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.	3
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	5
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.	8
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]	23
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]	26
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]	29
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]	32
Q5.  What issues and policies most need to be addressed to improve the business climate in your country?	35
Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?	41
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …	50
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK Excluded - Shows average scores)	56
Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in
business and government affected…	59
Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in
business and government affected… (DK Excluded - Shows average scores)	65
Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?	68
Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?	92
Q12.  Does your organization have effective monitoring and measuring systems to track progress in achieving the UN Sustainable Development Goals?	98
Return on assets (ROA=operating earnings/assets)  (Winsorized)	101
Manufacturing capacity utilized  (Winsorized)	104
Your job title (e.g., CFO, Asst. Treasurer, etc):	107

 1 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Total		Where are you personally located?		Sales Revenue	

 		
South
Africa	

Nigeria	

East Africa	
Rest of
Africa	
West
Africa		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		A	B	C	D	E	F	G	
																	
Total		51		24	23	2	1	1		21	8	5	4	7	2	3	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%	
																	
1=More optimistic		24		6	15	1	1	1		12	4	2	2	2	1	0	
		45.3%		25.0%	65.2%	50.0%	100.0%	100.0%		57.1%	50.0%	40.0%	50.0%	28.6%	50.0%	0.0%	
				B	A												
																	
0=No change		8		6	1	0	0	0		2	1	1	1	0	1	1	
		15.1%		25.0%	4.3%	0.0%	0.0%	0.0%		9.5%	12.5%	20.0%	25.0%	0.0%	50.0%	33.3%	
																	
-1=Less optimistic		21		12	7	1	0	0		7	3	2	1	5	0	2	
		39.6%		50.0%	30.4%	50.0%	0.0%	0.0%		33.3%	37.5%	40.0%	25.0%	71.4%	0.0%	66.7%	
																	
Mean		0.06		-0.25	0.35	0.00	1.00	1.00		0.24	0.13	0.00	0.25	-0.43	0.50	-0.67	
				b	a												

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

2 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
1=More optimistic		2	4	2	0	1	3	4	0	0	0	4	1	3	
		25.0%	44.4%	28.6%	0.0%	100.0%	60.0%	80.0%	0.0%	0.0%	0.0%	100.0%	50.0%	100.0%	
		k		k						k	k	acij			
															
0=No change		1	1	1	0	0	1	0	0	0	2	0	1	0	
		12.5%	11.1%	14.3%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	66.7%	0.0%	50.0%	0.0%	
															
-1=Less optimistic		5	4	4	0	0	1	1	2	3	1	0	0	0	
		62.5%	44.4%	57.1%	0.0%	0.0%	20.0%	20.0%	100.0%	100.0%	33.3%	0.0%	0.0%	0.0%	
										k		i			
															
Mean		-0.38	0.00	-0.29	---	1.00	0.40	0.60	-1.00	-1.00	-0.33	1.00	0.50	1.00	

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

3 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=53		Total		Where are you personally located?		Sales Revenue	
Mean
Median		

South
Africa	

Nigeria	

East Africa	
Rest of
Africa	
West
Africa		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		A	B	C	D	E	F	G	
																	
Number		53		24	23	2	1	1		21	8	5	4	7	2	3	
Percent		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%	
																	
Optimism rating		48.35		44.67	52.41	42.50	70.00	---		51.11	52.83	51.67	39.75	45.50	60.00	37.50	
		50.00		47.50	57.50	1.00	65.00	---		55.00	51.00	57.50	44.00	50.00	45.00	1.00	

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

4 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=53		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		8	9	7	0	1	5	5	2	3	3	4	2	3	
Percent		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Optimism rating		42.50	51.38	54.83	---	40.00	54.00	35.00	17.50	33.00	43.67	65.00	50.00	60.00	
		50.00	55.00	55.00	---	42.00	60.00	40.00	1.00	29.00	50.50	70.00	60.00	62.50	
			h	h			gH	fkm	bcFkM			gh		gH	

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

5 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
1=More optimistic		27		9	15	1	1	1		8	19	0	0		10	9	1	4	
		51.9%		39.1%	65.2%	50.0%	100.0%	100.0%		47.1%	59.4%	0.0%	0.0%		52.6%	50.0%	50.0%	50.0%	
																			
0=No change		14		7	4	1	0	0		5	6	2	0		5	4	0	3	
		26.9%		30.4%	17.4%	50.0%	0.0%	0.0%		29.4%	18.8%	100.0%	0.0%		26.3%	22.2%	0.0%	37.5%	
											c	b							
																			
-1=Less optimistic		11		7	4	0	0	0		4	7	0	0		4	5	1	1	
		21.2%		30.4%	17.4%	0.0%	0.0%	0.0%		23.5%	21.9%	0.0%	0.0%		21.1%	27.8%	50.0%	12.5%	
																			
Mean		0.31		0.09	0.48	0.50	1.00	1.00		0.24	0.38	0.00	---		0.32	0.22	0.00	0.38	

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

6 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
1=More optimistic		3	3	3	0	1	5	3	0	1	1	3	2	2	
		37.5%	33.3%	50.0%	0.0%	100.0%	100.0%	60.0%	0.0%	33.3%	33.3%	75.0%	100.0%	66.7%	
		f	f				abh		f						
															
0=No change		3	3	2	0	0	0	2	2	1	0	0	0	0	
		37.5%	33.3%	33.3%	0.0%	0.0%	0.0%	40.0%	100.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
							h		f						
															
-1=Less optimistic		2	3	1	0	0	0	0	0	1	2	1	0	1	
		25.0%	33.3%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	66.7%	25.0%	0.0%	33.3%	
															
Mean		0.13	0.00	0.33	---	1.00	1.00	0.60	0.00	0.00	-0.33	0.50	1.00	0.33	

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

7 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Sales Revenue		Number of Employees	
		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
1=More optimistic		13	6	3	2	0	1	1		11	7	1	1	2	3	0	
		65.0%	75.0%	60.0%	50.0%	0.0%	50.0%	33.3%		78.6%	50.0%	50.0%	25.0%	40.0%	60.0%	0.0%	
		E	e	e		Abc				g						a	
																	
0=No change		5	1	1	1	3	1	0		3	3	1	0	2	1	2	
		25.0%	12.5%	20.0%	25.0%	42.9%	50.0%	0.0%		21.4%	21.4%	50.0%	0.0%	40.0%	20.0%	50.0%	
																	
-1=Less optimistic		2	1	1	1	4	0	2		0	4	0	3	1	1	2	
		10.0%	12.5%	20.0%	25.0%	57.1%	0.0%	66.7%		0.0%	28.6%	0.0%	75.0%	20.0%	20.0%	50.0%	
		eg				a		a		bDg	a		A			a	
																	
Mean		0.55	0.63	0.40	0.25	-0.57	0.50	-0.33		0.79	0.21	0.50	-0.50	0.20	0.40	-0.50	
		E	E	e		ABcf	e			bDG	a		A			A	

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

8 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Mean
Median		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
				A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Number		53		24	23	2	1	1		17	33	2	0		19	18	3	8	
Percent		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Optimism rating		64.65		66.55	59.67	75.00	70.00	---		62.73	66.74	50.00	---		65.36	67.77	55.00	64.38	
		67.00		70.00	60.00	1.00	85.00	---		68.50	70.00	50.00	---		65.00	70.00	67.50	70.00	

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

9 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=53		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		8	9	7	0	1	5	5	2	3	3	4	2	3	
Percent		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Optimism rating		63.33	60.63	68.17	---	30.00	76.00	75.00	50.00	67.00	63.33	68.33	50.00	65.00	
		60.00	70.00	74.00	---	45.00	75.00	1.00	65.00	73.50	70.00	72.50	60.00	1.00	

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

10 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=53		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	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Number		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
Percent		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Optimism rating		63.53	69.17	76.67	61.00	67.40	70.00	40.00		64.09	62.92	85.00	70.00	77.25	46.67	61.75	
		60.00	80.00	77.50	74.00	73.50	65.00	1.00		60.00	70.00	67.50	1.00	80.00	55.00	70.00	
		g		g				ac						f	e		

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

11 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Total		Where are you personally located?		Ownership		Foreign Sales	
		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		52		24	23	1	1	1		17	33	1	0		19	18	3	7	
		100.0%		46.2%	44.2%	1.9%	1.9%	1.9%		32.7%	63.5%	1.9%	0.0%		36.5%	34.6%	5.8%	13.5%	
																			
Economic uncertainty		29		12	15	0	0	0		7	20	1	0		9	10	1	4	
		55.8%		50.0%	65.2%	0.0%	0.0%	0.0%		41.2%	60.6%	100.0%	0.0%		47.4%	55.6%	33.3%	57.1%	
																			
Government policies		26		10	14	1	0	1		9	16	1	0		8	10	1	3	
		50.0%		41.7%	60.9%	100.0%	0.0%	100.0%		52.9%	48.5%	100.0%	0.0%		42.1%	55.6%	33.3%	42.9%	
																			
Currency risk		20		6	11	0	1	1		4	16	0	0		9	4	2	3	
		38.5%		25.0%	47.8%	0.0%	100.0%	100.0%		23.5%	48.5%	0.0%	0.0%		47.4%	22.2%	66.7%	42.9%	
																			
Access to capital		13		6	7	0	0	0		4	9	0	0		7	5	0	1	
		25.0%		25.0%	30.4%	0.0%	0.0%	0.0%		23.5%	27.3%	0.0%	0.0%		36.8%	27.8%	0.0%	14.3%	
																			
Inflation		13		0	13	0	0	0		3	10	0	0		8	3	0	2	
		25.0%		0.0%	56.5%	0.0%	0.0%	0.0%		17.6%	30.3%	0.0%	0.0%		42.1%	16.7%	0.0%	28.6%	
				B	A														
																			
Weak demand for		11		4	3	1	0	1		2	8	0	0		4	4	1	1	
your products/services		21.2%		16.7%	13.0%	100.0%	0.0%	100.0%		11.8%	24.2%	0.0%	0.0%		21.1%	22.2%	33.3%	14.3%	
					ce	b		b											
																			
Volatility of political		11		7	2	0	0	0		4	5	1	0		3	5	1	0	
situation		21.2%		29.2%	8.7%	0.0%	0.0%	0.0%		23.5%	15.2%	100.0%	0.0%		15.8%	27.8%	33.3%	0.0%	
											c	b							

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

12 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	1	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	1.9%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Economic uncertainty		6	3	3	0	1	2	2	1	2	2	2	2	2	
		75.0%	33.3%	42.9%	0.0%	100.0%	40.0%	40.0%	100.0%	66.7%	66.7%	50.0%	100.0%	66.7%	
															
Government policies		3	5	2	0	1	3	4	1	2	2	1	2	0	
		37.5%	55.6%	28.6%	0.0%	100.0%	60.0%	80.0%	100.0%	66.7%	66.7%	25.0%	100.0%	0.0%	
															
Currency risk		3	3	2	0	0	1	2	0	2	0	4	2	1	
		37.5%	33.3%	28.6%	0.0%	0.0%	20.0%	40.0%	0.0%	66.7%	0.0%	100.0%	100.0%	33.3%	
			k	k			k				k	bcfj			
															
Access to capital		2	1	5	0	0	1	3	0	0	0	0	0	1	
		25.0%	11.1%	71.4%	0.0%	0.0%	20.0%	60.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
			c	bk								c			
															
Inflation		2	3	1	0	1	2	1	0	1	0	0	1	1	
		25.0%	33.3%	14.3%	0.0%	100.0%	40.0%	20.0%	0.0%	33.3%	0.0%	0.0%	50.0%	33.3%	
															
Weak demand for		3	0	1	0	0	3	0	0	0	1	2	0	0	
your products/services		37.5%	0.0%	14.3%	0.0%	0.0%	60.0%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%	0.0%	
			fk				b					b			
															
Volatility of political		3	1	1	0	0	0	0	1	0	2	0	0	2	
situation		37.5%	11.1%	14.3%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	66.7%	0.0%	0.0%	66.7%	

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

13 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Sales Revenue		Number of Employees	
		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		20	8	5	4	7	2	3		13	15	2	4	5	5	4	
		38.5%	15.4%	9.6%	7.7%	13.5%	3.8%	5.8%		25.0%	28.8%	3.8%	7.7%	9.6%	9.6%	7.7%	
																	
Economic uncertainty		9	4	3	3	5	1	1		5	8	1	3	5	4	0	
		45.0%	50.0%	60.0%	75.0%	71.4%	50.0%	33.3%		38.5%	53.3%	50.0%	75.0%	100.0%	80.0%	0.0%	
										e				ag	g	ef	
																	
Government policies		12	3	1	2	4	2	1		6	8	1	3	3	2	2	
		60.0%	37.5%	20.0%	50.0%	57.1%	100.0%	33.3%		46.2%	53.3%	50.0%	75.0%	60.0%	40.0%	50.0%	
																	
Currency risk		11	2	2	1	3	1	0		5	8	0	2	1	2	1	
		55.0%	25.0%	40.0%	25.0%	42.9%	50.0%	0.0%		38.5%	53.3%	0.0%	50.0%	20.0%	40.0%	25.0%	
																	
Access to capital		4	4	3	1	1	0	0		5	2	1	2	1	1	0	
		20.0%	50.0%	60.0%	25.0%	14.3%	0.0%	0.0%		38.5%	13.3%	50.0%	50.0%	20.0%	20.0%	0.0%	
																	
Inflation		8	0	0	2	2	0	0		7	2	0	1	1	2	0	
		40.0%	0.0%	0.0%	50.0%	28.6%	0.0%	0.0%		53.8%	13.3%	0.0%	25.0%	20.0%	40.0%	0.0%	
		b	a							b	a						
																	
Weak demand for		4	2	3	0	1	0	0		4	2	0	1	1	1	0	
your products/services		20.0%	25.0%	60.0%	0.0%	14.3%	0.0%	0.0%		30.8%	13.3%	0.0%	25.0%	20.0%	20.0%	0.0%	
																	
Volatility of political		3	3	0	0	1	1	0		2	5	1	1	0	0	1	
situation		15.0%	37.5%	0.0%	0.0%	14.3%	50.0%	0.0%		15.4%	33.3%	50.0%	25.0%	0.0%	0.0%	25.0%	

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

14 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Total		Where are you personally located?		Ownership		Foreign Sales	
		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Difficulty attracting /
retaining qualified		
9		
7	
1	
0	
1	
0		
4	
5	
0	
0		
5	
3	
0	
1	
employees		17.3%		29.2%	4.3%	0.0%	100.0%	0.0%		23.5%	15.2%	0.0%	0.0%		26.3%	16.7%	0.0%	14.3%	
				b	aD		B												
																			
Regulatory		8		2	5	1	0	0		3	5	0	0		5	0	0	2	
requirements		15.4%		8.3%	21.7%	100.0%	0.0%	0.0%		17.6%	15.2%	0.0%	0.0%		26.3%	0.0%	0.0%	28.6%	
				c		a									b	ad		b	
																			
Employee morale		7		4	2	0	0	0		2	4	0	0		1	4	0	0	
		13.5%		16.7%	8.7%	0.0%	0.0%	0.0%		11.8%	12.1%	0.0%	0.0%		5.3%	22.2%	0.0%	0.0%	
																			
Corruption and white		7		4	3	0	0	0		4	2	1	0		1	1	1	2	
collar crime		13.5%		16.7%	13.0%	0.0%	0.0%	0.0%		23.5%	6.1%	100.0%	0.0%		5.3%	5.6%	33.3%	28.6%	
											C	B							
																			
Commodity prices		7		1	4	0	1	1		3	4	0	0		2	2	0	2	
		13.5%		4.2%	17.4%	0.0%	100.0%	100.0%		17.6%	12.1%	0.0%	0.0%		10.5%	11.1%	0.0%	28.6%	
				DE			A	A											
																			
Unrest in the general		5		5	0	0	0	0		3	2	0	0		1	1	2	1	
population		9.6%		20.8%	0.0%	0.0%	0.0%	0.0%		17.6%	6.1%	0.0%	0.0%		5.3%	5.6%	66.7%	14.3%	
				b	a										C	c	Ab		
																			
Cost of borrowing		4		3	1	0	0	0		2	2	0	0		3	1	0	0	
		7.7%		12.5%	4.3%	0.0%	0.0%	0.0%		11.8%	6.1%	0.0%	0.0%		15.8%	5.6%	0.0%	0.0%	
																			
Rising wages and		3		3	0	0	0	0		0	3	0	0		0	1	1	1	
salaries		5.8%		12.5%	0.0%	0.0%	0.0%	0.0%		0.0%	9.1%	0.0%	0.0%		0.0%	5.6%	33.3%	14.3%	
															c		a		

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

15 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Difficulty attracting /
retaining qualified		
1	
1	
0	
0	
0	
2	
0	
0	
1	
2	
1	
0	
1	
employees		12.5%	11.1%	0.0%	0.0%	0.0%	40.0%	0.0%	0.0%	33.3%	66.7%	25.0%	0.0%	33.3%	
				j							c				
															
Regulatory		1	3	0	0	0	1	0	0	1	0	0	0	2	
requirements		12.5%	33.3%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	66.7%	
				m										c	
															
Employee morale		0	1	2	0	0	0	1	0	1	1	0	0	0	
		0.0%	11.1%	28.6%	0.0%	0.0%	0.0%	20.0%	0.0%	33.3%	33.3%	0.0%	0.0%	0.0%	
															
Corruption and white		0	1	1	0	1	0	1	1	1	0	0	1	0	
collar crime		0.0%	11.1%	14.3%	0.0%	100.0%	0.0%	20.0%	100.0%	33.3%	0.0%	0.0%	50.0%	0.0%	
		eh				a			a						
															
Commodity prices		2	2	1	0	0	0	0	0	0	0	2	0	0	
		25.0%	22.2%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
															
Unrest in the general		0	2	2	0	0	0	0	0	0	0	1	0	0	
population		0.0%	22.2%	28.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	
															
Cost of borrowing		1	0	0	0	0	1	1	0	0	0	0	0	1	
		12.5%	0.0%	0.0%	0.0%	0.0%	20.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
															
Rising wages and		0	0	1	0	0	0	0	0	0	1	1	0	0	
salaries		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	25.0%	0.0%	0.0%	

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

16 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Sales Revenue		Number of Employees	
		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	
																	
Difficulty attracting /
retaining qualified		
4	
2	
1	
0	
1	
0	
1		
3	
4	
0	
0	
0	
0	
1	
employees		20.0%	25.0%	20.0%	0.0%	14.3%	0.0%	33.3%		23.1%	26.7%	0.0%	0.0%	0.0%	0.0%	25.0%	
																	
Regulatory		2	2	0	1	2	0	1		2	2	0	1	3	0	0	
requirements		10.0%	25.0%	0.0%	25.0%	28.6%	0.0%	33.3%		15.4%	13.3%	0.0%	25.0%	60.0%	0.0%	0.0%	
																	
Employee morale		1	0	2	1	0	0	2		1	1	0	1	2	1	0	
		5.0%	0.0%	40.0%	25.0%	0.0%	0.0%	66.7%		7.7%	6.7%	0.0%	25.0%	40.0%	20.0%	0.0%	
		cG	g	a		g		Abe									
																	
Corruption and white		2	0	0	1	2	0	1		1	1	1	0	0	2	2	
collar crime		10.0%	0.0%	0.0%	25.0%	28.6%	0.0%	33.3%		7.7%	6.7%	50.0%	0.0%	0.0%	40.0%	50.0%	
											g					b	
																	
Commodity prices		1	3	1	1	0	1	0		1	3	0	0	1	1	0	
		5.0%	37.5%	20.0%	25.0%	0.0%	50.0%	0.0%		7.7%	20.0%	0.0%	0.0%	20.0%	20.0%	0.0%	
		bf	a				a										
																	
Unrest in the general		0	1	1	0	1	1	1		0	0	1	0	1	1	2	
population		0.0%	12.5%	20.0%	0.0%	14.3%	50.0%	33.3%		0.0%	0.0%	50.0%	0.0%	20.0%	20.0%	50.0%	
		Fg					A	a		cg	cg	ab				ab	
																	
Cost of borrowing		1	2	1	0	0	0	0		2	1	0	0	0	0	0	
		5.0%	25.0%	20.0%	0.0%	0.0%	0.0%	0.0%		15.4%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Rising wages and		2	0	0	0	0	0	1		0	3	0	0	0	0	0	
salaries		10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%		0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

17 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Total		Where are you personally located?		Ownership		Foreign Sales	
		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Data security		3		3	0	0	0	0		2	1	0	0		0	2	0	1	
		5.8%		12.5%	0.0%	0.0%	0.0%	0.0%		11.8%	3.0%	0.0%	0.0%		0.0%	11.1%	0.0%	14.3%	
																			
Imbalance between
transformation and
service delivery		

3		

3	

0	

0	

0	

0		

2	

1	

0	

0		

1	

1	

0	

1	
imperatives		5.8%		12.5%	0.0%	0.0%	0.0%	0.0%		11.8%	3.0%	0.0%	0.0%		5.3%	5.6%	0.0%	14.3%	
																			
Employee productivity		3		3	0	0	0	0		0	3	0	0		1	1	0	1	
		5.8%		12.5%	0.0%	0.0%	0.0%	0.0%		0.0%	9.1%	0.0%	0.0%		5.3%	5.6%	0.0%	14.3%	
																			
Government policies
encouraging cross-
border business		

3		

1	

2	

0	

0	

0		

1	

2	

0	

0		

1	

1	

1	

0	
operations		5.8%		4.2%	8.7%	0.0%	0.0%	0.0%		5.9%	6.1%	0.0%	0.0%		5.3%	5.6%	33.3%	0.0%	
																			
Banking Sector		3		2	1	0	0	0		3	0	0	0		1	1	1	0	
weaknesses		5.8%		8.3%	4.3%	0.0%	0.0%	0.0%		17.6%	0.0%	0.0%	0.0%		5.3%	5.6%	33.3%	0.0%	
										b	a								
																			
Property rights		2		1	1	0	0	0		0	2	0	0		1	1	0	0	
		3.8%		4.2%	4.3%	0.0%	0.0%	0.0%		0.0%	6.1%	0.0%	0.0%		5.3%	5.6%	0.0%	0.0%	
																			
Corporate tax code		2		1	1	0	0	0		2	0	0	0		1	1	0	0	
		3.8%		4.2%	4.3%	0.0%	0.0%	0.0%		11.8%	0.0%	0.0%	0.0%		5.3%	5.6%	0.0%	0.0%	
										b	a								

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

18 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Data security		0	2	1	0	0	0	0	0	0	0	0	0	0	
		0.0%	22.2%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Imbalance between
transformation and
service delivery		

0	

0	

3	

0	

0	

0	

0	

0	

0	

0	

0	

0	

0	
imperatives		0.0%	0.0%	42.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
			c	b											
															
Employee productivity		0	0	1	0	0	0	0	0	0	1	1	0	0	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	25.0%	0.0%	0.0%	
															
Government policies
encouraging cross-
border business		

2	

1	

0	

0	

0	

0	

0	

0	

0	

0	

0	

0	

0	
operations		25.0%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Banking Sector		0	3	0	0	0	0	0	0	0	0	0	0	0	
weaknesses		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Property rights		0	0	1	0	0	1	0	0	0	0	0	0	0	
		0.0%	0.0%	14.3%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Corporate tax code		0	1	0	0	0	0	0	0	1	0	0	0	0	
		0.0%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	

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

19 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Sales Revenue		Number of Employees	
		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	
																	
Data security		0	0	1	0	1	1	0		0	0	0	0	0	0	2	
		0.0%	0.0%	20.0%	0.0%	14.3%	50.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	
		F					A			g	g					ab	
																	
Imbalance between
transformation and
service delivery		

0	

1	

0	

1	

1	

0	

0		

0	

0	

1	

0	

1	

1	

0	
imperatives		0.0%	12.5%	0.0%	25.0%	14.3%	0.0%	0.0%		0.0%	0.0%	50.0%	0.0%	20.0%	20.0%	0.0%	
		d			a					c	c	ab					
																	
Employee productivity		1	1	0	0	0	0	1		0	2	1	0	0	0	0	
		5.0%	12.5%	0.0%	0.0%	0.0%	0.0%	33.3%		0.0%	13.3%	50.0%	0.0%	0.0%	0.0%	0.0%	
										c		a					
																	
Government policies
encouraging cross-
border business		

1	

1	

0	

0	

0	

0	

1		

2	

0	

0	

0	

0	

0	

1	
operations		5.0%	12.5%	0.0%	0.0%	0.0%	0.0%	33.3%		15.4%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
																	
Banking Sector		0	0	0	1	1	0	1		0	0	0	0	0	1	2	
weaknesses		0.0%	0.0%	0.0%	25.0%	14.3%	0.0%	33.3%		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	50.0%	
		dg			a			a		g	g					ab	
																	
Property rights		2	0	0	0	0	0	0		1	0	0	0	0	0	0	
		10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Corporate tax code		0	1	0	0	1	0	0		0	1	0	0	0	0	1	
		0.0%	12.5%	0.0%	0.0%	14.3%	0.0%	0.0%		0.0%	6.7%	0.0%	0.0%	0.0%	0.0%	25.0%	

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

20 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Total		Where are you personally located?		Ownership		Foreign Sales	
		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Reliability and cost		2		1	0	0	1	0		1	1	0	0		0	1	0	1	
of electricity		3.8%		4.2%	0.0%	0.0%	100.0%	0.0%		5.9%	3.0%	0.0%	0.0%		0.0%	5.6%	0.0%	14.3%	
				D	D		AB												
																			
Cost of benefits		2		0	2	0	0	0		0	2	0	0		1	1	0	0	
		3.8%		0.0%	8.7%	0.0%	0.0%	0.0%		0.0%	6.1%	0.0%	0.0%		5.3%	5.6%	0.0%	0.0%	
																			
Deflation		1		0	1	0	0	0		1	0	0	0		1	0	0	0	
		1.9%		0.0%	4.3%	0.0%	0.0%	0.0%		5.9%	0.0%	0.0%	0.0%		5.3%	0.0%	0.0%	0.0%	
																			
Other		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
Violent crime		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	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	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%	0.0%	0.0%	

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

21 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Reliability and cost		0	0	0	0	0	0	1	0	0	0	1	0	0	
of electricity		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	
															
Cost of benefits		0	0	0	0	0	0	1	0	0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
															
Deflation		0	1	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	11.1%	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	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Violent crime		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	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	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%	0.0%	

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

22 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=52		Sales Revenue		Number of Employees	
		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	
																	
Reliability and cost		1	0	1	0	0	0	0		0	1	0	1	0	0	0	
of electricity		5.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	25.0%	0.0%	0.0%	0.0%	
																	
Cost of benefits		1	0	0	0	0	0	0		0	2	0	0	0	0	0	
		5.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	13.3%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Deflation		0	0	0	1	0	0	0		0	0	0	0	0	1	0	
		0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	
		d			a												
																	
Other		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Violent crime		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	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	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%	0.0%	0.0%	

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

23 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Mean
Median		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
																			
Number		53		24	23	2	1	1		17	33	2	0		19	18	3	8	
Percent		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Revenue		16.1		12.7	21.3	12.5	---	---		17.2	16.1	0.0	---		13.4	16.1	10.5	21.1	
		10.0		10.0	15.0	1.0	---	---		10.5	10.0	-3.5	---		10.0	10.5	1.0	17.5	
																			
Earnings		14.2		11.7	20.4	0.0	---	-5.0		11.0	16.5	0.0	---		11.7	20.2	4.8	5.0	
		7.8		6.8	16.0	-1.5	---	-4.0		5.0	10.0	-1.5	---		10.0	8.5	6.3	0.0	
																			
Capital		10.1		10.6	11.6	5.0	---	---		15.7	8.2	5.0	---		3.0	16.5	2.7	26.3	
spending		5.0		5.0	5.0	-2.5	---	---		5.0	5.0	-7.5	---		5.0	6.0	3.5	5.0	
																			
Wages/		7.8		6.9	9.0	5.0	15.0	---		6.3	8.6	5.0	---		8.8	7.5	7.5	6.5	
Salaries		6.5		7.0	5.0	2.5	7.5	---		6.5	7.0	2.5	---		6.5	6.8	7.8	6.0	
																			
Prices of your		7.7		6.7	9.3	0.0	---	5.0		4.9	9.4	0.0	---		8.3	7.2	10.5	5.4	
products		6.0		6.0	10.0	0.0	---	2.5		5.0	6.5	0.0	---		7.3	6.0	1.0	0.0	
																			
Health care		4.8		5.6	2.9	10.0	---	---		4.4	4.8	10.0	---		3.8	5.8	---	7.0	
costs		5.0		6.0	2.0	5.0	---	---		5.0	5.5	5.0	---		1.1	6.0	---	7.0	
																			
Technology		3.9		4.4	2.7	0.0	---	---		4.6	3.6	0.0	---		2.4	7.6	5.0	1.0	
spending		2.5		5.0	1.0	0.0	---	---		4.5	3.0	0.0	---		0.5	10.0	3.0	0.0	
																			
Marketing/		2.4		3.5	2.1	0.0	---	---		4.0	1.9	0.0	---		-1.1	5.6	3.5	4.0	
advertising
spending		1.0		2.0	1.5	-1.0	---	---		1.0	2.0	-5.0	---		0.0	5.0	1.0	6.0	
																			
Number of		2.2		0.3	4.5	4.0	---	---		-1.8	4.1	3.0	---		3.8	0.3	-8.0	-0.2	
domestic full-
time
employees		2.0		2.0	1.0	1.0	---	---		1.5	2.0	-8.5	---		2.0	2.0	-2.0	3.0	
																			
Research and		0.3		1.1	-1.0	0.0	---	---		1.8	-0.6	0.0	---		-1.9	2.9	---	0.0	
development
spending		0.0		0.0	0.0	-5.0	---	---		0.0	0.0	-5.0	---		0.0	1.5	---	0.0	

24 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Number		8	9	7	0	1	5	5	2	3	3	4	2	3	
Percent		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Revenue		13.4	19.5	11.3	---	2.0	33.1	16.3	0.0	2.0	11.3	10.5	50.3	-0.8	
		10.0	10.0	10.5	---	4.0	35.0	28.0	3.0	4.0	12.5	1.0	1.0	15.5	
															
Earnings		5.4	5.0	10.7	---	---	68.2	32.5	0.0	47.2	7.7	0.8	21.0	-7.3	
		5.0	7.5	10.0	---	---	1.0	50.2	4.5	1.0	8.5	3.8	1.0	14.0	
															
Capital		-0.3	-1.0	16.9	---	---	60.0	1.0	5.0	65.0	5.0	2.5	7.5	-15.7	
spending		5.0	1.0	3.5	---	---	1.0	5.0	5.0	1.0	1.0	1.0	1.0	11.5	
															
Wages/		7.8	7.7	6.1	---	1.0	8.0	5.5	5.0	4.0	7.2	9.7	20.2	10.0	
Salaries		6.0	8.8	6.5	---	3.0	12.0	7.0	5.0	4.5	7.8	11.0	1.0	1.0	
															
Prices of your		10.3	6.0	8.9	---	-3.0	9.3	3.5	0.0	2.0	4.7	3.7	20.8	14.5	
products		10.0	10.0	6.0	---	-1.5	14.0	5.0	1.5	2.5	6.0	5.5	1.0	1.0	
															
Health care		4.4	3.0	5.0	---	---	5.9	0.0	10.0	5.0	6.0	7.0	1.0	8.0	
costs		6.5	4.5	6.0	---	---	8.9	2.5	7.5	5.0	1.0	9.5	1.0	1.0	
															
Technology		3.8	8.3	1.2	---	0.0	6.0	5.0	0.0	4.0	8.0	0.0	3.0	5.0	
spending		10.0	10.0	1.0	---	0.0	1.0	1.0	5.0	7.0	1.0	5.0	1.0	1.0	
															
Marketing/		4.2	1.0	1.4	---	---	3.3	7.9	0.0	0.0	2.7	7.5	3.5	-5.7	
advertising
spending		7.5	4.0	1.0	---	---	5.0	11.8	1.5	1.5	5.0	1.0	1.0	0.0	
															
Number of		0.0	-6.6	-2.1	---	-1.0	14.5	-12.0	3.0	-10.0	4.3	-6.5	41.4	-2.0	
domestic full-
time
employees		1.5	5.0	1.5	---	-5.5	5.0	-3.5	4.0	-2.5	5.5	1.0	1.0	7.0	
															
Research and		-3.3	4.0	0.2	---	---	3.4	-10.3	0.0	3.0	2.5	0.0	0.0	0.0	
development
spending		0.0	1.0	0.0	---	---	5.2	-5.2	0.0	1.5	1.0	2.5	1.0	1.0	

25 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
Percent		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Revenue		20.4	12.4	19.6	7.7	12.2	10.0	9.0		28.2	9.3	12.0	10.5	25.6	4.0	7.0	
		10.0	11.0	20.5	10.5	10.0	6.0	5.5		22.5	10.0	5.0	32.5	11.0	6.0	9.5	
																	
Earnings		18.8	7.9	24.4	5.0	9.6	10.0	5.5		23.9	6.5	30.0	35.2	6.3	0.0	5.0	
		12.5	8.0	13.8	4.0	5.0	5.0	1.0		15.0	9.0	13.5	91.5	1.0	1.0	5.0	
																	
Capital		10.1	3.6	2.5	-2.0	33.0	5.0	2.0		14.5	0.0	15.0	18.3	0.3	47.5	5.7	
spending		5.0	6.0	5.0	1.0	55.0	5.0	3.5		5.5	1.0	4.0	62.5	3.0	1.0	7.5	
																	
Wages/		8.3	6.7	6.6	10.3	5.4	10.0	8.3		9.3	6.8	9.0	6.8	12.3	4.3	6.9	
Salaries		7.0	6.0	7.0	15.0	6.0	7.5	1.0		8.5	6.0	7.0	1.0	16.0	6.0	7.5	
																	
Prices of your		7.9	8.7	9.7	4.0	2.0	10.0	6.0		10.1	7.3	6.0	4.0	7.0	-1.0	5.3	
products		7.0	7.5	6.3	7.5	2.0	6.0	4.0		9.5	6.0	3.0	1.0	8.0	0.0	7.0	
																	
Health care		3.4	5.0	8.3	0.0	7.3	7.0	---		4.1	3.9	9.0	12.0	0.0	6.0	6.0	
costs		1.1	6.0	9.5	1.0	8.5	6.0	---		4.0	2.0	4.5	6.0	1.0	1.0	1.0	
																	
Technology		2.4	4.0	6.3	-1.3	4.7	15.0	5.0		2.6	4.6	0.0	10.0	-2.0	0.0	8.0	
spending		1.0	6.0	10.0	0.5	7.0	9.5	4.5		0.5	5.5	0.0	1.0	1.0	0.0	10.0	
																	
Marketing/		2.2	1.6	7.3	5.5	-3.0	10.0	-2.0		3.2	0.5	0.0	2.8	5.3	0.0	5.0	
advertising
spending		1.0	1.5	5.5	1.0	0.0	5.0	-1.0		1.0	1.0	-2.5	12.8	7.5	1.0	1.0	
																	
Number of		11.7	-0.2	-9.8	-1.7	-8.3	5.0	-1.5		12.2	2.5	5.0	-9.0	-8.0	-5.3	-3.7	
domestic full-
time
employees		5.0	5.0	-10.0	0.0	-5.0	-2.5	1.0		5.0	3.0	-3.5	1.0	-2.0	-3.0	-0.5	
																	
Research and		0.1	0.0	0.0	-5.0	4.0	0.0	---		1.4	-2.1	0.0	5.0	-5.0	0.0	3.7	
development
spending		0.0	0.0	0.0	1.0	5.0	1.5	---		0.0	0.0	0.0	2.5	1.0	1.0	5.5	

26 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=50		Total		Where are you personally located?		Ownership		Foreign Sales	
Mean
Median		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
																			
Capital		21.0		21.1	21.5	5.0	---	---		22.2	18.8	5.0	---		-43.8	34.6	2.1	89.3	
spending		5.0		5.0	3.5	-2.5	---	---		5.0	1.0	-7.5	---		-31.7	10.1	3.5	58.3	
																			
Revenue		11.9		9.8	17.9	12.5	---	---		19.5	-1.5	0.0	---		-17.3	9.7	10.7	36.6	
		9.9		9.8	10.9	0.1	---	---		10.2	9.3	-3.5	---		-13.5	9.2	9.1	24.3	
																			
Earnings		9.1		6.0	20.7	0.0	---	-5.0		5.1	15.3	0.0	---		-34.3	20.5	2.3	1.3	
		5.0		5.3	15.2	-1.5	---	-4.0		4.4	9.5	-1.5	---		-19.1	9.0	3.6	10.2	
																			
Technology		5.5		5.9	-0.5	0.0	---	---		5.9	2.0	0.0	---		1.2	8.5	5.0	0.3	
spending		5.0		5.3	0.2	0.0	---	---		5.3	0.9	0.0	---		0.0	10.0	3.0	0.0	
																			
Prices of your		4.5		4.3	6.3	0.0	---	5.0		3.2	7.2	0.0	---		8.5	4.7	8.3	1.4	
products		4.4		4.4	8.0	0.0	---	2.5		2.9	6.0	0.0	---		8.9	4.8	12.1	13.2	
																			
Research and		2.6		3.1	-4.4	0.0	---	---		3.2	-2.4	0.0	---		-4.0	4.1	---	0.0	
development
spending		3.5		3.8	-0.6	-5.0	---	---		4.1	0.0	-5.0	---		0.0	5.1	---	0.0	
																			
Marketing/		-0.4		2.0	-10.7	0.0	---	---		3.4	-5.1	0.0	---		-10.6	2.4	4.2	0.6	
advertising
spending		0.0		0.0	-6.6	-1.0	---	---		0.9	-1.2	-5.0	---		-11.9	0.0	3.4	0.0	

27 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=50		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Capital		-0.5	2.7	73.8	---	---	60.0	0.9	5.0	65.0	5.0	3.7	7.5	-68.0	
spending		0.6	4.1	71.2	---	---	0.1	5.0	5.0	3.4	5.0	5.0	0.1	-26.5	
															
Revenue		11.3	31.5	10.6	---	2.0	33.1	29.5	0.0	2.0	11.3	10.7	50.3	-32.3	
		11.6	10.0	10.6	---	4.0	35.0	49.2	3.0	4.0	9.8	12.3	0.1	-8.1	
															
Earnings		4.5	4.6	2.5	---	---	68.2	55.6	0.0	47.2	8.6	3.5	21.0	-48.7	
		4.3	5.4	3.0	---	---	0.1	77.7	4.5	3.4	8.3	7.1	0.1	-20.3	
															
Technology		0.9	8.1	0.4	---	0.0	6.0	7.4	0.0	4.0	9.9	0.0	3.0	0.0	
spending		-0.4	12.2	0.0	---	0.0	0.1	6.8	5.0	7.0	5.1	5.0	0.1	2.5	
															
Prices of your		9.5	6.5	2.6	---	-3.0	9.3	4.3	0.0	2.0	4.5	4.6	20.8	9.0	
products		11.2	9.1	3.0	---	-1.5	14.0	6.0	1.5	2.5	6.0	6.0	0.1	20.3	
															
Research and		-6.0	4.7	0.0	---	---	3.4	-10.3	0.0	3.0	4.9	0.0	0.0	0.0	
development
spending		-1.6	6.9	0.0	---	---	5.2	-5.2	0.0	1.5	7.6	2.5	0.1	0.0	
															
Marketing/		6.7	9.1	0.5	---	---	3.3	12.9	0.0	0.0	0.8	6.3	3.5	-16.8	
advertising
spending		10.8	10.0	0.0	---	---	5.0	17.5	1.5	1.5	3.8	8.4	0.1	-8.4	

28 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=50		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	
																	
Capital		10.1	3.6	2.5	-2.0	33.0	5.0	2.0		14.5	-0.8	15.0	18.3	-0.6	93.0	5.1	
spending		5.0	6.0	5.0	0.5	55.0	5.0	3.5		5.4	0.5	4.0	62.5	2.0	55.9	5.5	
																	
Revenue		20.4	12.4	19.6	7.7	12.2	10.0	9.0		28.2	9.0	12.0	-7.2	54.8	8.5	6.7	
		10.0	11.0	20.5	10.5	10.0	6.0	5.5		22.5	9.5	5.0	16.3	51.1	33.8	9.4	
																	
Earnings		18.8	7.9	24.4	5.0	9.6	10.0	5.5		24.1	8.5	30.0	18.2	5.8	0.0	4.3	
		12.5	8.0	13.8	4.0	5.0	5.0	5.3		15.6	9.0	13.5	52.7	6.9	42.5	4.1	
																	
Technology		2.4	4.0	6.3	-1.3	4.7	15.0	5.0		2.6	3.6	0.0	10.0	-2.0	0.0	6.9	
spending		1.0	6.0	10.0	0.5	7.0	9.5	4.5		0.5	4.8	0.0	10.0	0.5	0.0	9.1	
																	
Prices of your		7.9	8.7	9.7	4.0	2.0	10.0	6.0		10.1	6.0	6.0	2.3	7.2	-0.4	4.8	
products		7.0	7.5	6.3	7.5	2.0	6.0	4.0		9.5	7.0	3.0	4.1	8.0	1.2	6.1	
																	
Research and		0.1	0.0	0.0	-5.0	4.0	0.0	---		1.4	-2.6	0.0	5.0	-5.0	0.0	4.1	
development
spending		0.0	0.0	0.0	0.5	5.0	1.5	---		0.0	0.0	0.0	2.5	0.5	0.0	6.2	
																	
Marketing/		2.2	1.6	7.3	5.5	-3.1	10.0	-2.0		3.2	-1.6	0.0	-5.2	5.4	0.0	4.2	
advertising
spending		1.0	1.5	5.5	0.5	0.0	5.0	-1.0		1.0	-2.0	-2.5	5.6	7.5	4.6	8.6	

29 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=49		Total		Where are you personally located?		Ownership		Foreign Sales	
Mean
Median		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
																			
Wages/		7.0		6.6	8.4	5.0	15.0	---		5.8	9.8	5.0	---		13.9	6.7	7.4	3.7	
Salaries		6.0		7.0	2.8	2.5	7.5	---		6.0	7.0	2.5	---		10.0	6.0	7.7	5.0	
																			
Health care		4.9		5.7	0.6	10.0	---	---		5.4	4.0	10.0	---		0.6	6.1	---	5.3	
costs		5.5		5.8	0.0	5.0	---	---		5.4	7.2	5.0	---		0.0	7.0	---	6.1	
																			
Number of		-3.8		-4.5	-2.0	4.0	---	---		-3.1	-5.2	3.0	---		-4.1	-3.2	-9.5	-2.3	
domestic full-
time
employees		-4.7		-5.2	-0.8	0.1	---	---		-1.8	-5.7	-8.5	---		-2.1	-1.8	-3.4	-0.7	

30 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=49		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Wages/		17.8	7.8	5.9	---	1.0	8.0	5.1	5.0	4.0	7.0	8.1	13.3	10.0	
Salaries		20.7	8.7	6.2	---	3.0	12.0	7.2	5.0	4.5	7.8	11.0	25.9	11.6	
															
Health care		-0.6	6.1	5.4	---	---	5.9	0.0	10.0	5.0	7.8	7.0	1.5	8.9	
costs		-1.0	8.2	6.5	---	---	8.9	2.5	7.5	5.0	12.2	9.5	5.4	10.9	
															
Number of		-3.3	-1.5	-5.2	---	-1.0	14.5	-12.0	3.0	-10.0	3.8	-15.5	42.1	-10.5	
domestic full-
time
employees		-1.6	5.0	-3.0	---	-3.0	5.0	-3.5	4.0	-2.5	3.3	-3.8	31.9	-5.2	

31 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=49		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	
																	
Wages/		7.6	6.1	7.0	8.0	5.1	10.0	7.6		9.3	6.7	9.0	6.8	12.3	4.3	6.9	
Salaries		6.7	5.2	7.0	5.0	5.6	7.5	8.3		8.5	6.0	7.0	0.6	16.0	6.0	7.5	
																	
Health care		2.9	4.6	7.0	0.0	5.6	7.0	---		4.1	3.9	9.0	12.0	0.0	6.0	6.0	
costs		1.1	3.6	4.5	1.6	6.1	6.0	---		4.0	2.0	4.5	6.0	1.6	3.3	3.8	
																	
Number of		11.1	-3.9	-13.3	-1.5	-7.9	5.0	-5.3		12.2	2.5	5.0	-9.0	-8.0	-5.3	-3.7	
domestic full-
time
employees		5.7	4.1	-7.0	0.0	-5.4	-2.5	-1.1		5.0	3.0	-3.5	0.6	-2.0	-3.0	-0.5	

32 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=29		Total		Where are you personally located?		Ownership		Foreign Sales	
Mean
Median		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
																			
Revenue		19.5		9.9	60.7	---	---	---		19.5	---	---	---		11.5	9.7	---	37.7	
		10.2		10.0	45.3	---	---	---		10.2	---	---	---		18.1	10.0	---	66.2	
																			
Earnings		5.1		5.2	-2.0	---	---	-5.0		5.1	---	---	---		3.0	7.6	2.0	0.0	
		4.4		4.4	0.0	---	---	-1.5		4.4	---	---	---		0.1	5.8	2.5	1.5	

33 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=29		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Revenue		---	31.6	10.1	---	2.0	20.0	50.0	---	2.0	14.9	---	---	16.0	
		---	39.3	10.6	---	6.5	15.5	30.5	---	6.5	12.6	---	---	15.5	
															
Earnings		---	4.6	0.6	---	---	---	91.5	---	3.0	8.0	-5.0	---	8.0	
		---	5.3	2.9	---	---	---	48.2	---	4.0	6.5	1.5	---	8.0	

34 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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=29		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	
																	
Revenue		20.0	8.0	50.0	6.5	21.3	10.0	---		18.1	4.0	---	17.3	63.1	9.0	6.7	
		17.5	13.0	30.0	0.5	12.5	9.5	---		19.7	0.1	---	33.8	44.6	10.0	9.4	
																	
Earnings		---	1.8	91.5	5.0	4.0	10.0	2.0		8.0	-0.3	---	13.6	5.0	0.0	4.3	
		---	6.0	44.7	1.5	5.0	6.5	2.5		5.5	2.0	---	52.7	48.2	45.7	4.1	

35 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q5.  What issues and policies most need to be addressed to improve the business climate in your country?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		53		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		45.3%	43.4%	3.8%	1.9%	1.9%		32.1%	62.3%	3.8%	0.0%		35.8%	34.0%	5.7%	15.1%	
																			
Reduce corruption		35		18	13	2	0	1		12	20	2	0		9	13	1	7	
		66.0%		75.0%	56.5%	100.0%	0.0%	100.0%		70.6%	60.6%	100.0%	0.0%		47.4%	72.2%	33.3%	87.5%	
																			
Improve the judiciary /		12		3	7	1	0	1		5	6	1	0		3	3	1	3	
legal system		22.6%		12.5%	30.4%	50.0%	0.0%	100.0%		29.4%	18.2%	50.0%	0.0%		15.8%	16.7%	33.3%	37.5%	
				e				a											
																			
Corporate tax reform		5		1	4	0	0	0		1	4	0	0		2	3	0	0	
		9.4%		4.2%	17.4%	0.0%	0.0%	0.0%		5.9%	12.1%	0.0%	0.0%		10.5%	16.7%	0.0%	0.0%	
																			
Reduce entitlements		9		9	0	0	0	0		5	4	0	0		1	5	2	1	
		17.0%		37.5%	0.0%	0.0%	0.0%	0.0%		29.4%	12.1%	0.0%	0.0%		5.3%	27.8%	66.7%	12.5%	
				B	A										C		A		
																			
Improve infrastructure		28		12	13	1	0	1		7	21	0	0		11	10	1	5	
		52.8%		50.0%	56.5%	50.0%	0.0%	100.0%		41.2%	63.6%	0.0%	0.0%		57.9%	55.6%	33.3%	62.5%	
																			
Improve the banking		6		0	6	0	0	0		1	5	0	0		4	1	0	0	
system		11.3%		0.0%	26.1%	0.0%	0.0%	0.0%		5.9%	15.2%	0.0%	0.0%		21.1%	5.6%	0.0%	0.0%	
				b	a														
																			
Reduce business		16		8	7	0	0	0		6	10	0	0		8	5	0	1	
regulations		30.2%		33.3%	30.4%	0.0%	0.0%	0.0%		35.3%	30.3%	0.0%	0.0%		42.1%	27.8%	0.0%	12.5%	

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

36 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q5.  What issues and policies most need to be addressed to improve the business climate in your country?

N=53		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.1%	17.0%	13.2%	0.0%	1.9%	9.4%	9.4%	3.8%	5.7%	5.7%	7.5%	3.8%	5.7%	
															
Reduce corruption		4	4	4	0	1	4	4	2	3	3	2	1	2	
		50.0%	44.4%	57.1%	0.0%	100.0%	80.0%	80.0%	100.0%	100.0%	100.0%	50.0%	50.0%	66.7%	
															
Improve the judiciary /		0	4	0	0	1	1	1	1	1	0	2	0	1	
legal system		0.0%	44.4%	0.0%	0.0%	100.0%	20.0%	20.0%	50.0%	33.3%	0.0%	50.0%	0.0%	33.3%	
		be	a	e		ac									
															
Corporate tax reform		2	1	0	0	0	1	0	0	1	0	0	0	0	
		25.0%	11.1%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
															
Reduce entitlements		0	1	1	0	0	1	1	0	1	1	2	0	1	
		0.0%	11.1%	14.3%	0.0%	0.0%	20.0%	20.0%	0.0%	33.3%	33.3%	50.0%	0.0%	33.3%	
															
Improve infrastructure		2	2	6	0	1	3	5	0	2	0	2	2	3	
		25.0%	22.2%	85.7%	0.0%	100.0%	60.0%	100.0%	0.0%	66.7%	0.0%	50.0%	100.0%	100.0%	
		cg	cgm	abj				abhj	g		cg			b	
															
Improve the banking		1	1	1	0	0	0	2	0	0	0	0	1	0	
system		12.5%	11.1%	14.3%	0.0%	0.0%	0.0%	40.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	
															
Reduce business		6	3	2	0	0	0	0	0	1	2	0	1	1	
regulations		75.0%	33.3%	28.6%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	66.7%	0.0%	50.0%	33.3%	
		fgk					a	a				a			

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

37 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q5.  What issues and policies most need to be addressed to improve the business climate in your country?

N=53		Sales Revenue		Number of Employees	
		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		39.6%	15.1%	9.4%	7.5%	13.2%	3.8%	5.7%		26.4%	28.3%	3.8%	7.5%	9.4%	9.4%	7.5%	
																	
Reduce corruption		11	6	3	2	5	2	3		7	10	2	2	3	4	3	
		52.4%	75.0%	60.0%	50.0%	71.4%	100.0%	100.0%		50.0%	66.7%	100.0%	50.0%	60.0%	80.0%	75.0%	
																	
Improve the judiciary /		4	1	1	1	2	1	1		3	3	0	0	3	2	1	
legal system		19.0%	12.5%	20.0%	25.0%	28.6%	50.0%	33.3%		21.4%	20.0%	0.0%	0.0%	60.0%	40.0%	25.0%	
																	
Corporate tax reform		2	2	0	0	1	0	0		2	1	0	1	0	0	0	
		9.5%	25.0%	0.0%	0.0%	14.3%	0.0%	0.0%		14.3%	6.7%	0.0%	25.0%	0.0%	0.0%	0.0%	
																	
Reduce entitlements		2	2	3	0	1	0	1		1	2	0	1	1	1	2	
		9.5%	25.0%	60.0%	0.0%	14.3%	0.0%	33.3%		7.1%	13.3%	0.0%	25.0%	20.0%	20.0%	50.0%	
		c		a													
																	
Improve infrastructure		13	5	3	1	5	0	0		8	9	1	3	0	3	2	
		61.9%	62.5%	60.0%	25.0%	71.4%	0.0%	0.0%		57.1%	60.0%	50.0%	75.0%	0.0%	60.0%	50.0%	
										e	e		e	abd			
																	
Improve the banking		4	1	0	1	0	0	0		2	3	0	0	0	1	0	
system		19.0%	12.5%	0.0%	25.0%	0.0%	0.0%	0.0%		14.3%	20.0%	0.0%	0.0%	0.0%	20.0%	0.0%	
																	
Reduce business		5	4	2	1	3	0	1		4	5	0	1	2	2	1	
regulations		23.8%	50.0%	40.0%	25.0%	42.9%	0.0%	33.3%		28.6%	33.3%	0.0%	25.0%	40.0%	40.0%	25.0%	

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

38 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q5.  What issues and policies most need to be addressed to improve the business climate in your country?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Reduce crime		13		7	4	1	0	0		2	8	2	0		3	4	1	3	
		24.5%		29.2%	17.4%	50.0%	0.0%	0.0%		11.8%	24.2%	100.0%	0.0%		15.8%	22.2%	33.3%	37.5%	
										c	c	ab							
																			
Improve conditions		5		1	4	0	0	0		2	3	0	0		1	2	1	0	
for cross-border trade		9.4%		4.2%	17.4%	0.0%	0.0%	0.0%		11.8%	9.1%	0.0%	0.0%		5.3%	11.1%	33.3%	0.0%	
																			
Improve public
education and		
14		
8	
3	
1	
0	
0		
4	
9	
0	
0		
6	
4	
1	
2	
training		26.4%		33.3%	13.0%	50.0%	0.0%	0.0%		23.5%	27.3%	0.0%	0.0%		31.6%	22.2%	33.3%	25.0%	
																			
Improve the price
inflation/deflation		
15		
1	
14	
0	
0	
0		
3	
12	
0	
0		
9	
5	
0	
0	
situation		28.3%		4.2%	60.9%	0.0%	0.0%	0.0%		17.6%	36.4%	0.0%	0.0%		47.4%	27.8%	0.0%	0.0%	
				B	A										d			a	
																			
Reduce political		26		15	8	1	0	1		13	11	2	0		9	8	2	5	
instability		49.1%		62.5%	34.8%	50.0%	0.0%	100.0%		76.5%	33.3%	100.0%	0.0%		47.4%	44.4%	66.7%	62.5%	
										B	A								
																			
Other		3		0	3	0	0	0		0	3	0	0		2	1	0	0	
		5.7%		0.0%	13.0%	0.0%	0.0%	0.0%		0.0%	9.1%	0.0%	0.0%		10.5%	5.6%	0.0%	0.0%	

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

39 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q5.  What issues and policies most need to be addressed to improve the business climate in your country?

N=53		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Reduce crime		2	2	2	0	0	0	2	2	0	1	0	0	1	
		25.0%	22.2%	28.6%	0.0%	0.0%	0.0%	40.0%	100.0%	0.0%	33.3%	0.0%	0.0%	33.3%	
							h		f						
															
Improve conditions		1	2	1	0	0	0	1	0	0	0	0	0	0	
for cross-border trade		12.5%	22.2%	14.3%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Improve public
education and		
1	
2	
2	
0	
0	
4	
1	
0	
0	
1	
2	
0	
0	
training		12.5%	22.2%	28.6%	0.0%	0.0%	80.0%	20.0%	0.0%	0.0%	33.3%	50.0%	0.0%	0.0%	
		f					a								
															
Improve the price
inflation/deflation		
4	
3	
1	
0	
0	
1	
1	
0	
2	
1	
0	
1	
1	
situation		50.0%	33.3%	14.3%	0.0%	0.0%	20.0%	20.0%	0.0%	66.7%	33.3%	0.0%	50.0%	33.3%	
															
Reduce political		5	6	4	0	1	0	1	2	1	3	2	1	0	
instability		62.5%	66.7%	57.1%	0.0%	100.0%	0.0%	20.0%	100.0%	33.3%	100.0%	50.0%	50.0%	0.0%	
		f	f				abhj		f		f				
															
Other		0	1	0	0	0	1	0	0	0	0	0	1	0	
		0.0%	11.1%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	

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

40 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q5.  What issues and policies most need to be addressed to improve the business climate in your country?

N=53		Sales Revenue		Number of Employees	
		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	
																	
Reduce crime		6	0	1	0	2	0	1		3	5	1	0	1	0	1	
		28.6%	0.0%	20.0%	0.0%	28.6%	0.0%	33.3%		21.4%	33.3%	50.0%	0.0%	20.0%	0.0%	25.0%	
																	
Improve conditions		1	2	0	1	0	1	0		1	2	0	0	0	2	0	
for cross-border trade		4.8%	25.0%	0.0%	25.0%	0.0%	50.0%	0.0%		7.1%	13.3%	0.0%	0.0%	0.0%	40.0%	0.0%	
		f					a										
																	
Improve public
education and		
6	
3	
2	
1	
0	
0	
1		
4	
5	
1	
1	
2	
0	
0	
training		28.6%	37.5%	40.0%	25.0%	0.0%	0.0%	33.3%		28.6%	33.3%	50.0%	25.0%	40.0%	0.0%	0.0%	
																	
Improve the price
inflation/deflation		
7	
2	
0	
2	
3	
0	
1		
7	
2	
0	
3	
2	
1	
0	
situation		33.3%	25.0%	0.0%	50.0%	42.9%	0.0%	33.3%		50.0%	13.3%	0.0%	75.0%	40.0%	20.0%	0.0%	
										b	ad		b				
																	
Reduce political		6	3	4	4	4	2	2		4	6	1	2	4	4	3	
instability		28.6%	37.5%	80.0%	100.0%	57.1%	100.0%	66.7%		28.6%	40.0%	50.0%	50.0%	80.0%	80.0%	75.0%	
		cd		a	a												
																	
Other		3	0	0	0	0	0	0		3	0	0	0	0	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		21.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

41 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Machinery Capacity	
																			
1=No		12		8	4	0	0	0		2	9	1	0		3	4	1	3	
		27.9%		36.4%	25.0%	0.0%	0.0%	0.0%		15.4%	32.1%	50.0%	0.0%		21.4%	25.0%	33.3%	37.5%	
																			
2=Yes		31		14	12	2	1	1		11	19	1	0		11	12	2	5	
		72.1%		63.6%	75.0%	100.0%	100.0%	100.0%		84.6%	67.9%	50.0%	0.0%		78.6%	75.0%	66.7%	62.5%	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Inventories	
																			
1=No		13		8	4	0	0	0		2	10	1	0		6	2	2	2	
		27.1%		36.4%	19.0%	0.0%	0.0%	0.0%		15.4%	30.3%	50.0%	0.0%		35.3%	11.8%	66.7%	25.0%	
																c	b		
																			
2=Yes		35		14	17	2	1	1		11	23	1	0		11	15	1	6	
		72.9%		63.6%	81.0%	100.0%	100.0%	100.0%		84.6%	69.7%	50.0%	0.0%		64.7%	88.2%	33.3%	75.0%	
																c	b		

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

42 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Machinery Capacity	
															
1=No		2	1	2	0	0	1	3	1	0	0	2	0	0	
		28.6%	16.7%	28.6%	0.0%	0.0%	25.0%	60.0%	50.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
															
2=Yes		5	5	5	0	1	3	2	1	3	3	2	0	1	
		71.4%	83.3%	71.4%	0.0%	100.0%	75.0%	40.0%	50.0%	100.0%	100.0%	50.0%	0.0%	100.0%	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Inventories	
															
1=No		4	1	2	0	0	0	2	1	0	1	2	0	0	
		50.0%	16.7%	28.6%	0.0%	0.0%	0.0%	40.0%	50.0%	0.0%	33.3%	50.0%	0.0%	0.0%	
															
2=Yes		4	5	5	0	1	4	3	1	3	2	2	2	3	
		50.0%	83.3%	71.4%	0.0%	100.0%	100.0%	60.0%	50.0%	100.0%	66.7%	50.0%	100.0%	100.0%	

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

43 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Machinery Capacity	
																	
1=No		5	0	5	0	1	0	0		3	2	1	1	2	1	0	
		29.4%	0.0%	100.0%	0.0%	20.0%	0.0%	0.0%		27.3%	15.4%	50.0%	33.3%	40.0%	33.3%	0.0%	
		c	C	aBdeg	c	c		c									
																	
2=Yes		12	8	0	3	4	1	3		8	11	1	2	3	2	3	
		70.6%	100.0%	0.0%	100.0%	80.0%	100.0%	100.0%		72.7%	84.6%	50.0%	66.7%	60.0%	66.7%	100.0%	
		c	C	aBdeg	c	c		c									
																	
Total		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Inventories	
																	
1=No		5	2	4	0	0	0	1		3	4	1	0	1	1	1	
		25.0%	25.0%	80.0%	0.0%	0.0%	0.0%	33.3%		23.1%	26.7%	50.0%	0.0%	20.0%	33.3%	33.3%	
		c		ae		c											
																	
2=Yes		15	6	1	3	6	1	2		10	11	1	4	4	2	2	
		75.0%	75.0%	20.0%	100.0%	100.0%	100.0%	66.7%		76.9%	73.3%	50.0%	100.0%	80.0%	66.7%	66.7%	
		c		ae		c											

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

44 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Access to raw materials / suppliers	
																			
1=No		7		6	1	0	0	0		2	4	1	0		2	2	1	1	
		16.3%		27.3%	6.3%	0.0%	0.0%	0.0%		15.4%	14.3%	50.0%	0.0%		14.3%	12.5%	33.3%	12.5%	
																			
2=Yes		36		16	15	2	1	1		11	24	1	0		12	14	2	7	
		83.7%		72.7%	93.8%	100.0%	100.0%	100.0%		84.6%	85.7%	50.0%	0.0%		85.7%	87.5%	66.7%	87.5%	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Human capital	
																			
1=No		15		11	3	1	0	0		7	7	1	0		2	7	1	3	
		30.0%		45.8%	13.6%	50.0%	0.0%	0.0%		43.8%	21.9%	50.0%	0.0%		11.1%	41.2%	33.3%	37.5%	
				b	a														
																			
2=Yes		35		13	19	1	1	0		9	25	1	0		16	10	2	5	
		70.0%		54.2%	86.4%	50.0%	100.0%	0.0%		56.3%	78.1%	50.0%	0.0%		88.9%	58.8%	66.7%	62.5%	
				b	a														

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

45 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Access to raw materials / suppliers	
															
1=No		1	1	2	0	0	0	1	1	1	0	0	0	0	
		14.3%	16.7%	28.6%	0.0%	0.0%	0.0%	20.0%	50.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
															
2=Yes		6	5	5	0	1	4	4	1	2	3	4	0	1	
		85.7%	83.3%	71.4%	0.0%	100.0%	100.0%	80.0%	50.0%	66.7%	100.0%	100.0%	0.0%	100.0%	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Human capital	
															
1=No		1	4	3	0	0	2	0	1	1	3	0	0	0	
		12.5%	44.4%	42.9%	0.0%	0.0%	40.0%	0.0%	50.0%	33.3%	100.0%	0.0%	0.0%	0.0%	
		j						j			ag				
															
2=Yes		7	5	4	0	1	3	5	1	2	0	3	2	2	
		87.5%	55.6%	57.1%	0.0%	100.0%	60.0%	100.0%	50.0%	66.7%	0.0%	100.0%	100.0%	100.0%	
		j						j			ag				

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

46 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Access to raw materials / suppliers	
																	
1=No		1	0	3	0	1	0	1		1	0	1	0	0	1	2	
		5.9%	0.0%	60.0%	0.0%	20.0%	0.0%	33.3%		9.1%	0.0%	50.0%	0.0%	0.0%	33.3%	66.7%	
		c	c	ab							cfG	b			b	B	
																	
2=Yes		16	8	2	3	4	1	2		10	13	1	3	5	2	1	
		94.1%	100.0%	40.0%	100.0%	80.0%	100.0%	66.7%		90.9%	100.0%	50.0%	100.0%	100.0%	66.7%	33.3%	
		c	c	ab							cfG	b			b	B	
																	
Total		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Human capital	
																	
1=No		2	2	3	0	3	2	2		2	2	2	1	1	2	3	
		9.5%	28.6%	60.0%	0.0%	50.0%	100.0%	66.7%		14.3%	14.3%	100.0%	33.3%	20.0%	40.0%	75.0%	
		ceFg		a		a	A	a		cg	cg	ab				ab	
																	
2=Yes		19	5	2	4	3	0	1		12	12	0	2	4	3	1	
		90.5%	71.4%	40.0%	100.0%	50.0%	0.0%	33.3%		85.7%	85.7%	0.0%	66.7%	80.0%	60.0%	25.0%	
		ceFg		a		a	A	a		cg	cg	ab				ab	

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

47 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Other	
																			
1=No		1		0	0	1	0	0		0	0	1	0		0	0	0	1	
		25.0%		0.0%	0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	100.0%	0.0%		0.0%	0.0%	0.0%	100.0%	
																			
2=Yes		3		1	2	0	0	0		1	2	0	0		0	1	1	0	
		75.0%		100.0%	100.0%	0.0%	0.0%	0.0%		100.0%	100.0%	0.0%	0.0%		0.0%	100.0%	100.0%	0.0%	

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

48 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Other	
															
1=No		0	0	0	0	0	0	0	1	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
2=Yes		1	1	0	0	0	0	0	0	0	0	0	1	0	
		100.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	

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

49 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Other	
																	
1=No		1	0	0	0	0	0	0		1	0	0	0	0	0	0	
		50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
2=Yes		1	1	0	0	0	0	1		1	1	0	0	0	0	1	
		50.0%	100.0%	0.0%	0.0%	0.0%	0.0%	100.0%		50.0%	100.0%	0.0%	0.0%	0.0%	0.0%	100.0%	

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

50 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Your Government	
																			
1=Retaliate
against the		
3		
3	
0	
0	
0	
0		
0	
2	
1	
0		
1	
1	
0	
0	
US proposal		6.0%		12.5%	0.0%	0.0%	0.0%	0.0%		0.0%	6.5%	50.0%	0.0%		5.6%	5.6%	0.0%	0.0%	
										C	c	Ab							
																			
2=Resist but
do not		
9		
4	
5	
0	
0	
0		
4	
5	
0	
0		
3	
4	
1	
1	
retaliate		18.0%		16.7%	23.8%	0.0%	0.0%	0.0%		23.5%	16.1%	0.0%	0.0%		16.7%	22.2%	33.3%	12.5%	
																			
3=Remain		19		7	8	2	0	1		3	15	1	0		7	7	1	3	
neutral		38.0%		29.2%	38.1%	100.0%	0.0%	100.0%		17.6%	48.4%	50.0%	0.0%		38.9%	38.9%	33.3%	37.5%	
										b	a								
																			
4=Cooperate
with the US		
9		
4	
5	
0	
0	
0		
6	
3	
0	
0		
2	
3	
1	
3	
proposal		18.0%		16.7%	23.8%	0.0%	0.0%	0.0%		35.3%	9.7%	0.0%	0.0%		11.1%	16.7%	33.3%	37.5%	
										b	a								
																			
5=Don't Know		10		6	3	0	1	0		4	6	0	0		5	3	0	1	
		20.0%		25.0%	14.3%	0.0%	100.0%	0.0%		23.5%	19.4%	0.0%	0.0%		27.8%	16.7%	0.0%	12.5%	
					d		b												

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

51 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Your Government	
															
1=Retaliate
against the		
1	
0	
0	
0	
0	
0	
1	
1	
0	
0	
0	
0	
0	
US proposal		12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
2=Resist but
do not		
2	
2	
1	
0	
0	
0	
1	
0	
0	
1	
1	
1	
0	
retaliate		25.0%	22.2%	14.3%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	33.3%	25.0%	100.0%	0.0%	
															
3=Remain		3	1	3	0	0	4	0	1	2	1	2	0	2	
neutral		37.5%	11.1%	42.9%	0.0%	0.0%	80.0%	0.0%	50.0%	66.7%	33.3%	50.0%	0.0%	66.7%	
			f				bg	f							
															
4=Cooperate
with the US		
0	
4	
2	
0	
1	
0	
1	
0	
0	
1	
0	
0	
0	
proposal		0.0%	44.4%	28.6%	0.0%	100.0%	0.0%	25.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	
		be	a			a									
															
5=Don't Know		2	2	1	0	0	1	1	0	1	0	1	0	1	
		25.0%	22.2%	14.3%	0.0%	0.0%	20.0%	25.0%	0.0%	33.3%	0.0%	25.0%	0.0%	33.3%	

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

52 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Your Government	
																	
1=Retaliate
against the		
2	
0	
0	
0	
0	
0	
0		
0	
2	
1	
0	
0	
0	
0	
US proposal		10.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	14.3%	50.0%	0.0%	0.0%	0.0%	0.0%	
										c		a					
																	
2=Resist but
do not		
3	
3	
1	
0	
2	
0	
0		
3	
3	
0	
0	
1	
1	
1	
retaliate		15.8%	37.5%	20.0%	0.0%	28.6%	0.0%	0.0%		23.1%	21.4%	0.0%	0.0%	20.0%	20.0%	25.0%	
																	
3=Remain		9	2	2	0	2	1	2		7	6	0	2	1	1	1	
neutral		47.4%	25.0%	40.0%	0.0%	28.6%	50.0%	66.7%		53.8%	42.9%	0.0%	50.0%	20.0%	20.0%	25.0%	
																	
4=Cooperate
with the US		
1	
1	
1	
3	
2	
0	
1		
1	
1	
0	
1	
2	
2	
1	
proposal		5.3%	12.5%	20.0%	75.0%	28.6%	0.0%	33.3%		7.7%	7.1%	0.0%	25.0%	40.0%	40.0%	25.0%	
		D			A												
																	
5=Don't Know		4	2	1	1	1	1	0		2	2	1	1	1	1	1	
		21.1%	25.0%	20.0%	25.0%	14.3%	50.0%	0.0%		15.4%	14.3%	50.0%	25.0%	20.0%	20.0%	25.0%	

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

53 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Your Company	
																			
1=Retaliate
against the		
2		
2	
0	
0	
0	
0		
0	
1	
1	
0		
1	
0	
0	
0	
US proposal		4.2%		8.7%	0.0%	0.0%	0.0%	0.0%		0.0%	3.3%	50.0%	0.0%		5.9%	0.0%	0.0%	0.0%	
										c	c	ab							
																			
2=Resist but
do not		
4		
1	
3	
0	
0	
0		
2	
2	
0	
0		
1	
1	
0	
1	
retaliate		8.3%		4.3%	15.0%	0.0%	0.0%	0.0%		12.5%	6.7%	0.0%	0.0%		5.9%	5.9%	0.0%	12.5%	
																			
3=Remain		23		9	10	2	0	1		6	16	1	0		9	8	1	4	
neutral		47.9%		39.1%	50.0%	100.0%	0.0%	100.0%		37.5%	53.3%	50.0%	0.0%		52.9%	47.1%	33.3%	50.0%	
																			
4=Cooperate
with the US		
10		
5	
5	
0	
0	
0		
6	
4	
0	
0		
2	
5	
1	
2	
proposal		20.8%		21.7%	25.0%	0.0%	0.0%	0.0%		37.5%	13.3%	0.0%	0.0%		11.8%	29.4%	33.3%	25.0%	
																			
5=Don't Know		9		6	2	0	1	0		2	7	0	0		4	3	1	1	
		18.8%		26.1%	10.0%	0.0%	100.0%	0.0%		12.5%	23.3%	0.0%	0.0%		23.5%	17.6%	33.3%	12.5%	
					d		b												

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

54 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Your Company	
															
1=Retaliate
against the		
1	
0	
0	
0	
0	
0	
0	
1	
0	
0	
0	
0	
0	
US proposal		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
2=Resist but
do not		
0	
2	
0	
0	
0	
0	
1	
0	
0	
0	
0	
1	
0	
retaliate		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	
															
3=Remain		6	2	3	0	0	2	0	1	3	2	2	1	1	
neutral		85.7%	25.0%	42.9%	0.0%	0.0%	40.0%	0.0%	50.0%	100.0%	66.7%	50.0%	50.0%	33.3%	
		bg	a					a							
															
4=Cooperate
with the US		
0	
3	
2	
0	
1	
2	
1	
0	
0	
1	
0	
0	
0	
proposal		0.0%	37.5%	28.6%	0.0%	100.0%	40.0%	33.3%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	
		e				a									
															
5=Don't Know		0	1	2	0	0	1	1	0	0	0	2	0	2	
		0.0%	12.5%	28.6%	0.0%	0.0%	20.0%	33.3%	0.0%	0.0%	0.0%	50.0%	0.0%	66.7%	
		m												a	

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

55 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Your Company	
																	
1=Retaliate
against the		
1	
0	
0	
0	
0	
0	
0		
0	
1	
1	
0	
0	
0	
0	
US proposal		5.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	7.1%	50.0%	0.0%	0.0%	0.0%	0.0%	
										c		a					
																	
2=Resist but
do not		
2	
0	
0	
0	
2	
0	
0		
0	
2	
0	
0	
1	
0	
1	
retaliate		11.1%	0.0%	0.0%	0.0%	28.6%	0.0%	0.0%		0.0%	14.3%	0.0%	0.0%	20.0%	0.0%	25.0%	
																	
3=Remain		9	5	2	1	4	0	2		8	7	0	2	2	2	1	
neutral		50.0%	62.5%	40.0%	25.0%	57.1%	0.0%	66.7%		66.7%	50.0%	0.0%	50.0%	40.0%	50.0%	25.0%	
																	
4=Cooperate
with the US		
2	
1	
1	
3	
1	
1	
1		
2	
1	
0	
1	
1	
2	
2	
proposal		11.1%	12.5%	20.0%	75.0%	14.3%	100.0%	33.3%		16.7%	7.1%	0.0%	25.0%	20.0%	50.0%	50.0%	
		df			a		a										
																	
5=Don't Know		4	2	2	0	0	0	0		2	3	1	1	1	0	0	
		22.2%	25.0%	40.0%	0.0%	0.0%	0.0%	0.0%		16.7%	21.4%	50.0%	25.0%	20.0%	0.0%	0.0%	

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

56 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK Excluded - Shows average scores)

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Mean		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
				A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Number		53		24	23	2	1	1		17	33	2	0		19	18	3	8	
Percent		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Your Government	
																			
		40		18	18	2	0	1		13	25	2	0		13	15	3	7	
		2.8		2.7	3.0	3.0	---	3.0		3.2	2.8	2.0	---		2.8	2.8	3.0	3.3	
																			
Your Company	
																			
		39		17	18	2	0	1		14	23	2	0		13	14	2	7	
		3.1		3.0	3.1	3.0	---	3.0		3.3	3.0	2.0	---		2.9	3.3	3.5	3.1	

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

57 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK Excluded - Shows average scores)

N=53		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		8	9	7	0	1	5	5	2	3	3	4	2	3	
Percent		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Your Government	
															
		6	7	6	0	1	4	3	2	2	3	3	1	2	
		2.3	3.3	3.2	---	4.0	3.0	2.3	2.0	3.0	3.0	2.7	2.0	3.0	
															
Your Company	
															
		7	7	5	0	1	4	2	2	3	3	2	2	1	
		2.7	3.1	3.4	---	4.0	3.5	3.0	2.0	3.0	3.3	3.0	2.5	3.0	

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

58 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK Excluded - Shows average scores)

N=53		Sales Revenue		Number of Employees	
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		
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	
																	
Number		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
Percent		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Your Government	
																	
		15	6	4	3	6	1	3		11	12	1	3	4	4	3	
		2.6	2.7	3.0	4.0	3.0	3.0	3.3		2.8	2.5	1.0	3.3	3.3	3.3	3.0	
																	
Your Company	
																	
		14	6	3	4	7	1	3		10	11	1	3	4	4	4	
		2.9	3.2	3.3	3.8	2.9	4.0	3.3		3.2	2.7	1.0	3.3	3.0	3.5	3.3	
		d			a												

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

59 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Your company:	
																			
0=Not at all		5		2	3	0	0	0		3	2	0	0		2	2	0	1	
		9.6%		8.3%	13.0%	0.0%	0.0%	0.0%		17.6%	6.1%	0.0%	0.0%		10.5%	11.1%	0.0%	12.5%	
																			
1=Very little		14		9	3	0	0	1		4	10	0	0		7	5	1	1	
		26.9%		37.5%	13.0%	0.0%	0.0%	100.0%		23.5%	30.3%	0.0%	0.0%		36.8%	27.8%	33.3%	12.5%	
					e			b											
																			
2=Moderately		13		8	5	0	0	0		5	8	0	0		4	5	2	1	
		25.0%		33.3%	21.7%	0.0%	0.0%	0.0%		29.4%	24.2%	0.0%	0.0%		21.1%	27.8%	66.7%	12.5%	
																			
3=A great deal		18		5	12	1	0	0		5	11	2	0		6	6	0	3	
		34.6%		20.8%	52.2%	50.0%	0.0%	0.0%		29.4%	33.3%	100.0%	0.0%		31.6%	33.3%	0.0%	37.5%	
				b	a														
																			
5=N/A		2		0	0	1	1	0		0	2	0	0		0	0	0	2	
		3.8%		0.0%	0.0%	50.0%	100.0%	0.0%		0.0%	6.1%	0.0%	0.0%		0.0%	0.0%	0.0%	25.0%	
				CD	CD	AB	AB								d	d		ab	

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

60 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Your company:	
															
0=Not at all		0	0	1	0	1	1	0	0	0	0	0	1	1	
		0.0%	0.0%	14.3%	0.0%	100.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	33.3%	
		e	e			ab									
															
1=Very little		4	2	2	0	0	1	1	0	0	1	2	0	1	
		50.0%	22.2%	28.6%	0.0%	0.0%	20.0%	20.0%	0.0%	0.0%	33.3%	50.0%	0.0%	33.3%	
															
2=Moderately		1	4	2	0	0	1	1	0	1	1	1	1	0	
		12.5%	44.4%	28.6%	0.0%	0.0%	20.0%	20.0%	0.0%	33.3%	33.3%	25.0%	50.0%	0.0%	
															
3=A great deal		3	3	2	0	0	1	3	2	2	1	0	0	1	
		37.5%	33.3%	28.6%	0.0%	0.0%	20.0%	60.0%	100.0%	66.7%	33.3%	0.0%	0.0%	33.3%	
															
5=N/A		0	0	0	0	0	1	0	0	0	0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	

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

61 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Your company:	
																	
0=Not at all		2	0	0	2	0	0	0		2	1	0	0	1	1	0	
		9.5%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%		14.3%	6.7%	0.0%	0.0%	20.0%	20.0%	0.0%	
																	
1=Very little		6	5	1	0	2	0	0		3	6	1	1	0	0	1	
		28.6%	62.5%	20.0%	0.0%	28.6%	0.0%	0.0%		21.4%	40.0%	50.0%	25.0%	0.0%	0.0%	25.0%	
																	
2=Moderately		5	1	2	2	1	1	1		2	4	0	0	2	1	3	
		23.8%	12.5%	40.0%	50.0%	14.3%	50.0%	33.3%		14.3%	26.7%	0.0%	0.0%	40.0%	20.0%	75.0%	
										g						a	
																	
3=A great deal		6	2	2	0	4	1	2		6	3	1	3	2	3	0	
		28.6%	25.0%	40.0%	0.0%	57.1%	50.0%	66.7%		42.9%	20.0%	50.0%	75.0%	40.0%	60.0%	0.0%	
																	
5=N/A		2	0	0	0	0	0	0		1	1	0	0	0	0	0	
		9.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		7.1%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

62 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Your business environment:	
																			
0=Not at all		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
1=Very little		8		5	2	0	0	0		4	4	0	0		3	1	2	2	
		15.7%		20.8%	9.1%	0.0%	0.0%	0.0%		25.0%	12.1%	0.0%	0.0%		15.8%	5.6%	66.7%	25.0%	
																c	b		
																			
2=Moderately		15		8	5	1	0	1		5	10	0	0		3	8	1	2	
		29.4%		33.3%	22.7%	50.0%	0.0%	100.0%		31.3%	30.3%	0.0%	0.0%		15.8%	44.4%	33.3%	25.0%	
																			
3=A great deal		27		11	15	1	0	0		7	18	2	0		13	9	0	3	
		52.9%		45.8%	68.2%	50.0%	0.0%	0.0%		43.8%	54.5%	100.0%	0.0%		68.4%	50.0%	0.0%	37.5%	
															c		a		
																			
5=N/A		1		0	0	0	1	0		0	1	0	0		0	0	0	1	
		2.0%		0.0%	0.0%	0.0%	100.0%	0.0%		0.0%	3.0%	0.0%	0.0%		0.0%	0.0%	0.0%	12.5%	
				D	D		AB												

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

63 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Your business environment:	
															
0=Not at all		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
1=Very little		1	1	2	0	1	1	0	0	0	0	2	0	0	
		12.5%	12.5%	28.6%	0.0%	100.0%	20.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
															
2=Moderately		1	2	1	0	0	3	1	0	1	2	1	1	2	
		12.5%	25.0%	14.3%	0.0%	0.0%	60.0%	20.0%	0.0%	33.3%	66.7%	25.0%	50.0%	66.7%	
															
3=A great deal		6	5	4	0	0	1	4	2	2	1	0	1	1	
		75.0%	62.5%	57.1%	0.0%	0.0%	20.0%	80.0%	100.0%	66.7%	33.3%	0.0%	50.0%	33.3%	
		k						k				ag			
															
5=N/A		0	0	0	0	0	0	0	0	0	0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	

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

64 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Your business environment:	
																	
0=Not at all		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
1=Very little		3	1	1	2	0	0	1		2	2	0	0	2	1	1	
		14.3%	12.5%	20.0%	50.0%	0.0%	0.0%	33.3%		14.3%	13.3%	0.0%	0.0%	40.0%	25.0%	25.0%	
																	
2=Moderately		6	2	2	0	3	0	1		3	6	0	3	1	0	0	
		28.6%	25.0%	40.0%	0.0%	42.9%	0.0%	33.3%		21.4%	40.0%	0.0%	75.0%	20.0%	0.0%	0.0%	
																	
3=A great deal		11	5	2	2	4	1	1		9	6	2	1	2	3	3	
		52.4%	62.5%	40.0%	50.0%	57.1%	100.0%	33.3%		64.3%	40.0%	100.0%	25.0%	40.0%	75.0%	75.0%	
																	
5=N/A		1	0	0	0	0	0	0		0	1	0	0	0	0	0	
		4.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

65 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Mean		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
				A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Number		53		24	23	2	1	1		17	33	2	0		19	18	3	8	
Percent		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Your company:	
																			
		50		24	23	1	0	1		17	31	2	0		19	18	3	6	
		1.9		1.7	2.1	3.0	---	1.0		1.7	1.9	3.0	---		1.7	1.8	1.7	2.0	
																			
Your business environment:	
																			
		50		24	22	2	0	1		16	32	2	0		19	18	3	7	
		2.4		2.3	2.6	2.5	---	2.0		2.2	2.4	3.0	---		2.5	2.4	1.3	2.1	
															c	C	aB		

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

66 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

N=53		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		8	9	7	0	1	5	5	2	3	3	4	2	3	
Percent		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Your company:	
															
		8	9	7	0	1	4	5	2	3	3	3	2	3	
		1.9	2.1	1.7	---	0.0	1.5	2.4	3.0	2.7	2.0	1.3	1.0	1.3	
										k		i			
															
Your business environment:	
															
		8	8	7	0	1	5	5	2	3	3	3	2	3	
		2.6	2.5	2.3	---	1.0	2.0	2.8	3.0	2.7	2.3	1.3	2.5	2.3	
		k	k					K		k		abGi			

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

67 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q8.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

N=53		Sales Revenue		Number of Employees	
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		
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	
																	
Number		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
Percent		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Your company:	
																	
		19	8	5	4	7	2	3		13	14	2	4	5	5	4	
		1.8	1.6	2.2	1.0	2.3	2.5	2.7		1.9	1.6	2.0	2.5	2.0	2.2	1.8	
																	
Your business environment:	
																	
		20	8	5	4	7	1	3		14	14	2	4	5	4	4	
		2.4	2.5	2.2	2.0	2.6	3.0	2.0		2.5	2.3	3.0	2.3	2.0	2.5	2.5	

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

68 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Public perceptions and trust considerations affect my company's business decisions	
																			
-2=Strongly		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
Disagree		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
-1=Disagree		6		4	2	0	0	0		2	4	0	0		5	1	0	0	
		11.8%		16.7%	8.7%	0.0%	0.0%	0.0%		11.8%	12.5%	0.0%	0.0%		26.3%	5.6%	0.0%	0.0%	
																			
0=Neutral		10		6	2	1	0	1		4	6	0	0		3	4	0	3	
		19.6%		25.0%	8.7%	50.0%	0.0%	100.0%		23.5%	18.8%	0.0%	0.0%		15.8%	22.2%	0.0%	42.9%	
					e			b											
																			
1=Agree		23		12	10	0	0	0		7	16	0	0		6	10	3	2	
		45.1%		50.0%	43.5%	0.0%	0.0%	0.0%		41.2%	50.0%	0.0%	0.0%		31.6%	55.6%	100.0%	28.6%	
															c		a		
																			
2=Strongly		12		2	9	1	0	0		4	6	2	0		5	3	0	2	
Agree		23.5%		8.3%	39.1%	50.0%	0.0%	0.0%		23.5%	18.8%	100.0%	0.0%		26.3%	16.7%	0.0%	28.6%	
				b	a					c	c	ab							
																			
Mean		0.8		0.5	1.1	1.0	---	0.0		0.8	0.8	2.0	---		0.6	0.8	1.0	0.9	
				b	a														

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

69 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Public perceptions and trust considerations affect my company's business decisions	
															
-2=Strongly		0	0	0	0	0	0	0	0	0	0	0	0	0	
Disagree		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
-1=Disagree		3	0	0	0	0	1	1	0	0	0	0	0	1	
		37.5%	0.0%	0.0%	0.0%	0.0%	20.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
															
0=Neutral		0	1	3	0	0	3	0	0	1	0	2	0	0	
		0.0%	11.1%	42.9%	0.0%	0.0%	60.0%	0.0%	0.0%	33.3%	0.0%	66.7%	0.0%	0.0%	
		fk					a					a			
															
1=Agree		3	5	3	0	0	1	2	0	2	3	1	1	2	
		37.5%	55.6%	42.9%	0.0%	0.0%	20.0%	40.0%	0.0%	66.7%	100.0%	33.3%	50.0%	66.7%	
															
2=Strongly		2	3	1	0	1	0	2	2	0	0	0	1	0	
Agree		25.0%	33.3%	14.3%	0.0%	100.0%	0.0%	40.0%	100.0%	0.0%	0.0%	0.0%	50.0%	0.0%	
							h		f						
															
Mean		0.5	1.2	0.7	---	2.0	0.0	1.0	2.0	0.7	1.0	0.3	1.5	0.3	
			F				B								

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

70 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Public perceptions and trust considerations affect my company's business decisions	
																	
-2=Strongly		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
Disagree		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
-1=Disagree		3	2	1	0	0	0	0		3	2	0	0	0	0	0	
		15.0%	25.0%	20.0%	0.0%	0.0%	0.0%	0.0%		21.4%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
0=Neutral		5	2	0	1	2	0	0		3	2	1	0	1	1	1	
		25.0%	25.0%	0.0%	25.0%	28.6%	0.0%	0.0%		21.4%	14.3%	50.0%	0.0%	20.0%	20.0%	25.0%	
																	
1=Agree		7	2	3	1	5	1	3		3	8	0	4	4	0	3	
		35.0%	25.0%	60.0%	25.0%	71.4%	50.0%	100.0%		21.4%	57.1%	0.0%	100.0%	80.0%	0.0%	75.0%	
		g						a		de	f		af	af	bdeg	f	
																	
2=Strongly		5	2	1	2	0	1	0		5	2	1	0	0	4	0	
Agree		25.0%	25.0%	20.0%	50.0%	0.0%	50.0%	0.0%		35.7%	14.3%	50.0%	0.0%	0.0%	80.0%	0.0%	
											f		f	f	bdeg	f	
																	
Mean		0.7	0.5	0.8	1.3	0.7	1.5	1.0		0.7	0.7	1.0	1.0	0.8	1.6	0.8	

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

71 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Our revenues are lower because of a lack of public trust	
																			
-2=Strongly		2		0	2	0	0	0		1	1	0	0		0	1	0	1	
Disagree		3.9%		0.0%	8.7%	0.0%	0.0%	0.0%		5.9%	3.1%	0.0%	0.0%		0.0%	5.6%	0.0%	14.3%	
																			
-1=Disagree		18		9	8	0	0	0		6	12	0	0		7	8	1	0	
		35.3%		37.5%	34.8%	0.0%	0.0%	0.0%		35.3%	37.5%	0.0%	0.0%		36.8%	44.4%	33.3%	0.0%	
																d		b	
																			
0=Neutral		16		6	7	2	0	1		4	11	1	0		5	5	0	5	
		31.4%		25.0%	30.4%	100.0%	0.0%	100.0%		23.5%	34.4%	50.0%	0.0%		26.3%	27.8%	0.0%	71.4%	
				c		a									d			a	
																			
1=Agree		9		7	2	0	0	0		5	4	0	0		3	4	1	1	
		17.6%		29.2%	8.7%	0.0%	0.0%	0.0%		29.4%	12.5%	0.0%	0.0%		15.8%	22.2%	33.3%	14.3%	
																			
2=Strongly		6		2	4	0	0	0		1	4	1	0		4	0	1	0	
Agree		11.8%		8.3%	17.4%	0.0%	0.0%	0.0%		5.9%	12.5%	50.0%	0.0%		21.1%	0.0%	33.3%	0.0%	
															b	ac	b		
																			
Mean		0.0		0.1	-0.1	0.0	---	0.0		-0.1	-0.1	1.0	---		0.2	-0.3	0.7	-0.1	

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

72 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Our revenues are lower because of a lack of public trust	
															
-2=Strongly		0	0	0	0	1	0	0	0	0	0	0	0	1	
Disagree		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
		e	e	e		abc									
															
-1=Disagree		5	3	3	0	0	1	1	0	1	1	0	2	1	
		62.5%	33.3%	42.9%	0.0%	0.0%	20.0%	20.0%	0.0%	33.3%	33.3%	0.0%	100.0%	33.3%	
															
0=Neutral		2	2	1	0	0	2	2	1	1	2	2	0	1	
		25.0%	22.2%	14.3%	0.0%	0.0%	40.0%	40.0%	50.0%	33.3%	66.7%	66.7%	0.0%	33.3%	
															
1=Agree		0	3	2	0	0	2	1	0	1	0	0	0	0	
		0.0%	33.3%	28.6%	0.0%	0.0%	40.0%	20.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
															
2=Strongly		1	1	1	0	0	0	1	1	0	0	1	0	0	
Agree		12.5%	11.1%	14.3%	0.0%	0.0%	0.0%	20.0%	50.0%	0.0%	0.0%	33.3%	0.0%	0.0%	
															
Mean		-0.4	0.2	0.1	---	-2.0	0.2	0.4	1.0	0.0	-0.3	0.7	-1.0	-1.0	

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

73 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Our revenues are lower because of a lack of public trust	
																	
-2=Strongly		0	0	0	1	0	0	0		0	1	0	0	0	1	0	
Disagree		0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%		0.0%	7.1%	0.0%	0.0%	0.0%	20.0%	0.0%	
		d			a												
																	
-1=Disagree		6	4	1	1	4	2	0		4	5	1	3	1	1	2	
		30.0%	50.0%	20.0%	25.0%	57.1%	100.0%	0.0%		28.6%	35.7%	50.0%	75.0%	20.0%	20.0%	50.0%	
																	
0=Neutral		8	3	1	1	1	0	2		7	5	0	0	3	0	0	
		40.0%	37.5%	20.0%	25.0%	14.3%	0.0%	66.7%		50.0%	35.7%	0.0%	0.0%	60.0%	0.0%	0.0%	
																	
1=Agree		3	0	2	1	2	0	1		1	1	0	1	0	3	2	
		15.0%	0.0%	40.0%	25.0%	28.6%	0.0%	33.3%		7.1%	7.1%	0.0%	25.0%	0.0%	60.0%	50.0%	
										f	f				ab		
																	
2=Strongly		3	1	1	0	0	0	0		2	2	1	0	1	0	0	
Agree		15.0%	12.5%	20.0%	0.0%	0.0%	0.0%	0.0%		14.3%	14.3%	50.0%	0.0%	20.0%	0.0%	0.0%	
																	
Mean		0.2	-0.3	0.6	-0.5	-0.3	-1.0	0.3		0.1	-0.1	0.5	-0.5	0.2	0.0	0.0	

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

74 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
We use marketing and public relations to counteract the lack of public trust	
																			
-2=Strongly		4		1	3	0	0	0		1	3	0	0		1	2	0	1	
Disagree		7.8%		4.2%	13.0%	0.0%	0.0%	0.0%		5.9%	9.4%	0.0%	0.0%		5.3%	11.1%	0.0%	14.3%	
																			
-1=Disagree		5		4	1	0	0	0		2	3	0	0		3	1	0	1	
		9.8%		16.7%	4.3%	0.0%	0.0%	0.0%		11.8%	9.4%	0.0%	0.0%		15.8%	5.6%	0.0%	14.3%	
																			
0=Neutral		19		7	9	2	0	0		5	13	1	0		9	4	0	5	
		37.3%		29.2%	39.1%	100.0%	0.0%	0.0%		29.4%	40.6%	50.0%	0.0%		47.4%	22.2%	0.0%	71.4%	
																d		b	
																			
1=Agree		18		10	7	0	0	1		8	10	0	0		4	9	3	0	
		35.3%		41.7%	30.4%	0.0%	0.0%	100.0%		47.1%	31.3%	0.0%	0.0%		21.1%	50.0%	100.0%	0.0%	
															c	d	ad	bc	
																			
2=Strongly		5		2	3	0	0	0		1	3	1	0		2	2	0	0	
Agree		9.8%		8.3%	13.0%	0.0%	0.0%	0.0%		5.9%	9.4%	50.0%	0.0%		10.5%	11.1%	0.0%	0.0%	
																			
Mean		0.3		0.3	0.3	0.0	---	1.0		0.4	0.2	1.0	---		0.2	0.4	1.0	-0.4	

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

75 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
We use marketing and public relations to counteract the lack of public trust	
															
-2=Strongly		1	0	0	0	1	1	1	0	0	0	0	0	0	
Disagree		12.5%	0.0%	0.0%	0.0%	100.0%	20.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
			e	e		bc									
															
-1=Disagree		1	1	3	0	0	0	0	0	0	0	0	0	0	
		12.5%	11.1%	42.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
0=Neutral		4	3	1	0	0	4	0	1	1	1	1	1	2	
		50.0%	33.3%	14.3%	0.0%	0.0%	80.0%	0.0%	50.0%	33.3%	33.3%	33.3%	50.0%	66.7%	
				f			cg	f							
															
1=Agree		0	5	3	0	0	0	3	0	2	2	2	1	0	
		0.0%	55.6%	42.9%	0.0%	0.0%	0.0%	60.0%	0.0%	66.7%	66.7%	66.7%	50.0%	0.0%	
		bgijk	a					a		a	a	a			
															
2=Strongly		2	0	0	0	0	0	1	1	0	0	0	0	1	
Agree		25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	50.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
															
Mean		0.1	0.4	0.0	---	-2.0	-0.4	0.6	1.0	0.7	0.7	0.7	0.5	0.7	

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

76 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
We use marketing and public relations to counteract the lack of public trust	
																	
-2=Strongly		2	1	0	1	0	0	0		2	1	0	0	0	1	0	
Disagree		10.0%	12.5%	0.0%	25.0%	0.0%	0.0%	0.0%		14.3%	7.1%	0.0%	0.0%	0.0%	20.0%	0.0%	
																	
-1=Disagree		2	1	0	1	1	0	0		1	1	1	0	1	1	0	
		10.0%	12.5%	0.0%	25.0%	14.3%	0.0%	0.0%		7.1%	7.1%	50.0%	0.0%	20.0%	20.0%	0.0%	
																	
0=Neutral		9	3	2	1	1	0	2		8	5	0	0	2	1	0	
		45.0%	37.5%	40.0%	25.0%	14.3%	0.0%	66.7%		57.1%	35.7%	0.0%	0.0%	40.0%	20.0%	0.0%	
																	
1=Agree		6	3	2	0	4	2	1		2	7	0	2	1	2	4	
		30.0%	37.5%	40.0%	0.0%	57.1%	100.0%	33.3%		14.3%	50.0%	0.0%	50.0%	20.0%	40.0%	100.0%	
										G				g		Ae	
																	
2=Strongly		1	0	1	1	1	0	0		1	0	1	2	1	0	0	
Agree		5.0%	0.0%	20.0%	25.0%	14.3%	0.0%	0.0%		7.1%	0.0%	50.0%	50.0%	20.0%	0.0%	0.0%	
											cd	b	b				
																	
Mean		0.1	0.0	0.8	-0.3	0.7	1.0	0.3		-0.1	0.3	0.5	1.5	0.4	-0.2	1.0	
										d	d		abf		d		

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

77 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
We have strengthened our governance policies and procedures	
																			
-2=Strongly		2		0	2	0	0	0		0	2	0	0		1	1	0	0	
Disagree		3.9%		0.0%	8.7%	0.0%	0.0%	0.0%		0.0%	6.3%	0.0%	0.0%		5.3%	5.6%	0.0%	0.0%	
																			
-1=Disagree		4		1	3	0	0	0		1	3	0	0		2	2	0	0	
		7.8%		4.2%	13.0%	0.0%	0.0%	0.0%		5.9%	9.4%	0.0%	0.0%		10.5%	11.1%	0.0%	0.0%	
																			
0=Neutral		12		5	6	1	0	0		0	12	0	0		8	1	1	1	
		23.5%		20.8%	26.1%	50.0%	0.0%	0.0%		0.0%	37.5%	0.0%	0.0%		42.1%	5.6%	33.3%	14.3%	
										B	A				b	a			
																			
1=Agree		21		13	5	1	0	1		10	10	1	0		6	8	2	4	
		41.2%		54.2%	21.7%	50.0%	0.0%	100.0%		58.8%	31.3%	50.0%	0.0%		31.6%	44.4%	66.7%	57.1%	
				b	a														
																			
2=Strongly		12		5	7	0	0	0		6	5	1	0		2	6	0	2	
Agree		23.5%		20.8%	30.4%	0.0%	0.0%	0.0%		35.3%	15.6%	50.0%	0.0%		10.5%	33.3%	0.0%	28.6%	
																			
Mean		0.7		0.9	0.5	0.5	---	1.0		1.2	0.4	1.5	---		0.3	0.9	0.7	1.1	
										B	A								

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

78 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
We have strengthened our governance policies and procedures	
															
-2=Strongly		1	0	0	0	0	1	0	0	0	0	0	0	0	
Disagree		12.5%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
-1=Disagree		0	2	0	0	0	2	0	0	0	0	0	0	0	
		0.0%	22.2%	0.0%	0.0%	0.0%	40.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
0=Neutral		5	1	2	0	0	1	0	0	0	0	1	2	0	
		62.5%	11.1%	28.6%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	33.3%	100.0%	0.0%	
		bg	al					al					bg		
															
1=Agree		2	3	4	0	0	1	3	1	2	2	2	0	1	
		25.0%	33.3%	57.1%	0.0%	0.0%	20.0%	60.0%	50.0%	66.7%	66.7%	66.7%	0.0%	33.3%	
															
2=Strongly		0	3	1	0	1	0	2	1	1	1	0	0	2	
Agree		0.0%	33.3%	14.3%	0.0%	100.0%	0.0%	40.0%	50.0%	33.3%	33.3%	0.0%	0.0%	66.7%	
		em				a								a	
															
Mean		0.0	0.8	0.9	---	2.0	-0.6	1.4	1.5	1.3	1.3	0.7	0.0	1.7	
		gijm		f			cGijm	aF		af	af			af	

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

79 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
We have strengthened our governance policies and procedures	
																	
-2=Strongly		1	1	0	0	0	0	0		2	0	0	0	0	0	0	
Disagree		5.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
-1=Disagree		3	1	0	0	0	0	0		2	1	0	0	0	0	0	
		15.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		14.3%	7.1%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
0=Neutral		9	1	2	0	0	0	0		6	3	1	0	1	0	0	
		45.0%	12.5%	40.0%	0.0%	0.0%	0.0%	0.0%		42.9%	21.4%	50.0%	0.0%	20.0%	0.0%	0.0%	
		e				a											
																	
1=Agree		6	4	3	2	3	0	3		4	7	0	1	4	1	3	
		30.0%	50.0%	60.0%	50.0%	42.9%	0.0%	100.0%		28.6%	50.0%	0.0%	25.0%	80.0%	20.0%	75.0%	
		g						a									
																	
2=Strongly		1	1	0	2	4	2	0		0	3	1	3	0	4	1	
Agree		5.0%	12.5%	0.0%	50.0%	57.1%	100.0%	0.0%		0.0%	21.4%	50.0%	75.0%	0.0%	80.0%	25.0%	
		dEF	f	f	a	A	Abc			cDF	f	a	Ae	df	Abe		
																	
Mean		0.2	0.4	0.6	1.5	1.6	2.0	1.0		-0.1	0.9	1.0	1.8	0.8	1.8	1.3	
		dE	e	de	ac	Abc				BDFg	Af		Ae	dF	AbE	a	

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

80 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
We have emphasized increased transparency in our business dealings and reporting	
																			
-2=Strongly		1		0	1	0	0	0		0	1	0	0		0	1	0	0	
Disagree		2.0%		0.0%	4.5%	0.0%	0.0%	0.0%		0.0%	3.1%	0.0%	0.0%		0.0%	5.6%	0.0%	0.0%	
																			
-1=Disagree		2		0	2	0	0	0		1	1	0	0		2	0	0	0	
		4.0%		0.0%	9.1%	0.0%	0.0%	0.0%		6.3%	3.1%	0.0%	0.0%		10.5%	0.0%	0.0%	0.0%	
																			
0=Neutral		10		6	4	0	0	0		2	8	0	0		6	3	1	0	
		20.0%		25.0%	18.2%	0.0%	0.0%	0.0%		12.5%	25.0%	0.0%	0.0%		31.6%	16.7%	33.3%	0.0%	
																			
1=Agree		23		12	8	1	0	1		8	15	0	0		8	7	2	5	
		46.0%		50.0%	36.4%	50.0%	0.0%	100.0%		50.0%	46.9%	0.0%	0.0%		42.1%	38.9%	66.7%	71.4%	
																			
2=Strongly		14		6	7	1	0	0		5	7	2	0		3	7	0	2	
Agree		28.0%		25.0%	31.8%	50.0%	0.0%	0.0%		31.3%	21.9%	100.0%	0.0%		15.8%	38.9%	0.0%	28.6%	
											c	b							
																			
Mean		0.9		1.0	0.8	1.5	---	1.0		1.1	0.8	2.0	---		0.6	1.1	0.7	1.3	

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

81 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
We have emphasized increased transparency in our business dealings and reporting	
															
-2=Strongly		1	0	0	0	0	0	0	0	0	0	0	0	0	
Disagree		12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
-1=Disagree		0	2	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
0=Neutral		3	1	1	0	0	3	2	0	0	0	0	0	0	
		37.5%	12.5%	14.3%	0.0%	0.0%	60.0%	40.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
1=Agree		3	2	4	0	1	2	1	0	0	3	3	2	2	
		37.5%	25.0%	57.1%	0.0%	100.0%	40.0%	20.0%	0.0%	0.0%	100.0%	100.0%	100.0%	66.7%	
															
2=Strongly		1	3	2	0	0	0	2	2	3	0	0	0	1	
Agree		12.5%	37.5%	28.6%	0.0%	0.0%	0.0%	40.0%	100.0%	100.0%	0.0%	0.0%	0.0%	33.3%	
		hi					hi		af	af					
															
Mean		0.4	0.8	1.1	---	1.0	0.4	1.0	2.0	2.0	1.0	1.0	1.0	1.3	

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

82 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
We have emphasized increased transparency in our business dealings and reporting	
																	
-2=Strongly		0	1	0	0	0	0	0		1	0	0	0	0	0	0	
Disagree		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		7.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
-1=Disagree		1	1	0	0	0	0	0		1	1	0	0	0	0	0	
		5.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		7.1%	7.1%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
0=Neutral		6	1	2	0	0	0	1		3	2	1	1	0	0	1	
		30.0%	12.5%	40.0%	0.0%	0.0%	0.0%	33.3%		21.4%	14.3%	50.0%	25.0%	0.0%	0.0%	25.0%	
																	
1=Agree		9	4	3	3	2	0	1		6	9	0	1	4	2	0	
		45.0%	50.0%	60.0%	75.0%	28.6%	0.0%	33.3%		42.9%	64.3%	0.0%	25.0%	80.0%	50.0%	0.0%	
											g			g		be	
																	
2=Strongly		4	1	0	1	5	1	1		3	2	1	2	1	2	3	
Agree		20.0%	12.5%	0.0%	25.0%	71.4%	100.0%	33.3%		21.4%	14.3%	50.0%	50.0%	20.0%	50.0%	75.0%	
		e	e	e		abc					g					b	
																	
Mean		0.8	0.4	0.6	1.3	1.7	2.0	1.0		0.6	0.9	1.0	1.3	1.2	1.5	1.5	
		e	e	E		abC											

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

83 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
We have made organizational changes in response to the lack of public trust	
																			
-2=Strongly		2		1	1	0	0	0		1	1	0	0		1	1	0	0	
Disagree		3.9%		4.2%	4.3%	0.0%	0.0%	0.0%		5.9%	3.1%	0.0%	0.0%		5.3%	5.6%	0.0%	0.0%	
																			
-1=Disagree		12		7	5	0	0	0		5	7	0	0		4	4	1	2	
		23.5%		29.2%	21.7%	0.0%	0.0%	0.0%		29.4%	21.9%	0.0%	0.0%		21.1%	22.2%	33.3%	28.6%	
																			
0=Neutral		18		10	4	2	0	1		4	13	1	0		7	6	2	3	
		35.3%		41.7%	17.4%	100.0%	0.0%	100.0%		23.5%	40.6%	50.0%	0.0%		36.8%	33.3%	66.7%	42.9%	
					c	b													
																			
1=Agree		12		4	8	0	0	0		6	6	0	0		4	4	0	2	
		23.5%		16.7%	34.8%	0.0%	0.0%	0.0%		35.3%	18.8%	0.0%	0.0%		21.1%	22.2%	0.0%	28.6%	
																			
2=Strongly		7		2	5	0	0	0		1	5	1	0		3	3	0	0	
Agree		13.7%		8.3%	21.7%	0.0%	0.0%	0.0%		5.9%	15.6%	50.0%	0.0%		15.8%	16.7%	0.0%	0.0%	
																			
Mean		0.2		0.0	0.5	0.0	---	0.0		0.1	0.2	1.0	---		0.2	0.2	-0.3	0.0	

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

84 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
We have made organizational changes in response to the lack of public trust	
															
-2=Strongly		0	0	0	0	0	1	0	0	0	1	0	0	0	
Disagree		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	
															
-1=Disagree		1	3	3	0	1	2	0	0	0	0	1	1	0	
		12.5%	33.3%	42.9%	0.0%	100.0%	40.0%	0.0%	0.0%	0.0%	0.0%	33.3%	50.0%	0.0%	
															
0=Neutral		3	2	3	0	0	1	3	1	0	1	2	0	2	
		37.5%	22.2%	42.9%	0.0%	0.0%	20.0%	60.0%	50.0%	0.0%	33.3%	66.7%	0.0%	66.7%	
															
1=Agree		3	3	1	0	0	1	1	0	2	1	0	0	0	
		37.5%	33.3%	14.3%	0.0%	0.0%	20.0%	20.0%	0.0%	66.7%	33.3%	0.0%	0.0%	0.0%	
															
2=Strongly		1	1	0	0	0	0	1	1	1	0	0	1	1	
Agree		12.5%	11.1%	0.0%	0.0%	0.0%	0.0%	20.0%	50.0%	33.3%	0.0%	0.0%	50.0%	33.3%	
															
Mean		0.5	0.2	-0.3	---	-1.0	-0.6	0.6	1.0	1.3	-0.3	-0.3	0.5	0.7	
				i			i			cfk		i			

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

85 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
We have made organizational changes in response to the lack of public trust	
																	
-2=Strongly		1	0	0	0	1	0	0		1	0	0	1	0	0	0	
Disagree		5.0%	0.0%	0.0%	0.0%	14.3%	0.0%	0.0%		7.1%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	
																	
-1=Disagree		5	2	1	2	1	1	0		2	3	1	0	2	2	1	
		25.0%	25.0%	20.0%	50.0%	14.3%	50.0%	0.0%		14.3%	21.4%	50.0%	0.0%	40.0%	40.0%	25.0%	
																	
0=Neutral		9	3	3	0	0	0	2		6	8	0	1	0	1	1	
		45.0%	37.5%	60.0%	0.0%	0.0%	0.0%	66.7%		42.9%	57.1%	0.0%	25.0%	0.0%	20.0%	25.0%	
		e		e		acg		e			e			b			
																	
1=Agree		2	3	1	2	2	1	1		3	2	0	0	3	2	1	
		10.0%	37.5%	20.0%	50.0%	28.6%	50.0%	33.3%		21.4%	14.3%	0.0%	0.0%	60.0%	40.0%	25.0%	
																	
2=Strongly		3	0	0	0	3	0	0		2	1	1	2	0	0	1	
Agree		15.0%	0.0%	0.0%	0.0%	42.9%	0.0%	0.0%		14.3%	7.1%	50.0%	50.0%	0.0%	0.0%	25.0%	
																	
Mean		0.1	0.1	0.0	0.0	0.7	0.0	0.3		0.2	0.1	0.5	0.5	0.2	0.0	0.5	

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

86 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
																			
-2=Strongly		4		0	4	0	0	0		2	2	0	0		2	1	0	1	
Disagree		7.8%		0.0%	17.4%	0.0%	0.0%	0.0%		11.8%	6.3%	0.0%	0.0%		10.5%	5.6%	0.0%	14.3%	
				b	a														
																			
-1=Disagree		8		4	4	0	0	0		1	6	1	0		4	3	0	0	
		15.7%		16.7%	17.4%	0.0%	0.0%	0.0%		5.9%	18.8%	50.0%	0.0%		21.1%	16.7%	0.0%	0.0%	
																			
0=Neutral		23		11	8	2	0	1		8	14	1	0		7	8	1	6	
		45.1%		45.8%	34.8%	100.0%	0.0%	100.0%		47.1%	43.8%	50.0%	0.0%		36.8%	44.4%	33.3%	85.7%	
															d			a	
																			
1=Agree		14		9	5	0	0	0		5	9	0	0		5	5	2	0	
		27.5%		37.5%	21.7%	0.0%	0.0%	0.0%		29.4%	28.1%	0.0%	0.0%		26.3%	27.8%	66.7%	0.0%	
																	d	c	
																			
2=Strongly		2		0	2	0	0	0		1	1	0	0		1	1	0	0	
Agree		3.9%		0.0%	8.7%	0.0%	0.0%	0.0%		5.9%	3.1%	0.0%	0.0%		5.3%	5.6%	0.0%	0.0%	
																			
Mean		0.0		0.2	-0.1	0.0	---	0.0		0.1	0.0	-0.5	---		-0.1	0.1	0.7	-0.3	

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

87 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
															
-2=Strongly		0	1	0	0	1	0	0	0	0	0	0	1	1	
Disagree		0.0%	11.1%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	33.3%	
		e		e		ac									
															
-1=Disagree		2	1	0	0	0	3	0	1	0	1	0	0	0	
		25.0%	11.1%	0.0%	0.0%	0.0%	60.0%	0.0%	50.0%	0.0%	33.3%	0.0%	0.0%	0.0%	
				f			c								
															
0=Neutral		5	2	3	0	0	2	4	1	1	2	3	0	0	
		62.5%	22.2%	42.9%	0.0%	0.0%	40.0%	80.0%	50.0%	33.3%	66.7%	100.0%	0.0%	0.0%	
			k									b			
															
1=Agree		0	4	4	0	0	0	1	0	2	0	0	1	2	
		0.0%	44.4%	57.1%	0.0%	0.0%	0.0%	20.0%	0.0%	66.7%	0.0%	0.0%	50.0%	66.7%	
		bcim	a	a						a				a	
															
2=Strongly		1	1	0	0	0	0	0	0	0	0	0	0	0	
Agree		12.5%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Mean		0.0	0.3	0.6	---	-2.0	-0.6	0.2	-0.5	0.7	-0.3	0.0	-0.5	0.0	
				Fhj			Cgi	f	c	f	c				

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

88 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
																	
-2=Strongly		1	1	0	1	0	0	0		1	2	0	0	0	1	0	
Disagree		5.0%	12.5%	0.0%	25.0%	0.0%	0.0%	0.0%		7.1%	14.3%	0.0%	0.0%	0.0%	20.0%	0.0%	
																	
-1=Disagree		6	0	0	0	1	0	0		4	1	1	1	0	0	0	
		30.0%	0.0%	0.0%	0.0%	14.3%	0.0%	0.0%		28.6%	7.1%	50.0%	25.0%	0.0%	0.0%	0.0%	
																	
0=Neutral		8	4	4	2	3	1	1		6	7	0	2	4	2	0	
		40.0%	50.0%	80.0%	50.0%	42.9%	50.0%	33.3%		42.9%	50.0%	0.0%	50.0%	80.0%	40.0%	0.0%	
														g		e	
																	
1=Agree		4	3	1	0	3	1	2		2	4	1	1	1	1	4	
		20.0%	37.5%	20.0%	0.0%	42.9%	50.0%	66.7%		14.3%	28.6%	50.0%	25.0%	20.0%	20.0%	100.0%	
										G	g			g	g	Abef	
																	
2=Strongly		1	0	0	1	0	0	0		1	0	0	0	0	1	0	
Agree		5.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%		7.1%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	
																	
Mean		-0.1	0.1	0.2	0.0	0.3	0.5	0.7		-0.1	-0.1	0.0	0.0	0.2	0.2	1.0	

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

89 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Other	
																			
-2=Strongly		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
Disagree		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
-1=Disagree		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
0=Neutral		1		0	1	0	0	0		1	0	0	0		0	0	0	0	
		50.0%		0.0%	50.0%	0.0%	0.0%	0.0%		100.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
1=Agree		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
2=Strongly		1		0	1	0	0	0		0	1	0	0		0	0	0	0	
Agree		50.0%		0.0%	50.0%	0.0%	0.0%	0.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
Mean		1.0		---	1.0	---	---	---		0.0	2.0	---	---		---	---	---	---	

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

90 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Other	
															
-2=Strongly		0	0	0	0	0	0	0	0	0	0	0	0	0	
Disagree		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
-1=Disagree		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
0=Neutral		0	1	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
1=Agree		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
2=Strongly		0	0	0	0	0	0	0	0	0	0	0	1	0	
Agree		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
															
Mean		---	0.0	---	---	---	---	---	---	---	---	---	2.0	---	

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

91 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

 Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Other	
																	
-2=Strongly		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
Disagree		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
-1=Disagree		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
0=Neutral		0	0	0	0	0	1	0		0	0	0	0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
																	
1=Agree		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
2=Strongly		1	0	0	0	0	0	0		0	1	0	0	0	0	0	
Agree		100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Mean		2.0	---	---	---	---	0.0	---		---	2.0	---	---	---	0.0	---	

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

92 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
0=0=No		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
Progress		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
1=1		4		2	2	0	0	0		1	3	0	0		4	0	0	0	
		7.7%		8.3%	8.7%	0.0%	0.0%	0.0%		5.9%	9.1%	0.0%	0.0%		21.1%	0.0%	0.0%	0.0%	
															b	a			
																			
2=2		10		6	3	1	0	0		4	5	1	0		4	3	1	2	
		19.2%		25.0%	13.0%	50.0%	0.0%	0.0%		23.5%	15.2%	50.0%	0.0%		21.1%	16.7%	33.3%	25.0%	
																			
3=3		14		8	6	0	0	0		3	10	1	0		4	6	1	1	
		26.9%		33.3%	26.1%	0.0%	0.0%	0.0%		17.6%	30.3%	50.0%	0.0%		21.1%	33.3%	33.3%	12.5%	
																			
4=4		13		4	6	1	1	0		3	10	0	0		7	1	1	3	
		25.0%		16.7%	26.1%	50.0%	100.0%	0.0%		17.6%	30.3%	0.0%	0.0%		36.8%	5.6%	33.3%	37.5%	
															b	ad		b	
																			
5=5=Halfway		7		3	4	0	0	0		4	3	0	0		0	5	0	2	
		13.5%		12.5%	17.4%	0.0%	0.0%	0.0%		23.5%	9.1%	0.0%	0.0%		0.0%	27.8%	0.0%	25.0%	
															bd	a		a	
																			
6=6		2		0	1	0	0	1		2	0	0	0		0	1	0	0	
		3.8%		0.0%	4.3%	0.0%	0.0%	100.0%		11.8%	0.0%	0.0%	0.0%		0.0%	5.6%	0.0%	0.0%	
				E	E			AB		b	a								
																			
7=7		1		1	0	0	0	0		0	1	0	0		0	1	0	0	
		1.9%		4.2%	0.0%	0.0%	0.0%	0.0%		0.0%	3.0%	0.0%	0.0%		0.0%	5.6%	0.0%	0.0%	

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

93 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
0=0=No		0	0	0	0	0	0	0	0	0	0	0	0	0	
Progress		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
1=1		3	0	0	0	0	0	0	0	0	0	0	0	1	
		37.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	
															
2=2		1	1	2	0	0	3	2	1	0	0	0	0	0	
		12.5%	11.1%	28.6%	0.0%	0.0%	60.0%	40.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
3=3		2	2	2	0	0	1	1	1	1	1	1	1	1	
		25.0%	22.2%	28.6%	0.0%	0.0%	20.0%	20.0%	50.0%	33.3%	33.3%	25.0%	50.0%	33.3%	
															
4=4		1	4	2	0	0	1	0	0	1	0	2	1	1	
		12.5%	44.4%	28.6%	0.0%	0.0%	20.0%	0.0%	0.0%	33.3%	0.0%	50.0%	50.0%	33.3%	
															
5=5=Halfway		1	1	0	0	1	0	1	0	1	2	0	0	0	
		12.5%	11.1%	0.0%	0.0%	100.0%	0.0%	20.0%	0.0%	33.3%	66.7%	0.0%	0.0%	0.0%	
				ej		c					c				
															
6=6		0	1	0	0	0	0	0	0	0	0	1	0	0	
		0.0%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	
															
7=7		0	0	1	0	0	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%	0.0%	0.0%	0.0%	0.0%	

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

94 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
0=0=No		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
Progress		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
1=1		1	1	1	1	0	0	0		2	0	0	0	1	0	0	
		4.8%	12.5%	20.0%	25.0%	0.0%	0.0%	0.0%		14.3%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	
																	
2=2		7	0	0	1	1	0	1		5	1	0	0	1	1	1	
		33.3%	0.0%	0.0%	25.0%	14.3%	0.0%	33.3%		35.7%	6.7%	0.0%	0.0%	20.0%	20.0%	25.0%	
																	
3=3		7	1	0	0	2	1	1		3	5	2	1	1	0	2	
		33.3%	12.5%	0.0%	0.0%	28.6%	50.0%	33.3%		21.4%	33.3%	100.0%	25.0%	20.0%	0.0%	50.0%	
										c		af			c		
																	
4=4		6	2	2	1	2	0	0		3	5	0	1	1	1	1	
		28.6%	25.0%	40.0%	25.0%	28.6%	0.0%	0.0%		21.4%	33.3%	0.0%	25.0%	20.0%	20.0%	25.0%	
																	
5=5=Halfway		0	2	1	1	2	0	1		1	2	0	2	1	1	0	
		0.0%	25.0%	20.0%	25.0%	28.6%	0.0%	33.3%		7.1%	13.3%	0.0%	50.0%	20.0%	20.0%	0.0%	
		bcdeg	a	a	a	a		a									
																	
6=6		0	1	0	0	0	1	0		0	1	0	0	0	1	0	
		0.0%	12.5%	0.0%	0.0%	0.0%	50.0%	0.0%		0.0%	6.7%	0.0%	0.0%	0.0%	20.0%	0.0%	
		F					A										
																	
7=7		0	0	1	0	0	0	0		0	0	0	0	0	1	0	
		0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	
		c		a													

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

95 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
8=8		1		0	1	0	0	0		0	1	0	0		0	1	0	0	
		1.9%		0.0%	4.3%	0.0%	0.0%	0.0%		0.0%	3.0%	0.0%	0.0%		0.0%	5.6%	0.0%	0.0%	
																			
9=9		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
10=10=Comple-		0		0	0	0	0	0		0	0	0	0		0	0	0	0	
te		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
																			
Mean		3.5		3.2	3.7	3.0	4.0	6.0		3.6	3.4	2.5	---		2.7	4.1	3.0	3.6	
															B	A			

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

96 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
8=8		0	0	0	0	0	0	1	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
9=9		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
10=10=Comple-		0	0	0	0	0	0	0	0	0	0	0	0	0	
te		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Mean		2.5	3.9	3.6	---	5.0	2.6	4.0	2.5	4.0	4.3	4.3	3.5	2.7	
		b	a												

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

97 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q10.  On a scale of 1 to 10, where do you think African companies are in implementing the UN Sustainable Development Goals?

N=53		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	
																	
8=8		0	1	0	0	0	0	0		0	1	0	0	0	0	0	
		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
9=9		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
10=10=Comple-		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
te		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Mean		2.9	4.5	4.2	3.0	3.7	4.5	3.3		2.7	4.1	3.0	4.3	3.0	4.8	3.0	
		Bcf	A	a			a			bdf	a		a		a		

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

98 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q12.  Does your organization have effective monitoring and measuring systems to track progress in achieving the UN Sustainable Development Goals?

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
No		27		13	13	0	0	0		4	22	1	0		16	4	1	3	
		51.9%		54.2%	56.5%	0.0%	0.0%	0.0%		23.5%	66.7%	50.0%	0.0%		84.2%	22.2%	33.3%	37.5%	
										B	A				Bd	A		a	
																			
Yes		12		5	5	1	0	1		6	5	1	0		2	6	2	2	
		23.1%		20.8%	21.7%	50.0%	0.0%	100.0%		35.3%	15.2%	50.0%	0.0%		10.5%	33.3%	66.7%	25.0%	
															c		a		
																			
Don't Know		13		6	5	1	1	0		7	6	0	0		1	8	0	3	
		25.0%		25.0%	21.7%	50.0%	100.0%	0.0%		41.2%	18.2%	0.0%	0.0%		5.3%	44.4%	0.0%	37.5%	
															Bd	A		a	

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

99 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q12.  Does your organization have effective monitoring and measuring systems to track progress in achieving the UN Sustainable Development Goals?

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
No		6	3	5	0	0	3	2	1	1	2	1	2	1	
		75.0%	33.3%	71.4%	0.0%	0.0%	60.0%	40.0%	50.0%	33.3%	66.7%	25.0%	100.0%	33.3%	
															
Yes		1	5	0	0	0	0	2	1	0	0	2	0	1	
		12.5%	55.6%	0.0%	0.0%	0.0%	0.0%	40.0%	50.0%	0.0%	0.0%	50.0%	0.0%	33.3%	
			c	b											
															
Don't Know		1	1	2	0	1	2	1	0	2	1	1	0	1	
		12.5%	11.1%	28.6%	0.0%	100.0%	40.0%	20.0%	0.0%	66.7%	33.3%	25.0%	0.0%	33.3%	

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

100 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Q12.  Does your organization have effective monitoring and measuring systems to track progress in achieving the UN Sustainable Development Goals?

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
No		15	4	2	1	1	0	2		8	11	2	0	2	1	0	
		71.4%	50.0%	40.0%	25.0%	14.3%	0.0%	66.7%		57.1%	73.3%	100.0%	0.0%	40.0%	20.0%	0.0%	
		e				a					dfg		b		b	b	
																	
Yes		3	2	1	1	3	1	1		2	3	0	1	2	1	3	
		14.3%	25.0%	20.0%	25.0%	42.9%	50.0%	33.3%		14.3%	20.0%	0.0%	25.0%	40.0%	20.0%	75.0%	
										g						a	
																	
Don't Know		3	2	2	2	3	1	0		4	1	0	3	1	3	1	
		14.3%	25.0%	40.0%	50.0%	42.9%	50.0%	0.0%		28.6%	6.7%	0.0%	75.0%	20.0%	60.0%	25.0%	
											Df		B		b		

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

101 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Mean		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
				A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Number		53		24	23	2	1	1		17	33	2	0		19	18	3	8	
Percent		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
% Approximate ROA		44		22	18	1	1	1		16	26	2	0		17	15	3	6	
in 2016		11.26		9.87	12.62	0.00	20.00	6.00		14.34	10.03	2.50	---		13.32	9.85	0.93	15.33	
																			
% Expected ROA in		40		22	14	1	1	1		14	24	2	0		15	14	3	6	
2017		14.82		11.80	20.30	0.00	20.00	4.00		17.60	14.15	3.50	---		18.47	11.62	4.33	18.52	

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

102 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		8	9	7	0	1	5	5	2	3	3	4	2	3	
Percent		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
% Approximate ROA		6	9	7	0	0	2	5	2	1	3	4	2	3	
in 2016		8.75	15.93	4.40	---	---	12.50	8.42	2.50	5.00	22.33	11.50	12.50	17.83	
				jm							c			c	
															
% Expected ROA in		4	7	7	0	0	2	5	2	1	3	4	2	3	
2017		12.50	23.36	8.14	---	---	15.00	9.40	3.50	4.80	25.87	11.25	18.50	24.67	
				l									c		

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

103 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Sales Revenue		Number of Employees	
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		
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	
																	
Number		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
Percent		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
% Approximate ROA		17	8	5	2	6	2	2		12	14	2	3	3	4	4	
in 2016		10.14	10.00	1.22	27.50	21.87	10.60	9.00		7.63	12.45	6.00	25.70	16.67	14.55	6.30	
		cde		ade	ac	ac				d			a				
																	
% Expected ROA in		16	6	5	2	6	1	2		10	13	2	3	3	3	4	
2017		12.69	12.33	6.40	32.55	28.22	15.00	9.75		10.70	14.12	8.00	36.03	22.03	20.37	6.53	
		de			a	a				d	d		ab				

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

104 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

N=4		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Mean		
		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
				A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Number		4		2	0	0	1	1		1	3	0	0		0	1	1	2	
Percent		100.0%		50.0%	0.0%	0.0%	25.0%	25.0%		25.0%	75.0%	0.0%	0.0%		0.0%	25.0%	25.0%	50.0%	
																			
% of capacity utilized		4		2	0	0	1	1		1	3	0	0		0	1	1	2	
in first half of 2017		76.25		72.50	---	---	70.00	90.00		90.00	71.67	---	---		---	90.00	90.00	62.50	
																			
% of capacity		4		2	0	0	1	1		1	3	0	0		0	1	1	2	
utilization planned
for the second half of
2017		78.75		82.50	---	---	70.00	80.00		80.00	78.33	---	---		---	80.00	90.00	72.50	

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

105 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

N=4		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		0	0	0	0	0	0	0	0	0	0	4	0	0	
Percent		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
															
% of capacity utilized		0	0	0	0	0	0	0	0	0	0	4	0	0	
in first half of 2017		---	---	---	---	---	---	---	---	---	---	76.25	---	---	
															
% of capacity		0	0	0	0	0	0	0	0	0	0	4	0	0	
utilization planned
for the second half of
2017		---	---	---	---	---	---	---	---	---	---	78.75	---	---	

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

106 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

N=4		Sales Revenue		Number of Employees	
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		
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	
																	
Number		2	1	1	0	0	0	0		0	3	0	0	1	0	0	
Percent		50.0%	25.0%	25.0%	0.0%	0.0%	0.0%	0.0%		0.0%	75.0%	0.0%	0.0%	25.0%	0.0%	0.0%	
																	
% of capacity utilized		2	1	1	0	0	0	0		0	3	0	0	1	0	0	
in first half of 2017		62.50	90.00	90.00	---	---	---	---		---	71.67	---	---	90.00	---	---	
																	
% of capacity		2	1	1	0	0	0	0		0	3	0	0	1	0	0	
utilization planned
for the second half of
2017		72.50	80.00	90.00	---	---	---	---		---	75.00	---	---	90.00	---	---	

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

107 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Total		Where are you personally located?		Ownership		Foreign Sales	
Number
Col %		
 		South
Africa	
Nigeria	
East Africa	Rest of
Africa	West
Africa		
Public	
Private	Governm-
ent	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		 		A	B	C	D	E		A	B	C	D		A	B	C	D	
																			
Total		51		24	23	2	1	1		17	33	2	0		19	18	3	8	
		100.0%		47.1%	45.1%	3.9%	2.0%	2.0%		32.7%	63.5%	3.8%	0.0%		39.6%	37.5%	6.3%	16.7%	
																			
Other		19		5	14	0	0	0		7	12	0	0		5	8	0	3	
		36.5%		20.8%	60.9%	0.0%	0.0%	0.0%		41.2%	36.4%	0.0%	0.0%		26.3%	44.4%	0.0%	37.5%	
				B	A														
																			
CFO		17		14	0	1	0	1		7	8	2	0		6	7	1	2	
		32.7%		58.3%	0.0%	50.0%	0.0%	100.0%		41.2%	24.2%	100.0%	0.0%		31.6%	38.9%	33.3%	25.0%	
				B	ACE	B		B			c	b							
																			
VP of Finance		7		3	2	1	1	0		1	6	0	0		1	1	2	3	
		13.5%		12.5%	8.7%	50.0%	100.0%	0.0%		5.9%	18.2%	0.0%	0.0%		5.3%	5.6%	66.7%	37.5%	
				d	d		ab								Cd	cd	Ab	ab	
																			
CEO		6		1	5	0	0	0		1	5	0	0		5	1	0	0	
		11.5%		4.2%	21.7%	0.0%	0.0%	0.0%		5.9%	15.2%	0.0%	0.0%		26.3%	5.6%	0.0%	0.0%	
																			
Controller		2		1	1	0	0	0		1	1	0	0		1	1	0	0	
		3.8%		4.2%	4.3%	0.0%	0.0%	0.0%		5.9%	3.0%	0.0%	0.0%		5.3%	5.6%	0.0%	0.0%	
																			
Treasurer		1		0	1	0	0	0		0	1	0	0		1	0	0	0	
		1.9%		0.0%	4.3%	0.0%	0.0%	0.0%		0.0%	3.0%	0.0%	0.0%		5.3%	0.0%	0.0%	0.0%	

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

108 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real E...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Communi-
cation/
Media	Technolo-
gy
[Software/
Hardwar...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		8	9	7	0	1	5	5	2	3	3	4	2	3	
		15.4%	17.3%	13.5%	0.0%	1.9%	9.6%	9.6%	3.8%	5.8%	5.8%	7.7%	3.8%	5.8%	
															
Other		3	3	4	0	1	0	1	0	2	1	0	2	2	
		37.5%	33.3%	57.1%	0.0%	100.0%	0.0%	20.0%	0.0%	66.7%	33.3%	0.0%	100.0%	66.7%	
							l						f		
															
CFO		3	3	2	0	0	1	0	2	1	2	2	0	1	
		37.5%	33.3%	28.6%	0.0%	0.0%	20.0%	0.0%	100.0%	33.3%	66.7%	50.0%	0.0%	33.3%	
								h	g						
															
VP of Finance		0	2	1	0	0	2	0	0	0	0	2	0	0	
		0.0%	22.2%	14.3%	0.0%	0.0%	40.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
															
CEO		1	0	0	0	0	2	3	0	0	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	40.0%	60.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
			g	g				bc							
															
Controller		0	1	0	0	0	0	1	0	0	0	0	0	0	
		0.0%	11.1%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Treasurer		1	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%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

109 

Duke / CFO magazine Global Business Outlook survey - Africa - First Quarter, 2017

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

N=53		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		21	8	5	4	7	2	3		14	15	2	4	5	5	4	
		42.0%	16.0%	10.0%	8.0%	14.0%	4.0%	6.0%		28.6%	30.6%	4.1%	8.2%	10.2%	10.2%	8.2%	
																	
Other		4	2	3	4	3	1	1		4	3	0	3	4	4	0	
		19.0%	25.0%	60.0%	100.0%	42.9%	50.0%	33.3%		28.6%	20.0%	0.0%	75.0%	80.0%	80.0%	0.0%	
		D	d		Ab						ef			bg	bg	ef	
																	
CFO		4	4	2	0	4	1	1		2	5	2	1	1	1	3	
		19.0%	50.0%	40.0%	0.0%	57.1%	50.0%	33.3%		14.3%	33.3%	100.0%	25.0%	20.0%	20.0%	75.0%	
										cg		a				a	
																	
VP of Finance		6	0	0	0	0	0	1		3	3	0	0	0	0	1	
		28.6%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%		21.4%	20.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
																	
CEO		5	1	0	0	0	0	0		4	2	0	0	0	0	0	
		23.8%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		28.6%	13.3%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Controller		1	1	0	0	0	0	0		0	2	0	0	0	0	0	
		4.8%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	13.3%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Treasurer		1	0	0	0	0	0	0		1	0	0	0	0	0	0	
		4.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		7.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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