Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own 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
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next
12 months?   [Winsorized - Summary of Means]	5
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next
12 months for:    [Winsorized]	6
5a. Has political uncertainty led your firm to be more cautious...	7
5b.  Has uncertainty about the upcoming U.S. Presidential election in November led your company to delay
any investment plans?	8
5c2.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose
one)	10
6.  Compared to interest rates today, how much would your borrowing costs have to increase to cause your
company...(Excludes NA responses)	11
7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 3
value driver:	12
7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 5
value driver:	13
Other top value drivers	14
8. How is your business affected by the speed at which the UK exits the European Union?	15
Industry	16
In what country are you personally located	18
Ownership	21
Foreign Sales	22
Your job title (e.g., CFO, Asst. Treasurer, etc):	23

 1 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

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

	 	Number	Percent	95% CI
	1=More optimistic	3	6.4 %	± 7.3 %
	0=No change	24	51.1 %	± 14.8 %
	-1=Less optimistic	20	42.6 %	± 14.7 %
	Total	47	100.0 %

	Mean = -0.4
	SD = 0.6

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

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

	Minimum = 30

	Maximum = 70

	Mean = 43.7

	Median = 40

	Standard Deviation (Unbiased Estimate) = 10.2

	95 Percent Confidence Interval Around The Mean = 40.8 - 46.6

4 Groups

	 1 = 40
	 2 = 40
	 3 = 50

Valid Cases =46
Missing Cases =1
Response Percent = 97.9%

3 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

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

	 	Number	Percent	95% CI
	1=More optimistic	19	40.4 %	± 14.6 %
	0=No change	26	55.3 %	± 14.8 %
	-1=Less optimistic	2	4.3 %	± 6.0 %
	Total	47	100.0 %

	Mean = 0.4
	SD = 0.6

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke, Global Business Outlook survey - Ecuador - Third 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 = 40

	Maximum = 80

	Mean = 62.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 11.2

	95 Percent Confidence Interval Around The Mean = 59.4 - 65.9

4 Groups

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =46
Missing Cases =1
Response Percent = 97.9%

5 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Technology spending	10.0	0.0	10.0 - 10.0	10	10	10	47

Research and development spending	10.0	0.0	10.0 - 10.0	10	10	10	47

Marketing/advertising spending	10.0	0.0	10.0 - 10.0	10	10	10	1

Capital spending	0.2	2.5	-0.6 - 0.9	0	-5.1	5.5	1

Health care costs	0.0	0.0	0.0 - 0.0	0	0	0	47

Wages/Salaries	0.0	0.1	0.0 - 0.0	0	0	0.8	47

Prices of your products	-0.8	4.3	-2.0 - 0.5	0	-11	8.9	1

Number of domestic full-time employees	-1.8	5.2	-3.3 - -0.3	0	-18.8	5	47

Revenue	-9.2	18.1	-14.4 - -4.0	-5	-47.2	27	1

Earnings	-11.8	24.8	-18.9 - -4.7	-5	-60.9	35.9	47

6 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:    [Winsorized] 

(N=47)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	1.0	1	0	0	1
Technology spending	0.0	100.0%	0.0%	0.0%	100.0%

	1.0	1	0	0	1
Research and development spending	0.0	100.0%	0.0%	0.0%	100.0%

	1.0	1	0	0	1
Marketing/advertising spending	0.0	100.0%	0.0%	0.0%	100.0%

	0.0	9	31	7	47
Capital spending	0.6	19.1%	66.0%	14.9%	100.0%

	0.0	1	46	0	47
Wages/Salaries	0.1	2.1%	97.9%	0.0%	100.0%

	0.0	7	33	7	47
Prices of your products	0.6	14.9%	70.2%	14.9%	100.0%

	0.0	0	1	0	1
Health care costs	0.0	0.0%	100.0%	0.0%	100.0%

	-0.1	2	36	9	47
Number of domestic full-time employees	0.5	4.3%	76.6%	19.1%	100.0%

	-0.3	11	9	27	47
Revenue	0.8	23.4%	19.1%	57.4%	100.0%

	-0.4	12	6	29	47
Earnings	0.9	25.5%	12.8%	61.7%	100.0%

7 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

5a. Has political uncertainty led your firm to be more cautious...

(N=47)

	Yes	No	Total	
	1	0	1
Hiring	100.0%	0.0%	100.0%

	1	0	1
Spending	100.0%	0.0%	100.0%

	1	46	47
Spending or Hiring	2.1%	97.9%	100.0%

8 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

 5b.  Has uncertainty about the upcoming U.S. Presidential election in November led your company to delay any investment plans?

	 	Number	Percent	95% CI
	Yes	0	0.0 %
	No	1	100.0 %
	Don't Know	0	0.0 %
	Total	1	100.0 %

	Missing Cases = 46
	Response Percent = 2.1 %

9 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

5c1.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose one)

--- No Response ---

 Asked of those who said they had uncertainty about the upcoming U.S. Presidential election in November that led company to delay any investment plans?

10 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

5c2.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose one)

(N=1)

	Accelerate investment		Delay some investment	
	plans and/or reinstate		plans until uncertainty	
	previously delayed	Continue investing at	is resolved with respect	
	investments	the current rate	to future policies	Total	
Hillary	0	1	0	1
Clinton	0.0%	100.0%	0.0%	100.0%

Donald	0	1	0	1
Trump	0.0%	100.0%	0.0%	100.0%

 Asked of those who said they did NOT have uncertainty about the upcoming U.S. Presidential election in November that led company to delay any investment plans?

11 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

6.  Compared to interest rates today, how much would your borrowing costs have to increase to cause your company...(Excludes NA responses)

	... to reduce capital spending plans?	Number	Percent	95% CI
	0.25	0	0.0 %
	0.5	0	0.0 %
	0.75	0	0.0 %
	1.0	0	0.0 %
	1.5	0	0.0 %
	2.0	1	100.0 %
	2.5	0	0.0 %
	3.0	0	0.0 %
	3.5	0	0.0 %
	4.0 or higher	0	0.0 %
	NA	0	0.0 %
	Total	1	100.0 %

	Mean = 6.0
	SD = 0.0

	Missing Cases = 46
	Response Percent = 2.1 %

12 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 3 value driver:

	 	Number	Percent	95% CI
	CEO or Corporate Culture	1	2.1 %
	Corporate Culture	1	2.1 %
	Other2	1	2.1 %
	Other1	1	2.1 %
	CEO	0	0.0 %
	Finance Function	0	0.0 %
	Governance/Board	0	0.0 %
	Operating Plan	0	0.0 %
	Production Process	0	0.0 %
	Regulatory Environment	0	0.0 %
	Strategic Plan	0	0.0 %
	Human Resources	0	0.0 %
	Incentive Compensation	0	0.0 %
	Marketing	0	0.0 %
	Total	4

	Number of Cases = 47
	Number of Responses = 4
	Average Number Of Responses Per Case = 0.1
	Number Of Cases With At Least One Response = 1
	Response Percent = 2.1 %

13 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 5 value driver:

	7. Of all the things that contribute to long-term firm
	value, for my firm I rank the following items as a Top 5
	value driver:	Number	Percent	95% CI
	CEO or Corporate Culture	1	2.1 %
	Corporate Culture	1	2.1 %
	Other2	1	2.1 %
	Other1	1	2.1 %
	CEO	0	0.0 %
	Finance Function	0	0.0 %
	Governance/Board	0	0.0 %
	Operating Plan	0	0.0 %
	Production Process	0	0.0 %
	Regulatory Environment	0	0.0 %
	Strategic Plan	0	0.0 %
	Human Resources	0	0.0 %
	Incentive Compensation	0	0.0 %
	Marketing	0	0.0 %
	Total	4

	Number of Cases = 47
	Number of Responses = 4
	Average Number Of Responses Per Case = 0.1
	Number Of Cases With At Least One Response = 1
	Response Percent = 2.1 %

14 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

 Other top value drivers

Analitica	Omincanalidad	

15 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

 8. How is your business affected by the speed at which the UK exits the European Union?

	 	Number	Percent	95% CI
	My business is better off with a slow Brexit schedule	1	100.0 %
	My business is better off with an quick Brexit	0	0.0 %
	There is no effect on my business	0	0.0 %
	Total	1	100.0 %

	Missing Cases = 46
	Response Percent = 2.1 %

16 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

Industry

	 	Number	Percent	95% CI
	Banking/Finance/Insurance/Real Estate	1	2.1 %	± 4.3 %
	Retail/Wholesale	0	0.0 %	± 0.0 %
	Mining/Construction	0	0.0 %	± 0.0 %
	Transportation & Public Utilities	0	0.0 %	± 0.0 %
	Energy	0	0.0 %	± 0.0 %
	Services, Consulting	0	0.0 %	± 0.0 %
	Agriculture, Forestry, & Fishing	0	0.0 %	± 0.0 %
	Public Administration	0	0.0 %	± 0.0 %
	Communication/Media	0	0.0 %	± 0.0 %
	Technology [Software/Hardware/Biotech]	0	0.0 %	± 0.0 %
	Manufacturing	0	0.0 %	± 0.0 %
	Healthcare/Pharmaceutical	0	0.0 %	± 0.0 %
	Other Industry	46	97.9 %	± 4.3 %
	Total	47	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

17 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

Industry (Other specified)

--- No Response ---

18 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

In what country are you personally located

	 	Number	Percent	95% CI
	Ecuador	47	100.0 %	± 0.0 %
	Total	47	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

19 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

 Latin America (Other Specified)

--- No Response ---

20 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

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

--- No Response ---

21 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

Ownership

	 	Number	Percent	95% CI
	Private	36	81.8 %	± 12.6 %
	Public, NYSE	8	18.2 %	± 11.2 %
	Public, NASDAQ-AMEX	0	0.0 %	± 0.0 %
	Government	0	0.0 %	± 0.0 %
	Nonprofit	0	0.0 %	± 0.0 %
	Total	44	100.0 %

	Missing Cases = 3
	Response Percent = 93.6 %

22 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

Foreign Sales

	 	Number	Percent	95% CI
	0%	22	88.0 %	± 15.2 %
	1-24%	2	8.0 %	± 6.2 %
	25-50%	1	4.0 %	± 4.4 %
	More than 50%	0	0.0 %	± 0.0 %
	Total	25	100.0 %

	Missing Cases = 22
	Response Percent = 53.2 %

23 

Duke, Global Business Outlook survey - Ecuador - Third Quarter, 2016

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

	 	Number	Percent
	Administrador	19	61.3 %
	Dueño	8	25.8 %
	GERENTE	1	3.2 %
	CFO	1	3.2 %
	JEFE FINANCIERO	1	3.2 %
	JEFE DE PRODUCCIÓN	1	3.2 %
	Total	31	100.0 %

	Missing Cases = 16
	Response Percent = 66.0 %