing a lot		2		0	0	0	0	0	0	1	0	1	0	0	0	
		3.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	6.7%	0.0%	0.0%	0.0%	
																
-1=Slowing moderately		20		3	0	1	0	2	4	0	2	5	1	0	2	
		33.3%		60.0%	0.0%	50.0%	0.0%	33.3%	50.0%	0.0%	28.6%	33.3%	50.0%	0.0%	25.0%	
																
0=No change		13		1	1	0	1	2	1	0	2	4	0	0	1	
		21.7%		20.0%	100.0%	0.0%	50.0%	33.3%	12.5%	0.0%	28.6%	26.7%	0.0%	0.0%	12.5%	
																
+1=Accelerating		24		1	0	1	1	2	2	2	3	5	1	1	5	
moderately		40.0%		20.0%	0.0%	50.0%	50.0%	33.3%	25.0%	66.7%	42.9%	33.3%	50.0%	100.0%	62.5%	
																
+2=Accelerating a lot		1		0	0	0	0	0	1	0	0	0	0	0	0	
		1.7%		0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.0		-0.4	0.0	0.0	0.5	0.0	0.0	0.0	0.1	-0.1	0.0	1.0	0.4	
SD		1.0		0.9	0.0	1.4	0.7	0.9	1.2	1.7	0.9	1.0	1.4	0.0	0.9	

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

92 

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

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

N=63		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		22	11	8	6	8	2	2		15	35	3	2	
		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%		27.3%	63.6%	5.5%	3.6%	
														
-2=Slowing a lot		0	1	0	0	1	0	0		1	1	0	0	
		0.0%	10.0%	0.0%	0.0%	12.5%	0.0%	0.0%		7.1%	2.9%	0.0%	0.0%	
														
-1=Slowing moderately		7	6	3	1	2	0	1		4	14	0	0	
		31.8%	60.0%	37.5%	16.7%	25.0%	0.0%	50.0%		28.6%	41.2%	0.0%	0.0%	
														
0=No change		5	1	3	0	3	1	0		5	4	3	1	
		22.7%	10.0%	37.5%	0.0%	37.5%	50.0%	0.0%		35.7%	11.8%	100.0%	50.0%	
											C	B		
														
+1=Accelerating		10	2	1	5	2	1	1		4	14	0	1	
moderately		45.5%	20.0%	12.5%	83.3%	25.0%	50.0%	50.0%		28.6%	41.2%	0.0%	50.0%	
			d	d	bc									
														
+2=Accelerating a lot		0	0	1	0	0	0	0		0	1	0	0	
		0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%		0.0%	2.9%	0.0%	0.0%	
														
Mean		0.1	-0.6	0.0	0.7	-0.3	0.5	0.0		-0.1	0.0	0.0	0.5	
SD		0.9	1.0	1.1	0.8	1.0	0.7	1.4		0.9	1.0	0.0	0.7	
		b	ad		b									

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

93 

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

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

N=63		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	9	5	6	4	4	6		15	20	6	18	
		30.6%	18.4%	10.2%	12.2%	8.2%	8.2%	12.2%		25.4%	33.9%	10.2%	30.5%	
														
-2=Slowing a lot		0	1	0	0	1	0	0		0	2	0	0	
		0.0%	12.5%	0.0%	0.0%	25.0%	0.0%	0.0%		0.0%	10.5%	0.0%	0.0%	
														
-1=Slowing moderately		7	2	2	2	3	0	1		3	7	2	8	
		46.7%	25.0%	50.0%	33.3%	75.0%	0.0%	16.7%		20.0%	36.8%	33.3%	44.4%	
														
0=No change		3	1	2	3	0	1	3		3	4	3	3	
		20.0%	12.5%	50.0%	50.0%	0.0%	25.0%	50.0%		20.0%	21.1%	50.0%	16.7%	
														
+1=Accelerating		5	4	0	0	0	3	2		9	5	1	7	
moderately		33.3%	50.0%	0.0%	0.0%	0.0%	75.0%	33.3%		60.0%	26.3%	16.7%	38.9%	
					f		d							
														
+2=Accelerating a lot		0	0	0	1	0	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%		0.0%	5.3%	0.0%	0.0%	
														
Mean		-0.1	0.0	-0.5	0.0	-1.3	0.8	0.2		0.4	-0.2	-0.2	-0.1	
SD		0.9	1.2	0.6	1.1	0.5	0.5	0.8		0.8	1.1	0.8	0.9	
		e		f		aFg	cE	e						

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

94 

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

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

N=63		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		24	10	6	4	3	2	2	2	7	
		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
-2=Slowing a lot		0	1	0	0	1	0	0	0	0	
		0.0%	10.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
		E				A					
											
-1=Slowing moderately		5	5	2	2	1	0	1	1	3	
		20.8%	50.0%	40.0%	50.0%	33.3%	0.0%	50.0%	50.0%	42.9%	
											
0=No change		7	2	1	0	0	0	1	1	1	
		29.2%	20.0%	20.0%	0.0%	0.0%	0.0%	50.0%	50.0%	14.3%	
											
+1=Accelerating		11	2	2	2	1	2	0	0	3	
moderately		45.8%	20.0%	40.0%	50.0%	33.3%	100.0%	0.0%	0.0%	42.9%	
											
+2=Accelerating a lot		1	0	0	0	0	0	0	0	0	
		4.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Mean		0.3	-0.5	0.0	0.0	-0.7	1.0	-0.5	-0.5	0.0	
SD		0.9	1.0	1.0	1.2	1.5	0.0	0.7	0.7	1.0	
		b	a								

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

95 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		5		0	0	0	0	1	1	0	1	1	0	0	1	
		10.6%		0.0%	0.0%	0.0%	0.0%	25.0%	16.7%	0.0%	20.0%	9.1%	0.0%	0.0%	14.3%	
																
2=Positive		31		5	0	0	1	2	3	3	2	8	2	1	4	
		66.0%		100.0%	0.0%	0.0%	100.0%	50.0%	50.0%	100.0%	40.0%	72.7%	100.0%	100.0%	57.1%	
				c		a										
																
3=No impact		11		0	0	2	0	1	2	0	2	2	0	0	2	
		23.4%		0.0%	0.0%	100.0%	0.0%	25.0%	33.3%	0.0%	40.0%	18.2%	0.0%	0.0%	28.6%	
				c		ai						c				
																
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		2.1		2.0	---	3.0	2.0	2.0	2.2	2.0	2.2	2.1	2.0	2.0	2.1	
SD		0.6		0.0	---	0.0	0.0	0.8	0.8	0.0	0.8	0.5	0.0	0.0	0.7	

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

96 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		2	0	0	0	1	0	0		2	2	0	0	
		13.3%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%		20.0%	6.5%	0.0%	0.0%	
														
2=Positive		7	9	4	4	3	1	2		7	19	0	1	
		46.7%	90.0%	80.0%	66.7%	60.0%	100.0%	100.0%		70.0%	61.3%	0.0%	100.0%	
		b	a											
														
3=No impact		6	1	1	2	1	0	0		1	10	0	0	
		40.0%	10.0%	20.0%	33.3%	20.0%	0.0%	0.0%		10.0%	32.3%	0.0%	0.0%	
														
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		2.3	2.1	2.2	2.3	2.0	2.0	2.0		1.9	2.3	---	2.0	
SD		0.7	0.3	0.4	0.5	0.7	0.0	0.0		0.6	0.6	---	0.0	

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

97 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		2	0	1	0	0	0	1		0	1	0	3	
		18.2%	0.0%	33.3%	0.0%	0.0%	0.0%	33.3%		0.0%	6.3%	0.0%	21.4%	
														
2=Positive		5	7	0	2	3	3	2		9	12	2	6	
		45.5%	100.0%	0.0%	66.7%	75.0%	100.0%	66.7%		75.0%	75.0%	100.0%	42.9%	
		b	ac	b										
														
3=No impact		4	0	2	1	1	0	0		3	3	0	5	
		36.4%	0.0%	66.7%	33.3%	25.0%	0.0%	0.0%		25.0%	18.8%	0.0%	35.7%	
			c	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		2.2	2.0	2.3	2.3	2.3	2.0	1.7		2.3	2.1	2.0	2.1	
SD		0.8	0.0	1.2	0.6	0.5	0.0	0.6		0.5	0.5	0.0	0.8	

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

98 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		3	0	1	0	0	0	0	0	0	
		18.8%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
2=Positive		11	4	4	3	3	2	0	0	3	
		68.8%	57.1%	80.0%	75.0%	100.0%	100.0%	0.0%	0.0%	50.0%	
											
3=No impact		2	3	0	1	0	0	1	1	3	
		12.5%	42.9%	0.0%	25.0%	0.0%	0.0%	100.0%	100.0%	50.0%	
		gh						a	a		
											
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%	
											
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%	
											
Mean		1.9	2.4	1.8	2.3	2.0	2.0	3.0	3.0	2.5	
SD		0.6	0.5	0.4	0.5	0.0	0.0	0.0	0.0	0.5	
				i						c	

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

99 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		4		0	0	0	0	1	0	0	0	2	0	0	1	
		8.7%		0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	18.2%	0.0%	0.0%	14.3%	
																
2=Positive		34		5	0	1	1	2	3	3	3	8	2	1	5	
		73.9%		100.0%	0.0%	50.0%	100.0%	50.0%	60.0%	100.0%	60.0%	72.7%	100.0%	100.0%	71.4%	
																
3=No impact		7		0	0	1	0	1	2	0	2	1	0	0	0	
		15.2%		0.0%	0.0%	50.0%	0.0%	25.0%	40.0%	0.0%	40.0%	9.1%	0.0%	0.0%	0.0%	
																
4=Negative		1		0	0	0	0	0	0	0	0	0	0	0	1	
		2.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
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		2.1		2.0	---	2.5	2.0	2.0	2.4	2.0	2.4	1.9	2.0	2.0	2.1	
SD		0.6		0.0	---	0.7	0.0	0.8	0.5	0.0	0.5	0.5	0.0	0.0	0.9	

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

100 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		1	1	0	0	0	0	0		2	1	0	0	
		7.1%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%		20.0%	3.3%	0.0%	0.0%	
														
2=Positive		8	8	4	5	5	1	2		8	21	0	1	
		57.1%	80.0%	80.0%	83.3%	100.0%	100.0%	100.0%		80.0%	70.0%	0.0%	100.0%	
														
3=No impact		5	1	1	0	0	0	0		0	7	0	0	
		35.7%	10.0%	20.0%	0.0%	0.0%	0.0%	0.0%		0.0%	23.3%	0.0%	0.0%	
														
4=Negative		0	0	0	1	0	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%		0.0%	3.3%	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		2.3	2.0	2.2	2.3	2.0	2.0	2.0		1.8	2.3	---	2.0	
SD		0.6	0.5	0.4	0.8	0.0	0.0	0.0		0.4	0.6	---	0.0	
										b	a			

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

101 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		1	0	1	0	0	0	0		1	0	0	2	
		10.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		8.3%	0.0%	0.0%	14.3%	
														
2=Positive		5	6	2	3	4	3	3		7	12	2	11	
		50.0%	85.7%	66.7%	100.0%	100.0%	100.0%	100.0%		58.3%	80.0%	100.0%	78.6%	
														
3=No impact		4	1	0	0	0	0	0		3	3	0	1	
		40.0%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%		25.0%	20.0%	0.0%	7.1%	
														
4=Negative		0	0	0	0	0	0	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		8.3%	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		2.3	2.1	1.7	2.0	2.0	2.0	2.0		2.3	2.2	2.0	1.9	
SD		0.7	0.4	0.6	0.0	0.0	0.0	0.0		0.8	0.4	0.0	0.5	

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

102 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		2	0	1	0	0	0	0	0	0	
		13.3%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
2=Positive		11	5	4	4	2	2	1	1	3	
		73.3%	71.4%	80.0%	100.0%	66.7%	100.0%	100.0%	100.0%	50.0%	
											
3=No impact		1	2	0	0	1	0	0	0	3	
		6.7%	28.6%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	50.0%	
		i								a	
											
4=Negative		1	0	0	0	0	0	0	0	0	
		6.7%	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%	
											
Mean		2.1	2.3	1.8	2.0	2.3	2.0	2.0	2.0	2.5	
SD		0.7	0.5	0.4	0.0	0.6	0.0	0.0	0.0	0.5	
				i						c	

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

103 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		3		0	0	1	0	1	0	0	0	0	0	0	1	
		6.8%		0.0%	0.0%	50.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
2=Positive		21		3	0	1	0	2	1	1	3	4	2	1	3	
		47.7%		60.0%	0.0%	50.0%	0.0%	50.0%	20.0%	33.3%	60.0%	44.4%	100.0%	100.0%	42.9%	
																
3=No impact		16		1	0	0	1	1	3	1	2	4	0	0	3	
		36.4%		20.0%	0.0%	0.0%	100.0%	25.0%	60.0%	33.3%	40.0%	44.4%	0.0%	0.0%	42.9%	
																
4=Negative		4		1	0	0	0	0	1	1	0	1	0	0	0	
		9.1%		20.0%	0.0%	0.0%	0.0%	0.0%	20.0%	33.3%	0.0%	11.1%	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		2.5		2.6	---	1.5	3.0	2.0	3.0	3.0	2.4	2.7	2.0	2.0	2.3	
SD		0.8		0.9	---	0.7	0.0	0.8	0.7	1.0	0.5	0.7	0.0	0.0	0.8	

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

104 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		2	0	0	0	0	0	0		1	2	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		10.0%	7.1%	0.0%	0.0%	
														
2=Positive		7	4	3	4	2	0	1		5	13	0	0	
		50.0%	44.4%	60.0%	80.0%	40.0%	0.0%	50.0%		50.0%	46.4%	0.0%	0.0%	
														
3=No impact		4	4	2	1	1	1	1		3	10	0	1	
		28.6%	44.4%	40.0%	20.0%	20.0%	100.0%	50.0%		30.0%	35.7%	0.0%	100.0%	
														
4=Negative		1	1	0	0	2	0	0		1	3	0	0	
		7.1%	11.1%	0.0%	0.0%	40.0%	0.0%	0.0%		10.0%	10.7%	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		2.3	2.7	2.4	2.2	3.0	3.0	2.5		2.4	2.5	---	3.0	
SD		0.8	0.7	0.5	0.4	1.0	0.0	0.7		0.8	0.8	---	0.0	

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

105 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		1	0	1	0	0	0	0		1	0	0	1	
		10.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		8.3%	0.0%	0.0%	7.7%	
														
2=Positive		5	1	1	1	3	2	1		5	8	1	7	
		50.0%	16.7%	33.3%	33.3%	75.0%	66.7%	33.3%		41.7%	57.1%	50.0%	53.8%	
														
3=No impact		4	4	1	1	0	1	2		6	3	1	4	
		40.0%	66.7%	33.3%	33.3%	0.0%	33.3%	66.7%		50.0%	21.4%	50.0%	30.8%	
														
4=Negative		0	1	0	1	1	0	0		0	3	0	1	
		0.0%	16.7%	0.0%	33.3%	25.0%	0.0%	0.0%		0.0%	21.4%	0.0%	7.7%	
														
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	3.0	2.0	3.0	2.5	2.3	2.7		2.4	2.6	2.5	2.4	
SD		0.7	0.6	1.0	1.0	1.0	0.6	0.6		0.7	0.8	0.7	0.8	

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

106 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		0	0	1	0	0	0	0	0	1	
		0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
											
2=Positive		7	3	3	2	2	1	1	0	2	
		50.0%	42.9%	60.0%	50.0%	100.0%	50.0%	100.0%	0.0%	33.3%	
											
3=No impact		7	1	1	2	0	1	0	1	2	
		50.0%	14.3%	20.0%	50.0%	0.0%	50.0%	0.0%	100.0%	33.3%	
											
4=Negative		0	3	0	0	0	0	0	0	1	
		0.0%	42.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
		b	a								
											
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%	
											
Mean		2.5	3.0	2.0	2.5	2.0	2.5	2.0	3.0	2.5	
SD		0.5	1.0	0.7	0.6	0.0	0.7	0.0	0.0	1.0	

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

107 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		3		0	0	0	0	1	0	0	0	1	0	0	1	
		6.5%		0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%	14.3%	
																
2=Positive		9		1	0	0	0	0	2	0	2	3	0	1	0	
		19.6%		20.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	50.0%	27.3%	0.0%	100.0%	0.0%	
														l	k	
																
3=No impact		14		1	0	2	1	2	1	0	1	3	1	0	2	
		30.4%		20.0%	0.0%	100.0%	100.0%	50.0%	16.7%	0.0%	25.0%	27.3%	50.0%	0.0%	28.6%	
																
4=Negative		18		3	0	0	0	0	3	3	0	4	1	0	4	
		39.1%		60.0%	0.0%	0.0%	0.0%	0.0%	50.0%	100.0%	0.0%	36.4%	50.0%	0.0%	57.1%	
								g		eh	g					
																
5=Very negative		2		0	0	0	0	1	0	0	1	0	0	0	0	
		4.3%		0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		3.2		3.4	---	3.0	3.0	3.0	3.2	4.0	3.0	2.9	3.5	2.0	3.3	
SD		1.0		0.9	---	0.0	0.0	1.6	1.0	0.0	1.4	1.0	0.7	0.0	1.1	

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

108 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		1	0	1	0	0	0	0		1	1	0	0	
		6.7%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%		10.0%	3.4%	0.0%	0.0%	
														
2=Positive		3	0	1	2	1	0	1		1	6	0	0	
		20.0%	0.0%	20.0%	33.3%	20.0%	0.0%	100.0%		10.0%	20.7%	0.0%	0.0%	
			G					B						
														
3=No impact		5	4	1	3	1	0	0		5	7	0	1	
		33.3%	40.0%	20.0%	50.0%	20.0%	0.0%	0.0%		50.0%	24.1%	0.0%	100.0%	
														
4=Negative		4	6	2	1	3	1	0		3	13	0	0	
		26.7%	60.0%	40.0%	16.7%	60.0%	100.0%	0.0%		30.0%	44.8%	0.0%	0.0%	
														
5=Very negative		2	0	0	0	0	0	0		0	2	0	0	
		13.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.9%	0.0%	0.0%	
														
Mean		3.2	3.6	2.8	2.8	3.4	4.0	2.0		3.0	3.3	---	3.0	
SD		1.1	0.5	1.3	0.8	0.9	0.0	0.0		0.9	1.0	---	0.0	
			d		b									

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

109 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		1	0	1	0	0	0	0		0	0	0	2	
		9.1%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	14.3%	
														
2=Positive		3	0	0	0	1	0	1		2	2	1	4	
		27.3%	0.0%	0.0%	0.0%	25.0%	0.0%	50.0%		18.2%	13.3%	33.3%	28.6%	
														
3=No impact		4	3	0	0	1	2	0		6	4	1	3	
		36.4%	42.9%	0.0%	0.0%	25.0%	66.7%	0.0%		54.5%	26.7%	33.3%	21.4%	
														
4=Negative		2	4	2	3	2	1	1		3	8	1	4	
		18.2%	57.1%	66.7%	100.0%	50.0%	33.3%	50.0%		27.3%	53.3%	33.3%	28.6%	
		d			a									
														
5=Very negative		1	0	0	0	0	0	0		0	1	0	1	
		9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	7.1%	
														
Mean		2.9	3.6	3.0	4.0	3.3	3.3	3.0		3.1	3.5	3.0	2.9	
SD		1.1	0.5	1.7	0.0	1.0	0.6	1.4		0.7	0.8	1.0	1.2	

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

110 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		0	1	1	0	0	0	0	0	0	
		0.0%	12.5%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
2=Positive		5	2	0	0	1	0	0	0	1	
		35.7%	25.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	16.7%	
											
3=No impact		4	1	1	4	2	1	0	0	1	
		28.6%	12.5%	20.0%	100.0%	66.7%	50.0%	0.0%	0.0%	16.7%	
		d	d	d	abci					d	
											
4=Negative		4	3	3	0	0	1	1	1	4	
		28.6%	37.5%	60.0%	0.0%	0.0%	50.0%	100.0%	100.0%	66.7%	
											
5=Very negative		1	1	0	0	0	0	0	0	0	
		7.1%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Mean		3.1	3.1	3.2	3.0	2.7	3.5	4.0	4.0	3.5	
SD		1.0	1.4	1.3	0.0	0.6	0.7	0.0	0.0	0.8	

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

111 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		4		0	0	0	0	0	2	0	0	0	0	0	2	
		8.3%		0.0%	0.0%	0.0%	0.0%	0.0%	28.6%	0.0%	0.0%	0.0%	0.0%	0.0%	28.6%	
																
2=Positive		10		1	0	0	1	2	2	0	0	3	0	1	0	
		20.8%		20.0%	0.0%	0.0%	100.0%	50.0%	28.6%	0.0%	0.0%	27.3%	0.0%	100.0%	0.0%	
							l							l	dk	
																
3=No impact		11		1	0	0	0	1	0	1	3	2	1	0	2	
		22.9%		20.0%	0.0%	0.0%	0.0%	25.0%	0.0%	33.3%	60.0%	18.2%	50.0%	0.0%	28.6%	
									h		f					
																
4=Negative		19		2	0	2	0	1	1	2	2	6	1	0	2	
		39.6%		40.0%	0.0%	100.0%	0.0%	25.0%	14.3%	66.7%	40.0%	54.5%	50.0%	0.0%	28.6%	
																
5=Very negative		4		1	0	0	0	0	2	0	0	0	0	0	1	
		8.3%		20.0%	0.0%	0.0%	0.0%	0.0%	28.6%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
Mean		3.2		3.6	---	4.0	2.0	2.8	2.9	3.7	3.4	3.3	3.5	2.0	3.0	
SD		1.1		1.1	---	0.0	0.0	1.0	1.8	0.6	0.5	0.9	0.7	0.0	1.5	

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

112 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		2	0	0	1	0	0	0		2	2	0	0	
		12.5%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%		20.0%	6.5%	0.0%	0.0%	
														
2=Positive		2	2	2	1	1	1	1		3	6	0	0	
		12.5%	20.0%	40.0%	16.7%	20.0%	100.0%	50.0%		30.0%	19.4%	0.0%	0.0%	
		f					a							
														
3=No impact		5	2	0	1	1	0	1		0	8	0	1	
		31.3%	20.0%	0.0%	16.7%	20.0%	0.0%	50.0%		0.0%	25.8%	0.0%	100.0%	
										D			A	
														
4=Negative		4	5	3	3	3	0	0		5	11	0	0	
		25.0%	50.0%	60.0%	50.0%	60.0%	0.0%	0.0%		50.0%	35.5%	0.0%	0.0%	
														
5=Very negative		3	1	0	0	0	0	0		0	4	0	0	
		18.8%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	12.9%	0.0%	0.0%	
														
Mean		3.3	3.5	3.2	3.0	3.4	2.0	2.5		2.8	3.3	---	3.0	
SD		1.3	1.0	1.1	1.3	0.9	0.0	0.7		1.3	1.1	---	0.0	

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

113 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		2	0	1	0	0	0	0		1	2	0	0	
		16.7%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		8.3%	12.5%	0.0%	0.0%	
														
2=Positive		2	2	0	1	1	1	1		1	6	2	1	
		16.7%	28.6%	0.0%	33.3%	25.0%	33.3%	33.3%		8.3%	37.5%	66.7%	7.1%	
										c		ad	c	
														
3=No impact		2	2	0	0	1	2	1		5	3	0	3	
		16.7%	28.6%	0.0%	0.0%	25.0%	66.7%	33.3%		41.7%	18.8%	0.0%	21.4%	
														
4=Negative		4	3	1	2	2	0	1		4	3	1	9	
		33.3%	42.9%	33.3%	66.7%	50.0%	0.0%	33.3%		33.3%	18.8%	33.3%	64.3%	
											d		b	
														
5=Very negative		2	0	1	0	0	0	0		1	2	0	1	
		16.7%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		8.3%	12.5%	0.0%	7.1%	
														
Mean		3.2	3.1	3.3	3.3	3.3	2.7	3.0		3.3	2.8	2.7	3.7	
SD		1.4	0.9	2.1	1.2	1.0	0.6	1.0		1.1	1.3	1.2	0.7	
											d		b	

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

114 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		2	0	0	0	0	0	0	0	1	
		12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
											
2=Positive		5	1	0	2	2	0	0	0	0	
		31.3%	12.5%	0.0%	50.0%	66.7%	0.0%	0.0%	0.0%	0.0%	
											
3=No impact		3	2	3	0	1	2	0	0	0	
		18.8%	25.0%	60.0%	0.0%	33.3%	100.0%	0.0%	0.0%	0.0%	
		f					ai			f	
											
4=Negative		5	5	2	2	0	0	0	1	3	
		31.3%	62.5%	40.0%	50.0%	0.0%	0.0%	0.0%	100.0%	50.0%	
											
5=Very negative		1	0	0	0	0	0	1	0	2	
		6.3%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	33.3%	
		g	g					ab			
											
Mean		2.9	3.5	3.4	3.0	2.3	3.0	5.0	4.0	3.8	
SD		1.2	0.8	0.5	1.2	0.6	0.0	0.0	0.0	1.5	
			e	e		bc					

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

115 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		3		0	0	0	0	1	1	0	0	0	0	0	1	
		6.5%		0.0%	0.0%	0.0%	0.0%	25.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
2=Positive		5		0	0	0	0	0	1	0	1	2	0	1	0	
		10.9%		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	20.0%	18.2%	0.0%	100.0%	0.0%	
														l	k	
																
3=No impact		17		1	0	1	0	2	1	1	2	4	0	0	5	
		37.0%		20.0%	0.0%	50.0%	0.0%	50.0%	20.0%	33.3%	40.0%	36.4%	0.0%	0.0%	71.4%	
																
4=Negative		17		2	0	1	1	1	0	2	2	5	2	0	1	
		37.0%		40.0%	0.0%	50.0%	100.0%	25.0%	0.0%	66.7%	40.0%	45.5%	100.0%	0.0%	14.3%	
									j				f			
																
5=Very negative		4		2	0	0	0	0	2	0	0	0	0	0	0	
		8.7%		40.0%	0.0%	0.0%	0.0%	0.0%	40.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
				i					i			af				
																
Mean		3.3		4.2	---	3.5	4.0	2.8	3.2	3.7	3.2	3.3	4.0	2.0	2.9	
SD		1.0		0.8	---	0.7	0.0	1.3	1.8	0.6	0.8	0.8	0.0	0.0	0.9	
				il								a			a	

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

116 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		2	0	0	0	0	0	0		1	2	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		10.0%	6.7%	0.0%	0.0%	
														
2=Positive		1	2	0	1	1	0	0		2	3	0	0	
		7.1%	20.0%	0.0%	16.7%	20.0%	0.0%	0.0%		20.0%	10.0%	0.0%	0.0%	
														
3=No impact		6	2	2	3	2	1	1		3	13	0	1	
		42.9%	20.0%	40.0%	50.0%	40.0%	100.0%	50.0%		30.0%	43.3%	0.0%	100.0%	
														
4=Negative		3	4	3	2	2	0	1		4	8	0	0	
		21.4%	40.0%	60.0%	33.3%	40.0%	0.0%	50.0%		40.0%	26.7%	0.0%	0.0%	
														
5=Very negative		2	2	0	0	0	0	0		0	4	0	0	
		14.3%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	13.3%	0.0%	0.0%	
														
Mean		3.1	3.6	3.6	3.2	3.2	3.0	3.5		3.0	3.3	---	3.0	
SD		1.2	1.1	0.5	0.8	0.8	0.0	0.7		1.1	1.1	---	0.0	

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

117 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		2	0	1	0	0	0	0		0	1	0	1	
		20.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	7.1%	
														
2=Positive		2	1	0	1	0	0	1		0	1	0	4	
		20.0%	14.3%	0.0%	33.3%	0.0%	0.0%	33.3%		0.0%	6.7%	0.0%	28.6%	
														
3=No impact		3	2	1	2	3	1	1		5	7	0	5	
		30.0%	28.6%	33.3%	66.7%	75.0%	33.3%	33.3%		41.7%	46.7%	0.0%	35.7%	
														
4=Negative		1	3	1	0	1	2	1		6	3	2	4	
		10.0%	42.9%	33.3%	0.0%	25.0%	66.7%	33.3%		50.0%	20.0%	100.0%	28.6%	
											c	b		
														
5=Very negative		2	1	0	0	0	0	0		1	3	0	0	
		20.0%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%		8.3%	20.0%	0.0%	0.0%	
														
Mean		2.9	3.6	2.7	2.7	3.3	3.7	3.0		3.7	3.4	4.0	2.9	
SD		1.4	1.0	1.5	0.6	0.5	0.6	1.0		0.7	1.1	0.0	0.9	
										d			a	

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

118 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		0	0	1	0	0	0	0	0	1	
		0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
											
2=Positive		2	0	1	1	1	0	0	0	0	
		13.3%	0.0%	20.0%	25.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
											
3=No impact		8	3	1	1	1	2	1	0	0	
		53.3%	42.9%	20.0%	25.0%	33.3%	100.0%	100.0%	0.0%	0.0%	
		i					i	i		afg	
											
4=Negative		4	3	2	2	1	0	0	1	3	
		26.7%	42.9%	40.0%	50.0%	33.3%	0.0%	0.0%	100.0%	50.0%	
											
5=Very negative		1	1	0	0	0	0	0	0	2	
		6.7%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
											
Mean		3.3	3.7	2.8	3.3	3.0	3.0	3.0	4.0	3.8	
SD		0.8	0.8	1.3	1.0	1.0	0.0	0.0	0.0	1.5	

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

119 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		2		0	0	0	0	0	1	0	0	0	0	0	1	
		4.4%		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
2=Positive		4		0	0	0	0	0	0	0	0	2	0	1	1	
		8.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.2%	0.0%	100.0%	14.3%	
																
3=No impact		18		3	0	1	0	1	1	0	4	5	1	0	2	
		40.0%		60.0%	0.0%	50.0%	0.0%	25.0%	20.0%	0.0%	100.0%	45.5%	50.0%	0.0%	28.6%	
									h	h	fgl				h	
																
4=Negative		19		1	0	1	1	3	2	3	0	4	1	0	3	
		42.2%		20.0%	0.0%	50.0%	100.0%	75.0%	40.0%	100.0%	0.0%	36.4%	50.0%	0.0%	42.9%	
										h	g					
																
5=Very negative		2		1	0	0	0	0	1	0	0	0	0	0	0	
		4.4%		20.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		3.3		3.6	---	3.5	4.0	3.8	3.4	4.0	3.0	3.2	3.5	2.0	3.0	
SD		0.9		0.9	---	0.7	0.0	0.5	1.5	0.0	0.0	0.8	0.7	0.0	1.2	

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

120 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		1	0	0	0	0	0	0		1	1	0	0	
		7.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		10.0%	3.4%	0.0%	0.0%	
														
2=Positive		0	1	1	2	0	0	0		1	2	0	0	
		0.0%	10.0%	20.0%	33.3%	0.0%	0.0%	0.0%		10.0%	6.9%	0.0%	0.0%	
		d			a									
														
3=No impact		7	3	1	3	1	1	0		4	10	0	1	
		50.0%	30.0%	20.0%	50.0%	20.0%	100.0%	0.0%		40.0%	34.5%	0.0%	100.0%	
														
4=Negative		5	5	3	1	4	0	1		4	14	0	0	
		35.7%	50.0%	60.0%	16.7%	80.0%	0.0%	100.0%		40.0%	48.3%	0.0%	0.0%	
														
5=Very negative		1	1	0	0	0	0	0		0	2	0	0	
		7.1%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.9%	0.0%	0.0%	
														
Mean		3.4	3.6	3.4	2.8	3.8	3.0	4.0		3.1	3.5	---	3.0	
SD		0.9	0.8	0.9	0.8	0.4	0.0	0.0		1.0	0.9	---	0.0	
					e	d								

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

121 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		1	0	1	0	0	0	0		0	1	0	0	
		10.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	0.0%	
														
2=Positive		1	1	0	0	0	0	0		1	1	0	2	
		10.0%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%		9.1%	6.7%	0.0%	14.3%	
														
3=No impact		3	4	0	0	1	1	2		4	6	0	7	
		30.0%	57.1%	0.0%	0.0%	25.0%	33.3%	100.0%		36.4%	40.0%	0.0%	50.0%	
														
4=Negative		3	2	2	3	3	2	0		6	6	2	4	
		30.0%	28.6%	66.7%	100.0%	75.0%	66.7%	0.0%		54.5%	40.0%	100.0%	28.6%	
														
5=Very negative		2	0	0	0	0	0	0		0	1	0	1	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	7.1%	
														
Mean		3.4	3.1	3.0	4.0	3.8	3.7	3.0		3.5	3.3	4.0	3.3	
SD		1.3	0.7	1.7	0.0	0.5	0.6	0.0		0.7	1.0	0.0	0.8	

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

122 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		0	0	0	0	0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
											
2=Positive		2	1	0	0	1	0	0	0	0	
		14.3%	14.3%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
											
3=No impact		5	4	3	1	1	1	0	0	2	
		35.7%	57.1%	60.0%	25.0%	33.3%	50.0%	0.0%	0.0%	33.3%	
											
4=Negative		6	2	2	2	1	1	1	1	3	
		42.9%	28.6%	40.0%	50.0%	33.3%	50.0%	100.0%	100.0%	50.0%	
											
5=Very negative		1	0	0	1	0	0	0	0	0	
		7.1%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Mean		3.4	3.1	3.4	4.0	3.0	3.5	4.0	4.0	3.2	
SD		0.9	0.7	0.5	0.8	1.0	0.7	0.0	0.0	1.2	

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

123 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
1=Very positive		3		0	0	0	0	0	2	0	0	0	0	0	1	
		6.3%		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	
																
2=Positive		2		1	0	0	0	0	0	0	0	0	0	1	0	
		4.2%		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
									k			K		fIl	k	
																
3=No impact		23		2	0	1	0	2	2	2	4	4	1	0	5	
		47.9%		40.0%	0.0%	50.0%	0.0%	50.0%	33.3%	66.7%	80.0%	36.4%	50.0%	0.0%	62.5%	
																
4=Negative		15		1	0	1	0	2	1	1	0	6	1	0	2	
		31.3%		20.0%	0.0%	50.0%	0.0%	50.0%	16.7%	33.3%	0.0%	54.5%	50.0%	0.0%	25.0%	
																
5=Very negative		5		1	0	0	1	0	1	0	1	1	0	0	0	
		10.4%		20.0%	0.0%	0.0%	100.0%	0.0%	16.7%	0.0%	20.0%	9.1%	0.0%	0.0%	0.0%	
							il					d			d	
																
Mean		3.4		3.4	---	3.5	5.0	3.5	2.8	3.3	3.4	3.7	3.5	2.0	3.0	
SD		1.0		1.1	---	0.7	0.0	0.6	1.6	0.6	0.9	0.6	0.7	0.0	0.9	

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

124 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
1=Very positive		2	0	0	0	0	0	0		1	1	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		10.0%	3.3%	0.0%	0.0%	
														
2=Positive		0	0	1	1	0	0	0		0	2	0	0	
		0.0%	0.0%	20.0%	16.7%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	0.0%	
														
3=No impact		7	4	3	5	1	0	1		3	14	0	1	
		43.8%	40.0%	60.0%	83.3%	20.0%	0.0%	50.0%		30.0%	46.7%	0.0%	100.0%	
														
4=Negative		6	5	1	0	1	1	1		4	10	0	0	
		37.5%	50.0%	20.0%	0.0%	20.0%	100.0%	50.0%		40.0%	33.3%	0.0%	0.0%	
					f		d							
														
5=Very negative		1	1	0	0	3	0	0		2	3	0	0	
		6.3%	10.0%	0.0%	0.0%	60.0%	0.0%	0.0%		20.0%	10.0%	0.0%	0.0%	
		e				a								
														
Mean		3.3	3.7	3.0	2.8	4.4	4.0	3.5		3.6	3.4	---	3.0	
SD		1.1	0.7	0.7	0.4	0.9	0.0	0.7		1.2	0.9	---	0.0	
		e	d	e	bE	acD								

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

125 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
1=Very positive		2	0	1	0	0	0	0		0	1	1	0	
		18.2%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	33.3%	0.0%	
												d	c	
														
2=Positive		1	0	0	0	0	0	0		1	0	0	1	
		9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		8.3%	0.0%	0.0%	6.7%	
														
3=No impact		4	4	1	1	3	1	1		7	7	0	7	
		36.4%	50.0%	33.3%	33.3%	75.0%	33.3%	33.3%		58.3%	46.7%	0.0%	46.7%	
														
4=Negative		3	4	1	1	1	1	1		4	5	1	5	
		27.3%	50.0%	33.3%	33.3%	25.0%	33.3%	33.3%		33.3%	33.3%	33.3%	33.3%	
														
5=Very negative		1	0	0	1	0	1	1		0	2	1	2	
		9.1%	0.0%	0.0%	33.3%	0.0%	33.3%	33.3%		0.0%	13.3%	33.3%	13.3%	
														
Mean		3.0	3.5	2.7	4.0	3.3	4.0	4.0		3.3	3.5	3.3	3.5	
SD		1.3	0.5	1.5	1.0	0.5	1.0	1.0		0.6	1.0	2.1	0.8	

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

126 

Duke / CFO magazine Global Business Outlook survey - Asia - 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=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
1=Very positive		0	1	0	0	0	0	0	0	1	
		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
											
2=Positive		1	0	0	0	1	0	0	0	0	
		6.3%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
											
3=No impact		8	5	3	1	0	1	0	1	3	
		50.0%	62.5%	60.0%	25.0%	0.0%	50.0%	0.0%	100.0%	50.0%	
											
4=Negative		5	1	2	2	2	1	1	0	1	
		31.3%	12.5%	40.0%	50.0%	66.7%	50.0%	100.0%	0.0%	16.7%	
											
5=Very negative		2	1	0	1	0	0	0	0	1	
		12.5%	12.5%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
											
Mean		3.5	3.1	3.4	4.0	3.3	3.5	4.0	3.0	3.2	
SD		0.8	1.1	0.5	0.8	1.2	0.7	0.0	0.0	1.3	

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

127 

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

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

N=49		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		5	0	2	1	4	7	3	5	11	2	1	8	
		100.0%		10.2%	0.0%	4.1%	2.0%	8.2%	14.3%	6.1%	10.2%	22.4%	4.1%	2.0%	16.3%	
																
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	0	0	1	0	
		14.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
																
3=No impact		6		0	0	0	0	3	0	0	1	1	0	0	1	
		85.7%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	100.0%	100.0%	0.0%	0.0%	100.0%	
																
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		2.9		---	---	---	---	3.0	---	---	3.0	3.0	---	2.0	3.0	
SD		0.4		---	---	---	---	0.0	---	---	0.0	0.0	---	0.0	0.0	

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

128 

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

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

N=49		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		17	10	5	6	5	1	2		10	31	0	1	
		37.0%	21.7%	10.9%	13.0%	10.9%	2.2%	4.3%		23.8%	73.8%	0.0%	2.4%	
														
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	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%		0.0%	33.3%	0.0%	0.0%	
														
3=No impact		1	1	1	1	1	0	0		3	2	0	0	
		100.0%	100.0%	100.0%	50.0%	100.0%	0.0%	0.0%		100.0%	66.7%	0.0%	0.0%	
														
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		3.0	3.0	3.0	2.5	3.0	---	---		3.0	2.7	---	---	
SD		0.0	0.0	0.0	0.7	0.0	---	---		0.0	0.6	---	---	

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

129 

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

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

N=49		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		12	8	3	3	4	3	3		12	16	3	15	
		33.3%	22.2%	8.3%	8.3%	11.1%	8.3%	8.3%		26.1%	34.8%	6.5%	32.6%	
														
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	0	0	1	
		33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	25.0%	
														
3=No impact		2	1	0	0	0	0	1		2	1	0	3	
		66.7%	100.0%	0.0%	0.0%	0.0%	0.0%	100.0%		100.0%	100.0%	0.0%	75.0%	
														
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		2.7	3.0	---	---	---	---	3.0		3.0	3.0	---	2.8	
SD		0.6	0.0	---	---	---	---	0.0		0.0	0.0	---	0.5	

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

130 

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

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

N=49		Country Where Based	
		
India	Singa-
pore	
Malaysia	Philip-
pines	
Vietnam	
Pakistan	
Taiwan	
Thailand	
Other	
		A	B	C	D	E	F	G	H	I	
											
Total		17	8	5	4	3	2	1	1	6	
		36.2%	17.0%	10.6%	8.5%	6.4%	4.3%	2.1%	2.1%	12.8%	
											
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%	
											
2=Positive		1	0	0	0	0	0	0	0	0	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
3=No impact		4	0	1	1	0	0	0	0	0	
		80.0%	0.0%	100.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
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%	
											
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%	
											
Mean		2.8	---	3.0	3.0	---	---	---	---	---	
SD		0.4	---	0.0	0.0	---	---	---	---	---	

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

131 

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

Return on assets (ROA=operating earnings/assets)

N=63		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	

Health-
care Pharm	

Agr, Pub
Admin	

Other
Industry	
		A		A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		63		6	1	2	2	6	8	3	7	15	2	1	9	
Percent		100.0%		9.7%	1.6%	3.2%	3.2%	9.7%	12.9%	4.8%	11.3%	24.2%	3.2%	1.6%	14.5%	
																
% Approximate ROA in		50		5	1	2	1	6	8	2	3	13	2	1	6	
2014		8.0		3.0	7.0	-2.5	5.0	5.9	11.7	12.5	13.7	10.1	8.5	10.0	4.3	
		8.3		11.6	---	3.5	---	5.5	10.2	7.8	1.2	7.0	2.1	---	9.8	
		0.0		0.0	3.5	-2.5	2.5	5.0	10.0	12.5	13.0	6.8	8.5	5.0	3.5	
						Hi					Cj	c	h			
																
% Expected ROA in		49		5	1	2	1	4	8	2	3	13	2	1	6	
2015		8.5		2.1	3.0	10.0	5.0	6.3	8.3	14.0	12.7	10.8	8.5	10.0	7.6	
		8.7		7.7	---	21.2	---	4.2	12.0	7.1	2.1	7.4	4.9	---	11.4	
		0.0		3.0	1.5	10.0	2.5	5.5	5.0	14.0	11.5	7.3	8.5	5.0	8.6	
				i								a				

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

132 

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

Return on assets (ROA=operating earnings/assets)

N=63		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		22	11	8	6	8	2	2		15	35	3	2	
Percent		37.3%	18.6%	13.6%	10.2%	13.6%	3.4%	3.4%		27.3%	63.6%	5.5%	3.6%	
														
% Approximate ROA in		17	11	7	5	7	2	1		14	26	3	2	
2014		7.8	6.7	4.1	12.3	9.6	9.1	20.0		8.9	8.1	4.0	6.1	
		9.0	7.4	8.0	11.9	5.1	3.6	---		7.0	10.0	3.6	2.8	
		6.0	4.4	5.0	10.0	6.5	9.1	10.0		6.8	5.0	2.5	6.1	
														
% Expected ROA in		17	11	5	5	7	2	1		14	25	2	2	
2015		7.8	7.6	2.3	13.4	10.1	9.6	25.0		9.5	8.0	2.5	8.6	
		10.3	4.4	7.7	12.5	5.8	3.4	---		7.6	10.4	0.7	0.8	
		5.0	6.5	3.5	11.0	7.3	9.6	12.5		7.3	5.0	2.5	8.6	
												d	c	

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

133 

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

Return on assets (ROA=operating earnings/assets)

N=63		Number of Employees		Foreign Sales	
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%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		15	9	5	6	4	4	6		15	20	6	18	
Percent		30.6%	18.4%	10.2%	12.2%	8.2%	8.2%	12.2%		25.4%	33.9%	10.2%	30.5%	
														
% Approximate ROA in		12	8	4	6	4	3	5		11	17	6	15	
2014		10.5	7.9	-2.4	8.2	8.5	5.0	8.3		7.0	9.2	7.0	8.0	
		9.3	5.9	9.1	4.8	12.4	5.0	3.7		8.6	9.3	4.0	8.8	
		8.5	6.0	-3.2	6.5	9.5	2.5	5.9		6.0	5.2	5.5	7.3	
		c	c	abdg	c			c						
														
% Expected ROA in		11	8	4	6	4	3	4		10	17	5	15	
2015		8.3	7.5	-3.4	8.0	12.3	6.3	9.4		9.1	8.4	9.2	8.1	
		10.0	2.4	8.1	4.0	13.0	5.1	5.1		10.9	9.0	6.3	8.7	
		5.0	7.5	-3.7	7.3	14.5	3.5	9.6		6.5	6.5	6.0	8.6	
			C	Bdg	c			c						

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

134 

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

Return on assets (ROA=operating earnings/assets)

N=63		Country Where Based	
Number
Mean
SD
Median		

India	

Singa-
pore	

Malaysia	

Philip-
pines	

Vietnam	

Pakistan	

Taiwan	

Thailand	

Other	
		A	B	C	D	E	F	G	H	I	
											
Number		24	10	6	4	3	2	2	2	7	
Percent		40.0%	16.7%	10.0%	6.7%	5.0%	3.3%	3.3%	3.3%	11.7%	
											
% Approximate ROA in		21	6	6	4	2	1	2	2	6	
2014		10.2	8.1	9.7	4.4	5.0	8.0	-2.5	4.4	6.8	
		8.5	10.1	6.2	8.3	0.0	---	11.0	0.8	9.3	
		7.0	10.5	8.5	3.8	5.0	4.0	-2.5	4.4	4.6	
											
% Expected ROA in		20	6	6	4	2	1	2	1	6	
2015		11.4	9.5	7.7	5.8	6.0	8.0	-3.5	4.2	6.3	
		8.3	11.3	3.8	9.0	1.4	---	9.8	---	11.7	
		10.0	11.8	7.5	5.5	6.0	4.0	-3.5	2.1	7.0	
		g		g				ac			

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

135 

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

Manufacturing capacity utilized

N=13		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	

Health-
care Pharm	

Agr, Pub
Admin	

Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		13		0	0	0	0	0	0	0	0	13	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		13		0	0	0	0	0	0	0	0	13	0	0	0	
first half of 2015		76.3		---	---	---	---	---	---	---	---	76.3	---	---	---	
		24.5		---	---	---	---	---	---	---	---	24.5	---	---	---	
		80.0		---	---	---	---	---	---	---	---	80.0	---	---	---	
																
% of capacity utilization		13		0	0	0	0	0	0	0	0	13	0	0	0	
planned for the		79.6		---	---	---	---	---	---	---	---	79.6	---	---	---	
remainder of 2015		25.1		---	---	---	---	---	---	---	---	25.1	---	---	---	
		85.0		---	---	---	---	---	---	---	---	85.0	---	---	---	

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

136 

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

Manufacturing capacity utilized

N=13		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		1	3	1	1	4	2	1		7	5	0	0	
Percent		7.7%	23.1%	7.7%	7.7%	30.8%	15.4%	7.7%		58.3%	41.7%	0.0%	0.0%	
														
% of capacity utilized in		1	3	1	1	4	2	1		7	5	0	0	
first half of 2015		10.0	75.0	45.0	90.0	85.5	95.0	90.0		85.3	70.0	---	---	
		---	5.0	---	---	9.9	7.1	---		11.9	33.9	---	---	
		5.0	72.5	22.5	45.0	85.0	95.0	45.0		82.5	80.0	---	---	
			f				b							
														
% of capacity utilization		1	3	1	1	4	2	1		7	5	0	0	
planned for the		10.0	80.0	50.0	100.0	87.5	97.5	90.0		87.9	74.0	---	---	
remainder of 2015		---	10.0	---	---	8.7	3.5	---		11.1	36.5	---	---	
		5.0	75.0	25.0	50.0	87.5	97.5	45.0		87.5	85.0	---	---	

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

137 

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

Manufacturing capacity utilized

N=13		Number of Employees		Foreign Sales	
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%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		0	1	0	4	1	0	3		1	5	1	6	
Percent		0.0%	11.1%	0.0%	44.4%	11.1%	0.0%	33.3%		7.7%	38.5%	7.7%	46.2%	
														
% of capacity utilized in		0	1	0	4	1	0	3		1	5	1	6	
first half of 2015		---	80.0	---	85.5	90.0	---	88.3		70.0	86.4	90.0	66.7	
		---	---	---	9.9	---	---	12.6		---	8.8	---	33.4	
		---	40.0	---	85.0	45.0	---	82.5		35.0	85.0	45.0	77.5	
														
% of capacity utilization		0	1	0	4	1	0	3		1	5	1	6	
planned for the		---	90.0	---	87.5	90.0	---	91.7		70.0	90.0	95.0	70.0	
remainder of 2015		---	---	---	8.7	---	---	10.4		---	6.1	---	34.6	
		---	45.0	---	87.5	45.0	---	87.5		35.0	90.0	47.5	80.0	

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

138 

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

Manufacturing capacity utilized

N=13		Country Where Based	
Number
Mean
SD
Median		

India	

Singa-
pore	

Malaysia	

Philip-
pines	

Vietnam	

Pakistan	

Taiwan	

Thailand	

Other	
		A	B	C	D	E	F	G	H	I	
											
Number		7	2	1	0	2	0	1	0	0	
Percent		53.8%	15.4%	7.7%	0.0%	15.4%	0.0%	7.7%	0.0%	0.0%	
											
% of capacity utilized in		7	2	1	0	2	0	1	0	0	
first half of 2015		89.6	62.5	75.0	---	45.0	---	75.0	---	---	
		9.6	24.7	---	---	49.5	---	---	---	---	
		90.0	62.5	37.5	---	45.0	---	37.5	---	---	
		be	a			a					
											
% of capacity utilization		7	2	1	0	2	0	1	0	0	
planned for the		92.1	65.0	80.0	---	50.0	---	80.0	---	---	
remainder of 2015		10.4	21.2	---	---	56.6	---	---	---	---	
		95.0	65.0	40.0	---	50.0	---	40.0	---	---	
		b	a								

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

139 

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

Manufacturing capacity utilized (Revenue Weighted)

N=28		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	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		28		0	0	0	0	0	0	0	0	28	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		28		0	0	0	0	0	0	0	0	28	0	0	0	
first half of 2015		87.0		---	---	---	---	---	---	---	---	87.0	---	---	---	
		10.9		---	---	---	---	---	---	---	---	10.9	---	---	---	
																
% of capacity utilization		28		0	0	0	0	0	0	0	0	28	0	0	0	
planned for the		89.2		---	---	---	---	---	---	---	---	89.2	---	---	---	
remainder of 2015		10.2		---	---	---	---	---	---	---	---	10.2	---	---	---	

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

140 

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

Manufacturing capacity utilized (Revenue Weighted)

N=28		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	0	0	1	17	5	4		18	9	0	0	
Percent		0.4%	1.3%	1.6%	3.0%	63.2%	19.8%	14.5%		68.1%	34.1%	0.0%	0.0%	
														
% of capacity utilized in		0	0	0	1	17	5	4		18	9	0	0	
first half of 2015		10.0	75.0	45.0	90.0	85.5	95.0	90.0		89.4	84.4	---	---	
		---	---	---	---	8.8	5.5	0.0		9.3	9.7	---	---	
						f	e							
														
% of capacity utilization		0	0	0	1	17	5	4		18	9	0	0	
planned for the		10.0	80.0	50.0	100.0	87.5	97.5	90.0		92.0	85.4	---	---	
remainder of 2015		---	---	---	---	7.7	2.8	0.0		7.4	10.7	---	---	
						F	EG	F						

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

141 

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

Manufacturing capacity utilized (Revenue Weighted)

N=28		Number of Employees		Foreign Sales	
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%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		0	0	0	13	4	0	10		0	15	4	8	
Percent		0.0%	0.4%	0.0%	47.9%	14.5%	0.0%	35.6%		0.4%	56.4%	15.8%	31.0%	
														
% of capacity utilized in		0	0	0	13	4	0	10		0	15	4	8	
first half of 2015		---	80.0	---	88.9	90.0	---	86.1		70.0	87.7	90.0	84.6	
		---	---	---	7.4	0.0	---	11.2		---	8.8	8.8	16.3	
														
% of capacity utilization		0	0	0	13	4	0	10		0	15	4	8	
planned for the		---	90.0	---	89.9	90.0	---	89.7		70.0	89.5	95.0	85.9	
remainder of 2015		---	---	---	7.4	0.0	---	9.4		---	6.5	6.5	16.3	

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

142 

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

Manufacturing capacity utilized (Revenue Weighted)

N=28		Country Where Based	
Number
Mean
SD		

India	
Singa-
pore	

Malaysia	
Philip-
pines	

Vietnam	

Pakistan	

Taiwan	

Thailand	

Other	
		A	B	C	D	E	F	G	H	I	
											
Number		19	5	0	0	0	0	4	0	0	
Percent		66.8%	16.8%	0.4%	0.0%	0.8%	0.0%	15.2%	0.0%	0.0%	
											
% of capacity utilized in		19	5	0	0	0	0	4	0	0	
first half of 2015		92.9	76.8	75.0	---	48.7	---	75.0	---	---	
		4.6	11.3	---	---	---	---	11.3	---	---	
		B	A								
											
% of capacity utilization		19	5	0	0	0	0	4	0	0	
planned for the		94.7	77.3	80.0	---	54.3	---	80.0	---	---	
remainder of 2015		3.8	9.7	---	---	---	---	9.7	---	---	
		B	A								

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