Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and
100 being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Revenue Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Employee Weighted - Sorted]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	13
5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?	14
Cash & marketable securities held - Comparison of today to one year ago	15
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)	16
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)	17
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO	18
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES	20
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - Other specified	21
5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and
marketable securities to hold?	22
5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range?	23
5c. What best describes your cash target? (choose best one or two)	24
5c. Selected cash to cover a specific number of days/months - Explain:	25
5c. Selected specific dollar (or other currency) amount of Cash - Explain:	26
5c. Selected other target - Specified:	27
5d. What portion of your balance sheet cash is held in risk-free versus risky assets?	28
6a. How would you rate the degree of political uncertainty or political risk in your country?	29
6b. Has political uncertainty led your firm to be more cautious...	30
6c. Which political uncertainties are the source of your caution? (choose up to 5)	31
6c.Which political uncertainties are the source of your caution? - Other specified:	32
7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the
U.S. or with U.S. companies?	33
8a. How do you think trade alliances between countries affect...	34
8b. How do you think trade alliances between countries affect number of workers your company employs?	35
Chile: Has the current discussion about proposed Labor and Constitutional Reforms affected your company’s degree of
optimism about the business environment in Chile?	36
Chile: Has the current discussion about proposed Labor and Constitutional Reforms affected your company’s hiring plans
for the next 12 months?	37
Chile: Has the current discussion about proposed Labor and Constitutional Reforms affected your company’s business
spending plans for the next 12 months?	38
Return on assets (ROA=operating earnings/assets)	39
Manufacturing capacity utilized	40
Manufacturing capacity utilized (Revenue Weighted)	41
Industry	42
Industry (Other specified)	43
Sales Revenue	44
Number of Employees	45
In what country are you personally located	46
Headquarters Latin America (Other Specified)	47
If your company headquarters is another country, please indicate which country.	48
Ownership	49
Foreign Sales	50
In what region of the world are most of your foreign sales?	51
What is your company's credit rating? 	52
Your job title (e.g., CFO, Asst. Treasurer, etc):	55
Language version	57

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	 	Number	Percent	95% CI
	1=More optimistic	42	31.1 %	± 7.9 %
	0=No change	34	25.2 %	± 7.4 %
	-1=Less optimistic	59	43.7 %	± 8.5 %
	Total	135	100.0 %

	Mean = -0.1
	SD = 0.9

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	Minimum = 0

	Maximum = 90

	Mean = 52.9

	Median = 50

	Standard Deviation (Unbiased Estimate) = 19.5

	95 Percent Confidence Interval Around The Mean = 49.5 - 56.2

4 Groups

	 1 = 40
	 2 = 50
	 3 = 70

Valid Cases =127
Missing Cases =6
Response Percent = 95.5%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	 	Number	Percent	95% CI
	1=More optimistic	45	33.6 %	± 8.1 %
	0=No change	47	35.1 %	± 8.1 %
	-1=Less optimistic	42	31.3 %	± 7.9 %
	Total	134	100.0 %

	Mean = 0.0
	SD = 0.8

	Missing Cases = 1
	Response Percent = 99.3 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	Minimum = 5

	Maximum = 100

	Mean = 61.2

	Median = 60

	Standard Deviation (Unbiased Estimate) = 21.0

	95 Percent Confidence Interval Around The Mean = 57.5 - 64.8

4 Groups

	 1 = 50
	 2 = 60
	 3 = 80

Valid Cases =128
Missing Cases =7
Response Percent = 94.8%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	 	Number	Percent	95% CI
	Economic uncertainty	57	78.1 %	± 9.7 %
	Government policies	33	45.2 %	± 11.7 %
	Weak demand for your products/services	30	41.1 %	± 11.6 %
	Currency risk	21	28.8 %	± 10.6 %
	Access to capital	19	26.0 %	± 10.3 %
	Regulatory requirements	18	24.7 %	± 10.1 %
	Cost of benefits	13	17.8 %	± 9.0 %
	Corporate tax code	13	17.8 %	± 9.0 %
	Inflation	12	16.4 %	± 8.7 %
	Cost of borrowing	11	15.1 %	± 8.4 %
	Employee productivity	9	12.3 %	± 7.7 %
	Employee morale	6	8.2 %	± 6.5 %
	Rising wages and salaries	5	6.8 %	± 5.9 %
	Difficulty attracting / retaining qualified employees	4	5.5 %	± 5.4 %
	Rising input or commodity costs	3	4.1 %	± 4.7 %
	Data security	3	4.1 %	± 4.7 %
	Geopolitical / health crises	1	1.4 %	± 2.7 %
	Deflation	0	0.0 %	± 0.0 %
	Other	6	8.2 %	± 6.5 %
	Total	264

	Number of Cases = 73
	Number of Responses = 264
	Average Number Of Responses Per Case = 3.6
	Number Of Cases With At Least One Response = 73
	Response Percent = 100.0 %

6 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

Agr, Forestry, Fishing	Condiciones climaticas/ambientales	
Bank/Fin/Insur/Real Est	InadimplÃªncia	
Energy	sexo	
Manufacturing	Inadimplencia dos clientes	
Manufacturing	politicos corruptos	
Services, Consulting	credit collection	
Tech [Soft/Hard/Bio]	Uso e apoio de tecnologia para apoio aos processos de negocio	

7 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

Agr, Forestry, Fishing	Cambio	
Agr, Forestry, Fishing	Conseguir manter o custo de produÃ§Ã£o abaixo do valor de venda das comodites.	
Agr, Forestry, Fishing	guerra de monedas	
Agr, Forestry, Fishing	Incremento en precios de energia y combustibles	
Agr, Forestry, Fishing	Necessidade de aumento da produtividade; Aumento dos custos de produÃ§Ã£o	
	na cadeia de proteinas anima	
Bank/Fin/Insur/Real Est	ALTO DEFICIT FISCAL, RECONSTRUHCCION TERREMOTO	
Bank/Fin/Insur/Real Est	Mejora sensible en los costos de explotaciÃ³n y ratio de eficiencia, dado el	
	entorno de tipos bajos.	
Bank/Fin/Insur/Real Est	more competition in our core business	
Energy	El riesgo de padecer sida	
Energy	Estabilidade polÃ­tica e previsibilidade do negÃ³cio.	
Energy	Incertidumbre polÃ­tica	
Energy	Redução de Custos  Projetos de Investimentos  Judicialização Setorial	
Healthcare/Pharm	aumento dos custos de insumo;	
Healthcare/Pharm	momentum electoral en Peru	
Manufacturing	Agravamiento de la crisis moral, polÃ­tica y econÃ³mica en Chile.	
Manufacturing	AlÃ©m dos citados, o principal Ã© o risco cambial.	
Manufacturing	cambios a las leyes sindicales y debilitamiento de la propiedad privada e intelectual	
Manufacturing	Discrecionalidad de la autoridad en temas tributarios	
Manufacturing	Efecto de los tratados comerciales internacionales en la actividad exportadora de la	
	empresa.	
Manufacturing	La importaciÃ³n de productos	
Manufacturing	NA EXPORTAÃ‡ÃƒO PARA SUA VIABILIZAÃ‡ÃƒO HÃ DE SE TER	
	UM CAMBIO MINIMO DE R$ 3,5 SENDO UMA INCERTEZA .	
Manufacturing	Nuevos competidores internacionales ingresando a Argentina.	
Manufacturing	ReducciÃ³n de costo y eficiencia prductiva	
Manufacturing	seguridad	
Mining/Construction	Desemprego; Continuidade da recessÃ£o.	
Mining/Construction	El mayor desafÃ­o es lograr disminuir los gastos directos aumentando los	
	contratos actuales.	
Mining/Construction	INCERTIDUMBRE DE LA APLICACION DE LAS REFORMAS	
	APROBADAS, PROTESTAS SOCIALES.	
Other	AlteraÃ§Ãµes na legislaÃ§Ã£o fiscal e trabalhista, novos impostos para cobrir	
	dÃ©ficit pÃºblico	
Other	Desafios medioambientales	
Other	inadimplÃªncia	
Other	Incerteza JurÃ­dica	
Other	Incerteza respecto a requeriminetos regulatorios especialmente relacionados a	
	medio ambiente	
Other	Re organizaciÃ³n	
Other	ReduÃ§Ã£o do nÃ­vel de endividamento da empresa.	
Other	ReestructuraciÃ³n interna para buscar ahorros y eficiencias	
Other	riesgo climatolÃ³gico	
Other	Weak demand for your products/services	
Retail/Wholesale	Aprofundamento da críse brasileira, desemprego, falta de demanda para a	
	propdução e risco cambial.	
Retail/Wholesale	Estabilidad economica del paÃ­s y el acceso a divisas	
Retail/Wholesale	Incertidumbre en la  medidas econÃ³micas .Inestabilidad en el relimen laboral	
Retail/Wholesale	ManutenÃ§Ã£o do quadro de estagnaÃ§Ã£o econÃ´mica do paÃ­s.	
Retail/Wholesale	nuevas polÃ­ticas publicas que pueden afectar el ambiente de negocios	
Retail/Wholesale	Riesgos laborales, encarecimiento mano de obra poco calificada y restricciones	
	para la inversiÃ³n	
Services, Consulting	External factors like presidential elections in USA	
Services, Consulting	Local labor law reforms - their impact in our industry and economy in general.	
Services, Consulting	Reformas mal implementadas	

8 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

Services, Consulting	Riesgo cambiario	
Services, Consulting	sobrevivir	
Services, Consulting	Sustain profitable growth even with aggressive competitiveness adn innovate our	
	processes.	
Tech [Soft/Hard/Bio]	- Aumento da carga Tributaria ; desemprego e retraÃ§Ã£o da economia ; mais	
	pressÃ£o de custos	
Transp, Public Util	ReduÃ§Ã£o de custos e risco de queda dos preÃ§os dos concorrentes com	
	reduÃ§Ã£o de demanda	

9 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Technology spending	7.3	15.8	1.7 - 12.8	0	-15	52	66

Wages/Salaries	6.1	10.4	3.6 - 8.5	5	-20	57.2	37

Health care costs	5.8	7.7	3.2 - 8.4	4.5	-10	26.9	10

Capital spending	5.2	15.4	1.5 - 8.9	2	-33.8	45.5	82

Productivity (output per hour worked)	4.8	6.5	2.7 - 7.0	4	-5	22.8	34

Prices of your products	3.4	6.5	2.1 - 4.8	1	-10	25.2	43

Revenue	3.4	12.4	0.6 - 6.1	2	-26	29.9	63

Number of offshore outsourced employees	1.7	10.1	-1.9 - 5.4	0	-10	44.2	33

Research and development spending	0.8	5.6	-1.1 - 2.7	0	-16.9	10	29

Earnings	0.4	14.6	-2.7 - 3.6	0	-32.3	38.5	88

Marketing/advertising spending	0.1	8.9	-2.6 - 2.8	0	-22.1	20	34

Share repurchases	0.1	0.2	-0.1 - 0.2	0	0	0.8	32

Number of domestic full-time employees	-0.5	7.4	-2.3 - 1.3	0	-15.6	14.4	79

Cash on the balance sheet	-0.7	24.8	-8.7 - 7.3	0	-50	63.9	13

Dividends	-1.7	11.5	-8.8 - 5.5	0	-31.5	15	31

Number of domestic temporary employees	-1.8	8.6	-4.7 - 1.2	0	-24	18	69

10 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

(N=135)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.8	57	10	2
Wages/Salaries	0.5	82.6%	14.5%	2.9%

	0.7	25	8	1
Health care costs	0.5	73.5%	23.5%	2.9%

	0.6	22	10	2
Productivity (output per hour worked)	0.6	64.7%	29.4%	5.9%

	0.5	38	21	7
Capital spending	0.7	57.6%	31.8%	10.6%

	0.4	45	36	7
Prices of your products	0.6	51.1%	40.9%	8.0%

	0.4	15	14	2
Technology spending	0.6	48.4%	45.2%	6.5%

	0.3	12	16	4
Research and development spending	0.7	37.5%	50.0%	12.5%

	0.2	43	9	27
Revenue	0.9	54.4%	11.4%	34.2%

	0.1	37	17	28
Earnings	0.9	45.1%	20.7%	34.1%

Number of offshore outsourced	0.1	8	16	5
employees	0.7	27.6%	55.2%	17.2%

	0.1	14	19	10
Marketing/advertising spending	0.8	32.6%	44.2%	23.3%

	0.1	1	12	0
Share repurchases	0.3	7.7%	92.3%	0.0%

	0.0	1	8	1
Dividends	0.5	10.0%	80.0%	10.0%

	0.0	13	10	14
Cash on the balance sheet	0.9	35.1%	27.0%	37.8%

Number of domestic temporary	0.0	8	16	9
employees	0.7	24.2%	48.5%	27.3%

	-0.1	20	17	26
Number of domestic full-time employees	0.9	31.7%	27.0%	41.3%

11 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Technology spending	4.2	13.2	-0.8 - 9.2	0	-15	52	77

Revenue	3.8	11.2	1.1 - 6.5	2	-26	29.9	20

Prices of your products	3.6	6.5	2.2 - 5.1	1	-10	25.2	64

Capital spending	1.8	16.2	-2.6 - 6.3	1	-33.8	45.5	50

Research and development spending	0.5	5.1	-1.7 - 2.7	0	-16.9	10	31

Dividends	0.2	13.1	-8.3 - 8.7	0	-31.5	15	68

Share repurchases	0.0	0.1	-0.1 - 0.1	0	0	0.8	26

Earnings	0.0	14.5	-3.4 - 3.4	0	-32.3	38.5	9

Marketing/advertising spending	-0.1	7.8	-2.9 - 2.7	0	-22.1	20	10

Cash on the balance sheet	-2.8	17.0	-9.3 - 3.7	0	-50	63.9	27

12 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Wages/Salaries	5.7	9.1	3.4 - 8.1	5	-20	57.2	34

Health care costs	5.1	8.1	2.4 - 7.7	3.5	-10	26.9	52

Productivity (output per hour worked)	4.7	5.6	2.8 - 6.5	5	-5	22.8	31

Number of offshore outsourced employees	1.1	9.8	-2.3 - 4.6	0	-10	44.2	31

Number of domestic full-time employees	-1.6	6.8	-3.5 - 0.2	0	-15.6	14.4	58

Number of domestic temporary employees	-2.5	7.4	-5.1 - 0.1	0	-24	18	36

13 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Revenue	2.0	10.4	-2.2 - 6.2	1	-20	29.9

Earnings	0.7	15.6	-5.5 - 6.9	0.5	-32.3	25

Dividends	0.2	13.1	-8.3 - 8.7	0	-31.5	15

Share repurchases	0.0	0.0	0.0 - 0.0	0	0	0

Cash on the balance sheet	-3.6	16.5	-13.9 - 6.6	0	-43	40

14 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

	Mean	SD	Median	Total

% today	17.2	19.6	10	83

% one year ago	17.5	18.5	10	77

% held outside of headquarter country	12.7	26.3	0	69

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Cash & marketable securities held - Comparison of today to one year ago

	 	Number	Percent	95% CI
	+1=More today	26	33.8 %	± 6.8 %
	0=No difference	19	24.7 %	± 6.0 %
	-1=More last year	32	41.6 %	± 7.3 %
	Total	77	100.0 %

	Mean = -0.1
	SD = 0.9

	Missing Cases = 58
	Response Percent = 57.0 %

16 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)

	 	Number	Percent	95% CI
	No	23	23.7 %	± 6.5 %
	Yes	54	55.7 %	± 8.4 %
	Not sure	20	20.6 %	± 6.1 %
	Total	97	100.0 %

	Missing Cases = 38
	Response Percent = 71.9 %

17 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)

	 	Number	Percent	95% CI
	No	23	29.9 %	± 7.5 %
	Yes	54	70.1 %	± 9.3 %
	Total	77	100.0 %

	Missing Cases = 38
	Response Percent = 67.0 %

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO

	Why not? (Check all that apply)	Number	Percent	95% CI
	Do not need cash reserves as a source of funds	10	43.5 %	± 21.9 %
	Lack excess cash to deploy	8	34.8 %	± 21.1 %
	Currently have few attractive investment opportunities	5	21.7 %	± 18.3 %
	Holding cash until economic uncertainty declines	5	21.7 %	± 18.3 %
	Need cash as liquidity buffer (e.g., in case credit markets tighten)	4	17.4 %	± 16.8 %
	Save cash as dry powder for future investment opportunities	4	17.4 %	± 16.8 %
	Holding cash to save for potential future liabilities	3	13.0 %	± 14.9 %
	Currently unfavorable tax ramifications	1	4.3 %	± 9.0 %
	We are borrowing instead of using our cash on hand	1	4.3 %	± 9.0 %
	Want to avoid repatriation tax on cash held overseas	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	41

	Number of Cases = 23
	Number of Responses = 41
	Average Number Of Responses Per Case = 1.8
	Number Of Cases With At Least One Response = 23
	Response Percent = 100.0 %

19 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Other specified

--- No Response ---

20 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES

	On what would accumulated cash reserves be deployed?
	(Check all that apply)	Number	Percent	95% CI
	Pay down debt/line of credit	27	50.0 %	± 13.8 %
	Capital spending or investment	21	38.9 %	± 13.4 %
	Cover operating losses	16	29.6 %	± 12.6 %
	Purchase raw materials	11	20.4 %	± 11.1 %
	Acquisitions	9	16.7 %	± 10.3 %
	Allow more lenient payment terms by customers	9	16.7 %	± 10.3 %
	Increase employee benefits/pay	9	16.7 %	± 10.3 %
	Purchase inventory	7	13.0 %	± 9.3 %
	Research and development	6	11.1 %	± 8.7 %
	Dividends or share repurchases	4	7.4 %	± 7.2 %
	Increase hiring	3	5.6 %	± 6.3 %
	Marketing and advertising	3	5.6 %	± 6.3 %
	Lending	1	1.9 %	± 3.7 %
	Pension plan funding	1	1.9 %	± 3.7 %
	Other	5	9.3 %	± 8.0 %
	Total	132

	Number of Cases = 54
	Number of Responses = 132
	Average Number Of Responses Per Case = 2.4
	Number Of Cases With At Least One Response = 54
	Response Percent = 100.0 %

21 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - Other specified

Agr, Forestry, Fishing	Melhorar as condiÃ§Ãµes de compras	
Bank/Fin/Insur/Real Est	Reestructuras	
Energy	Contingencias Judiciais	
Mining/Construction	Compra de terrenos	
Other	sueldos y salarios	

22 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?

	 	Number	Percent	95% CI
	No target	29	33.7 %	± 7.4 %
	Yes, flexible target/range	30	34.9 %	± 7.5 %
	Yes, somewhat tight target/range	15	17.4 %	± 5.7 %
	Yes, strict target/range	12	14.0 %	± 5.2 %
	Total	86	100.0 %

	Missing Cases = 41
	Response Percent = 67.7 %

23 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range?

(N=55)

			Moderate		
	Mean & SD	Slowly	speed	Fast	Very fast
	  	1	2	3	4	
	2.4	4	27	21	1
... if you fall below your target or range:	0.7	7.5%	50.9%	39.6%	1.9%

	2.1	7	26	11	0
... if you drift above your target or range:	0.6	15.9%	59.1%	25.0%	0.0%

24 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

	 	Number	Percent	95% CI
	Cash / operating expenses	20	36.4 %	± 13.1 %
	Cash / short-term liabilities,	18	32.7 %	± 12.8 %
	Cash/sales revenue	8	14.5 %	± 9.6 %
	Cash/total assets	7	12.7 %	± 9.1 %
	Cash to cover a specific number of days/months - Explain:	7	12.7 %	± 9.1 %
	Cash/current assets	6	10.9 %	± 8.5 %
	Specific dollar (or other currency) amount of Cash - Explain:	4	7.3 %	± 7.1 %
	Cash / market value of firm  	0	0.0 %	± 0.0 %
	Other target	4	7.3 %	± 7.1 %
	Total	74

	Number of Cases = 55
	Number of Responses = 74
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response = 55
	Response Percent = 100.0 %

25 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5c. Selected cash to cover a specific number of days/months - Explain:

Agr, Forestry, Fishing	3 dias	
Agr, Forestry, Fishing	Disponibilidade equivalente ao desembolso mÃ©dio de um determinado nÃºmero	
	de dias.	
Agr, Forestry, Fishing	Em relaÃ§Ã£o aos desembolsos diÃ¡rios para fazer frente as aquisiÃ§Ãµes de	
	produtos dos cooperados	
Bank/Fin/Insur/Real Est	3 months	
Bank/Fin/Insur/Real Est	MCO (minimun cumulative outflow)	
Other	MÃ­nimo efectivo posible, pasando la temporada de alta necesidad de caja sin	
	tener que recurrir a ba	
Services, Consulting	6 meses	

26 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5c. Selected specific dollar (or other currency) amount of Cash - Explain:

Bank/Fin/Insur/Real Est	Liquidez com base em dados historicos estatÃ­sticos	

27 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5c. Selected other target - Specified:

Bank/Fin/Insur/Real Est	cobertrua de modelos de riesgo de liquidez	
Manufacturing	PosiciÃ³n monetaria USD	
Tech [Soft/Hard/Bio]	Caixa s/ Ebitda	
Transp, Public Util	Valor em USD para cobrar % das dÃ­vidas	

28 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

5d. What portion of your balance sheet cash is held in risk-free versus risky assets?

	Mean	SD	Median	Total

% of cash held in risk-free assets	84.6	27.7	100	84

% in risky assets	15.4	27.7	0	84

29 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

6a. How would you rate the degree of political uncertainty or political risk in your country?

	 	Number	Percent	95% CI
	1=Small	10	10.3 %	± 4.5 %
	2=Moderate	43	44.3 %	± 8.0 %
	3=Large	44	45.4 %	± 8.0 %
	Total	97	100.0 %

	Mean = 2.4
	SD = 0.7

	Missing Cases = 38
	Response Percent = 71.9 %

30 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious...

(N=135)

	Yes	No	Total	
	84	10	94
Spending or Hiring	89.4%	10.6%	100.0%

	80	12	92
Spending	87.0%	13.0%	100.0%

	73	20	93
Hiring	78.5%	21.5%	100.0%

	70	20	90
Making acquisitions	77.8%	22.2%	100.0%

31 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

	 	Number	Percent	95% CI
	Government gridlock or dysfunction	71	52.6 %	± 8.6 %
	The potential for tax reform	50	37.0 %	± 8.3 %
	Proposed regulations	43	31.9 %	± 8.0 %
	Upcoming elections	36	26.7 %	± 7.6 %
	Social policies [socioeconomic or racial activism, etc.]	35	25.9 %	± 7.5 %
	Protests against current administration	23	17.0 %	± 6.5 %
	Environmental / climate policies	19	14.1 %	± 6.0 %
	Minimum wage	12	8.9 %	± 4.9 %
	Trade alliances [e.g., Trans-Pacific Partnership]	7	5.2 %	± 3.8 %
	Threat of terrorism	4	3.0 %	± 2.9 %
	U.S. involvement in the Middle East	2	1.5 %	± 2.1 %
	Immigration policy	1	0.7 %	± 1.5 %
	Nuclear deal with Iran	0	0.0 %	± 0.0 %
	Other	14	10.4 %	± 5.2 %
	Total	317

