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. Has political uncertainty led your firm to be more cautious...	14
5b.  Has uncertainty about the upcoming U.S. Presidential election in November led your company to delay
any investment plans?	15
5c1.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose
one)	16
5c2.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose
one)	17
6.  Compared to interest rates today, how much would your borrowing costs have to increase to cause your
company...(Excludes NA responses)	18
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:	19
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:	20
Other top value drivers	21
8. How is your business affected by the speed at which the UK exits the European Union?	22
Do you think that Pedro Pablo Kuczynski, the new president of Peru, will implement policies that will help
your company?  I think that President Kuczynski's policies will:	23
Return on assets (ROA=operating earnings/assets) (Winsorized)	24
Manufacturing capacity utilized (Winsorized)	25
Industry	26
Industry (Other specified)	27
Sales Revenue	29
Number of Employees	30
In what country are you personally located	31
Headquarters Latin America (Other Specified)	32
If your company headquarters is another country, please indicate which country.	33
Ownership	34
Foreign Sales	35
In what region of the world are most of your foreign sales?	36
What is your company's credit rating? 	37
Your job title (e.g., CFO, Asst. Treasurer, etc):	40
Language version	42

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	40	26.7 %	± 7.2 %
	0=No change	46	30.7 %	± 7.5 %
	-1=Less optimistic	64	42.7 %	± 8.0 %
	Total	150	100.0 %

	Mean = -0.2
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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 = 8

	Maximum = 90

	Mean = 49.8

	Median = 50

	Standard Deviation (Unbiased Estimate) = 18.0

	95 Percent Confidence Interval Around The Mean = 46.8 - 52.8

4 Groups

	 1 = 40
	 2 = 50
	 3 = 60

Valid Cases =138
Missing Cases =12
Response Percent = 92.0%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	69	46.0 %	± 8.1 %
	0=No change	53	35.3 %	± 7.7 %
	-1=Less optimistic	28	18.7 %	± 6.3 %
	Total	150	100.0 %

	Mean = 0.3
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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 = 8

	Maximum = 100

	Mean = 64.6

	Median = 70

	Standard Deviation (Unbiased Estimate) = 17.9

	95 Percent Confidence Interval Around The Mean = 61.6 - 67.6

4 Groups

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =138
Missing Cases =12
Response Percent = 92.0%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	45	57.7 %	± 11.2 %
	Government policies	41	52.6 %	± 11.3 %
	Weak demand for your products/services	34	43.6 %	± 11.3 %
	Corporate tax code	26	33.3 %	± 10.7 %
	Currency risk	25	32.1 %	± 10.6 %
	Employee productivity	21	26.9 %	± 10.1 %
	Access to capital	16	20.5 %	± 9.2 %
	Regulatory requirements	16	20.5 %	± 9.2 %
	Cost of benefits	14	17.9 %	± 8.7 %
	Cost of borrowing	12	15.4 %	± 8.2 %
	Difficulty attracting / retaining qualified employees	10	12.8 %	± 7.6 %
	Inflation	9	11.5 %	± 7.3 %
	Rising input or commodity costs	5	6.4 %	± 5.6 %
	Employee morale	5	6.4 %	± 5.6 %
	Data security	2	2.6 %	± 3.6 %
	Geopolitical / health crises	2	2.6 %	± 3.6 %
	Rising wages and salaries	2	2.6 %	± 3.6 %
	Deflation	0	0.0 %	± 0.0 %
	Other	4	5.1 %	± 5.0 %
	Total	289

	Number of Cases = 78
	Number of Responses = 289
	Average Number Of Responses Per Case = 3.7
	Number Of Cases With At Least One Response = 78
	Response Percent = 100.0 %

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

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

Mining/Construction	NUEVO SISTEMA IMPOSITIVO	
Other	Inadecuadas politicas	
	publicas del gobierno	
Retail/Wholesale	Inadimplencia	
Retail/Wholesale	Seguridad ciudadana	
Services, Consulting	Increased competition	
Transp, Public Util	Relación con Bolivia	

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	Economía China	
Agr, Forestry, Fishing	estabilidad politica economica	
Agr, Forestry, Fishing	incrementar productividad y mejorar ventas	
Agr, Forestry, Fishing	Populismo	
Bank/Fin/Insur/Real Est	cyber security	
Bank/Fin/Insur/Real Est	Decifrar reformas y cambios gobernamentales	
Bank/Fin/Insur/Real Est	Demanda	
Bank/Fin/Insur/Real Est	Mercado	
Bank/Fin/Insur/Real Est	Retomar liderazgo	
Communication/Media	Atuação comercial mais efetiva, sendo uma estatal, com limites para contratar	
	e demitir pessoal	
Energy	demora na retomada da economia (PIB), consumo de energia, renda média da	
	população.	
Healthcare/Pharm	Reforma laboral	
Manufacturing	Adulteracion e informalidad.	
Manufacturing	Burocracia publica	
Manufacturing	Cambios en regulaciones laborales	
Manufacturing	Competencia de oferta Asiatica	
Manufacturing	Efecto negativo en la demanda por incertidumbre regulatoria	
Manufacturing	Incrementar ventas y participación de mercado	
Manufacturing	mantener el nivel de ventas	
Manufacturing	Política monetaria y competitividad	
Mining/Construction	Aumentar ventas y margen por medio de inversión y productividad. Riesgo:	
	legisl. laboral, tributaria	
Mining/Construction	BAJA ACTIVIDAD PRODUCTIVA, POR UNA DEMANDA MUY DEBIL, NOS TIENE	
	CON VENTAS BAJO EL PUNTO DE EQUILIBR	
Mining/Construction	bajar costos y aumentar productividad	
Mining/Construction	Caída en actividad industrial, mayores costos por reformas tributarias y laborales	
Mining/Construction	crecimiento bajo y menor actividad privada	
Mining/Construction	La principal incertidumbre es la evolución del mercado minero.	
Mining/Construction	mantener la fuerza laborar como respuesta a las necesidades de mis clientes	
Other	Completo cambio por parte del Gobierno en las reglas de juego	
Other	Eficiencias y consolidación del modelo de negocios	
Other	ingreso a otros mercados en el área química	
Other	Nulo crecimiento de la economia. Gran incertidumbre por cambios estructurales	
	del Gobierno.	
Other	POLITICAS GUBERNAMENTALES RELACIONADAS CON LA TRIBUTACION.	
Other	Reforma a la legislación laboral, efervescecia política y movimientos sociales	
Other	Risco Cambial e crise política.	
Other	Volatilidad de Monedas /Brexit	
Retail/Wholesale	Cambio de autoridades y políticas	
Retail/Wholesale	Dirección artística la producción más rentable y segura	
Retail/Wholesale	incremento de sus ventas con nuevos productos	
Retail/Wholesale	Las constantes reformas mal implementadas que se llevan acabo en Chile	
Retail/Wholesale	Mayor competencia a nivel regional	
Retail/Wholesale	proyectar mayores ventas	
Retail/Wholesale	Queda nas vendas e dificuldade em adaptar a empresa a demandas menores	
Services, Consulting	equilibrio financeiro	
Services, Consulting	Estabilidad económica	
Services, Consulting	Flow on effect of US election, local political lanscape and weaker demand of	
	services.	
Services, Consulting	Implementación de Reformas mal ejecutadas.	
Services, Consulting	INSEGURIDAD	
Services, Consulting	Nuestro desafío es lograr formar Emprendedores	

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	Proceso de paz con la guerrilla	
Services, Consulting	reforma laboral	
Tech [Soft/Hard/Bio]	crecimiento del negocio	
Tech [Soft/Hard/Bio]	Mantener nivel de ventas	
Transp, Public Util	Governo Temer não conseguir passar no congresso principais reformas	
	fiscal(teto gastos),previdências	

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	4.7	13.2	1.6 - 7.7	2	-50	71.3	121

Marketing/advertising spending	4.6	9.3	2.5 - 6.7	2.5	-16.6	26.9	133

Health care costs	3.4	6.9	1.7 - 5.1	0	-15	37.4	61

Wages/Salaries	3.0	6.3	1.9 - 4.1	2	-20	28.3	74

Capital spending	2.6	10.1	0.8 - 4.4	0	-25.7	33.3	127

Research and development spending	2.3	7.2	0.5 - 4.0	0	-23.8	31.1	123

Prices of your products	1.1	7.3	-0.1 - 2.4	0	-20	50	65

Number of domestic full-time employees	-1.3	7.8	-2.6 - 0.1	0	-21.8	18.3	134

Revenue	-1.7	21.1	-5.2 - 1.9	0	-70	93.7	72

Earnings	-2.0	20.1	-5.4 - 1.4	0	-50.2	48.3	129

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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=150)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.5	67	57	5	129
Wages/Salaries	0.6	51.9%	44.2%	3.9%	100.0%

	0.5	38	30	4	72
Technology spending	0.6	52.8%	41.7%	5.6%	100.0%

	0.4	39	27	8	74
Marketing/advertising spending	0.7	52.7%	36.5%	10.8%	100.0%

	0.4	26	34	1	61
Health care costs	0.5	42.6%	55.7%	1.6%	100.0%

	0.2	47	57	19	123
Prices of your products	0.7	38.2%	46.3%	15.4%	100.0%

	0.2	46	56	19	121
Capital spending	0.7	38.0%	46.3%	15.7%	100.0%

	0.2	16	47	2	65
Research and development spending	0.5	24.6%	72.3%	3.1%	100.0%

	0.1	66	16	52	134
Revenue	0.9	49.3%	11.9%	38.8%	100.0%

	0.0	54	20	59	133
Earnings	0.9	40.6%	15.0%	44.4%	100.0%

	0.0	29	64	34	127
Number of domestic full-time employees	0.7	22.8%	50.4%	26.8%	100.0%

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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

Marketing/advertising spending	5.7	9.3	3.6 - 7.8	0	-16.6	26.9	79

Technology spending	5.6	10.5	3.3 - 8.0	2	-50	71.3	64

Earnings	5.5	12.7	2.8 - 8.3	0	-50.2	48.3	88

Revenue	2.8	12.6	0.2 - 5.5	1.5	-70	93.7	69

Capital spending	2.2	11.4	-0.5 - 4.8	0	-25.7	33.3	75

Research and development spending	2.1	5.1	0.8 - 3.3	0	-23.8	31.1	83

Prices of your products	1.6	6.3	0.2 - 2.9	0	-20	50	76

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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	3.9	5.3	2.7 - 5.1	2	-20	28.3	79

Health care costs	3.0	5.9	1.5 - 4.5	0	-15	37.4	72

Number of domestic full-time employees	-1.4	10.2	-3.6 - 0.8	0	-21.8	18.3	56

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third 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

Earnings	5.9	11.5	2.1 - 9.6	0	-20	48.3

Revenue	4.7	7.5	2.3 - 7.1	5	-10	50

14 

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

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

(N=150)

	Yes	No	Total	
	91	13	104
Spending	87.5%	12.5%	100.0%

	80	22	102
Hiring	78.4%	21.6%	100.0%

	92	58	150
Spending or Hiring	61.3%	38.7%	100.0%

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	8	7.8 %	± 3.7 %
	No	79	77.5 %	± 8.1 %
	Don't Know	15	14.7 %	± 4.9 %
	Total	102	100.0 %

	Missing Cases = 48
	Response Percent = 68.0 %

16 

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

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

(N=8)

		Continue to wait to until more	
	Restart investment plans, or	uncertainty is resolved	Total	
Hillary	6	2	8
Clinton	75.0%	25.0%	100.0%

Donald	1	7	8
Trump	12.5%	87.5%	100.0%

 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?

17 

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

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

(N=79)

	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	5	70	1	76
Clinton	6.6%	92.1%	1.3%	100.0%

Donald	1	42	33	76
Trump	1.3%	55.3%	43.4%	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?

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	5	7.8 %	± 2.9 %
	0.5	10	15.6 %	± 4.1 %
	0.75	4	6.3 %	± 2.6 %
	1.0	4	6.3 %	± 2.6 %
	1.5	8	12.5 %	± 3.7 %
	2.0	15	23.4 %	± 4.9 %
	2.5	7	10.9 %	± 3.5 %
	3.0	3	4.7 %	± 2.3 %
	3.5	1	1.6 %	± 1.3 %
	4.0 or higher	7	10.9 %	± 3.5 %
	NA	0	0.0 %	± 0.0 %
	Total	64	100.0 %

	Mean = 5.2
	SD = 2.7

	Missing Cases = 86
	Response Percent = 42.7 %

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	55	36.7 %	± 7.9 %
	Strategic Plan	38	25.3 %	± 7.1 %
	Corporate Culture	34	22.7 %	± 6.8 %
	Human Resources	33	22.0 %	± 6.8 %
	CEO	31	20.7 %	± 6.6 %
	Operating Plan	27	18.0 %	± 6.3 %
	Production Process	22	14.7 %	± 5.8 %
	Finance Function	17	11.3 %	± 5.2 %
	Regulatory Environment	14	9.3 %	± 4.7 %
	Incentive Compensation	12	8.0 %	± 4.4 %
	Marketing	12	8.0 %	± 4.4 %
	Governance/Board	11	7.3 %	± 4.3 %
	Other1	7	4.7 %	± 3.4 %
	Other2	2	1.3 %	± 1.9 %
	Total	315

	Number of Cases = 150
	Number of Responses = 315
	Average Number Of Responses Per Case = 2.1
	Number Of Cases With At Least One Response = 83
	Response Percent = 55.3 %

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - 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	84	56.0 %	± 8.1 %
	Strategic Plan	64	42.7 %	± 8.0 %
	Corporate Culture	59	39.3 %	± 7.9 %
	Human Resources	57	38.0 %	± 7.9 %
	CEO	56	37.3 %	± 7.9 %
	Operating Plan	53	35.3 %	± 7.8 %
	Finance Function	47	31.3 %	± 7.5 %
	Production Process	43	28.7 %	± 7.4 %
	Incentive Compensation	32	21.3 %	± 6.7 %
	Governance/Board	32	21.3 %	± 6.7 %
	Regulatory Environment	27	18.0 %	± 6.2 %
	Marketing	23	15.3 %	± 5.9 %
	Other1	9	6.0 %	± 3.9 %
	Other2	4	2.7 %	± 2.6 %
	Total	590

	Number of Cases = 150
	Number of Responses = 590
	Average Number Of Responses Per Case = 3.9
	Number Of Cases With At Least One Response = 104
	Response Percent = 69.3 %

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

 Other top value drivers

Alta dirección	Innovación	
Analitica	Omincanalidad	
Pesquisa e desenvolvimento	---	
Posicionamento	---	
Producto	---	
Reducción de costos	Modelo de negocios	
reestr comercial	Estabilidade economica	
Sales Discipline	---	
Satisfação dos Clientes	---	

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

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

	 	Number	Percent	95% CI
	There is no effect on my business	84	80.8 %	± 8.1 %
	My business is better off with a slow Brexit schedule	12	11.5 %	± 4.4 %
	My business is better off with an quick Brexit	8	7.7 %	± 3.7 %
	Total	104	100.0 %

	Missing Cases = 46
	Response Percent = 69.3 %

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

Do you think that Pedro Pablo Kuczynski, the new president of Peru, will implement policies that will help your company?  I think that President Kuczynski's policies will:

	 	Number	Percent	95% CI
	Help	36	60.0 %	± 12.4 %
	Have no affect	23	38.3 %	± 11.8 %
	Hurt my company's rate of growth in 2017	1	1.7 %	± 3.0 %
	Total	60	100.0 %

	Missing Cases = 6
	Response Percent = 90.9 %

Asked only of respondents located in Peru or Chile

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

Return on assets (ROA=operating earnings/assets) (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	8.1	8.9	5.9 - 10.2	6	-14.7	33.3	65

% Expected ROA in 2017	9.6	9.3	7.3 - 11.9	7	-13.9	35.8	63

 

25 

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

Manufacturing capacity utilized (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2016	80.4	15.7	71.5 - 89.3	85	50	100	12

% of capacity utilization planned for the second
half of 2016	77.9	20.9	66.1 - 89.8	87.5	30	100	12

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

Industry

	 	Number	Percent	95% CI
	Services, Consulting	16	10.7 %	± 5.0 %
	Manufacturing	12	8.0 %	± 4.4 %
	Mining/Construction	12	8.0 %	± 4.4 %
	Retail/Wholesale	11	7.3 %	± 4.2 %
	Banking/Finance/Insurance/Real Estate	9	6.0 %	± 3.8 %
	Agriculture, Forestry, & Fishing	7	4.7 %	± 3.4 %
	Healthcare/Pharmaceutical	6	4.0 %	± 3.2 %
	Transportation & Public Utilities	4	2.7 %	± 2.6 %
	Technology [Software/Hardware/Biotech]	3	2.0 %	± 2.3 %
	Communication/Media	3	2.0 %	± 2.3 %
	Energy	2	1.3 %	± 1.9 %
	Public Administration	0	0.0 %	± 0.0 %
	Other Industry	65	43.3 %	± 8.0 %
	Total	150	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

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

Industry (Other specified)

Aditivos  para Fabricas Celulosa y Papel	
AGENTE MARITIMO	
Alimentício	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos	
Alimentos consumo masivo	
Bens de Capital	
Consumo	
Consumo Masivo	
CPG Consumer	
Damos soluciones de ingenieria y productos	
Educacion	
Equipo industrial para alimentos	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	

28 

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

Industry (Other specified)

Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Gráfico	
Hospitalidade	
IMPRENTA	
Industria pesada	
manufatura e comercio	
Portuaria	
Publicidad grafica	
Real State y construcción	
Renta de autos	
Venta Directa	

29 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	44	42.3 %	± 7.4 %
	$25-$99 million	25	24.0 %	± 6.1 %
	$100-$499 million	21	20.2 %	± 5.6 %
	$500-$999 million	3	2.9 %	± 2.3 %
	$1-$4.9 billion	7	6.7 %	± 3.4 %
	$5-$9.9 billion	2	1.9 %	± 1.9 %
	More than $10 billion	2	1.9 %	± 1.9 %
	Total	104	100.0 %

	Missing Cases = 46
	Response Percent = 69.3 %

30 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	37	39.4 %	± 7.0 %
	100-499	24	25.5 %	± 6.0 %
	500-999	9	9.6 %	± 3.9 %
	1,000-2,499	10	10.6 %	± 4.1 %
	2,500-4,999	8	8.5 %	± 3.7 %
	5,000-9,999	2	2.1 %	± 1.9 %
	Over 10,000	4	4.3 %	± 2.6 %
	Total	94	100.0 %

	Missing Cases = 56
	Response Percent = 62.7 %

31 

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

In what country are you personally located

	 	Number	Percent	95% CI
	Ecuador	47	31.3 %	± 7.5 %
	Chile	43	28.7 %	± 7.3 %
	Peru	23	15.3 %	± 5.8 %
	Mexico	18	12.0 %	± 5.3 %
	Brazil	13	8.7 %	± 4.6 %
	Colombia	4	2.7 %	± 2.6 %
	Argentina	1	0.7 %	± 1.3 %
	Venezuela	1	0.7 %	± 1.3 %
	Total	150	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

32 

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

Headquarters Latin America (Other Specified)

Santiago	
Santiago	

33 

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

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

Alemania	
	
Alemania	
	
CANADA	
	
Colombia	
	
Estados Unidos	
	
Estados Unidos	
	
france	
	
Italia	
	
Japan	
	
Japon	
	
n.a.	
	
Suiza	
	
UK	
	
USA	
	
USA	

34 

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

Ownership

	 	Number	Percent	95% CI
	Private	112	77.8 %	± 7.0 %
	Public	30	20.8 %	± 6.5 %
	Government	1	0.7 %	± 1.3 %
	Nonprofit	1	0.7 %	± 1.3 %
	Total	144	100.0 %

	Missing Cases = 6
	Response Percent = 96.0 %

35 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	70	55.6 %	± 8.1 %
	1-24%	31	24.6 %	± 6.6 %
	25-50%	8	6.3 %	± 3.6 %
	More than 50%	17	13.5 %	± 5.1 %
	Total	126	100.0 %

	Missing Cases = 24
	Response Percent = 84.0 %

36 

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

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

	 	Number	Percent	95% CI
	Latin America	26	50.0 %	± 13.5 %
	US/Canada	13	25.0 %	± 11.4 %
	Europe	7	13.5 %	± 9.0 %
	Asia/Pacific Basin	6	11.5 %	± 8.4 %
	Africa	0	0.0 %	± 0.0 %
	Total	52	100.0 %

	Missing Cases = 4
	Response Percent = 92.9 %

37 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	6	12.2 %	12.2 %
	AA+	10	20.4 %	32.7 %
	AA	4	8.2 %	40.8 %
	AA-	3	6.1 %	46.9 %
	A+	5	10.2 %	57.1 %
	A	3	6.1 %	63.3 %
	A-	5	10.2 %	73.5 %
	BBB+	1	2.0 %	75.5 %
	BBB	2	4.1 %	79.6 %
	BBB-	2	4.1 %	83.7 %
	BB+	3	6.1 %	89.8 %
	BB	1	2.0 %	91.8 %
	BB-	2	4.1 %	95.9 %
	B+	1	2.0 %	98.0 %
	B	1	2.0 %	100.0 %
	B-	0	0.0 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	49	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

38 

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

What is your company's credit rating? 

N=49		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		49		24	25	
		100.0%		49.0%	51.0%	
						
AAA		6		3	3	
		12.2%		12.5%	12.0%	
						
AA+		10		5	5	
		20.4%		20.8%	20.0%	
						
AA		4		1	3	
		8.2%		4.2%	12.0%	
						
AA-		3		2	1	
		6.1%		8.3%	4.0%	
						
A+		5		2	3	
		10.2%		8.3%	12.0%	
						
A		3		2	1	
		6.1%		8.3%	4.0%	
						
A-		5		2	3	
		10.2%		8.3%	12.0%	
						
BBB+		1		1	0	
		2.0%		4.2%	0.0%	
						
BBB		2		1	1	
		4.1%		4.2%	4.0%	
						
BBB-		2		2	0	
		4.1%		8.3%	0.0%	
						
BB+		3		1	2	
		6.1%		4.2%	8.0%	
						
BB		1		0	1	
		2.0%		0.0%	4.0%	
						
BB-		2		1	1	
		4.1%		4.2%	4.0%	

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

39 

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

What is your company's credit rating? 

N=49		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B+		1		0	1	
		2.0%		0.0%	4.0%	
						
B		1		1	0	
		2.0%		4.2%	0.0%	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

40 

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

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

	 	Number	Percent
	Administrador	19	15.0 %
	CFO	18	14.2 %
	Director Financiero	9	7.1 %
	CEO	9	7.1 %
	Dueño	8	6.3 %
	Gerente General	5	3.9 %
	Director General	3	2.4 %
	Gerente Financiero	3	2.4 %
	Gerente Finanzas	2	1.6 %
	director financiero	2	1.6 %
	GERENTE	2	1.6 %
	Diretor Financeiro	1	0.8 %
	Dir Finanças, Gestão e RI	1	0.8 %
	Gerente Administración y Finanzas	1	0.8 %
	Diretor de Controladoria	1	0.8 %
	Sub gerente de Finanzas	1	0.8 %
	GERENTE FINANCIERO	1	0.8 %
	Managing Director	1	0.8 %
	Corporate Finance	1	0.8 %
	Jefe de Finanzas	1	0.8 %
	G. Financiero	1	0.8 %
	Gerente Administracion y Finanzas	1	0.8 %
	Grl Mgr	1	0.8 %
	Gerente	1	0.8 %
	socio diretor	1	0.8 %
	GTE. ADM. Y FINANZAS	1	0.8 %
	Gerente de ventas	1	0.8 %
	Presidente	1	0.8 %
	Comptroller	1	0.8 %
	Gte de Finanzas	1	0.8 %
	Director gerente	1	0.8 %
	GERENTE DE FINANZAS	1	0.8 %
	Director de Finanzas Andino	1	0.8 %
	Director fnanciero	1	0.8 %
	Director Admin y Finanzas	1	0.8 %
	Director	1	0.8 %
	GERENTE GENERAL	1	0.8 %
	propietario	1	0.8 %
	Asesor Financiero	1	0.8 %
	Gerente de Administración y Finanzas	1	0.8 %
	Rector	1	0.8 %
	gerente general	1	0.8 %
	VP Administración y Finanzas	1	0.8 %
	CFO & IRO	1	0.8 %
	Contralor de negocio	1	0.8 %
	GM and CFO	1	0.8 %
	Finance Manager	1	0.8 %
	Socio fundador	1	0.8 %
	CFO Mexico & CA	1	0.8 %
	Cfo	1	0.8 %

41 

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

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

	 	Number	Percent
	DIRECTOR FINANCIERO	1	0.8 %
	Director Financiamiento Corpoorativo	1	0.8 %
	COO	1	0.8 %
	Director Gerente	1	0.8 %
	Gerente de Relações Com Investidores	1	0.8 %
	Diretor RI	1	0.8 %
	JEFE FINANCIERO	1	0.8 %
	JEFE DE PRODUCCIÓN	1	0.8 %
	Total	127	100.0 %

	Missing Cases = 23
	Response Percent = 84.7 %

42 

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

Language version

	 	Number	Percent	95% CI
	Spanish	135	90.0 %	± 4.9 %
	Portuguese	11	7.3 %	± 4.2 %
	English	4	2.7 %	± 2.6 %
	Total	150	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %