Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	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? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]	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]	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]	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
Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:	47
(Excludes Don't Know) Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:	51
Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:	55
Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	63
(Excludes Don't Know) Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	67
Q5d.  Do these firms have the correct mix between floating and fixed rate debt?	71
Return on assets (ROA=operating earnings/assets)  (Winsorized)	75
Manufacturing capacity utilized  (Winsorized)	79
Your job title (e.g., CFO, Asst. Treasurer, etc):	83
What is the probability that you will be a CEO in 5 years?	87
What is the probability that you will be a CEO in 5 years?	91
Do your current job tasks adequately prepare you to be a CEO at some point in the future?	95

 1 

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

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

N=126		Total		Country Where Based	
		 		Ecuador	Chile	Mexico	Brazil	Peru	Colombia	Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
1=More optimistic		22		6	4	0	6	5	1	0	
		17.7%		9.1%	20.0%	0.0%	50.0%	62.5%	33.3%	0.0%	
				DE	e	DEf	AC	AbC	c		
											
0=No change		30		13	6	1	6	3	0	1	
		24.2%		19.7%	30.0%	7.1%	50.0%	37.5%	0.0%	100.0%	
				d		dg	ac			c	
											
-1=Less optimistic		72		47	10	13	0	0	2	0	
		58.1%		71.2%	50.0%	92.9%	0.0%	0.0%	66.7%	0.0%	
				DE	cDe	bDEg	ABCF	AbCf	De	c	
											
Mean		-0.40		-0.62	-0.30	-0.93	0.50	0.63	-0.33	0.00	
				DE	CDE	BDE	ABC	ABC			

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

2 

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

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

N=126		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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
1=More optimistic		2	4	5	0	0	4	0	0	2	0	4	0	
		28.6%	66.7%	13.2%	0.0%	0.0%	30.8%	0.0%	0.0%	14.3%	0.0%	25.0%	0.0%	
		j	CiJl	B			j			b	aBfk	j	b	
														
0=No change		3	1	9	3	0	2	0	0	5	2	2	3	
		42.9%	16.7%	23.7%	100.0%	0.0%	15.4%	0.0%	0.0%	35.7%	12.5%	12.5%	37.5%	
			d	D	bCfJK		d				D	D		
														
-1=Less optimistic		2	1	24	0	1	7	0	1	7	14	10	5	
		28.6%	16.7%	63.2%	0.0%	100.0%	53.8%	0.0%	100.0%	50.0%	87.5%	62.5%	62.5%	
		j	cJ	bd	cJ					j	aBDi			
														
Mean		0.00	0.50	-0.50	0.00	-1.00	-0.23	---	-1.00	-0.36	-0.88	-0.38	-0.63	
		J	CiJkL	B			j			bj	ABfik	bj	B	

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

3 

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

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

N=126		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		19	9	11	6	3	1	7	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%	
									
1=More optimistic		6	4	3	1	0	0	1	
		33.3%	44.4%	27.3%	16.7%	0.0%	0.0%	14.3%	
									
0=No change		5	1	3	2	2	1	1	
		27.8%	11.1%	27.3%	33.3%	66.7%	100.0%	14.3%	
									
-1=Less optimistic		7	4	5	3	1	0	5	
		38.9%	44.4%	45.5%	50.0%	33.3%	0.0%	71.4%	
									
Mean		-0.06	0.00	-0.18	-0.33	-0.33	0.00	-0.57	

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

4 

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

N=126		Total		Country Where Based	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
				A	B	C	D	E	F	G	
											
Number		126		67	21	14	12	8	3	1	
Percent		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Optimism rating		37.16		27.99	40.79	47.20	57.30	70.83	46.67	50.00	
		30.00		30.00	40.00	50.00	50.00	70.00	40.00	50.00	
				BCDE	AdE	Ae	Ab	ABcf	e		

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

5 

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

N=126		Industry	
Mean
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		7	6	38	3	1	13	0	2	14	17	16	8	
Percent		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Optimism rating		46.43	80.75	35.00	50.00	40.00	44.58	---	10.00	38.08	24.12	34.38	39.57	
		45.00	80.00	30.00	50.00	40.00	45.00	---	10.00	35.00	25.00	30.00	40.00	
		BJ	ACFIJKL	Bj			BJ			B	ABcFl	B	Bj	

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

6 

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

N=126		Sales Revenue	
Mean
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	
		A	B	C	D	E	F	G	
									
Number		19	9	11	6	3	1	7	
Percent		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%	
									
Optimism rating		47.67	53.00	56.00	40.00	50.00	40.00	54.60	
		50.00	50.00	67.50	40.00	50.00	40.00	50.00	

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

7 

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

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

N=126		Total		Country Where Based	
		 		Ecuador	Chile	Mexico	Brazil	Peru	Colombia	Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
1=More optimistic		46		24	8	1	6	5	1	1	
		36.8%		36.4%	38.1%	7.1%	50.0%	62.5%	33.3%	100.0%	
				c	c	abdeg	c	c		c	
											
0=No change		55		37	6	4	5	2	1	0	
		44.0%		56.1%	28.6%	28.6%	41.7%	25.0%	33.3%	0.0%	
				b	a						
											
-1=Less optimistic		24		5	7	9	1	1	1	0	
		19.2%		7.6%	33.3%	64.3%	8.3%	12.5%	33.3%	0.0%	
				BC	A	ADe	C	c			
											
Mean		0.18		0.29	0.05	-0.57	0.42	0.50	0.00	1.00	
				C	c	AbDE	C	C			

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

8 

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

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

N=126		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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
1=More optimistic		3	4	13	0	0	5	0	0	7	7	6	0	
		42.9%	66.7%	34.2%	0.0%	0.0%	38.5%	0.0%	0.0%	50.0%	43.8%	37.5%	0.0%	
			l							l	l		bij	
														
0=No change		0	1	22	2	1	2	0	2	6	7	7	5	
		0.0%	16.7%	57.9%	66.7%	100.0%	15.4%	0.0%	100.0%	42.9%	43.8%	43.8%	62.5%	
		Cdehjkl		Af	a	a	chl		af		a	a	af	
														
-1=Less optimistic		4	1	3	1	0	6	0	0	1	2	3	3	
		57.1%	16.7%	7.9%	33.3%	0.0%	46.2%	0.0%	0.0%	7.1%	12.5%	18.8%	37.5%	
		Cij		AFl			Ci			af	a		c	
														
Mean		-0.14	0.50	0.26	-0.33	0.00	-0.08	---	0.00	0.43	0.31	0.19	-0.38	
			l	L						L	l		bCIj	

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

9 

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

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

N=126		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		19	9	11	6	3	1	7		25	98	1	0	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
1=More optimistic		7	5	5	1	0	0	2		6	40	0	0	
		36.8%	55.6%	45.5%	16.7%	0.0%	0.0%	28.6%		24.0%	41.2%	0.0%	0.0%	
														
0=No change		5	3	1	3	3	0	2		11	42	0	0	
		26.3%	33.3%	9.1%	50.0%	100.0%	0.0%	28.6%		44.0%	43.3%	0.0%	0.0%	
		e		E		aC								
														
-1=Less optimistic		7	1	5	2	0	1	3		8	15	1	0	
		36.8%	11.1%	45.5%	33.3%	0.0%	100.0%	42.9%		32.0%	15.5%	100.0%	0.0%	
											c	b		
														
Mean		0.00	0.44	0.00	-0.17	0.00	-1.00	-0.14		-0.08	0.26	-1.00	---	
										b	a			

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

10 

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

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

N=126		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		11	11	9	7	2	3	8		89	26	5	5	
		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
1=More optimistic		4	6	2	2	1	1	1		34	9	1	2	
		36.4%	54.5%	22.2%	28.6%	50.0%	33.3%	12.5%		38.6%	34.6%	20.0%	40.0%	
														
0=No change		2	4	2	2	0	1	5		41	9	3	2	
		18.2%	36.4%	22.2%	28.6%	0.0%	33.3%	62.5%		46.6%	34.6%	60.0%	40.0%	
														
-1=Less optimistic		5	1	5	3	1	1	2		13	8	1	1	
		45.5%	9.1%	55.6%	42.9%	50.0%	33.3%	25.0%		14.8%	30.8%	20.0%	20.0%	
			c	b										
														
Mean		-0.09	0.45	-0.33	-0.14	0.00	0.00	-0.13		0.24	0.04	0.00	0.20	
			c	b										

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

11 

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

N=126		Total		Country Where Based	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
				A	B	C	D	E	F	G	
											
Number		126		67	21	14	12	8	3	1	
Percent		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Optimism rating		58.02		57.01	55.95	53.78	63.70	66.67	63.33	80.00	
		60.00		60.00	60.00	50.00	65.00	75.00	80.00	80.00	

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

12 

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

N=126		Industry	
Mean
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		7	6	38	3	1	13	0	2	14	17	16	8	
Percent		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Optimism rating		49.29	84.25	67.30	50.00	80.00	50.00	---	32.00	65.77	45.59	54.69	44.14	
		55.00	83.50	70.00	50.00	80.00	50.00	---	32.00	80.00	45.00	55.00	50.00	
		BC	AcFhJKL	AbFHJKL			BC		bCi	hJl	BCI	BC	BCi	

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

13 

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

N=126		Sales Revenue		Ownership	
Mean
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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		19	9	11	6	3	1	7		25	98	1	0	
Percent		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
Optimism rating		53.38	62.11	66.00	54.00	50.00	50.00	69.40		62.38	57.81	40.00	---	
		57.50	70.00	75.00	50.00	50.00	50.00	80.00		60.00	60.00	40.00	---	

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

14 

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

N=126		Number of Employees		Foreign Sales	
Mean
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		11	11	9	7	2	3	8		89	26	5	5	
Percent		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
Optimism rating		47.78	65.44	56.00	66.67	60.00	61.67	71.00		57.50	60.65	58.80	61.20	
		40.00	70.00	60.00	75.00	60.00	50.00	80.00		60.00	60.00	70.00	80.00	
		g						a						

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

15 

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

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

N=42		Total		Country Where Based	
		 		Ecuador	Chile	Mexico	Brazil	Peru	Colombia	Other	
		 		A	B	C	D	E	F	G	
											
Total		42		1	20	0	10	7	3	1	
		100.0%		2.4%	47.6%	0.0%	23.8%	16.7%	7.1%	2.4%	
											
Economic uncertainty		32		0	17	0	9	2	3	1	
		76.2%		0.0%	85.0%	0.0%	90.0%	28.6%	100.0%	100.0%	
				b	aE		e	Bd			
											
Government policies		21		1	12	0	4	1	2	1	
		50.0%		100.0%	60.0%	0.0%	40.0%	14.3%	66.7%	100.0%	
					e			b			
											
Weak demand for		13		0	5	0	4	4	0	0	
your products/services		31.0%		0.0%	25.0%	0.0%	40.0%	57.1%	0.0%	0.0%	
											
Corporate tax code		12		0	7	0	2	0	3	0	
		28.6%		0.0%	35.0%	0.0%	20.0%	0.0%	100.0%	0.0%	
					f		f	f	bde		
											
Currency risk		11		0	4	0	2	3	1	1	
		26.2%		0.0%	20.0%	0.0%	20.0%	42.9%	33.3%	100.0%	
											
Regulatory		11		1	7	0	1	1	1	0	
requirements		26.2%		100.0%	35.0%	0.0%	10.0%	14.3%	33.3%	0.0%	
											
Cost of benefits		10		0	8	0	0	2	0	0	
		23.8%		0.0%	40.0%	0.0%	0.0%	28.6%	0.0%	0.0%	
					d		b				

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

16 

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

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

N=42		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		6	5	3	2	1	8	0	1	6	2	3	4	
		14.3%	11.9%	7.1%	4.8%	2.4%	19.0%	0.0%	2.4%	14.3%	4.8%	7.1%	9.5%	
														
Economic uncertainty		5	3	3	2	1	6	0	1	6	2	2	1	
		83.3%	60.0%	100.0%	100.0%	100.0%	75.0%	0.0%	100.0%	100.0%	100.0%	66.7%	25.0%	
										l			i	
														
Government policies		2	2	1	1	0	4	0	1	4	2	2	2	
		33.3%	40.0%	33.3%	50.0%	0.0%	50.0%	0.0%	100.0%	66.7%	100.0%	66.7%	50.0%	
														
Weak demand for		2	1	1	0	0	3	0	0	3	0	1	1	
your products/services		33.3%	20.0%	33.3%	0.0%	0.0%	37.5%	0.0%	0.0%	50.0%	0.0%	33.3%	25.0%	
														
Corporate tax code		1	0	1	0	1	4	0	1	1	1	1	1	
		16.7%	0.0%	33.3%	0.0%	100.0%	50.0%	0.0%	100.0%	16.7%	50.0%	33.3%	25.0%	
														
Currency risk		3	1	0	1	1	0	0	0	2	0	1	1	
		50.0%	20.0%	0.0%	50.0%	100.0%	0.0%	0.0%	0.0%	33.3%	0.0%	33.3%	25.0%	
		f				f	ae							
														
Regulatory		2	3	0	0	1	0	0	1	0	2	1	1	
requirements		33.3%	60.0%	0.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	100.0%	33.3%	25.0%	
			f			fi	behj		fi	ehj	fi			
														
Cost of benefits		2	0	1	1	0	3	0	0	0	1	0	2	
		33.3%	0.0%	33.3%	50.0%	0.0%	37.5%	0.0%	0.0%	0.0%	50.0%	0.0%	50.0%	

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

17 

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

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

N=42		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		16	7	6	2	1	1	5		12	28	1	0	
		38.1%	16.7%	14.3%	4.8%	2.4%	2.4%	11.9%		28.6%	66.7%	2.4%	0.0%	
														
Economic uncertainty		12	3	6	1	1	1	5		10	20	1	0	
		75.0%	42.9%	100.0%	50.0%	100.0%	100.0%	100.0%		83.3%	71.4%	100.0%	0.0%	
			c	b										
														
Government policies		10	1	3	1	1	0	3		8	11	1	0	
		62.5%	14.3%	50.0%	50.0%	100.0%	0.0%	60.0%		66.7%	39.3%	100.0%	0.0%	
		b	a											
														
Weak demand for		7	1	2	0	1	0	1		3	10	0	0	
your products/services		43.8%	14.3%	33.3%	0.0%	100.0%	0.0%	20.0%		25.0%	35.7%	0.0%	0.0%	
														
Corporate tax code		4	2	2	1	0	1	1		3	7	1	0	
		25.0%	28.6%	33.3%	50.0%	0.0%	100.0%	20.0%		25.0%	25.0%	100.0%	0.0%	
														
Currency risk		2	4	1	1	0	1	0		2	9	0	0	
		12.5%	57.1%	16.7%	50.0%	0.0%	100.0%	0.0%		16.7%	32.1%	0.0%	0.0%	
		bf	a				a							
														
Regulatory		4	4	0	0	0	0	2		3	7	0	0	
requirements		25.0%	57.1%	0.0%	0.0%	0.0%	0.0%	40.0%		25.0%	25.0%	0.0%	0.0%	
			c	b										
														
Cost of benefits		3	2	3	0	0	0	2		4	5	1	0	
		18.8%	28.6%	50.0%	0.0%	0.0%	0.0%	40.0%		33.3%	17.9%	100.0%	0.0%	

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

18 

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

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

N=42		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	10	3	4	1	2	6		20	14	4	3	
		19.0%	23.8%	7.1%	9.5%	2.4%	4.8%	14.3%		47.6%	33.3%	9.5%	7.1%	
														
Economic uncertainty		6	8	3	3	1	2	6		14	12	2	3	
		75.0%	80.0%	100.0%	75.0%	100.0%	100.0%	100.0%		70.0%	85.7%	50.0%	100.0%	
														
Government policies		6	4	2	3	0	1	4		9	7	2	2	
		75.0%	40.0%	66.7%	75.0%	0.0%	50.0%	66.7%		45.0%	50.0%	50.0%	66.7%	
														
Weak demand for		2	2	2	0	0	0	3		4	8	0	1	
your products/services		25.0%	20.0%	66.7%	0.0%	0.0%	0.0%	50.0%		20.0%	57.1%	0.0%	33.3%	
										b	a			
														
Corporate tax code		3	4	0	2	0	1	1		7	3	1	1	
		37.5%	40.0%	0.0%	50.0%	0.0%	50.0%	16.7%		35.0%	21.4%	25.0%	33.3%	
														
Currency risk		1	2	0	2	1	1	0		5	5	1	0	
		12.5%	20.0%	0.0%	50.0%	100.0%	50.0%	0.0%		25.0%	35.7%	25.0%	0.0%	
						g		e						
														
Regulatory		2	5	1	2	0	0	1		5	1	2	2	
requirements		25.0%	50.0%	33.3%	50.0%	0.0%	0.0%	16.7%		25.0%	7.1%	50.0%	66.7%	
											d		b	
														
Cost of benefits		2	3	1	1	0	1	1		6	2	2	0	
		25.0%	30.0%	33.3%	25.0%	0.0%	50.0%	16.7%		30.0%	14.3%	50.0%	0.0%	

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

19 

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

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

N=42		Total		Country Where Based	
		 		Ecuador	Chile	Mexico	Brazil	Peru	Colombia	Other	
		 		A	B	C	D	E	F	G	
											
Rising wages and		9		0	5	0	1	3	0	0	
salaries		21.4%		0.0%	25.0%	0.0%	10.0%	42.9%	0.0%	0.0%	
											
Employee productivity		8		1	3	0	1	3	0	0	
		19.0%		100.0%	15.0%	0.0%	10.0%	42.9%	0.0%	0.0%	
				b	a						
											
Access to capital		6		0	3	0	1	2	0	0	
		14.3%		0.0%	15.0%	0.0%	10.0%	28.6%	0.0%	0.0%	
											
Cost of borrowing		5		1	1	0	2	1	0	0	
		11.9%		100.0%	5.0%	0.0%	20.0%	14.3%	0.0%	0.0%	
				B	A						
											
Difficulty attracting /
retaining qualified		
4		
0	
2	
0	
1	
1	
0	
0	
employees		9.5%		0.0%	10.0%	0.0%	10.0%	14.3%	0.0%	0.0%	
											
Inflation		3		0	0	0	2	0	0	1	
		7.1%		0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	100.0%	
					dG		b	g		Be	
											
Employee morale		2		0	1	0	1	0	0	0	
		4.8%		0.0%	5.0%	0.0%	10.0%	0.0%	0.0%	0.0%	
											
Rising input or		2		0	1	0	1	0	0	0	
commodity costs		4.8%		0.0%	5.0%	0.0%	10.0%	0.0%	0.0%	0.0%	

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

20 

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

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

N=42		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		3	1	1	1	0	1	0	0	0	0	1	1	
salaries		50.0%	20.0%	33.3%	50.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	33.3%	25.0%	
														
Employee productivity		2	3	1	0	0	2	0	0	0	0	0	0	
		33.3%	60.0%	33.3%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Access to capital		0	1	1	0	0	2	0	0	1	0	1	0	
		0.0%	20.0%	33.3%	0.0%	0.0%	25.0%	0.0%	0.0%	16.7%	0.0%	33.3%	0.0%	
														
Cost of borrowing		0	1	0	1	0	2	0	0	1	0	0	0	
		0.0%	20.0%	0.0%	50.0%	0.0%	25.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	
														
Difficulty attracting /
retaining qualified		
0	
1	
1	
0	
0	
1	
0	
0	
0	
0	
0	
1	
employees		0.0%	20.0%	33.3%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
														
Inflation		0	0	0	0	0	1	0	0	1	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	16.7%	0.0%	0.0%	25.0%	
														
Employee morale		0	1	0	0	0	0	0	0	0	0	1	0	
		0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	
														
Rising input or		0	1	0	0	0	0	0	0	1	0	0	0	
commodity costs		0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	

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

21 

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

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

N=42		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Rising wages and		3	2	1	0	0	1	1		4	5	0	0	
salaries		18.8%	28.6%	16.7%	0.0%	0.0%	100.0%	20.0%		33.3%	17.9%	0.0%	0.0%	
														
Employee productivity		2	3	1	0	0	0	1		2	6	0	0	
		12.5%	42.9%	16.7%	0.0%	0.0%	0.0%	20.0%		16.7%	21.4%	0.0%	0.0%	
														
Access to capital		4	2	0	0	0	0	0		0	6	0	0	
		25.0%	28.6%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	21.4%	0.0%	0.0%	
														
Cost of borrowing		3	1	1	0	0	0	0		2	3	0	0	
		18.8%	14.3%	16.7%	0.0%	0.0%	0.0%	0.0%		16.7%	10.7%	0.0%	0.0%	
														
Difficulty attracting /
retaining qualified		
3	
0	
0	
0	
0	
0	
1		
0	
4	
0	
0	
employees		18.8%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	14.3%	0.0%	0.0%	
														
Inflation		0	1	0	0	1	0	0		1	2	0	0	
		0.0%	14.3%	0.0%	0.0%	100.0%	0.0%	0.0%		8.3%	7.1%	0.0%	0.0%	
		E		e		Ac								
														
Employee morale		1	0	0	0	0	0	1		0	2	0	0	
		6.3%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		0.0%	7.1%	0.0%	0.0%	
														
Rising input or		1	0	0	0	0	0	0		0	2	0	0	
commodity costs		6.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	7.1%	0.0%	0.0%	

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

22 

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

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

N=42		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		1	3	0	0	0	1	1		3	3	2	0	
salaries		12.5%	30.0%	0.0%	0.0%	0.0%	50.0%	16.7%		15.0%	21.4%	50.0%	0.0%	
														
Employee productivity		0	4	0	1	0	0	1		6	2	0	0	
		0.0%	40.0%	0.0%	25.0%	0.0%	0.0%	16.7%		30.0%	14.3%	0.0%	0.0%	
														
Access to capital		2	1	0	1	0	0	0		4	1	1	0	
		25.0%	10.0%	0.0%	25.0%	0.0%	0.0%	0.0%		20.0%	7.1%	25.0%	0.0%	
														
Cost of borrowing		2	1	0	0	1	0	0		5	0	0	0	
		25.0%	10.0%	0.0%	0.0%	100.0%	0.0%	0.0%		25.0%	0.0%	0.0%	0.0%	
						g		e						
														
Difficulty attracting /
retaining qualified		
1	
1	
0	
0	
0	
0	
1		
2	
1	
0	
1	
employees		12.5%	10.0%	0.0%	0.0%	0.0%	0.0%	16.7%		10.0%	7.1%	0.0%	33.3%	
														
Inflation		0	0	0	1	0	0	1		2	0	0	1	
		0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	16.7%		10.0%	0.0%	0.0%	33.3%	
											d		b	
														
Employee morale		0	0	0	0	0	0	1		0	0	1	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%		0.0%	0.0%	25.0%	33.3%	
										cd	d	a	ab	
														
Rising input or		1	0	0	0	0	0	0		2	0	0	0	
commodity costs		12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		10.0%	0.0%	0.0%	0.0%	

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

23 

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

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

N=42		Total		Country Where Based	
		 		Ecuador	Chile	Mexico	Brazil	Peru	Colombia	Other	
		 		A	B	C	D	E	F	G	
											
Data security		1		0	1	0	0	0	0	0	
		2.4%		0.0%	5.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Deflation		1		0	0	0	0	0	1	0	
		2.4%		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	
					f				b		
											
Geopolitical / health		0		0	0	0	0	0	0	0	
crises		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
											
Other		3		0	1	0	1	1	0	0	
		7.1%		0.0%	5.0%	0.0%	10.0%	14.3%	0.0%	0.0%	

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

24 

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

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

N=42		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	
														
Data security		0	0	1	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Deflation		0	0	0	0	0	1	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Geopolitical / health		0	0	0	0	0	0	0	0	0	0	0	0	
crises		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Other		1	1	0	0	0	0	0	0	1	0	0	0	
		16.7%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	

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

25 

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

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

N=42		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Data security		0	0	1	0	0	0	0		1	0	0	0	
		0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%		8.3%	0.0%	0.0%	0.0%	
														
Deflation		1	0	0	0	0	0	0		0	1	0	0	
		6.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	3.6%	0.0%	0.0%	
														
Geopolitical / health		0	0	0	0	0	0	0		0	0	0	0	
crises		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		1	1	0	0	0	0	1		1	2	0	0	
		6.3%	14.3%	0.0%	0.0%	0.0%	0.0%	20.0%		8.3%	7.1%	0.0%	0.0%	

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

26 

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

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

N=42		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	
														
Data security		0	0	0	0	0	1	0		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%		0.0%	7.1%	0.0%	0.0%	
			f				b							
														
Deflation		1	0	0	0	0	0	0		0	1	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	7.1%	0.0%	0.0%	
														
Geopolitical / health		0	0	0	0	0	0	0		0	0	0	0	
crises		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		0	0	1	0	0	0	1		0	3	0	0	
		0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	16.7%		0.0%	21.4%	0.0%	0.0%	
										b	a			

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

27 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Total		Country Where Based	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
											
Number		126		67	21	14	12	8	3	1	
Percent		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Capital		-5.0		-9.5	5.4	-1.1	5.1	-12.9	13.8	---	
spending		0.0		-5.0	4.0	0.0	5.0	0.0	13.8	---	
											
Earnings		-14.3		-25.1	2.7	-2.6	-1.8	6.6	-8.3	---	
		-10.0		-20.0	5.0	0.0	0.5	10.0	-5.0	---	
											
Health care		4.3		---	2.1	1.2	7.9	5.6	14.1	---	
costs		3.0		---	3.0	0.0	8.0	3.0	14.1	---	
											
Marketing/		3.5		-13.9	2.9	3.3	2.7	6.0	15.0	---	
advertising
spending		0.0		-13.9	0.0	0.0	3.0	5.0	15.0	---	
											
Number of		-4.1		-12.2	0.8	0.0	-0.1	0.6	-7.5	---	
domestic full-
time
employees		0.0		-5.0	0.0	0.0	0.0	1.0	-7.5	---	
											
Prices of your		2.1		0.0	2.3	1.9	6.1	5.0	-1.5	---	
products		0.0		0.0	3.0	3.0	7.0	3.0	-1.5	---	
											
Research and		3.3		-7.5	4.2	1.1	5.0	2.4	15.1	---	
development
spending		0.0		-7.5	2.5	0.0	5.0	0.0	15.1	---	
											
Revenue		-12.3		-24.1	6.5	-0.4	7.0	12.8	-9.5	---	
		-5.0		-30.0	5.0	2.0	7.0	10.0	-9.5	---	
											
Technology		5.5		---	6.2	3.0	3.3	8.8	12.3	---	
spending		5.0		---	5.0	0.0	2.0	10.0	12.3	---	

28 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Industry	
Mean
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	
														
Number		7	6	38	3	1	13	0	2	14	17	16	8	
Percent		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Capital		-1.4	-0.8	-18.0	3.0	---	5.4	---	5.0	4.6	0.1	0.7	-0.8	
spending		0.0	2.5	-20.0	3.0	---	2.0	---	5.0	3.0	0.0	0.0	3.0	
														
Earnings		6.7	3.8	-31.4	-10.0	-5.0	-6.8	---	3.0	-5.8	-10.6	-8.8	0.2	
		5.0	1.5	-40.0	-10.0	-5.0	-5.0	---	3.0	-1.5	-5.5	-4.5	1.0	
														
Health care		2.5	6.3	5.0	15.0	---	3.4	---	2.0	2.4	4.0	7.8	2.5	
costs		2.5	3.0	5.0	15.0	---	0.0	---	2.0	0.0	4.0	6.0	2.0	
														
Marketing/		6.4	3.4	8.1	10.0	---	4.5	---	4.0	0.6	0.0	-1.0	0.5	
advertising
spending		10.0	2.5	5.0	10.0	---	5.0	---	4.0	0.0	0.0	0.0	0.5	
														
Number of		-1.6	-2.3	-13.1	10.0	---	-3.9	---	3.0	2.0	3.4	-5.5	-0.2	
domestic full-
time
employees		0.0	-4.0	-3.0	10.0	---	0.0	---	3.0	0.0	0.0	-2.0	0.0	
														
Prices of your		3.6	2.5	0.6	7.0	---	3.0	---	0.0	2.3	0.3	2.4	4.1	
products		3.0	2.5	4.0	7.0	---	3.0	---	0.0	2.5	0.0	0.0	3.0	
														
Research and		2.5	-0.1	3.3	5.0	---	3.1	---	0.0	3.6	2.0	10.5	0.5	
development
spending		2.5	1.0	0.0	5.0	---	0.0	---	0.0	0.0	2.0	12.5	0.0	
														
Revenue		8.4	4.7	-32.4	7.0	---	1.3	---	2.5	-2.5	-6.8	-10.4	1.3	
		9.0	4.5	-30.0	7.0	---	7.5	---	2.5	3.0	-2.0	-7.5	0.5	
														
Technology		8.3	6.7	6.7	6.0	---	6.5	---	0.0	0.4	5.0	6.0	4.8	
spending		10.0	5.0	10.0	6.0	---	4.5	---	0.0	0.0	5.0	4.5	4.5	

29 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Sales Revenue		Ownership	
Mean
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	

Nonprofit	
Govern-
ment	
														
Number		19	9	11	6	3	1	7		25	98	1	0	
Percent		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
Capital		7.9	-8.1	-1.9	4.0	3.0	0.0	3.8		-0.1	-6.2	2.0	---	
spending		5.0	3.0	0.0	3.0	3.0	0.0	2.0		0.0	0.0	2.0	---	
														
Earnings		-2.6	2.5	2.3	-2.8	-10.0	5.0	2.4		-5.3	-16.5	-5.0	---	
		5.0	2.5	3.5	0.0	-10.0	5.0	2.0		2.0	-15.0	-5.0	---	
														
Health care		4.7	1.6	4.1	1.8	15.0	---	8.0		5.6	4.3	0.0	---	
costs		4.0	0.0	0.0	0.5	15.0	---	8.0		2.0	4.0	0.0	---	
														
Marketing/		3.5	2.5	4.6	-0.4	10.0	12.0	4.5		4.9	2.5	10.0	---	
advertising
spending		2.0	4.5	4.0	0.0	10.0	12.0	0.0		0.0	0.5	10.0	---	
														
Number of		0.1	-0.5	-0.1	-0.2	10.0	0.0	-2.2		-0.9	-5.6	3.0	---	
domestic full-
time
employees		0.0	0.0	1.5	0.0	10.0	0.0	-3.0		0.0	0.0	3.0	---	
														
Prices of your		1.6	3.3	2.8	3.9	7.0	5.0	3.4		1.9	2.3	0.0	---	
products		1.0	2.5	3.0	3.0	7.0	5.0	4.0		3.0	0.0	0.0	---	
														
Research and		4.4	-0.6	6.0	0.0	5.0	5.0	2.3		1.7	4.0	10.0	---	
development
spending		1.0	0.0	6.5	0.0	5.0	5.0	2.0		0.0	2.0	10.0	---	
														
Revenue		4.8	5.3	3.6	-2.8	6.0	9.0	6.2		-3.5	-14.7	0.0	---	
		10.0	7.0	6.5	0.0	6.0	9.0	3.0		3.0	-10.0	0.0	---	
														
Technology		7.1	1.8	5.8	3.0	6.0	10.0	6.0		7.3	5.1	5.0	---	
spending		7.0	0.0	4.5	0.0	6.0	10.0	5.0		10.0	4.0	5.0	---	

30 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Number of Employees		Foreign Sales	
Mean
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%	
														
Number		11	11	9	7	2	3	8		89	26	5	5	
Percent		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
Capital		9.7	2.1	1.8	-6.5	5.0	2.7	3.4		-7.1	-0.4	4.0	7.0	
spending		5.0	0.5	2.5	1.0	5.0	3.0	0.0		0.0	0.0	2.0	4.0	
														
Earnings		4.8	-3.5	-2.7	-2.4	5.0	3.3	4.6		-19.7	-3.3	4.0	6.3	
		10.0	2.0	2.0	-5.0	5.0	5.0	2.8		-20.0	1.0	5.0	4.0	
														
Health care		4.9	5.8	3.2	1.8	---	15.0	5.3		3.1	5.8	2.0	1.0	
costs		3.5	5.0	0.5	1.5	---	15.0	0.0		3.0	5.0	2.0	1.0	
														
Marketing/		3.8	0.2	4.4	3.8	0.0	9.0	6.5		1.6	5.5	1.3	2.0	
advertising
spending		0.0	4.5	1.0	2.5	0.0	10.0	0.0		0.0	4.0	0.0	2.0	
														
Number of		-2.3	1.3	-0.8	1.4	0.0	6.0	-1.6		-7.8	-0.1	0.3	5.3	
domestic full-
time
employees		0.0	0.0	0.0	0.0	0.0	8.0	-3.0		0.0	0.0	0.0	3.0	
														
Prices of your		2.2	0.2	1.0	2.2	3.0	5.7	3.2		2.0	2.3	4.0	-1.0	
products		0.0	0.0	3.0	0.0	3.0	5.0	3.0		0.0	3.0	4.0	-1.0	
														
Research and		5.6	3.5	2.7	4.0	---	6.7	1.7		1.7	4.9	2.0	0.0	
development
spending		3.0	0.0	0.0	2.0	---	5.0	0.0		0.0	1.5	2.0	0.0	
														
Revenue		4.2	2.5	3.0	-2.7	5.0	9.3	7.5		-17.9	-0.2	10.7	8.3	
		15.0	4.5	3.0	2.0	5.0	9.0	6.0		-20.0	3.0	15.0	5.0	
														
Technology		8.1	5.3	2.7	3.3	10.0	8.7	8.5		6.2	5.9	3.0	0.0	
spending		8.0	2.0	0.0	5.0	10.0	10.0	7.5		5.0	5.0	4.0	0.0	

31 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Total		Country Where Based	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
											
Wages/		1.8		-0.1	4.3	2.6	7.9	5.6	5.8	---	
Salaries		0.0		0.0	5.0	3.0	8.0	5.0	7.0	---	

32 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Industry	
Mean
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	
														
Wages/		4.6	3.4	0.5	8.0	2.5	5.2	---	2.5	2.4	0.0	1.4	4.0	
Salaries		5.0	3.0	0.0	8.0	2.5	5.5	---	2.5	1.5	0.0	0.0	4.0	

33 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Sales Revenue		Ownership	
Mean
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	

Nonprofit	
Govern-
ment	
														
Wages/		5.5	2.7	5.1	2.8	5.5	4.0	4.4		2.6	1.6	5.0	---	
Salaries		5.0	3.0	5.0	3.0	5.5	4.0	3.0		3.0	0.0	5.0	---	

34 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

N=126		Number of Employees		Foreign Sales	
Mean
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%	
														
Wages/		5.0	4.0	3.6	2.2	5.0	5.7	4.8		1.0	4.0	3.7	4.3	
Salaries		5.0	5.0	3.0	3.0	5.0	5.0	5.0		0.0	4.0	3.0	5.0	

35 

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

N=56		Total		Country Where Based	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
											
Prices of your		3.5		---	3.6	2.4	5.5	3.6	-1.5	---	
products		3.0		---	3.5	5.0	5.0	2.5	2.5	---	
											
Research and		2.7		-7.5	2.8	0.0	5.2	1.1	15.1	---	
development
spending		2.0		0.0	2.0	0.0	5.0	2.5	2.5	---	
											
Revenue		5.7		-10.0	3.4	0.7	13.4	11.1	-9.5	---	
		0.0		-30.0	3.0	3.0	9.0	2.5	2.5	---	
											
Capital		3.3		-20.0	1.4	-0.7	7.9	-5.0	13.8	---	
spending		0.0		-2.5	0.0	0.0	5.0	1.5	1.5	---	
											
Marketing/		4.5		-13.9	0.8	0.5	18.1	8.2	15.0	---	
advertising
spending		0.0		0.0	0.0	0.0	22.6	5.0	5.0	---	
											
Earnings		2.0		---	3.1	-2.1	4.8	11.1	-8.2	---	
		-8.0		---	3.5	-1.5	-8.0	-5.0	-5.0	---	
											
Technology		5.9		---	5.0	4.3	8.7	12.1	12.3	---	
spending		5.0		---	5.0	5.0	10.0	3.0	3.0	---	

36 

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

N=56		Industry	
Mean
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	
														
Prices of your		3.2	2.5	4.8	7.0	---	3.2	---	0.0	3.9	4.0	1.2	5.7	
products		3.0	2.5	5.0	7.0	---	7.0	---	3.5	3.5	0.0	0.0	0.0	
														
Research and		4.7	2.5	4.7	5.0	---	2.6	---	0.0	5.5	2.0	10.2	0.1	
development
spending		5.0	2.5	0.0	5.0	---	2.5	---	2.5	2.5	2.0	1.0	1.0	
														
Revenue		3.7	9.6	3.9	7.0	---	-1.0	---	5.0	4.2	2.0	5.4	-2.0	
		3.0	9.0	-30.0	7.0	---	5.0	---	0.0	-15.0	0.0	-17.5	-25.0	
														
Capital		0.2	5.6	-6.7	3.0	---	3.1	---	0.0	4.7	2.0	2.1	-2.5	
spending		0.0	5.0	-20.0	3.0	---	1.5	---	10.0	2.0	0.0	0.0	-10.0	
														
Marketing/		1.1	11.2	1.1	10.0	---	3.9	---	4.0	1.1	0.0	-8.7	-0.7	
advertising
spending		0.0	11.3	0.0	10.0	---	5.0	---	5.0	5.0	0.0	0.0	0.0	
														
Earnings		3.8	2.3	2.7	-10.0	-5.0	-6.3	---	3.0	1.4	2.0	5.7	-1.8	
		3.5	-5.0	-25.0	-10.0	-5.0	-5.0	---	-5.0	-15.0	-1.0	-17.5	-25.0	
														
Technology		4.8	7.5	9.3	6.0	---	4.9	---	0.0	0.1	5.0	3.6	2.9	
spending		4.0	7.5	2.5	6.0	---	3.0	---	3.0	3.0	5.0	2.5	2.5	

37 

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

N=56		Sales Revenue		Ownership	
Mean
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	

Nonprofit	
Govern-
ment	
														
Prices of your		1.6	3.3	2.8	3.9	7.0	5.0	3.4		3.2	4.6	0.0	---	
products		0.0	0.0	0.0	0.0	7.0	5.0	4.0		3.0	0.0	0.0	---	
														
Research and		4.4	-0.6	6.0	0.0	5.0	5.0	2.3		2.6	2.6	10.0	---	
development
spending		1.0	1.0	1.0	1.0	5.0	5.0	2.0		5.0	2.0	1.0	---	
														
Revenue		4.8	5.3	3.6	-2.8	6.0	9.0	6.2		3.6	9.6	0.0	---	
		-25.0	-25.0	-25.0	-25.0	6.0	9.0	3.0		3.0	-20.0	-27.3	---	
														
Capital		7.9	-8.1	-1.9	4.0	3.0	0.0	3.8		3.6	3.0	2.0	---	
spending		-10.0	-10.0	-10.0	-10.0	3.0	0.0	2.0		0.0	0.0	-19.3	---	
														
Marketing/		3.5	2.5	4.6	-0.4	10.0	12.0	4.5		5.9	-0.1	10.0	---	
advertising
spending		0.0	0.0	0.0	0.0	10.0	12.0	0.0		0.0	0.0	0.0	---	
														
Earnings		-2.6	2.5	2.3	-2.8	-10.0	5.0	2.4		-1.8	9.2	-5.0	---	
		-25.0	-25.0	-25.0	-25.0	-10.0	5.0	2.0		-5.0	-20.0	-28.9	---	
														
Technology		7.1	1.8	5.7	3.0	6.0	10.0	6.0		6.5	4.6	5.0	---	
spending		2.5	2.5	2.5	2.5	6.0	10.0	5.0		5.0	5.0	2.5	---	

38 

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

N=56		Number of Employees		Foreign Sales	
Mean
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%	
														
Prices of your		7.5	0.1	3.3	3.8	3.0	5.9	3.2		3.2	3.5	4.0	-1.1	
products		0.0	0.0	4.0	3.5	0.0	6.0	4.0		0.0	5.0	4.0	2.0	
														
Research and		4.4	6.8	2.2	4.1	---	5.8	2.4		3.9	2.8	2.0	0.0	
development
spending		1.0	1.0	2.0	1.0	---	5.0	2.5		5.0	5.0	2.0	1.0	
														
Revenue		10.5	3.1	1.9	-4.1	5.0	8.6	7.0		3.0	3.8	2.2	19.2	
		-27.3	-27.3	2.0	6.5	2.5	8.0	3.0		-20.0	3.0	2.0	20.0	
														
Capital		8.9	0.8	1.7	-7.5	5.0	2.2	4.2		0.9	4.1	2.0	5.6	
spending		-19.3	-19.3	2.0	0.0	0.0	1.5	2.5		0.0	0.0	2.0	5.0	
														
Marketing/		2.2	-6.9	1.0	4.3	0.0	9.9	5.7		1.2	7.0	0.0	1.8	
advertising
spending		0.0	0.0	0.0	0.0	0.0	11.0	0.0		0.0	0.0	0.0	0.0	
														
Earnings		9.1	-1.3	1.2	-11.6	5.0	-0.2	2.6		1.3	-2.8	2.0	19.1	
		-28.9	-28.9	2.0	15.0	7.5	-2.5	2.0		-20.0	-5.0	2.0	20.0	
														
Technology		6.2	3.5	4.5	2.3	10.0	8.2	6.5		4.5	7.0	5.0	0.0	
spending		2.5	2.5	5.0	2.5	2.5	8.0	5.0		4.0	10.0	5.0	2.5	

39 

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

N=51		Total		Country Where Based	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
											
Number of		-0.4		-5.0	-0.2	-1.2	-1.9	3.1	2.1	---	
domestic full-
time
employees		-1.0		-5.0	-1.5	0.0	-5.0	3.0	-2.5	---	
											
Wages/		4.5		-4.8	4.6	2.7	8.0	4.8	5.3	---	
Salaries		0.0		0.0	5.0	3.0	8.0	5.0	1.5	---	
											
Health care		5.2		---	2.0	0.5	15.3	0.5	11.1	---	
costs		0.0		---	4.0	0.0	16.0	0.0	0.0	---	

40 

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

N=51		Industry	
Mean
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	
														
Number of		-2.2	-3.5	2.1	10.0	---	0.6	---	3.0	3.0	0.0	4.3	0.0	
domestic full-
time
employees		-3.0	-3.0	-0.5	10.0	---	3.0	---	0.0	0.0	4.5	-10.0	-0.5	
														
Wages/		4.8	5.2	3.5	8.0	2.5	4.0	---	5.0	5.0	2.4	6.7	2.2	
Salaries		5.0	5.5	0.0	8.0	4.0	5.0	---	0.0	0.0	0.0	0.0	7.0	
														
Health care		5.0	7.7	7.1	15.0	---	0.2	---	2.0	3.7	4.0	10.0	0.7	
costs		0.0	3.0	0.0	15.0	---	0.0	---	-5.0	0.0	4.0	4.0	6.0	

41 

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

N=51		Sales Revenue		Ownership	
Mean
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	

Nonprofit	
Govern-
ment	
														
Number of		1.2	1.9	2.4	0.0	10.0	0.0	-2.7		-0.7	0.9	3.0	---	
domestic full-
time
employees		0.0	0.0	3.0	0.0	10.0	0.0	-3.0		-3.0	-1.0	3.0	---	
														
Wages/		5.2	2.3	4.9	0.7	6.2	4.0	4.7		4.6	4.0	5.0	---	
Salaries		8.0	4.0	5.0	3.0	5.5	4.0	4.0		4.5	0.0	5.0	---	
														
Health care		4.6	1.4	1.3	0.4	15.0	---	8.0		5.7	3.6	0.0	---	
costs		4.0	3.0	0.0	0.0	15.0	---	8.0		0.0	4.0	0.0	---	

42 

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

N=51		Number of Employees		Foreign Sales	
Mean
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%	
														
Number of		-2.3	1.3	-0.8	1.4	0.0	6.0	-1.6		-0.9	-0.4	0.0	5.9	
domestic full-
time
employees		1.5	1.5	1.5	0.0	0.0	8.0	-3.0		-3.0	0.0	1.0	0.5	
														
Wages/		5.0	4.0	3.6	2.2	5.0	5.7	4.8		4.7	4.5	3.0	4.2	
Salaries		2.5	2.5	2.5	3.0	-1.0	5.0	5.0		0.0	3.0	5.0	2.5	
														
Health care		4.9	5.8	3.2	1.8	---	15.0	5.3		6.0	5.3	0.0	0.6	
costs		0.0	0.0	0.0	1.5	---	15.0	0.0		4.0	0.0	4.0	2.0	

43 

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

N=32		Total		Country Where Based	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
											
Revenue		3.6		-10.0	3.9	0.7	8.8	10.0	---	---	
		3.0		-20.0	3.0	1.5	9.0	3.5	---	---	
											
Earnings		-1.8		---	4.1	-2.1	-8.2	15.0	---	---	
		-5.0		---	3.5	-1.5	-8.0	-5.0	---	---	

44 

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

N=32		Industry	
Mean
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	
														
Revenue		3.6	4.4	4.0	7.0	---	-14.1	---	---	5.0	---	---	-10.0	
		3.0	4.5	3.0	7.0	---	3.5	---	---	-30.0	---	---	-5.0	
														
Earnings		3.7	-6.5	3.0	-10.0	---	-12.6	---	---	5.0	---	---	---	
		3.5	-6.5	2.0	-10.0	---	-5.0	---	---	-30.0	---	---	---	

45 

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

N=32		Sales Revenue		Ownership	
Mean
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	

Nonprofit	
Govern-
ment	
														
Revenue		-10.0	-10.0	3.4	-7.5	7.0	9.0	3.8		3.6	---	---	---	
		-5.0	-5.0	-5.0	-5.0	7.0	9.0	3.0		3.0	---	---	---	
														
Earnings		---	---	4.0	-7.5	-10.0	5.0	-1.9		-1.8	---	---	---	
		---	---	-5.0	-5.0	-10.0	5.0	-1.5		-5.0	---	---	---	

46 

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

N=32		Number of Employees		Foreign Sales	
Mean
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%	
														
Revenue		-10.0	-10.0	-1.7	-20.0	5.0	8.6	3.8		2.2	4.1	---	5.0	
		-25.0	-25.0	-25.0	8.0	4.0	8.0	3.0		3.0	3.0	---	0.0	
														
Earnings		---	---	-3.3	-20.0	5.0	-0.2	-1.7		1.1	-3.0	---	5.0	
		---	---	-28.9	15.0	7.5	-2.5	-1.5		3.5	-5.0	---	-4.0	

47 

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

 Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Total		Country Where Based	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Less financial
risk than		
3		
0	
1	
1	
0	
0	
0	
1	
normal		5.0%		0.0%	4.8%	7.1%	0.0%	0.0%	0.0%	100.0%	
					G	g	G	g		BcDe	
											
About normal		18		0	9	4	2	2	1	0	
financial risk		30.0%		0.0%	42.9%	28.6%	16.7%	25.0%	33.3%	0.0%	
											
More
financial risk		
27		
1	
5	
8	
9	
2	
2	
0	
than normal		45.0%		100.0%	23.8%	57.1%	75.0%	25.0%	66.7%	0.0%	
					D		Be	d			
											
Don't know		12		0	6	1	1	4	0	0	
		20.0%		0.0%	28.6%	7.1%	8.3%	50.0%	0.0%	0.0%	
						e	e	cd			

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

 

48 

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

 Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Industry	
Number
Col %		
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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Less financial
risk than		
0	
1	
0	
0	
0	
1	
0	
0	
1	
0	
0	
0	
normal		0.0%	16.7%	0.0%	0.0%	0.0%	7.7%	0.0%	0.0%	11.1%	0.0%	0.0%	0.0%	
														
About normal		4	2	3	1	0	0	0	0	0	2	3	3	
financial risk		57.1%	33.3%	60.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	75.0%	37.5%	
		Fi	f	Fi	f		AbCdJKl			acJk	FI	Fi	f	
														
More
financial risk		
2	
3	
1	
2	
1	
9	
0	
0	
4	
0	
1	
4	
than normal		28.6%	50.0%	20.0%	66.7%	100.0%	69.2%	0.0%	0.0%	44.4%	0.0%	25.0%	50.0%	
														
Don't know		1	0	1	0	0	3	0	1	4	0	0	1	
		14.3%	0.0%	20.0%	0.0%	0.0%	23.1%	0.0%	100.0%	44.4%	0.0%	0.0%	12.5%	
			h						b					

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

 

49 

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

 Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Sales Revenue		Ownership	
Number
Col %		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		19	9	11	6	3	1	7		25	98	1	0	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
Less financial
risk than		
0	
0	
1	
0	
0	
0	
1		
1	
2	
0	
0	
normal		0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	14.3%		4.8%	5.6%	0.0%	0.0%	
														
About normal		6	3	2	1	0	0	5		6	12	0	0	
financial risk		31.6%	33.3%	18.2%	16.7%	0.0%	0.0%	71.4%		28.6%	33.3%	0.0%	0.0%	
				g				c						
														
More
financial risk		
6	
6	
7	
4	
2	
1	
0		
12	
14	
1	
0	
than normal		31.6%	66.7%	63.6%	66.7%	66.7%	100.0%	0.0%		57.1%	38.9%	100.0%	0.0%	
			g	g	g	g	g	bcdef						
														
Don't know		7	0	1	1	1	0	1		2	8	0	0	
		36.8%	0.0%	9.1%	16.7%	33.3%	0.0%	14.3%		9.5%	22.2%	0.0%	0.0%	
		b	a											

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

 

50 

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

 Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Number of Employees		Foreign Sales	
Number
Col %		
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		11	11	9	7	2	3	8		89	26	5	5	
		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
Less financial
risk than		
1	
0	
0	
1	
0	
0	
1		
2	
1	
0	
0	
normal		9.1%	0.0%	0.0%	14.3%	0.0%	0.0%	12.5%		8.0%	4.2%	0.0%	0.0%	
														
About normal		1	5	3	2	0	1	4		4	10	3	1	
financial risk		9.1%	45.5%	33.3%	28.6%	0.0%	33.3%	50.0%		16.0%	41.7%	60.0%	20.0%	
										c		a		
														
More
financial risk		
5	
4	
5	
4	
2	
2	
1		
14	
9	
2	
2	
than normal		45.5%	36.4%	55.6%	57.1%	100.0%	66.7%	12.5%		56.0%	37.5%	40.0%	40.0%	
						g		e						
														
Don't know		4	2	1	0	0	0	2		5	4	0	2	
		36.4%	18.2%	11.1%	0.0%	0.0%	0.0%	25.0%		20.0%	16.7%	0.0%	40.0%	

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

 

51 

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

 (Excludes Don't Know) Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Total		Country Where Based	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Less financial
risk than		
3		
0	
1	
1	
0	
0	
0	
1	
normal		6.3%		0.0%	6.7%	7.7%	0.0%	0.0%	0.0%	100.0%	
					g	g	G			bcD	
											
About normal		18		0	9	4	2	2	1	0	
financial risk		37.5%		0.0%	60.0%	30.8%	18.2%	50.0%	33.3%	0.0%	
					d		b				
											
More
financial risk		
27		
1	
5	
8	
9	
2	
2	
0	
than normal		56.3%		100.0%	33.3%	61.5%	81.8%	50.0%	66.7%	0.0%	
					d		b				

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

 

52 

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

 (Excludes Don't Know) Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Industry	
Number
Col %		
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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Less financial
risk than		
0	
1	
0	
0	
0	
1	
0	
0	
1	
0	
0	
0	
normal		0.0%	16.7%	0.0%	0.0%	0.0%	10.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	
														
About normal		4	2	3	1	0	0	0	0	0	2	3	3	
financial risk		66.7%	33.3%	75.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	75.0%	42.9%	
		Fi		Fi			ACJKl			acjk	Fi	Fi	f	
														
More
financial risk		
2	
3	
1	
2	
1	
9	
0	
0	
4	
0	
1	
4	
than normal		33.3%	50.0%	25.0%	66.7%	100.0%	90.0%	0.0%	0.0%	80.0%	0.0%	25.0%	57.1%	
		f		f			acjk				f	f		

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

 

53 

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

 (Excludes Don't Know) Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Sales Revenue		Ownership	
Number
Col %		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		19	9	11	6	3	1	7		25	98	1	0	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
Less financial
risk than		
0	
0	
1	
0	
0	
0	
1		
1	
2	
0	
0	
normal		0.0%	0.0%	10.0%	0.0%	0.0%	0.0%	16.7%		5.3%	7.1%	0.0%	0.0%	
														
About normal		6	3	2	1	0	0	5		6	12	0	0	
financial risk		50.0%	33.3%	20.0%	20.0%	0.0%	0.0%	83.3%		31.6%	42.9%	0.0%	0.0%	
				g				c						
														
More
financial risk		
6	
6	
7	
4	
2	
1	
0		
12	
14	
1	
0	
than normal		50.0%	66.7%	70.0%	80.0%	100.0%	100.0%	0.0%		63.2%	50.0%	100.0%	0.0%	
		g	g	g	g	g	g	abcdef						

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

 

54 

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

 (Excludes Don't Know) Q5a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=126		Number of Employees		Foreign Sales	
Number
Col %		
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		11	11	9	7	2	3	8		89	26	5	5	
		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
Less financial
risk than		
1	
0	
0	
1	
0	
0	
1		
2	
1	
0	
0	
normal		14.3%	0.0%	0.0%	14.3%	0.0%	0.0%	16.7%		10.0%	5.0%	0.0%	0.0%	
														
About normal		1	5	3	2	0	1	4		4	10	3	1	
financial risk		14.3%	55.6%	37.5%	28.6%	0.0%	33.3%	66.7%		20.0%	50.0%	60.0%	33.3%	
														
More
financial risk		
5	
4	
5	
4	
2	
2	
1		
14	
9	
2	
2	
than normal		71.4%	44.4%	62.5%	57.1%	100.0%	66.7%	16.7%		70.0%	45.0%	40.0%	66.7%	

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

 

55 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		Total		Country Where Based	
		 		Ecuador	Chile	Mexico	Brazil	Peru	Colombia	Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
How have these firms used the debt proceeds?	
											
For ‘real’
activities like
hiring, capital
spending, or		

31		

0	

13	

8	

4	

3	

2	

1	
acquisitions		24.6%		0.0%	61.9%	57.1%	33.3%	37.5%	66.7%	100.0%	
				BCDEFG	A	A	A	A	A	A	
											
Don't Know		20		0	6	4	5	5	0	0	
		15.9%		0.0%	28.6%	28.6%	41.7%	62.5%	0.0%	0.0%	
				BCDE	A	A	A	A			
											
For ‘financial’
activities like
paying
dividends or
share		

10		

0	

2	

3	

4	

0	

1	

0	
repurchases		7.9%		0.0%	9.5%	21.4%	33.3%	0.0%	33.3%	0.0%	
				bCDF	a	A	A		A		
											
To build up a		6		1	1	0	4	0	0	0	
cash reserve		4.8%		1.5%	4.8%	0.0%	33.3%	0.0%	0.0%	0.0%	
				D	d	d	Abc				
											
Other		4		0	0	0	4	0	0	0	
		3.2%		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	
				D	D	d	ABc				

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

56 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.2%	2.4%	0.8%	10.3%	0.0%	1.6%	11.1%	13.5%	12.7%	6.3%	
														
How have these firms used the debt proceeds?	
														
For ‘real’
activities like
hiring, capital
spending, or		

6	

2	

4	

2	

0	

6	

0	

0	

2	

1	

4	

4	
acquisitions		85.7%	33.3%	10.5%	66.7%	0.0%	46.2%	0.0%	0.0%	14.3%	5.9%	25.0%	50.0%	
		CIJk		AdFl	cj		Cj			A	Adfl	a	cj	
														
Don't Know		0	0	1	1	0	5	0	1	7	1	1	2	
		0.0%	0.0%	2.6%	33.3%	0.0%	38.5%	0.0%	50.0%	50.0%	5.9%	6.3%	25.0%	
		i	i	dFHIl	c		Cjk		C	abCJk	fI	fi	c	
														
For ‘financial’
activities like
paying
dividends or
share		

0	

1	

1	

2	

1	

1	

0	

0	

0	

1	

1	

2	
repurchases		0.0%	16.7%	2.6%	66.7%	100.0%	7.7%	0.0%	0.0%	0.0%	5.9%	6.3%	25.0%	
		de		DEl	aCfIjk	aCfIjk	de			DE	de	de	c	
														
To build up a		1	1	0	2	0	1	0	0	0	0	1	0	
cash reserve		14.3%	16.7%	0.0%	66.7%	0.0%	7.7%	0.0%	0.0%	0.0%	0.0%	6.3%	0.0%	
		c	c	abD	CfIJkl		d			D	D	d	d	
														
Other		0	2	0	1	0	0	0	0	0	0	1	0	
		0.0%	33.3%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	6.3%	0.0%	
			Cfij	BD	Cfij		bd			bd	bd			

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

57 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		19	9	11	6	3	1	7		25	98	1	0	
		15.1%	7.1%	8.7%	4.8%	2.4%	0.8%	5.6%		19.8%	77.8%	0.8%	0.0%	
														
How have these firms used the debt proceeds?	
														
For ‘real’
activities like
hiring, capital
spending, or		

9	

5	

5	

4	

2	

1	

4		

12	

18	

1	

0	
acquisitions		47.4%	55.6%	45.5%	66.7%	66.7%	100.0%	57.1%		48.0%	18.4%	100.0%	0.0%	
										B	Ac	b		
														
Don't Know		9	1	4	1	2	0	1		6	12	0	0	
		47.4%	11.1%	36.4%	16.7%	66.7%	0.0%	14.3%		24.0%	12.2%	0.0%	0.0%	
														
For ‘financial’
activities like
paying
dividends or
share		

0	

1	

4	

2	

1	

0	

2		

5	

5	

0	

0	
repurchases		0.0%	11.1%	36.4%	33.3%	33.3%	0.0%	28.6%		20.0%	5.1%	0.0%	0.0%	
		Cdeg		A	a	a		a		b	a			
														
To build up a		0	2	2	1	1	0	0		4	2	0	0	
cash reserve		0.0%	22.2%	18.2%	16.7%	33.3%	0.0%	0.0%		16.0%	2.0%	0.0%	0.0%	
		be	a			a				B	A			
														
Other		0	0	1	0	1	0	1		2	2	0	0	
		0.0%	0.0%	9.1%	0.0%	33.3%	0.0%	14.3%		8.0%	2.0%	0.0%	0.0%	
		e				a								

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

58 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		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		11	11	9	7	2	3	8		89	26	5	5	
		8.7%	8.7%	7.1%	5.6%	1.6%	2.4%	6.3%		70.6%	20.6%	4.0%	4.0%	
														
How have these firms used the debt proceeds?	
														
For ‘real’
activities like
hiring, capital
spending, or		

4	

7	

5	

5	

1	

3	

4		

11	

14	

5	

1	
acquisitions		36.4%	63.6%	55.6%	71.4%	50.0%	100.0%	50.0%		12.4%	53.8%	100.0%	20.0%	
										BC	A	Ad	c	
														
Don't Know		5	3	4	1	0	1	2		9	7	0	4	
		45.5%	27.3%	44.4%	14.3%	0.0%	33.3%	25.0%		10.1%	26.9%	0.0%	80.0%	
										bD	ad	d	Abc	
														
For ‘financial’
activities like
paying
dividends or
share		

0	

2	

1	

2	

1	

2	

1		

3	

6	

1	

0	
repurchases		0.0%	18.2%	11.1%	28.6%	50.0%	66.7%	12.5%		3.4%	23.1%	20.0%	0.0%	
		ef				a	a			B	A			
														
To build up a		0	2	0	0	2	1	0		5	1	0	0	
cash reserve		0.0%	18.2%	0.0%	0.0%	100.0%	33.3%	0.0%		5.6%	3.8%	0.0%	0.0%	
		E	e	E	e	AbCdg		e						
														
Other		0	1	0	0	0	1	1		2	2	0	0	
		0.0%	9.1%	0.0%	0.0%	0.0%	33.3%	12.5%		2.2%	7.7%	0.0%	0.0%	

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

59 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		Total		Country Where Based	
		 		Ecuador	Chile	Mexico	Brazil	Peru	Colombia	Other	
		 		A	B	C	D	E	F	G	
											
How have these firms used the debt proceeds?  (Cont.)	
											
Issued debt
to avoid
repatriating		

1		

0	

1	

0	

0	

0	

0	

0	
foreign profits		0.8%		0.0%	4.8%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

60 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		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	
														
How have these firms used the debt proceeds?  (Cont.)	
														
Issued debt
to avoid
repatriating		

0	

0	

0	

0	

0	

1	

0	

0	

0	

0	

0	

0	
foreign profits		0.0%	0.0%	0.0%	0.0%	0.0%	7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

61 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
How have these firms used the debt proceeds?  (Cont.)	
														
Issued debt
to avoid
repatriating		

0	

0	

1	

0	

0	

0	

0		

0	

1	

0	

0	
foreign profits		0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	0.0%		0.0%	1.0%	0.0%	0.0%	

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

62 

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

 Q5b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=126		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	
														
How have these firms used the debt proceeds?  (Cont.)	
														
Issued debt
to avoid
repatriating		

1	

0	

0	

0	

0	

0	

0		

1	

0	

0	

0	
foreign profits		9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		1.1%	0.0%	0.0%	0.0%	

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

63 

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

 Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Total		Country Where Based	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
											
No		12		0	3	4	1	1	2	1	
		20.0%		0.0%	14.3%	28.6%	8.3%	12.5%	66.7%	100.0%	
					fg		fg		bd	bd	
											
Yes, will limit
investment		
18		
1	
6	
5	
3	
3	
0	
0	
moderately		30.0%		100.0%	28.6%	35.7%	25.0%	37.5%	0.0%	0.0%	
											
Yes, will limit
investment		
16		
0	
4	
3	
7	
1	
1	
0	
significantly		26.7%		0.0%	19.0%	21.4%	58.3%	12.5%	33.3%	0.0%	
					d		b				
											
Don't know		14		0	8	2	1	3	0	0	
		23.3%		0.0%	38.1%	14.3%	8.3%	37.5%	0.0%	0.0%	

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

64 

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

 Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Industry	
Number
Col %		
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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		3	2	1	0	1	0	0	0	1	0	2	2	
		42.9%	33.3%	20.0%	0.0%	100.0%	0.0%	0.0%	0.0%	11.1%	0.0%	50.0%	25.0%	
		f	f			F	abEk					f		
														
Yes, will limit
investment		
1	
2	
3	
2	
0	
3	
0	
0	
2	
1	
1	
3	
moderately		14.3%	33.3%	60.0%	66.7%	0.0%	23.1%	0.0%	0.0%	22.2%	50.0%	25.0%	37.5%	
														
Yes, will limit
investment		
1	
2	
0	
1	
0	
8	
0	
0	
1	
0	
1	
2	
significantly		14.3%	33.3%	0.0%	33.3%	0.0%	61.5%	0.0%	0.0%	11.1%	0.0%	25.0%	25.0%	
				f			ci			f				
														
Don't know		2	0	1	0	0	2	0	1	5	1	0	1	
		28.6%	0.0%	20.0%	0.0%	0.0%	15.4%	0.0%	100.0%	55.6%	50.0%	0.0%	12.5%	
			hi						b	b				

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

65 

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

 Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Sales Revenue		Ownership	
Number
Col %		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		19	9	11	6	3	1	7		25	98	1	0	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		3	3	0	1	0	1	3		5	7	0	0	
		15.8%	33.3%	0.0%	16.7%	0.0%	100.0%	42.9%		23.8%	19.4%	0.0%	0.0%	
				Fg			C	c						
														
Yes, will limit
investment		
5	
4	
5	
2	
0	
0	
2		
7	
11	
0	
0	
moderately		26.3%	44.4%	45.5%	33.3%	0.0%	0.0%	28.6%		33.3%	30.6%	0.0%	0.0%	
														
Yes, will limit
investment		
4	
2	
4	
2	
2	
0	
1		
5	
10	
1	
0	
significantly		21.1%	22.2%	36.4%	33.3%	66.7%	0.0%	14.3%		23.8%	27.8%	100.0%	0.0%	
														
Don't know		7	0	2	1	1	0	1		4	8	0	0	
		36.8%	0.0%	18.2%	16.7%	33.3%	0.0%	14.3%		19.0%	22.2%	0.0%	0.0%	
		b	a											

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

66 

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

 Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Number of Employees		Foreign Sales	
Number
Col %		
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		11	11	9	7	2	3	8		89	26	5	5	
		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		2	3	1	1	0	1	3		3	9	0	0	
		18.2%	27.3%	11.1%	14.3%	0.0%	33.3%	37.5%		12.0%	37.5%	0.0%	0.0%	
										b	a			
														
Yes, will limit
investment		
3	
3	
4	
2	
1	
1	
2		
7	
6	
4	
1	
moderately		27.3%	27.3%	44.4%	28.6%	50.0%	33.3%	25.0%		28.0%	25.0%	80.0%	20.0%	
										c	c	ab		
														
Yes, will limit
investment		
3	
2	
2	
3	
1	
1	
1		
9	
5	
1	
1	
significantly		27.3%	18.2%	22.2%	42.9%	50.0%	33.3%	12.5%		36.0%	20.8%	20.0%	20.0%	
														
Don't know		3	3	2	1	0	0	2		6	4	0	3	
		27.3%	27.3%	22.2%	14.3%	0.0%	0.0%	25.0%		24.0%	16.7%	0.0%	60.0%	
											d		b	

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

67 

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

 (Excludes Don't Know) Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Total		Country Where Based	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
											
No		12		0	3	4	1	1	2	1	
		26.1%		0.0%	23.1%	33.3%	9.1%	20.0%	66.7%	100.0%	
							g			d	
											
Yes, will limit
investment		
18		
1	
6	
5	
3	
3	
0	
0	
moderately		39.1%		100.0%	46.2%	41.7%	27.3%	60.0%	0.0%	0.0%	
											
Yes, will limit
investment		
16		
0	
4	
3	
7	
1	
1	
0	
significantly		34.8%		0.0%	30.8%	25.0%	63.6%	20.0%	33.3%	0.0%	

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

68 

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

 (Excludes Don't Know) Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Industry	
Number
Col %		
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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		3	2	1	0	1	0	0	0	1	0	2	2	
		60.0%	33.3%	25.0%	0.0%	100.0%	0.0%	0.0%	0.0%	25.0%	0.0%	50.0%	28.6%	
		f				F	aEk					f		
														
Yes, will limit
investment		
1	
2	
3	
2	
0	
3	
0	
0	
2	
1	
1	
3	
moderately		20.0%	33.3%	75.0%	66.7%	0.0%	27.3%	0.0%	0.0%	50.0%	100.0%	25.0%	42.9%	
														
Yes, will limit
investment		
1	
2	
0	
1	
0	
8	
0	
0	
1	
0	
1	
2	
significantly		20.0%	33.3%	0.0%	33.3%	0.0%	72.7%	0.0%	0.0%	25.0%	0.0%	25.0%	28.6%	
				f			c							

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

69 

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

 (Excludes Don't Know) Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Sales Revenue		Ownership	
Number
Col %		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		19	9	11	6	3	1	7		25	98	1	0	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		3	3	0	1	0	1	3		5	7	0	0	
		25.0%	33.3%	0.0%	20.0%	0.0%	100.0%	50.0%		29.4%	25.0%	0.0%	0.0%	
				fg			c	c						
														
Yes, will limit
investment		
5	
4	
5	
2	
0	
0	
2		
7	
11	
0	
0	
moderately		41.7%	44.4%	55.6%	40.0%	0.0%	0.0%	33.3%		41.2%	39.3%	0.0%	0.0%	
														
Yes, will limit
investment		
4	
2	
4	
2	
2	
0	
1		
5	
10	
1	
0	
significantly		33.3%	22.2%	44.4%	40.0%	100.0%	0.0%	16.7%		29.4%	35.7%	100.0%	0.0%	

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

70 

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

 (Excludes Don't Know) Q5c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=126		Number of Employees		Foreign Sales	
Number
Col %		
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		11	11	9	7	2	3	8		89	26	5	5	
		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		2	3	1	1	0	1	3		3	9	0	0	
		25.0%	37.5%	14.3%	16.7%	0.0%	33.3%	50.0%		15.8%	45.0%	0.0%	0.0%	
														
Yes, will limit
investment		
3	
3	
4	
2	
1	
1	
2		
7	
6	
4	
1	
moderately		37.5%	37.5%	57.1%	33.3%	50.0%	33.3%	33.3%		36.8%	30.0%	80.0%	50.0%	
														
Yes, will limit
investment		
3	
2	
2	
3	
1	
1	
1		
9	
5	
1	
1	
significantly		37.5%	25.0%	28.6%	50.0%	50.0%	33.3%	16.7%		47.4%	25.0%	20.0%	50.0%	

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

71 

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

 Q5d.  PDo these firms have the correct mix between floating and fixed rate debt?

N=126		Total		Country Where Based	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
		 		A	B	C	D	E	F	G	
											
Total		126		67	21	14	12	8	3	1	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
Do these firms have the correct mix between floating and fixed rate debt?	
											
Too little
floating/too		
8		
1	
1	
1	
1	
2	
1	
1	
much fixed		13.8%		100.0%	5.3%	7.1%	8.3%	25.0%	33.3%	100.0%	
				Bcd	AG	ag	ag			Bcd	
											
Correct
floating vs.		
12		
0	
5	
1	
2	
3	
1	
0	
fixed mix.		20.7%		0.0%	26.3%	7.1%	16.7%	37.5%	33.3%	0.0%	
											
Too much
floating/too
little fixed
(why too much		

5		

0	

0	

2	

3	

0	

0	

0	
floating?		8.6%		0.0%	0.0%	14.3%	25.0%	0.0%	0.0%	0.0%	
					d		b				
											
Don't know		33		0	13	10	6	3	1	0	
		56.9%		0.0%	68.4%	71.4%	50.0%	37.5%	33.3%	0.0%	

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

72 

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

 Q5d.  PDo these firms have the correct mix between floating and fixed rate debt?

N=126		Industry	
Number
Col %		
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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Do these firms have the correct mix between floating and fixed rate debt?	
														
Too little
floating/too		
0	
3	
0	
1	
0	
1	
0	
0	
1	
0	
1	
1	
much fixed		0.0%	50.0%	0.0%	33.3%	0.0%	8.3%	0.0%	0.0%	11.1%	0.0%	25.0%	12.5%	
														
Correct
floating vs.		
3	
1	
1	
0	
1	
2	
0	
0	
0	
0	
1	
3	
fixed mix.		42.9%	16.7%	20.0%	0.0%	100.0%	16.7%	0.0%	0.0%	0.0%	0.0%	25.0%	37.5%	
		i				i				ae				
														
Too much
floating/too
little fixed
(why too much		

0	

1	

0	

1	

0	

2	

0	

0	

0	

0	

1	

0	
floating?		0.0%	16.7%	0.0%	33.3%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	
														
Don't know		4	1	4	1	0	7	0	1	8	1	1	4	
		57.1%	16.7%	80.0%	33.3%	0.0%	58.3%	0.0%	100.0%	88.9%	100.0%	25.0%	50.0%	
			i							bk		i		

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

73 

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

 Q5d.  PDo these firms have the correct mix between floating and fixed rate debt?

N=126		Sales Revenue		Ownership	
Number
Col %		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		19	9	11	6	3	1	7		25	98	1	0	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
Do these firms have the correct mix between floating and fixed rate debt?	
														
Too little
floating/too		
3	
3	
0	
0	
0	
0	
0		
2	
6	
0	
0	
much fixed		15.8%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%		9.5%	17.1%	0.0%	0.0%	
														
Correct
floating vs.		
5	
3	
1	
1	
0	
0	
2		
2	
10	
0	
0	
fixed mix.		26.3%	33.3%	10.0%	16.7%	0.0%	0.0%	33.3%		9.5%	28.6%	0.0%	0.0%	
														
Too much
floating/too
little fixed
(why too much		

0	

1	

1	

1	

1	

0	

1		

3	

2	

0	

0	
floating?		0.0%	11.1%	10.0%	16.7%	33.3%	0.0%	16.7%		14.3%	5.7%	0.0%	0.0%	
		e				a								
														
Don't know		11	2	8	4	2	1	3		14	17	0	0	
		57.9%	22.2%	80.0%	66.7%	66.7%	100.0%	50.0%		66.7%	48.6%	0.0%	0.0%	
			c	b										

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

74 

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

 Q5d.  PDo these firms have the correct mix between floating and fixed rate debt?

N=126		Number of Employees		Foreign Sales	
Number
Col %		
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		11	11	9	7	2	3	8		89	26	5	5	
		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
Do these firms have the correct mix between floating and fixed rate debt?	
														
Too little
floating/too		
1	
2	
1	
2	
0	
0	
0		
5	
1	
2	
0	
much fixed		9.1%	18.2%	12.5%	33.3%	0.0%	0.0%	0.0%		20.8%	4.2%	50.0%	0.0%	
											c	b		
														
Correct
floating vs.		
4	
3	
0	
1	
0	
0	
2		
4	
8	
0	
0	
fixed mix.		36.4%	27.3%	0.0%	16.7%	0.0%	0.0%	25.0%		16.7%	33.3%	0.0%	0.0%	
														
Too much
floating/too
little fixed
(why too much		

0	

1	

0	

1	

0	

1	

1		

2	

3	

0	

0	
floating?		0.0%	9.1%	0.0%	16.7%	0.0%	33.3%	12.5%		8.3%	12.5%	0.0%	0.0%	
														
Don't know		6	5	7	2	2	2	5		13	12	2	5	
		54.5%	45.5%	87.5%	33.3%	100.0%	66.7%	62.5%		54.2%	50.0%	50.0%	100.0%	
											d		b	

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

75 

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

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

N=126		Total		Country Where Based	
Number
Mean		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
				A	B	C	D	E	F	G	
											
Number		126		67	21	14	12	8	3	1	
Percent		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%	
											
% Approximate ROA		36		1	20	0	8	5	2	0	
in 2016		7.71		1.00	8.31	---	6.45	5.36	16.00	---	
											
% Expected ROA in		34		1	19	0	8	4	2	0	
2017		9.14		5.00	9.09	---	8.01	10.25	14.00	---	

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

 

76 

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

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

N=126		Industry	
Number
Mean		
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		7	6	38	3	1	13	0	2	14	17	16	8	
Percent		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
% Approximate ROA		7	4	3	2	0	6	0	1	4	2	4	3	
in 2016		9.61	6.57	7.93	4.25	---	6.43	---	1.00	6.75	13.70	9.25	6.93	
														
% Expected ROA in		6	4	3	2	0	5	0	1	4	2	4	3	
2017		10.57	10.00	7.67	2.50	---	10.60	---	3.00	6.93	14.00	10.50	8.60	
					i					d				

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

 

77 

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

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

N=126		Sales Revenue		Ownership	
Number
Mean		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		19	9	11	6	3	1	7		25	98	1	0	
Percent		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		20.2%	79.0%	0.8%	0.0%	
														
% Approximate ROA		16	6	4	2	1	1	4		10	25	0	0	
in 2016		7.04	5.50	6.70	15.00	7.50	11.00	11.82		6.70	8.39	---	---	
														
% Expected ROA in		15	6	4	2	1	1	3		9	24	0	0	
2017		8.73	7.48	8.55	14.45	4.00	11.00	13.67		7.21	10.13	---	---	

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

 

78 

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

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

N=126		Number of Employees		Foreign Sales	
Number
Mean		
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		11	11	9	7	2	3	8		89	26	5	5	
Percent		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%		71.2%	20.8%	4.0%	4.0%	
														
% Approximate ROA		8	10	3	2	1	3	2		17	14	3	1	
in 2016		10.89	7.60	10.67	8.70	5.00	7.43	11.65		4.66	12.29	8.00	1.00	
										b	a			
														
% Expected ROA in		7	10	3	2	1	3	1		15	14	3	1	
2017		9.21	8.98	10.90	10.50	5.00	6.33	18.00		7.46	11.97	8.97	3.00	

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

 

79 

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

Manufacturing capacity utilized  (Winsorized)

N=8		Total		Country Where Based	
Number
Mean		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other	
				A	B	C	D	E	F	G	
											
Number		8		0	3	3	1	0	0	1	
Percent		100.0%		0.0%	37.5%	37.5%	12.5%	0.0%	0.0%	12.5%	
											
% of capacity utilized		8		0	3	3	1	0	0	1	
in first half of 2016		72.50		---	80.00	73.33	80.00	---	---	40.00	
											
% of capacity		8		0	3	3	1	0	0	1	
utilization planned
for the second half of
2016		78.13		---	83.33	80.00	95.00	---	---	40.00	

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

80 

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

Manufacturing capacity utilized  (Winsorized)

N=8		Industry	
Number
Mean		
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		0	0	0	0	0	0	0	0	8	0	0	0	
Percent		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		0	0	0	0	0	0	0	0	8	0	0	0	
in first half of 2016		---	---	---	---	---	---	---	---	72.50	---	---	---	
														
% of capacity		0	0	0	0	0	0	0	0	8	0	0	0	
utilization planned
for the second half of
2016		---	---	---	---	---	---	---	---	78.13	---	---	---	

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

81 

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

Manufacturing capacity utilized  (Winsorized)

N=8		Sales Revenue		Ownership	
Number
Mean		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	

Nonprofit	
Govern-
ment	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		3	1	2	1	0	0	0		1	6	0	0	
Percent		42.9%	14.3%	28.6%	14.3%	0.0%	0.0%	0.0%		14.3%	85.7%	0.0%	0.0%	
														
% of capacity utilized		3	1	2	1	0	0	0		1	6	0	0	
in first half of 2016		80.00	85.00	65.00	85.00	---	---	---		50.00	74.17	---	---	
														
% of capacity		3	1	2	1	0	0	0		1	6	0	0	
utilization planned
for the second half of
2016		83.33	90.00	80.00	85.00	---	---	---		65.00	79.17	---	---	

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

82 

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

Manufacturing capacity utilized  (Winsorized)

N=8		Number of Employees		Foreign Sales	
Number
Mean		
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		2	0	4	1	0	0	0		2	4	0	2	
Percent		28.6%	0.0%	57.1%	14.3%	0.0%	0.0%	0.0%		25.0%	50.0%	0.0%	25.0%	
														
% of capacity utilized		2	0	4	1	0	0	0		2	4	0	2	
in first half of 2016		80.00	---	73.75	40.00	---	---	---		65.00	78.75	---	67.50	
														
% of capacity		2	0	4	1	0	0	0		2	4	0	2	
utilization planned
for the second half of
2016		82.50	---	83.75	40.00	---	---	---		70.00	82.50	---	77.50	

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

83 

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

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

N=126		Total		Country Where Based		Ownership	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other		
Public	
Private	
Nonprofit	Govern-
ment	
		 		A	B	C	D	E	F	G		A	B	C	D	
																
Total		126		67	21	14	12	8	3	1		25	98	1	0	
		100.0%		53.2%	16.7%	11.1%	9.5%	6.3%	2.4%	0.8%		20.2%	79.0%	0.8%	0.0%	
																
Other		43		30	4	3	3	1	1	1		4	39	0	0	
		47.8%		93.8%	20.0%	21.4%	25.0%	12.5%	33.3%	100.0%		17.4%	60.0%	0.0%	0.0%	
				BCDEF	A	A	A	A	A			B	A			
																
CFO		28		0	10	9	6	1	2	0		12	15	0	0	
		31.1%		0.0%	50.0%	64.3%	50.0%	12.5%	66.7%	0.0%		52.2%	23.1%	0.0%	0.0%	
				BCDeF	A	Ae	A	ac	A			b	a			
																
CEO		17		2	6	1	2	6	0	0		5	11	1	0	
		18.9%		6.3%	30.0%	7.1%	16.7%	75.0%	0.0%	0.0%		21.7%	16.9%	100.0%	0.0%	
				bE	ae	E	e	AbCd					c	b		
																
Treasurer		1		0	0	1	0	0	0	0		1	0	0	0	
		1.1%		0.0%	0.0%	7.1%	0.0%	0.0%	0.0%	0.0%		4.3%	0.0%	0.0%	0.0%	
																
Controller		1		0	0	0	1	0	0	0		1	0	0	0	
		1.1%		0.0%	0.0%	0.0%	8.3%	0.0%	0.0%	0.0%		4.3%	0.0%	0.0%	0.0%	

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

84 

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

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

N=126		Industry	
Number
Col %		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		7	6	38	3	1	13	0	2	14	17	16	8	
		5.6%	4.8%	30.4%	2.4%	0.8%	10.4%	0.0%	1.6%	11.2%	13.6%	12.8%	6.4%	
														
Other		2	3	13	0	1	1	0	0	7	0	14	2	
		28.6%	50.0%	68.4%	0.0%	100.0%	7.7%	0.0%	0.0%	50.0%	0.0%	87.5%	25.0%	
		k		dFl	cK	f	CeiK			fk	k	aDFijL	cK	
														
CFO		3	1	3	1	0	5	0	0	7	2	2	4	
		42.9%	16.7%	15.8%	33.3%	0.0%	38.5%	0.0%	0.0%	50.0%	100.0%	12.5%	50.0%	
				ij						ck	ck	ij		
														
CEO		2	2	2	1	0	7	0	0	0	0	0	2	
		28.6%	33.3%	10.5%	33.3%	0.0%	53.8%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
		ik	ik	f	ik		cIK			abdF		abdFl	k	
														
Treasurer		0	0	1	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	5.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Controller		0	0	0	1	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
				d	cfik		d			d		d		

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

85 

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

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

N=126		Sales Revenue		Number of Employees	
Number
Col %		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		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		19	9	11	6	3	1	7		11	11	9	7	2	3	8	
		33.9%	16.1%	19.6%	10.7%	5.4%	1.8%	12.5%		21.6%	21.6%	17.6%	13.7%	3.9%	5.9%	15.7%	
																	
Other		3	2	2	1	0	0	3		3	3	1	2	0	0	3	
		16.7%	22.2%	18.2%	16.7%	0.0%	0.0%	42.9%		27.3%	30.0%	11.1%	28.6%	0.0%	0.0%	37.5%	
																	
CFO		7	5	4	5	2	1	3		3	4	8	3	1	2	2	
		38.9%	55.6%	36.4%	83.3%	66.7%	100.0%	42.9%		27.3%	40.0%	88.9%	42.9%	50.0%	66.7%	25.0%	
										c	c	abg				c	
																	
CEO		8	2	4	0	1	0	0		5	3	0	2	0	1	2	
		44.4%	22.2%	36.4%	0.0%	33.3%	0.0%	0.0%		45.5%	30.0%	0.0%	28.6%	0.0%	33.3%	25.0%	
		g						a		c		a					
																	
Treasurer		0	0	0	0	0	0	1		0	0	0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	
																	
Controller		0	0	1	0	0	0	0		0	0	0	0	1	0	0	
		0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
										e	e			ab			

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

86 

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

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

N=126		Foreign Sales	
Number
Col %		
0%	
1-24%	
25-50%	More than
50%	
		A	B	C	D	
						
Total		89	26	5	5	
		71.2%	20.8%	4.0%	4.0%	
						
Other		36	6	0	1	
		64.3%	25.0%	0.0%	25.0%	
		BC	A	A		
						
CFO		7	14	5	2	
		12.5%	58.3%	100.0%	50.0%	
		BCd	A	A	a	
						
CEO		12	3	0	1	
		21.4%	12.5%	0.0%	25.0%	
						
Treasurer		0	1	0	0	
		0.0%	4.2%	0.0%	0.0%	
						
Controller		1	0	0	0	
		1.8%	0.0%	0.0%	0.0%	

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

87 

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

What is the probability that you will be a CEO in 5 years?

N=109		Total		Country Where Based		Ownership	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other		
Public	
Private	
Nonprofit	Govern-
ment	
		 		A	B	C	D	E	F	G		A	B	C	D	
																
Total		109		65	15	13	10	2	3	1		20	87	0	0	
		100.0%		59.6%	13.8%	11.9%	9.2%	1.8%	2.8%	0.9%		18.7%	81.3%	0.0%	0.0%	
																
0%		12		0	6	2	2	1	1	0		4	8	0	0	
		33.3%		0.0%	54.5%	16.7%	25.0%	50.0%	33.3%	0.0%		26.7%	40.0%	0.0%	0.0%	
																
1-20%		14		0	4	5	4	0	1	0		6	7	0	0	
		38.9%		0.0%	36.4%	41.7%	50.0%	0.0%	33.3%	0.0%		40.0%	35.0%	0.0%	0.0%	
																
21-40%		2		0	0	2	0	0	0	0		1	1	0	0	
		5.6%		0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%		6.7%	5.0%	0.0%	0.0%	
																
41-60%		3		0	1	1	1	0	0	0		2	1	0	0	
		8.3%		0.0%	9.1%	8.3%	12.5%	0.0%	0.0%	0.0%		13.3%	5.0%	0.0%	0.0%	
																
61-80%		5		0	0	2	1	1	1	0		2	3	0	0	
		13.9%		0.0%	0.0%	16.7%	12.5%	50.0%	33.3%	0.0%		13.3%	15.0%	0.0%	0.0%	
					e			b								
																
81-100%		0		0	0	0	0	0	0	0		0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

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

 Only asked of those respondents who are not currently a CEO

88 

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

What is the probability that you will be a CEO in 5 years?

N=109		Industry	
Number
Col %		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		5	4	36	2	1	6	0	2	14	17	16	6	
		4.6%	3.7%	33.0%	1.8%	0.9%	5.5%	0.0%	1.8%	12.8%	15.6%	14.7%	5.5%	
														
0%		3	0	1	1	0	0	0	0	3	1	2	1	
		75.0%	0.0%	25.0%	50.0%	0.0%	0.0%	0.0%	0.0%	37.5%	100.0%	66.7%	20.0%	
		f					aj				f			
														
1-20%		0	2	2	1	1	2	0	0	3	0	0	3	
		0.0%	100.0%	50.0%	50.0%	100.0%	33.3%	0.0%	0.0%	37.5%	0.0%	0.0%	60.0%	
														
21-40%		0	0	0	0	0	2	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
41-60%		1	0	0	0	0	0	0	0	1	0	0	1	
		25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	20.0%	
														
61-80%		0	0	1	0	0	2	0	0	1	0	1	0	
		0.0%	0.0%	25.0%	0.0%	0.0%	33.3%	0.0%	0.0%	12.5%	0.0%	33.3%	0.0%	
														
81-100%		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

 Only asked of those respondents who are not currently a CEO

89 

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

What is the probability that you will be a CEO in 5 years?

N=109		Sales Revenue		Number of Employees	
Number
Col %		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		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		11	7	7	6	2	1	7		6	8	9	5	2	2	6	
		26.8%	17.1%	17.1%	14.6%	4.9%	2.4%	17.1%		15.8%	21.1%	23.7%	13.2%	5.3%	5.3%	15.8%	
																	
0%		3	3	0	1	1	1	3		1	2	3	0	0	2	2	
		33.3%	50.0%	0.0%	16.7%	50.0%	100.0%	50.0%		20.0%	33.3%	33.3%	0.0%	0.0%	100.0%	40.0%	
				f			c										
																	
1-20%		3	3	1	4	0	0	3		1	3	2	1	1	0	3	
		33.3%	50.0%	16.7%	66.7%	0.0%	0.0%	50.0%		20.0%	50.0%	22.2%	50.0%	50.0%	0.0%	60.0%	
																	
21-40%		0	0	1	0	1	0	0		0	0	1	1	0	0	0	
		0.0%	0.0%	16.7%	0.0%	50.0%	0.0%	0.0%		0.0%	0.0%	11.1%	50.0%	0.0%	0.0%	0.0%	
																	
41-60%		1	0	1	1	0	0	0		1	0	1	0	1	0	0	
		11.1%	0.0%	16.7%	16.7%	0.0%	0.0%	0.0%		20.0%	0.0%	11.1%	0.0%	50.0%	0.0%	0.0%	
																	
61-80%		2	0	3	0	0	0	0		2	1	2	0	0	0	0	
		22.2%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%		40.0%	16.7%	22.2%	0.0%	0.0%	0.0%	0.0%	
																	
81-100%		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

 Only asked of those respondents who are not currently a CEO

90 

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

What is the probability that you will be a CEO in 5 years?

N=109		Foreign Sales	
Number
Col %		
0%	
1-24%	
25-50%	More than
50%	
		A	B	C	D	
						
Total		77	23	5	4	
		70.6%	21.1%	4.6%	3.7%	
						
0%		3	4	4	1	
		27.3%	22.2%	80.0%	50.0%	
			c	b		
						
1-20%		4	9	1	0	
		36.4%	50.0%	20.0%	0.0%	
						
21-40%		1	1	0	0	
		9.1%	5.6%	0.0%	0.0%	
						
41-60%		2	1	0	0	
		18.2%	5.6%	0.0%	0.0%	
						
61-80%		1	3	0	1	
		9.1%	16.7%	0.0%	50.0%	
						
81-100%		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	

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

 Only asked of those respondents who are not currently a CEO

91 

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

 What is the probability that you will be a CEO in 5 years?

N=109		Total		Country Where Based		Ownership	
Mean
Median		
		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other		
Public	
Private	
Nonprofit	Govern-
ment	
																
Number		109		65	15	13	10	2	3	1		20	87	0	0	
Percent		100.0%		59.6%	13.8%	11.9%	9.2%	1.8%	2.8%	0.9%		18.7%	81.3%	0.0%	0.0%	
																
What is the		20.0		---	8.4	24.0	21.4	40.0	30.0	---		21.5	19.4	---	---	
probability
that you will
be a CEO in 5
years?		10.0		---	0.0	15.0	10.0	40.0	15.0	---		10.0	6.0	---	---	

 Only asked of those respondents who are not currently a CEO

92 

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

 What is the probability that you will be a CEO in 5 years?

N=109		Industry	
Mean
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	
														
Number		5	4	36	2	1	6	0	2	14	17	16	6	
Percent		4.6%	3.7%	33.0%	1.8%	0.9%	5.5%	0.0%	1.8%	12.8%	15.6%	14.7%	5.5%	
														
What is the		12.5	5.5	26.3	10.0	15.0	36.2	---	---	17.8	0.0	26.7	16.2	
probability
that you will
be a CEO in 5
years?		0.0	5.5	12.5	10.0	15.0	25.0	---	---	6.0	0.0	0.0	10.0	

 Only asked of those respondents who are not currently a CEO

93 

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

 What is the probability that you will be a CEO in 5 years?

N=109		Sales Revenue		Number of Employees	
Mean
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		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
																	
Number		11	7	7	6	2	1	7		6	8	9	5	2	2	6	
Percent		26.8%	17.1%	17.1%	14.6%	4.9%	2.4%	17.1%		15.8%	21.1%	23.7%	13.2%	5.3%	5.3%	15.8%	
																	
What is the		26.3	5.8	54.2	13.8	12.5	0.0	2.7		41.4	20.8	28.3	13.5	35.0	0.0	3.2	
probability
that you will
be a CEO in 5
years?		10.0	5.0	60.0	6.0	12.5	0.0	0.5		50.0	12.5	20.0	13.5	35.0	0.0	1.0	

 Only asked of those respondents who are not currently a CEO

94 

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

 What is the probability that you will be a CEO in 5 years?

N=109		Foreign Sales	
Mean
Median		
0%	
1-24%	
25-50%	More than
50%	
						
Number		77	23	5	4	
Percent		70.6%	21.1%	4.6%	3.7%	
						
What is the		22.9	21.6	2.0	35.0	
probability
that you will
be a CEO in 5
years?		15.0	10.0	0.0	35.0	

 Only asked of those respondents who are not currently a CEO

95 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=109		Total		Country Where Based		Ownership	
Number
Col %		
 		
Ecuador	
Chile	
Mexico	
Brazil	
Peru	
Colombia	
Other		
Public	
Private	
Nonprofit	Govern-
ment	
		 		A	B	C	D	E	F	G		A	B	C	D	
																
Total		109		65	15	13	10	2	3	1		20	87	0	0	
		100.0%		59.6%	13.8%	11.9%	9.2%	1.8%	2.8%	0.9%		18.7%	81.3%	0.0%	0.0%	
																
No		3		0	2	0	1	0	0	0		1	2	0	0	
		8.1%		0.0%	16.7%	0.0%	14.3%	0.0%	0.0%	0.0%		6.7%	9.5%	0.0%	0.0%	
																
Yes		28		0	6	12	5	2	3	0		12	15	0	0	
		75.7%		0.0%	50.0%	100.0%	71.4%	100.0%	100.0%	0.0%		80.0%	71.4%	0.0%	0.0%	
					C	BG				C						
																
Don't Know		6		0	4	0	1	0	0	1		2	4	0	0	
		16.2%		0.0%	33.3%	0.0%	14.3%	0.0%	0.0%	100.0%		13.3%	19.0%	0.0%	0.0%	
					c	bG				C						

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

Only asked of those respondents who are not currently a CEO

96 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=109		Industry	
Number
Col %		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		5	4	36	2	1	6	0	2	14	17	16	6	
		4.6%	3.7%	33.0%	1.8%	0.9%	5.5%	0.0%	1.8%	12.8%	15.6%	14.7%	5.5%	
														
No		1	0	1	0	0	1	0	0	0	0	0	0	
		25.0%	0.0%	25.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Yes		2	2	2	1	1	5	0	0	5	2	3	5	
		50.0%	100.0%	50.0%	50.0%	100.0%	83.3%	0.0%	0.0%	62.5%	100.0%	100.0%	100.0%	
														
Don't Know		1	0	1	1	0	0	0	0	3	0	0	0	
		25.0%	0.0%	25.0%	50.0%	0.0%	0.0%	0.0%	0.0%	37.5%	0.0%	0.0%	0.0%	

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

Only asked of those respondents who are not currently a CEO

97 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=109		Sales Revenue		Number of Employees	
Number
Col %		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		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		11	7	7	6	2	1	7		6	8	9	5	2	2	6	
		26.8%	17.1%	17.1%	14.6%	4.9%	2.4%	17.1%		15.8%	21.1%	23.7%	13.2%	5.3%	5.3%	15.8%	
																	
No		0	1	0	0	0	0	2		0	1	0	0	0	0	1	
		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	33.3%		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	25.0%	
																	
Yes		6	5	6	5	1	0	4		4	4	8	3	2	0	3	
		66.7%	83.3%	100.0%	100.0%	50.0%	0.0%	66.7%		80.0%	66.7%	88.9%	75.0%	100.0%	0.0%	75.0%	
				f			c					f			c		
																	
Don't Know		3	0	0	0	1	1	0		1	1	1	1	0	2	0	
		33.3%	0.0%	0.0%	0.0%	50.0%	100.0%	0.0%		20.0%	16.7%	11.1%	25.0%	0.0%	100.0%	0.0%	
			f	f			bcg	f				f			c		

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

Only asked of those respondents who are not currently a CEO

98 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=109		Foreign Sales	
Number
Col %		
0%	
1-24%	
25-50%	More than
50%	
		A	B	C	D	
						
Total		77	23	5	4	
		70.6%	21.1%	4.6%	3.7%	
						
No		3	0	0	0	
		23.1%	0.0%	0.0%	0.0%	
		b	a			
						
Yes		7	15	4	2	
		53.8%	83.3%	100.0%	100.0%	
						
Don't Know		3	3	0	0	
		23.1%	16.7%	0.0%	0.0%	

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

Only asked of those respondents who are not currently a CEO