	Number of Cases = 135
	Number of Responses = 317
	Average Number Of Responses Per Case = 2.3
	Number Of Cases With At Least One Response = 97
	Response Percent = 71.9 %

32 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

6c.Which political uncertainties are the source of your caution? - Other specified:

Bank/Fin/Insur/Real Est	Medidas de aliento a la productividad	
Healthcare/Pharm	RFEFORMA LABORAL/LEY ISAPRES	
Healthcare/Pharm	Seguridad	
Manufacturing	cambios a la constitucion politica	
Mining/Construction	Reforma laboral	
Other	AprovaÃ§Ã£o das medidas necessÃ¡rias para alcanÃ§ar um equilÃ­brio fiscal	
Other	Falta de certidumbre en devolucionde impuestos	
Other	ley nutrición	
Other	Leyes laborales	
Other	Reforma Laboral y Posible reforma constitucional	
Other	Reforma laboral	
Retail/Wholesale	Malas reformas	
Tech [Soft/Hard/Bio]	Queda do PIB	

33 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?

	 	Number	Percent	95% CI
	-1=No	73	76.8 %	± 8.6 %
	0=Not sure	10	10.5 %	± 4.5 %
	+1=Yes	12	12.6 %	± 4.9 %
	Total	95	100.0 %

	Mean = -0.6
	SD = 0.7

	Missing Cases = 40
	Response Percent = 70.4 %

34 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

8a. How do you think trade alliances between countries affect...

(N=135)

	Mean & SD	Negative	No effect	Positive	Total
	  	-1	0	+1	  	
	0.8	4	11	73	88
your country's economy?	0.5	4.5%	12.5%	83.0%	100.0%

	0.7	2	24	56	82
your company overall?	0.5	2.4%	29.3%	68.3%	100.0%

35 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

8b. How do you think trade alliances between countries affect number of workers your company employs?

	 	Number	Percent	95% CI
	-1=Negative	5	6.3 %	± 3.3 %
	0=No effect	34	42.5 %	± 7.5 %
	+1=Positive	41	51.3 %	± 7.9 %
	Total	80	100.0 %

	Mean = 0.4
	SD = 0.6

	Missing Cases = 55
	Response Percent = 59.3 %

36 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Chile: Has the current discussion about proposed Labor and Constitutional Reforms affected your company’s degree of optimism about the business environment in Chile?

	 	Number	Percent	95% CI
	-1=Less optimistic	20	95.2 %	± 13.1 %
	0=No effect	1	4.8 %	± 9.5 %
	+1=More optimistic	0	0.0 %	± 0.0 %
	Total	21	100.0 %

	Mean = -1.0
	SD = 0.2

	Missing Cases = 1
	Response Percent = 95.5 %

37 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Chile: Has the current discussion about proposed Labor and Constitutional Reforms affected your company’s hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	-1=Reduced hiring	18	85.7 %	± 17.6 %
	0=No effect	2	9.5 %	± 13.1 %
	+1=More hiring	1	4.8 %	± 9.5 %
	Total	21	100.0 %

	Mean = -0.8
	SD = 0.5

	Missing Cases = 1
	Response Percent = 95.5 %

38 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Chile: Has the current discussion about proposed Labor and Constitutional Reforms affected your company’s business spending plans for the next 12 months?

	 	Number	Percent	95% CI
	-1=Reduced spending	16	76.2 %	± 20.3 %
	0=No effect	4	19.0 %	± 17.6 %
	+1=More spending	1	4.8 %	± 9.5 %
	Total	21	100.0 %

	Mean = -0.7
	SD = 0.6

	Missing Cases = 1
	Response Percent = 95.5 %

39 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2015	7.2	12.5	4.1 - 10.3	6	-25	70	62

% Expected ROA in 2016	8.5	11.5	5.6 - 11.5	5	-25	65	59

40 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	71.5	14.9	63.7 - 79.3	66	50	100	14

% of capacity utilization planned for the first half of 2016	73.9	16.0	65.5 - 82.2	75	45	100	14

41 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2015	70.4	17.6	59.6 - 81.2	66	50	98.7	10

% of capacity utilization planned for the first half of 2016	72.0	12.7	64.2 - 79.7	70	45	100	10

42 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Manufacturing	17	12.6 %	± 5.7 %
	Mining/Construction	14	10.4 %	± 5.2 %
	Services, Consulting	12	8.9 %	± 4.9 %
	Retail/Wholesale	11	8.1 %	± 4.7 %
	Agriculture, Forestry, & Fishing	11	8.1 %	± 4.7 %
	Banking/Finance/Insurance/Real Estate	9	6.7 %	± 4.3 %
	Healthcare/Pharmaceutical	7	5.2 %	± 3.8 %
	Technology [Software/Hardware/Biotech]	6	4.4 %	± 3.5 %
	Energy	4	3.0 %	± 2.9 %
	Transportation & Public Utilities	4	3.0 %	± 2.9 %
	Public Administration	0	0.0 %	± 0.0 %
	Communication/Media	0	0.0 %	± 0.0 %
	Other Industry	40	29.6 %	± 7.8 %
	Total	135	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

43 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Industry (Other specified)

Agro-Industria	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos producciÃ³n y comercializaciÃ³n	
alimentos	
Bens de Capital	
Cemento	
Consumer packaged goods	
Consumo masivo	
CPG Consumer Goods	
Holding com negÃ³cis em TIC e AgronegÃ³cio	
Industria QuÃ­mica, sector plÃ¡sticos	
IngenierÃ­a y Telecomunicaciones	
IT	
Metais bÃ¡sicos	
pesca	
Petrochemical	
quimico	
restaurantes	
Textil / Confecciones	

44 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	22	23.2 %	± 6.3 %
	$25-$99 million	20	21.1 %	± 6.1 %
	$100-$499 million	31	32.6 %	± 7.2 %
	$500-$999 million	9	9.5 %	± 4.3 %
	$1-$4.9 billion	8	8.4 %	± 4.1 %
	$5-$9.9 billion	2	2.1 %	± 2.1 %
	More than $10 billion	3	3.2 %	± 2.5 %
	Total	95	100.0 %

	Missing Cases = 40
	Response Percent = 70.4 %

45 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	15	17.6 %	± 5.4 %
	100-499	24	28.2 %	± 6.6 %
	500-999	10	11.8 %	± 4.5 %
	1,000-2,499	19	22.4 %	± 6.0 %
	2,500-4,999	6	7.1 %	± 3.5 %
	5,000-9,999	4	4.7 %	± 2.9 %
	Over 10,000	7	8.2 %	± 3.8 %
	Total	85	100.0 %

	Missing Cases = 50
	Response Percent = 63.0 %

46 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

In what country are you personally located

	 	Number	Percent	95% CI
	Ecuador	39	29.1 %	± 7.7 %
	Brazil	28	20.9 %	± 6.9 %
	Chile	22	16.4 %	± 6.3 %
	Peru	18	13.4 %	± 5.8 %
	Mexico	17	12.7 %	± 5.7 %
	Colombia	3	2.2 %	± 2.5 %
	Central America	2	1.5 %	± 2.1 %
	Venezuela	2	1.5 %	± 2.1 %
	Argentina	1	0.7 %	± 1.5 %
	Uruguay	1	0.7 %	± 1.5 %
	Caribbean	1	0.7 %	± 1.5 %
	Total	134	100.0 %

	Missing Cases = 1
	Response Percent = 99.3 %

47 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Headquarters Latin America (Other Specified)

Guatemala	
Lima	
Lima	
Octava regiÃ³n	

48 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

Alemania	
Alemania	
Alemania	
Brazil	
EU	
EUA	
FRANCIA	
Holanda	
Japan	
Spain	
Suiza	
USA	
USA	
USA	
USA	

49 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Ownership

	 	Number	Percent	95% CI
	Private	87	68.0 %	± 8.2 %
	Public	38	29.7 %	± 7.7 %
	Nonprofit	2	1.6 %	± 2.1 %
	Government	1	0.8 %	± 1.5 %
	Total	128	100.0 %

	Missing Cases = 7
	Response Percent = 94.8 %

50 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	55	45.5 %	± 8.4 %
	1-24%	36	29.8 %	± 7.6 %
	25-50%	15	12.4 %	± 5.4 %
	More than 50%	15	12.4 %	± 5.4 %
	Total	121	100.0 %

	Missing Cases = 14
	Response Percent = 89.6 %

51 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	 	Number	Percent	95% CI
	Latin America	26	46.4 %	± 12.2 %
	US/Canada	16	28.6 %	± 10.7 %
	Asia/Pacific Basin	11	19.6 %	± 9.3 %
	Europe	3	5.4 %	± 5.2 %
	Africa	0	0.0 %	± 0.0 %
	Total	56	100.0 %

	Missing Cases = 10
	Response Percent = 84.8 %

52 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	5	9.6 %	9.6 %
	AA+	4	7.7 %	17.3 %
	AA	6	11.5 %	28.8 %
	AA-	4	7.7 %	36.5 %
	A+	6	11.5 %	48.1 %
	A	4	7.7 %	55.8 %
	A-	1	1.9 %	57.7 %
	BBB+	3	5.8 %	63.5 %
	BBB	4	7.7 %	71.2 %
	BBB-	5	9.6 %	80.8 %
	BB+	1	1.9 %	82.7 %
	BB	1	1.9 %	84.6 %
	BB-	4	7.7 %	92.3 %
	B+	2	3.8 %	96.2 %
	B	1	1.9 %	98.1 %
	B-	1	1.9 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	52	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

53 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

What is your company's credit rating? 

N=52		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		52		30	22	
		100.0%		57.7%	42.3%	
						
AAA		5		0	5	
		9.6%		0.0%	22.7%	
				B	A	
						
AA+		4		3	1	
		7.7%		10.0%	4.5%	
						
AA		6		2	4	
		11.5%		6.7%	18.2%	
						
AA-		4		4	0	
		7.7%		13.3%	0.0%	
						
A+		6		3	3	
		11.5%		10.0%	13.6%	
						
A		4		3	1	
		7.7%		10.0%	4.5%	
						
A-		1		0	1	
		1.9%		0.0%	4.5%	
						
BBB+		3		1	2	
		5.8%		3.3%	9.1%	
						
BBB		4		2	2	
		7.7%		6.7%	9.1%	
						
BBB-		5		5	0	
		9.6%		16.7%	0.0%	
				b	a	
						
BB+		1		1	0	
		1.9%		3.3%	0.0%	
						
BB		1		1	0	
		1.9%		3.3%	0.0%	
						
BB-		4		2	2	
		7.7%		6.7%	9.1%	
						
B+		2		1	1	
		3.8%		3.3%	4.5%	
						
B		1		1	0	
		1.9%		3.3%	0.0%	

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

54 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

What is your company's credit rating? 

N=52		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		1		1	0	
		1.9%		3.3%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

55 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	 	Number	Percent
	CFO	24	22.0 %
	Director Financiero	9	8.3 %
	Administrador	5	4.6 %
	CEO	5	4.6 %
	Diretor Financeiro	4	3.7 %
	GERENCIA	3	2.8 %
	Director de Finanzas	3	2.8 %
	Contralor	2	1.8 %
	Gerente de AdministraciÃ³n y Finanzas	2	1.8 %
	Director General	2	1.8 %
	Tesorero	2	1.8 %
	DueÃ±o	2	1.8 %
	GERENTE GENERAL	2	1.8 %
	Gerente General	2	1.8 %
	DIRECTOR FINANCIERO	2	1.8 %
	CONTADOR	1	0.9 %
	GG	1	0.9 %
	ASESOR JURIDICO	1	0.9 %
	CONTADOR GENERAL	1	0.9 %
	Diretor Administrativo/Financeiro	1	0.9 %
	Diretor de Planejamento Financeiro e RI	1	0.9 %
	Ger. Exec. Financeiro	1	0.9 %
	Diretor Financeiro e RI	1	0.9 %
	Chairman	1	0.9 %
	Gerente Financeiro	1	0.9 %
	Controller	1	0.9 %
	Director	1	0.9 %
	GERENTE TECNICO	1	0.9 %
	CFO Local Unit	1	0.9 %
	Gerente finanzas	1	0.9 %
	director	1	0.9 %
	GERENTE FINANZAS	1	0.9 %
	Director Finanzas	1	0.9 %
	Financial Manager	1	0.9 %
	diretor financeiro	1	0.9 %
	diretor	1	0.9 %
	Diretor Financeiro - CFO	1	0.9 %
	Director de Operaciones	1	0.9 %
	V. Pres Financ	1	0.9 %
	FInanciero	1	0.9 %
	DF	1	0.9 %
	gERENTE gENERAL	1	0.9 %
	Gerente de Finanzas	1	0.9 %
	Director general	1	0.9 %
	Gerente Adm.Financeiro	1	0.9 %
	CFO - Diretor Financeiro	1	0.9 %
	Director de Finanzas y AdministraciÃ³n	1	0.9 %
	Ciudad de MÃ©xico	1	0.9 %
	Vice Presidente Financeiro Corporativo	1	0.9 %
	Director financiero	1	0.9 %
	Contador General	1	0.9 %
	RI	1	0.9 %
	Contralor de negocio	1	0.9 %
	Finance Manager	1	0.9 %
	Director Admon y Fin	1	0.9 %
	Total	109	100.0 %

56 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

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

	Missing Cases = 26
	Response Percent = 80.7 %

57 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Second Quarter, 2016

Language version

	 	Number	Percent	95% CI
	Spanish	101	74.8 %	± 7.4 %
	Portuguese	25	18.5 %	± 6.6 %
	English	9	6.7 %	± 4.3 %
	Total	135	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %