Table of Contents

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?	1
1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	4
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	7
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	11
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	15
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?   [Unweighted - Winsorized]	27
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue (not GDP) Weighted]	31
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee (not GDP) Weighted]	35
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Public Companies - Winsorized - Revenue (not GDP) Weighted]	39
Q5.  What issues and policies most need to be addressed to improve the business climate in your country?	43
Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet sharply higher demand?	51
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …	63
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK Excluded - Shows average scores)	71
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…	75
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)	83
Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?	87
(China Only) To what degree does air pollution affect the Chinese economy?	119
(China Only)  DK Excluded Shows - average scores	123
(Japan Only) For the good of the Japanese business community, should President Donald Trump:	127
(Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....	143
Return on assets (ROA=operating earnings/assets)  (Winsorized)	155
(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)	159
Manufacturing capacity utilized  (Winsorized)	167
Your job title (e.g., CFO, Asst. Treasurer, etc):	171

 1 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?

N=109		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		109		43	22	7	37		9	6	6	3	13	
		100.0%		39.5%	20.2%	6.2%	34.2%		10.5%	7.0%	7.0%	3.5%	16.4%	
														
+1=More optimistic		37		10	9	4	13		1	0	5	3	4	
		33.9%		24.0%	40.0%	66.7%	35.9%		11.1%	0.0%	83.3%	100.0%	28.6%	
				c		a			cd	cd	abe	abe	cd	
														
0=No change		33		15	10	0	8		3	2	0	0	3	
		30.4%		36.0%	43.3%	6.7%	20.5%		33.3%	33.3%	0.0%	0.0%	21.4%	
														
-1=Less optimistic		39		17	4	2	16		5	4	1	0	7	
		35.7%		40.0%	16.7%	26.7%	43.6%		55.6%	66.7%	16.7%	0.0%	50.0%	
					d		b							
														
Mean		-0.02		-0.16	0.23	0.40	-0.08		-0.44	-0.67	0.67	1.00	-0.21	
									c	C	aB			

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

2 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?

N=109		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	4	3	3	16	0	1	4	5	26	5	9	
		15.8%	11.3%	3.5%	2.6%	2.6%	16.0%	0.0%	0.9%	3.5%	4.4%	25.7%	5.2%	8.5%	
															
+1=More optimistic		6	6	2	1	2	3	0	1	1	1	9	2	2	
		33.8%	51.9%	52.6%	27.7%	64.3%	16.1%	0.0%	100.0%	26.5%	31.0%	33.4%	32.2%	21.9%	
															
0=No change		8	2	0	0	0	8	0	0	1	2	8	2	1	
		46.6%	14.5%	0.0%	0.0%	0.0%	50.6%	0.0%	0.0%	26.5%	38.0%	30.0%	32.2%	16.8%	
															
-1=Less optimistic		3	4	2	2	1	5	0	0	2	1	10	2	5	
		19.6%	33.5%	47.4%	72.3%	35.7%	33.3%	0.0%	0.0%	46.9%	31.0%	36.6%	35.7%	61.3%	
		m												a	
															
Mean		0.14	0.18	0.05	-0.45	0.29	-0.17	---	1.00	-0.20	0.00	-0.03	-0.03	-0.39	

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

3 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

1. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?

N=109		Sales Revenue	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion	
		A	B	C	D	E	F	G	
									
Total		23	20	26	11	10	4	8	
		22.7%	19.4%	25.3%	11.1%	10.0%	3.9%	7.5%	
									
+1=More optimistic		10	4	9	1	6	4	1	
		43.6%	18.2%	32.7%	10.3%	59.9%	100.0%	18.9%	
		f	eF	f	eF	bd	aBcDg	f	
									
0=No change		7	3	7	6	3	0	5	
		30.8%	13.2%	27.1%	51.5%	30.9%	0.0%	68.9%	
			dG	g	b		g	Bcf	
									
-1=Less optimistic		6	14	10	4	1	0	1	
		25.5%	68.6%	40.2%	38.2%	9.2%	0.0%	12.3%	
		B	AEfg			B	b	b	
									
Mean		0.18	-0.50	-0.07	-0.28	0.51	1.00	0.07	
		B	AE		e	Bd			

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

4 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=109		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
				A	B	C	D		A	B	C	D	N	
														
Number		109		43	22	7	37		9	6	6	3	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		10.4%	6.9%	6.9%	3.5%	16.1%	
														
Optimism rating		57.61		60.56	55.71	64.23	54.73		46.43	45.00	68.50	71.67	51.25	
		60.00		60.00	60.00	70.00	60.00		47.50	40.00	90.00	77.50	60.00	
									d	d		ab		

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

5 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=109		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		16	12	4	3	3	16	0	1	4	5	26	5	9	
Percent		15.7%	11.2%	3.5%	2.5%	2.6%	15.8%	0.0%	0.9%	3.5%	4.4%	25.4%	5.1%	8.4%	
															
Optimism rating		63.40	58.88	72.50	56.51	30.00	62.09	---	---	54.60	65.39	51.13	47.66	50.50	
		60.00	70.00	0.95	61.51	40.00	60.00	---	---	66.74	77.40	60.00	66.08	60.67	
		k										a			

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

6 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=109		Sales Revenue	
Mean
Median		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion	
		A	B	C	D	E	F	G	
									
Number		23	20	26	11	10	4	8	
Percent		23.0%	19.6%	25.6%	11.2%	10.1%	4.0%	7.6%	
									
Optimism rating		53.16	52.10	60.29	59.66	63.88	81.64	46.04	
		50.00	47.37	65.00	59.87	60.85	83.81	50.00	
			eF	Fg	F	bfg	BCDeg	cef	

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

7 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		109		43	22	6	37		9	6	6	3	13	
		100.0%		39.7%	20.3%	5.8%	34.3%		10.6%	7.1%	7.1%	3.5%	16.5%	
														
+1=More optimistic		44		12	7	4	21		5	3	6	2	6	
		40.7%		28.0%	30.0%	71.4%	56.4%		55.6%	50.0%	100.0%	66.7%	42.9%	
				cd		a	a				e		c	
														
0=No change		36		17	9	1	10		2	0	0	1	6	
		33.6%		40.0%	40.0%	14.3%	25.6%		22.2%	0.0%	0.0%	33.3%	42.9%	
														
-1=Less optimistic		28		14	7	1	7		2	3	0	0	2	
		25.8%		32.0%	30.0%	14.3%	17.9%		22.2%	50.0%	0.0%	0.0%	14.3%	
														
Mean		0.15		-0.04	0.00	0.57	0.38		0.33	0.00	1.00	0.67	0.29	
				d			a							

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

8 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		38	60	0	0		29	36	18	19	
		38.7%	61.3%	0.0%	0.0%		28.4%	35.3%	17.7%	18.6%	
											
+1=More optimistic		18	25	0	0		11	11	6	14	
		47.2%	41.6%	0.0%	0.0%		39.4%	31.1%	34.6%	74.5%	
							d	D	d	aBc	
											
0=No change		13	15	0	0		11	10	8	2	
		35.4%	25.5%	0.0%	0.0%		38.0%	28.6%	45.5%	8.8%	
							d		d	ac	
											
-1=Less optimistic		7	20	0	0		7	15	4	3	
		17.4%	32.9%	0.0%	0.0%		22.7%	40.3%	19.8%	16.7%	
											
Mean		0.30	0.09	---	---		0.17	-0.09	0.15	0.58	
								D		B	

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

9 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	4	3	3	16	0	1	4	5	26	5	9	
		15.9%	11.3%	3.5%	2.6%	2.6%	16.1%	0.0%	0.9%	3.5%	4.4%	25.4%	5.2%	8.5%	
															
+1=More optimistic		4	7	2	1	2	3	0	1	2	2	14	1	4	
		24.8%	64.0%	52.6%	36.1%	64.3%	17.4%	0.0%	100.0%	46.9%	40.9%	55.5%	17.8%	50.0%	
		b	af				bk					f			
															
0=No change		8	1	2	2	0	7	0	0	1	0	6	4	2	
		46.6%	6.3%	47.4%	63.9%	0.0%	41.5%	0.0%	0.0%	26.5%	0.0%	22.1%	82.2%	19.3%	
		b	adfL		b		b				l	l	Bjkm	l	
															
-1=Less optimistic		5	3	0	0	1	7	0	0	1	3	6	0	3	
		28.6%	29.7%	0.0%	0.0%	35.7%	41.1%	0.0%	0.0%	26.5%	59.1%	22.4%	0.0%	30.7%	
															
Mean		-0.04	0.34	0.53	0.36	0.29	-0.24	---	1.00	0.20	-0.18	0.33	0.18	0.19	
							k					f			

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

10 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		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		23	20	26	11	10	4	8		18	19	8	13	7	7	10	
		22.4%	19.5%	25.4%	11.2%	10.1%	3.9%	7.6%		22.0%	23.6%	10.1%	15.3%	8.6%	8.0%	12.4%	
																	
+1=More optimistic		12	7	14	1	5	3	1		9	7	0	7	5	3	5	
		50.7%	34.8%	54.9%	7.8%	48.5%	76.4%	18.9%		50.8%	38.5%	0.0%	59.0%	65.1%	41.0%	45.3%	
		d		d	acef	d	d			c	c	abdeg	c	c		c	
																	
0=No change		7	5	3	8	5	1	5		2	5	5	2	2	2	4	
		32.5%	23.0%	12.2%	66.6%	44.4%	23.6%	59.4%		10.6%	23.9%	59.0%	13.7%	24.5%	32.7%	38.1%	
			d	DeG	bC	c		C		c		ad	c				
																	
-1=Less optimistic		4	8	9	3	1	0	2		7	7	3	3	1	2	2	
		16.8%	42.3%	32.9%	25.6%	7.1%	0.0%	21.7%		38.6%	37.7%	41.0%	27.3%	10.4%	26.4%	16.6%	
																	
Mean		0.34	-0.08	0.22	-0.18	0.41	0.76	-0.03		0.12	0.01	-0.41	0.32	0.55	0.15	0.29	
					ef	d	d					eg		c		c	

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

11 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
				A	B	C	D		A	B	C	D	N	
														
Number		109		43	22	7	37		9	6	6	3	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		10.4%	6.9%	6.9%	3.5%	16.1%	
														
Optimism rating		59.88		60.28	58.39	57.50	60.82		58.89	51.00	69.67	66.67	60.45	
		60.00		60.00	60.00	60.00	60.00		55.00	47.50	80.00	75.00	70.00	

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

12 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Ownership		Foreign Sales	
Mean
Median		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Number		38	60	0	0		29	36	18	20	
Percent		38.5%	61.5%	0.0%	0.0%		28.2%	35.1%	17.6%	19.0%	
											
Optimism rating		61.79	58.01	---	---		60.29	57.54	57.26	63.36	
		60.00	53.98	---	---		60.00	60.00	50.00	70.00	

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

13 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		16	12	4	3	3	16	0	1	4	5	26	5	9	
Percent		15.7%	11.2%	3.5%	2.5%	2.6%	15.8%	0.0%	0.9%	3.5%	4.4%	25.4%	5.1%	8.4%	
															
Optimism rating		58.73	62.43	77.50	60.00	30.00	60.65	---	---	63.36	63.44	58.16	50.00	62.74	
		58.96	70.00	0.95	65.00	45.00	62.04	---	---	68.26	66.30	60.00	50.00	68.04	

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

14 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Sales Revenue		Number of Employees	
Mean
Median		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Number		23	20	26	11	10	4	8		18	19	9	13	7	7	10	
Percent		23.0%	19.6%	25.6%	11.2%	10.1%	4.0%	7.6%		21.8%	23.3%	10.6%	15.2%	8.5%	7.9%	12.3%	
																	
Optimism rating		62.26	54.83	62.30	52.49	62.99	78.47	51.04		59.55	58.80	52.82	66.68	59.12	63.12	52.26	
		65.32	57.50	60.05	55.48	60.00	85.97	50.00		67.63	60.00	50.00	74.06	60.00	60.00	50.00	
			f		f		bdg	f									

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

15 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		108		43	21	7	37		9	6	6	3	13	
		100.0%		40.0%	19.1%	6.3%	34.6%		10.5%	7.0%	7.0%	3.5%	16.4%	
														
Economic uncertainty		42		17	8	4	13		3	2	1	0	7	
		39.3%		40.0%	39.3%	53.3%	35.9%		33.3%	33.3%	16.7%	0.0%	50.0%	
														
Currency risk		37		12	7	1	16		7	3	2	1	3	
		34.4%		28.0%	35.7%	20.0%	43.6%		77.8%	50.0%	33.3%	33.3%	21.4%	
									e				a	
														
Weak demand for		32		14	4	2	11		1	4	2	0	5	
your products/services		29.6%		32.0%	21.4%	33.3%	30.8%		11.1%	66.7%	33.3%	0.0%	35.7%	
									b	a				
														
Government policies		31		12	4	2	13		2	0	4	3	5	
		28.7%		28.0%	17.9%	26.7%	35.9%		22.2%	0.0%	66.7%	100.0%	35.7%	
									d	cd	b	ab		
														
Difficulty attracting /
retaining qualified		
25		
10	
5	
1	
9		
3	
2	
1	
0	
3	
employees		23.2%		24.0%	25.0%	13.3%	23.1%		33.3%	33.3%	16.7%	0.0%	21.4%	
														
Employee productivity		24		9	9	2	5		1	1	1	1	1	
		22.3%		20.0%	42.9%	26.7%	12.8%		11.1%	16.7%	16.7%	33.3%	7.1%	
					d		b							

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

16 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		37	60	0	0		29	36	17	20	
		38.1%	61.9%	0.0%	0.0%		28.4%	35.4%	17.0%	19.1%	
											
Economic uncertainty		17	21	0	0		4	18	9	10	
		46.4%	35.5%	0.0%	0.0%		14.3%	48.5%	51.3%	49.8%	
							BCD	A	A	A	
											
Currency risk		16	15	0	0		6	9	12	8	
		43.1%	24.3%	0.0%	0.0%		21.4%	25.4%	68.3%	39.8%	
							C	C	AB		
											
Weak demand for		14	15	0	0		5	10	6	10	
your products/services		36.5%	24.7%	0.0%	0.0%		17.7%	26.4%	33.0%	49.7%	
							d			a	
											
Government policies		8	22	0	0		11	5	6	8	
		22.6%	35.8%	0.0%	0.0%		38.4%	13.9%	31.7%	42.1%	
							b	ad		b	
											
Difficulty attracting /
retaining qualified		
9	
16	
0	
0		
7	
11	
2	
5	
employees		24.2%	26.5%	0.0%	0.0%		23.5%	31.5%	12.3%	23.5%	
											
Employee productivity		14	10	0	0		7	12	1	4	
		38.0%	16.4%	0.0%	0.0%		24.9%	33.0%	4.2%	20.7%	
		b	a					c	b		

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

17 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	4	3	3	16	0	1	4	5	26	5	8	
		15.9%	11.4%	3.6%	2.6%	2.6%	16.1%	0.0%	0.9%	3.5%	4.4%	25.9%	5.2%	7.8%	
															
Economic uncertainty		5	4	1	3	0	6	0	0	1	0	15	3	4	
		31.5%	33.2%	26.3%	100.0%	0.0%	34.7%	0.0%	0.0%	26.5%	9.9%	54.8%	50.0%	55.0%	
															
Currency risk		6	4	1	2	0	1	0	0	0	1	15	2	2	
		38.5%	33.2%	26.3%	63.9%	0.0%	5.8%	0.0%	0.0%	0.0%	21.1%	57.5%	32.2%	21.5%	
		f			f		adK					F			
															
Weak demand for		5	2	0	0	0	6	0	0	1	2	8	1	5	
your products/services		30.1%	14.8%	0.0%	0.0%	0.0%	37.8%	0.0%	0.0%	20.4%	42.2%	31.6%	17.8%	67.0%	
			m											b	
															
Government policies		1	9	0	2	1	5	0	0	1	0	5	2	4	
		5.9%	77.7%	0.0%	72.3%	35.7%	27.9%	0.0%	0.0%	26.5%	9.9%	18.9%	32.2%	54.6%	
		Bdm	AcfjK	b	a		b				b	B		a	
															
Difficulty attracting /
retaining qualified		
3	
4	
1	
0	
0	
7	
0	
0	
1	
0	
7	
2	
0	
employees		19.4%	37.9%	26.3%	0.0%	0.0%	40.1%	0.0%	0.0%	26.5%	0.0%	27.1%	32.2%	0.0%	
							m							f	
															
Employee productivity		5	0	0	0	2	4	0	0	1	3	8	0	1	
		28.6%	3.9%	0.0%	0.0%	64.3%	26.6%	0.0%	0.0%	20.4%	59.1%	31.8%	0.0%	11.9%	
			ej			b					b				

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

18 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		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		23	20	26	11	10	4	7		18	19	9	13	7	7	9	
		22.9%	19.5%	25.5%	11.2%	10.1%	4.0%	6.9%		22.1%	23.7%	10.7%	15.4%	8.6%	8.0%	11.6%	
																	
Economic uncertainty		8	7	13	2	4	1	5		5	12	3	4	1	3	6	
		35.3%	34.8%	48.0%	19.0%	39.2%	18.1%	68.8%		27.5%	61.4%	36.4%	30.9%	13.6%	44.4%	58.9%	
					g			d		b	ae			b			
																	
Currency risk		3	9	12	5	4	1	3		3	6	3	6	2	0	4	
		12.2%	44.3%	46.6%	40.4%	34.9%	23.6%	41.6%		14.8%	32.4%	38.9%	46.1%	24.0%	6.9%	38.7%	
		bc	a	a													
																	
Weak demand for		6	6	11	1	2	0	2		4	5	3	7	2	1	2	
your products/services		25.1%	27.7%	40.3%	12.8%	17.9%	0.0%	34.4%		24.9%	24.8%	38.9%	58.0%	34.9%	14.6%	17.8%	
																	
Government policies		7	10	4	2	3	2	1		11	3	0	6	0	1	3	
		30.8%	48.2%	16.9%	19.0%	25.0%	41.7%	20.8%		63.3%	14.8%	0.0%	44.6%	0.0%	21.5%	31.0%	
			c	b						BCE	A	Ad	c	A			
																	
Difficulty attracting /
retaining qualified		
7	
2	
8	
5	
1	
1	
2		
2	
9	
2	
4	
3	
1	
2	
employees		27.9%	8.4%	30.8%	40.6%	13.6%	23.6%	24.0%		9.5%	43.9%	19.6%	32.4%	38.0%	14.6%	17.8%	
			d		b					b	a						
																	
Employee productivity		4	2	8	3	4	1	2		2	6	2	4	0	4	5	
		18.4%	8.4%	30.0%	23.1%	37.6%	29.2%	24.0%		11.8%	28.9%	24.8%	34.2%	0.0%	67.3%	48.8%	
										fg				fg	ae	ae	

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

19 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Regulatory		23		5	2	2	13		2	1	3	1	6	
requirements		20.9%		12.0%	10.7%	26.7%	35.9%		22.2%	16.7%	50.0%	33.3%	42.9%	
				d	d		ab							
														
Rising input or		22		10	4	2	7		2	2	0	1	2	
commodity costs		20.9%		24.0%	17.9%	26.7%	17.9%		22.2%	33.3%	0.0%	33.3%	14.3%	
														
Access to capital		17		7	3	1	6		1	0	2	0	2	
		15.7%		16.0%	14.3%	20.0%	15.4%		11.1%	0.0%	33.3%	0.0%	14.3%	
														
Corporate tax code		14		10	1	1	2		0	0	1	0	1	
		13.3%		24.0%	3.6%	20.0%	5.1%		0.0%	0.0%	16.7%	0.0%	7.1%	
				bd	a		a							
														
Cost of borrowing		14		9	0	1	5		1	0	0	1	3	
		13.3%		20.0%	0.0%	13.3%	12.8%		11.1%	0.0%	0.0%	33.3%	21.4%	
				b	a									
														
Employee morale		14		3	4	1	5		2	1	0	0	2	
		13.0%		8.0%	21.4%	20.0%	12.8%		22.2%	16.7%	0.0%	0.0%	14.3%	
														
Rising wages and		14		5	1	0	7		4	2	0	0	1	
salaries		12.8%		12.0%	7.1%	6.7%	17.9%		44.4%	33.3%	0.0%	0.0%	7.1%	
														
Data security		13		5	3	1	4		0	2	0	1	1	
		11.9%		12.0%	14.3%	13.3%	10.3%		0.0%	33.3%	0.0%	33.3%	7.1%	

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

20 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Regulatory		6	14	0	0		10	4	3	4	
requirements		15.4%	24.0%	0.0%	0.0%		35.4%	11.3%	15.2%	18.4%	
							b	a			
											
Rising input or		12	11	0	0		4	8	6	5	
commodity costs		31.5%	17.9%	0.0%	0.0%		13.3%	21.3%	34.8%	24.8%	
											
Access to capital		2	14	0	0		6	6	2	1	
		6.5%	22.4%	0.0%	0.0%		21.7%	17.9%	12.6%	4.9%	
		b	a								
											
Corporate tax code		6	8	0	0		6	5	2	0	
		15.2%	13.7%	0.0%	0.0%		21.5%	14.3%	14.1%	2.3%	
											
Cost of borrowing		5	9	0	0		2	9	0	4	
		13.1%	15.6%	0.0%	0.0%		6.6%	24.2%	0.0%	18.6%	
								c	b		
											
Employee morale		4	10	0	0		3	4	3	4	
		11.0%	16.4%	0.0%	0.0%		11.7%	11.2%	16.5%	18.6%	
											
Rising wages and		2	10	0	0		4	5	4	0	
salaries		6.5%	16.0%	0.0%	0.0%		15.0%	14.8%	20.7%	2.3%	
											
Data security		2	8	0	0		2	6	3	0	
		4.6%	12.7%	0.0%	0.0%		8.3%	16.6%	15.4%	0.0%	

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

21 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Regulatory		4	0	1	1	1	3	0	0	1	0	5	3	3	
requirements		23.7%	3.9%	26.3%	36.1%	35.7%	16.3%	0.0%	0.0%	26.5%	0.0%	20.6%	50.0%	33.0%	
			l										b		
															
Rising input or		3	2	1	1	2	0	0	0	1	1	9	0	4	
commodity costs		16.4%	14.8%	26.3%	27.7%	64.3%	0.0%	0.0%	0.0%	20.4%	31.0%	33.6%	0.0%	45.4%	
				f	f	F	cdEjkM				f	f		F	
															
Access to capital		1	2	0	0	0	5	0	1	0	1	2	1	2	
		9.0%	18.7%	0.0%	0.0%	0.0%	30.8%	0.0%	100.0%	0.0%	21.1%	9.3%	17.8%	23.9%	
		h							ak			h			
															
Corporate tax code		1	3	0	0	3	0	0	0	0	2	2	3	1	
		8.6%	22.6%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	38.0%	6.5%	64.3%	9.2%	
		El	e			AbFKm	EjL				f	EL	aFK	e	
															
Cost of borrowing		2	0	1	0	2	2	0	1	0	0	2	2	2	
		10.6%	3.9%	26.3%	0.0%	64.3%	10.5%	0.0%	100.0%	0.0%	0.0%	8.2%	35.7%	21.5%	
		eh	eh			abfk	eh		abfk			eh			
															
Employee morale		3	2	0	1	1	1	0	0	1	0	5	0	0	
		18.0%	14.8%	0.0%	36.1%	35.7%	7.2%	0.0%	0.0%	26.5%	0.0%	19.9%	0.0%	0.0%	
															
Rising wages and		4	0	0	0	0	3	0	0	1	0	5	1	0	
salaries		25.7%	0.0%	0.0%	0.0%	0.0%	16.3%	0.0%	0.0%	26.5%	0.0%	18.9%	17.8%	0.0%	
															
Data security		0	2	2	0	0	3	0	0	1	0	2	0	1	
		0.0%	18.7%	47.4%	0.0%	0.0%	16.1%	0.0%	0.0%	20.4%	0.0%	7.2%	0.0%	11.9%	
		C		Ak								c			

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

22 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		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	
																	
Regulatory		8	3	4	4	1	1	0		5	5	0	2	1	1	0	
requirements		35.8%	16.6%	14.6%	34.0%	11.4%	23.6%	0.0%		29.2%	23.7%	0.0%	17.2%	13.6%	11.2%	0.0%	
																	
Rising input or		4	2	8	2	2	0	2		2	3	3	5	2	3	2	
commodity costs		15.2%	9.6%	30.0%	16.7%	22.8%	0.0%	34.4%		9.5%	17.6%	35.6%	36.7%	24.0%	47.8%	17.8%	
										f					a		
																	
Access to capital		4	4	3	2	0	1	1		7	0	3	0	2	0	2	
		19.2%	19.5%	13.1%	21.4%	0.0%	23.6%	10.4%		39.9%	0.0%	39.3%	0.0%	24.0%	0.0%	17.8%	
										Bd	ACe	Bd	ac	b			
																	
Corporate tax code		6	1	3	2	0	1	0		3	3	0	5	0	2	0	
		27.1%	7.0%	13.2%	15.0%	0.0%	34.7%	0.0%		18.9%	17.8%	0.0%	38.5%	0.0%	26.4%	0.0%	
													g			d	
																	
Cost of borrowing		3	1	4	3	1	1	0		0	3	3	3	2	0	1	
		13.3%	4.8%	16.9%	30.1%	13.6%	23.6%	0.0%		0.0%	13.8%	39.3%	27.3%	27.1%	0.0%	10.1%	
										Cde		A	a	a			
																	
Employee morale		3	3	3	1	0	1	2		3	2	1	2	2	0	2	
		14.1%	14.3%	13.2%	12.8%	4.3%	18.1%	24.0%		17.1%	12.5%	13.5%	13.7%	24.5%	0.0%	17.8%	
																	
Rising wages and		4	5	2	2	0	0	1		1	5	0	0	1	0	1	
salaries		17.4%	23.0%	7.3%	21.4%	0.0%	0.0%	10.4%		5.3%	27.5%	5.1%	0.0%	13.6%	0.0%	7.7%	
																	
Data security		2	4	2	2	1	0	1		2	4	1	1	0	0	2	
		9.3%	20.4%	6.5%	21.4%	7.1%	0.0%	13.6%		12.0%	18.6%	8.4%	5.8%	0.0%	0.0%	17.8%	

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

23 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Cost of benefits		10		3	1	1	4		0	0	2	1	1	
		9.0%		8.0%	7.1%	13.3%	10.3%		0.0%	0.0%	33.3%	33.3%	7.1%	
														
Inflation		9		5	0	0	4		3	0	1	0	0	
		8.4%		12.0%	0.0%	0.0%	10.3%		33.3%	0.0%	16.7%	0.0%	0.0%	
									e				a	
														
Geopolitical / health		8		2	4	0	2		1	1	0	0	0	
crises		7.2%		4.0%	17.9%	6.7%	5.1%		11.1%	16.7%	0.0%	0.0%	0.0%	
														
Deflation		2		0	1	0	1		0	0	0	0	1	
		2.0%		0.0%	3.6%	6.7%	2.6%		0.0%	0.0%	0.0%	0.0%	7.1%	
														
Other		7		2	1	1	3		0	0	2	0	1	
		6.5%		4.0%	7.1%	13.3%	7.7%		0.0%	0.0%	33.3%	0.0%	7.1%	

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

24 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Cost of benefits		1	9	0	0		3	5	0	1	
		2.6%	14.4%	0.0%	0.0%		11.7%	13.3%	0.0%	7.2%	
											
Inflation		2	7	0	0		3	2	1	3	
		4.6%	12.0%	0.0%	0.0%		11.9%	5.3%	5.5%	13.7%	
											
Geopolitical / health		3	5	0	0		2	0	4	1	
crises		8.5%	7.6%	0.0%	0.0%		8.4%	0.0%	23.6%	6.0%	
								C	B		
											
Deflation		0	2	0	0		0	0	1	1	
		0.0%	3.5%	0.0%	0.0%		0.0%	1.2%	4.2%	4.9%	
											
Other		2	4	0	0		4	1	0	2	
		6.6%	6.7%	0.0%	0.0%		14.0%	3.3%	0.0%	8.6%	

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

25 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Cost of benefits		1	2	0	0	0	2	0	0	1	1	2	0	0	
		4.5%	18.7%	0.0%	0.0%	0.0%	14.9%	0.0%	0.0%	26.5%	31.0%	7.2%	0.0%	0.0%	
															
Inflation		1	0	0	0	0	3	0	0	1	0	3	2	0	
		5.9%	0.0%	0.0%	0.0%	0.0%	16.3%	0.0%	0.0%	26.5%	0.0%	10.1%	32.2%	0.0%	
															
Geopolitical / health		1	4	0	0	0	2	0	0	0	1	1	0	0	
crises		4.5%	31.3%	0.0%	0.0%	0.0%	10.3%	0.0%	0.0%	0.0%	21.1%	2.8%	0.0%	0.0%	
			k									b			
															
Deflation		0	0	0	0	0	0	0	0	0	0	0	1	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	2.7%	0.0%	0.0%	0.0%	0.0%	0.0%	17.8%	9.2%	
												l	k		
															
Other		4	1	1	0	0	1	0	0	0	0	0	0	0	
		23.7%	8.2%	26.3%	0.0%	0.0%	4.5%	0.0%	0.0%	0.0%	0.0%	1.7%	0.0%	0.0%	
		k		k								ac			

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

26 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=108		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	
																	
Cost of benefits		4	2	1	2	0	1	0		3	1	2	0	0	0	0	
		16.3%	8.6%	3.7%	15.0%	0.0%	34.7%	0.0%		18.9%	4.9%	19.6%	3.6%	0.0%	0.0%	0.0%	
				f			c										
																	
Inflation		5	2	2	0	0	0	0		1	3	0	0	2	0	0	
		22.8%	9.6%	6.6%	0.0%	0.0%	0.0%	0.0%		5.3%	13.8%	0.0%	0.0%	24.5%	0.0%	0.0%	
																	
Geopolitical / health		0	3	1	1	0	0	3		2	1	2	0	0	0	2	
crises		0.0%	13.4%	3.7%	6.4%	0.0%	11.1%	41.6%		9.5%	3.8%	19.2%	3.6%	0.0%	0.0%	23.2%	
		G		G		g		ACe									
																	
Deflation		2	0	0	0	0	0	0		1	0	0	0	0	0	0	
		9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		6.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Other		2	0	1	0	2	1	1		1	0	1	1	2	0	1	
		7.9%	0.0%	3.7%	0.0%	23.8%	23.6%	10.4%		5.3%	2.3%	8.4%	7.6%	24.5%	0.0%	7.7%	
			ef			b	b										

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

27 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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=109		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
														
Number		109		25	30	15	39		9	6	6	3	14	
Percent		100.0%		22.9%	27.5%	13.8%	35.8%		11.8%	7.9%	7.9%	3.9%	18.4%	
														
Capital spending		7.2		4.1	9.1	4.7	9.5		11.1	-2.4	5.0	27.5	11.4	
		3.0		3.0	5.2	5.0	3.0		3.0	3.5	1.0	1.0	3.0	
														
Wages/Salaries		6.0		6.8	0.9	8.3	6.2		7.1	2.9	6.6	5.5	7.3	
		5.0		5.0	1.3	7.5	5.0		6.0	3.0	7.5	1.0	5.5	
														
Technology spending		5.5		5.4	3.9	5.6	6.1		3.0	4.2	17.5	5.0	7.6	
		2.5		1.0	2.0	5.5	5.0		5.0	2.0	1.0	12.5	2.0	
														
Revenue		5.0		6.2	3.5	12.9	1.7		5.0	-1.7	7.5	6.5	-1.5	
		5.0		5.0	2.5	10.0	5.0		5.0	5.0	15.0	1.0	-3.0	
														
Earnings		4.3		4.2	2.5	7.9	3.8		3.9	-10.3	2.0	2.5	9.8	
		5.0		1.0	2.0	10.0	2.5		0.0	-1.3	8.0	1.0	7.5	
														
Research and		3.6		5.1	1.4	4.6	2.6		0.9	3.4	17.5	0.0	0.3	
development
spending		0.0		3.0	0.0	5.5	0.0		0.0	3.5	1.0	10.0	0.0	
														
Health care costs		3.4		2.2	2.7	4.3	4.3		7.6	1.0	1.5	7.5	3.0	
		2.0		0.0	1.0	5.0	5.0		8.0	0.0	1.0	1.0	3.0	
														
Number of domestic		2.7		2.6	2.4	2.7	3.1		-2.3	-2.0	8.3	18.2	4.1	
full-time employees		2.0		0.0	2.0	3.0	3.0		2.0	5.0	11.5	1.0	3.0	
														
Marketing/		2.7		5.0	1.3	2.8	1.3		4.3	1.4	5.5	9.0	-3.1	
advertising spending		1.0		0.0	1.0	3.0	1.0		2.5	1.5	1.0	1.0	1.0	
														
Prices of your products		2.4		1.0	1.5	2.4	3.6		4.3	-3.5	2.5	5.7	5.3	
		1.2		0.0	0.0	1.0	3.0		5.0	1.1	1.0	7.5	3.0	

28 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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=109		Ownership		Foreign Sales	
Mean
Median		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
											
Number		40	60	0	0		27	37	20	20	
Percent		40.0%	60.0%	0.0%	0.0%		26.0%	35.6%	19.2%	19.2%	
											
Capital spending		8.3	7.1	---	---		12.5	1.6	6.3	11.3	
		5.0	2.5	---	---		2.0	2.0	3.0	5.0	
											
Wages/Salaries		5.2	6.3	---	---		5.7	6.2	4.8	6.5	
		5.0	5.0	---	---		4.5	5.0	5.0	5.5	
											
Technology spending		5.7	5.9	---	---		7.3	2.5	3.1	10.4	
		5.0	2.5	---	---		5.0	2.0	0.5	10.0	
											
Revenue		6.4	4.0	---	---		2.6	2.7	7.4	10.6	
		5.0	3.0	---	---		2.0	4.0	5.0	7.0	
											
Earnings		6.9	2.9	---	---		2.0	1.7	5.6	12.1	
		5.0	1.3	---	---		2.0	0.5	7.0	10.0	
											
Research and		4.8	2.1	---	---		4.1	1.5	0.9	6.3	
development
spending		4.0	0.0	---	---		0.0	0.0	0.0	7.9	
											
Health care costs		2.4	4.0	---	---		3.9	3.7	3.4	2.5	
		1.0	3.0	---	---		3.0	5.0	0.0	2.0	
											
Number of domestic		3.0	2.8	---	---		6.5	0.6	-0.5	3.4	
full-time employees		2.0	2.0	---	---		2.0	1.0	0.0	5.0	
											
Marketing/		2.2	1.7	---	---		4.3	-0.4	5.4	2.6	
advertising spending		1.0	1.0	---	---		4.0	0.0	1.0	1.5	
											
Prices of your products		2.5	2.4	---	---		3.4	1.0	2.9	3.0	
		1.1	2.0	---	---		2.0	0.0	0.0	3.0	

29 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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=109		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Number		16	11	3	3	2	17	0	1	4	5	30	4	8	
Percent		15.4%	10.6%	2.9%	2.9%	1.9%	16.3%	0.0%	1.0%	3.8%	4.8%	28.8%	3.8%	7.7%	
															
Capital spending		4.5	9.4	0.0	-5.0	-10.0	5.3	---	20.0	0.0	12.8	0.7	26.9	29.3	
		3.0	10.0	0.0	1.0	-5.0	1.0	---	10.0	2.5	9.0	3.0	40.3	30.0	
															
Wages/Salaries		3.3	10.2	12.7	4.3	0.0	4.9	---	---	7.3	11.5	4.5	7.0	5.3	
		5.0	10.0	17.6	1.0	2.5	3.0	---	---	8.0	15.0	5.0	10.0	4.0	
															
Technology spending		3.4	11.4	23.8	-4.6	0.0	-0.3	---	---	5.5	9.5	3.9	7.5	9.0	
		4.5	10.0	1.0	1.0	5.0	1.0	---	---	5.0	15.0	2.0	10.0	12.5	
															
Revenue		3.7	15.0	-7.5	-22.5	-20.0	4.7	---	---	0.8	1.5	5.8	4.0	14.2	
		7.5	12.0	1.0	1.0	-12.5	0.5	---	---	5.0	7.0	5.0	16.0	7.5	
															
Earnings		2.3	10.3	41.6	-17.5	0.0	-1.1	---	20.0	-3.8	-1.3	5.5	8.9	10.3	
		5.0	10.0	1.0	1.0	-2.5	0.0	---	0.0	0.0	1.0	6.5	20.8	17.5	
															
Research and		3.0	5.0	10.6	0.0	0.0	-3.3	---	20.0	0.0	7.4	5.4	2.2	0.5	
development
spending		3.0	1.5	1.0	10.6	10.6	0.0	---	2.8	0.0	10.0	5.0	10.5	0.0	
															
Health care costs		4.0	5.0	0.0	7.0	0.0	3.0	---	10.0	4.3	1.7	2.2	2.8	4.2	
		4.0	5.0	0.0	1.0	5.0	2.0	---	5.0	5.0	2.5	2.0	6.7	5.0	
															
Number of domestic		0.0	5.0	-2.5	-13.0	0.0	1.4	---	9.0	-0.8	10.5	0.7	6.7	11.8	
full-time employees		0.0	4.0	1.0	-4.0	2.5	2.0	---	-0.5	2.0	10.0	1.0	15.0	10.0	
															
Marketing/		3.5	4.1	15.0	0.0	0.0	2.3	---	1.0	0.8	-2.0	2.9	0.1	-1.3	
advertising spending		4.0	3.5	1.0	1.0	7.5	3.5	---	-9.3	5.0	2.0	1.0	10.0	0.0	
															
Prices of your products		0.9	2.0	4.0	17.5	-20.0	0.3	---	20.0	2.5	1.5	-0.5	3.3	11.6	
		2.0	2.5	1.0	1.0	0.0	0.0	---	10.0	5.0	1.0	0.0	3.0	5.0	

30 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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=109		Sales Revenue		Number of Employees	
Mean
Median		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
																	
Number		26	19	20	11	13	5	10		18	19	8	11	6	6	13	
Percent		25.0%	18.3%	19.2%	10.6%	12.5%	4.8%	9.6%		22.2%	23.5%	9.9%	13.6%	7.4%	7.4%	16.0%	
																	
Capital spending		10.3	5.1	3.8	1.6	10.4	13.8	19.0		7.0	3.2	-0.1	6.5	1.7	10.1	17.4	
		2.5	3.0	3.0	1.5	5.0	20.0	30.0		0.0	2.5	1.0	5.0	2.5	7.7	15.0	
																	
Wages/Salaries		8.1	4.1	6.8	2.2	6.0	9.1	3.7		7.0	4.8	3.3	7.0	9.4	6.4	3.5	
		8.5	4.0	5.0	3.0	5.0	8.0	5.5		5.0	3.8	2.2	5.0	11.5	5.0	5.0	
																	
Technology spending		7.2	0.9	6.0	2.0	14.9	8.3	1.3		6.7	2.8	1.5	9.1	15.9	3.3	3.5	
		5.0	1.0	2.0	2.0	15.0	10.0	5.0		5.0	2.0	1.0	10.0	17.5	2.0	10.0	
																	
Revenue		9.4	-4.1	8.5	2.0	6.4	22.0	-2.5		5.0	1.3	1.3	14.9	3.8	11.2	1.0	
		10.0	-4.5	7.5	3.0	5.0	15.0	-2.0		0.0	5.0	0.0	10.0	5.0	10.0	5.0	
																	
Earnings		7.3	-7.2	8.5	-0.5	11.2	10.0	7.0		1.4	-1.6	0.5	6.7	15.4	7.7	9.7	
		8.0	-3.5	5.0	0.0	10.0	12.5	10.0		0.0	-0.5	1.0	7.5	10.0	10.0	12.5	
																	
Research and		2.2	2.1	3.9	2.4	7.6	12.8	-2.0		0.1	4.5	2.0	6.0	6.3	7.5	4.8	
development
spending		0.0	0.0	3.0	1.0	8.9	20.0	0.0		0.0	2.0	1.0	3.0	10.0	7.9	5.0	
																	
Health care costs		4.5	4.3	2.0	1.0	3.3	7.5	4.0		4.4	2.9	0.3	3.3	1.3	3.3	5.4	
		5.0	4.5	0.0	0.5	5.0	10.0	6.0		3.0	2.5	0.0	0.5	0.0	5.0	7.5	
																	
Number of domestic		4.2	-3.3	5.1	-1.1	8.6	7.8	0.0		3.3	0.9	1.0	5.9	2.5	14.3	3.5	
full-time employees		2.0	0.0	2.5	0.0	5.0	10.0	0.0		2.0	2.0	2.0	5.5	5.0	17.0	2.0	
																	
Marketing/		-1.5	4.9	3.6	4.4	7.3	7.8	-4.3		-1.3	3.2	2.2	4.8	8.0	3.3	-0.4	
advertising spending		0.0	3.0	1.0	1.5	10.0	10.0	-1.5		0.5	1.0	4.0	5.0	10.0	5.0	0.5	
																	
Prices of your products		3.9	0.6	1.9	-0.4	2.8	9.4	-0.7		2.3	0.9	-0.4	3.8	2.0	2.4	4.0	
		0.0	0.0	2.5	0.0	2.5	10.0	0.0		0.0	0.0	1.1	5.0	2.5	2.5	1.0	

31 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=104		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
														
Capital spending		12.7		1.4	19.9	9.5	9.1		13.0	1.2	5.0	27.9	2.5	
		7.5		0.8	13.3	8.1	0.9		4.6	3.5	0.0	49.1	-0.4	
														
Earnings		8.3		3.7	9.8	8.6	7.6		4.4	-0.5	4.8	2.5	10.2	
		7.9		0.0	10.0	10.0	5.0		2.2	7.8	6.5	5.1	10.3	
														
Technology spending		5.9		8.7	5.4	9.2	4.1		5.6	2.9	17.5	5.0	3.9	
		5.0		10.0	10.0	10.0	2.0		10.0	2.0	0.0	12.5	-0.5	
														
Research and		3.9		6.2	2.2	12.0	0.6		0.2	2.2	17.5	0.0	0.5	
development
spending		0.0		8.6	0.3	16.2	0.0		2.2	1.4	0.0	10.0	-0.7	
														
Revenue		3.7		6.3	-1.0	20.1	3.5		5.5	2.3	14.5	6.5	1.5	
		5.0		2.9	0.6	13.7	5.0		4.6	5.0	22.4	7.9	1.9	
														
Prices of your products		2.6		1.6	-0.6	5.7	4.6		3.9	-0.8	4.9	5.9	4.5	
		2.0		2.0	0.0	4.7	2.6		4.1	1.1	3.1	5.0	2.2	
														
Marketing/		2.0		3.9	-1.6	5.7	3.6		6.1	1.6	9.8	9.0	0.4	
advertising spending		0.0		2.4	0.0	10.0	2.1		6.7	1.5	5.6	9.8	-0.4	

32 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=104		Ownership		Foreign Sales	
Mean
Median		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
											
Capital spending		12.6	13.1	---	---		15.9	2.6	27.1	8.9	
		8.8	3.0	---	---		1.3	0.0	10.0	9.6	
											
Earnings		6.9	12.3	---	---		3.1	5.5	10.3	16.1	
		9.1	10.0	---	---		5.0	5.0	10.0	10.0	
											
Technology spending		4.1	10.9	---	---		9.7	0.2	4.6	15.8	
		5.0	10.0	---	---		15.0	1.0	1.3	10.0	
											
Research and		3.3	6.5	---	---		6.0	3.0	0.1	8.8	
development
spending		0.0	1.3	---	---		10.0	0.0	0.0	9.7	
											
Revenue		2.1	6.3	---	---		5.6	4.4	1.4	5.6	
		2.0	5.0	---	---		4.5	5.0	5.0	4.2	
											
Prices of your products		2.1	3.7	---	---		2.8	4.0	-0.8	5.0	
		0.0	4.4	---	---		2.3	2.2	0.0	5.0	
											
Marketing/		-0.7	7.3	---	---		6.5	0.1	-3.3	8.2	
advertising spending		0.2	10.0	---	---		10.0	-0.8	0.1	10.0	

33 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=104		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Capital spending		6.3	39.2	0.0	-5.0	-10.0	2.2	---	20.0	4.8	2.4	1.7	5.5	44.2	
		10.0	39.7	0.0	0.1	-5.0	1.2	---	10.0	2.5	3.9	2.2	0.0	62.5	
															
Earnings		7.8	10.0	41.6	-17.5	0.0	4.6	---	20.0	1.1	3.4	6.1	1.8	8.1	
		7.9	11.6	26.1	0.1	-2.5	7.7	---	0.0	5.7	6.7	10.0	20.8	19.3	
															
Technology spending		10.6	4.1	30.2	-4.6	0.0	1.2	---	---	4.6	3.1	1.4	4.7	10.7	
		13.2	3.7	20.9	0.1	5.0	7.2	---	---	2.9	3.4	0.6	0.0	13.0	
															
Research and		2.8	5.6	0.6	0.0	0.0	-0.6	---	20.0	0.0	5.1	3.1	1.2	0.3	
development
spending		0.0	2.1	10.9	10.6	10.6	1.0	---	2.8	0.0	8.4	5.0	10.5	1.0	
															
Revenue		1.6	13.8	-5.7	-22.5	-20.0	7.1	---	---	7.3	8.8	1.9	2.4	6.4	
		6.1	4.6	-3.7	0.1	-12.5	10.6	---	---	2.7	15.3	4.1	16.0	7.9	
															
Prices of your products		1.3	1.5	4.7	17.5	-20.0	1.3	---	20.0	8.6	1.6	0.7	1.6	3.1	
		1.7	-0.5	2.9	0.1	0.0	1.7	---	10.0	5.9	0.3	0.0	0.0	3.8	
															
Marketing/		-2.6	3.1	10.3	0.0	0.0	5.6	---	1.0	6.6	-2.9	1.1	0.0	8.0	
advertising spending		-5.1	0.7	15.2	0.1	7.5	3.9	---	-9.3	4.7	1.2	-0.1	10.0	6.1	

34 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=104		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 spending		10.3	5.1	3.8	1.6	10.4	13.8	19.0		8.8	2.8	-0.8	12.7	0.4	18.3	18.3	
		2.5	3.0	3.0	1.5	5.0	20.0	30.0		10.0	2.7	1.0	19.2	0.4	7.7	15.0	
																	
Earnings		7.3	-7.2	8.5	-0.5	11.2	10.0	7.0		1.9	-3.1	-0.8	8.9	19.4	6.6	8.3	
		8.0	-3.5	5.0	0.0	10.0	12.5	10.0		5.1	-1.7	0.1	10.0	10.0	10.0	10.8	
																	
Technology spending		7.2	0.9	6.0	2.0	14.9	8.3	1.3		7.2	1.3	0.9	9.7	21.3	5.3	2.2	
		5.0	1.0	2.0	2.0	15.0	10.0	5.0		10.8	1.8	1.0	14.5	19.6	8.8	6.7	
																	
Research and		2.2	2.1	3.9	2.4	7.6	12.8	-2.0		1.0	1.6	2.3	12.8	5.3	10.4	1.1	
development
spending		0.0	0.0	3.0	1.0	8.9	20.0	0.0		1.2	0.0	1.0	20.5	10.0	13.9	0.0	
																	
Revenue		9.4	-4.1	8.5	2.0	6.4	22.0	-2.5		4.1	2.3	-7.7	26.3	-0.8	8.7	-0.1	
		10.0	-4.5	7.5	3.0	5.0	15.0	-2.0		5.2	3.1	-4.8	24.2	0.8	10.0	3.9	
																	
Prices of your products		3.9	0.6	1.9	-0.4	2.8	9.4	-0.7		2.3	-0.7	-0.5	6.5	3.0	2.3	1.5	
		0.0	0.0	2.5	0.0	2.5	10.0	0.0		4.2	0.0	1.1	8.9	2.9	2.5	0.0	
																	
Marketing/		-1.5	4.9	3.6	4.4	7.3	7.8	-4.3		3.2	3.7	1.9	8.1	6.5	7.6	-2.5	
advertising spending		0.0	3.0	1.0	1.5	10.0	10.0	-1.5		9.2	1.0	4.0	10.0	10.0	13.5	-0.5	

35 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted]

N=81		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
														
Wages/Salaries		5.3		7.7	2.5	9.1	5.9		12.2	3.8	5.3	3.0	6.2	
		4.8		5.0	3.0	7.8	6.1		11.8	3.8	7.4	4.0	9.7	
														
Number of domestic		5.1		6.7	2.8	4.6	7.6		2.2	1.5	6.1	34.4	5.1	
full-time employees		2.3		0.0	1.0	5.0	9.0		4.8	4.2	9.0	22.2	9.0	
														
Health care costs		4.3		1.8	4.6	4.7	5.4		6.6	0.6	1.3	10.0	5.5	
		2.0		0.0	6.7	4.7	2.2		8.8	1.3	1.7	6.0	3.9	

36 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted]

N=81		Ownership		Foreign Sales	
Mean
Median		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
											
Wages/Salaries		3.9	8.2	---	---		6.4	6.2	3.0	5.7	
		4.5	5.0	---	---		3.5	6.4	5.0	3.0	
											
Number of domestic		3.2	11.2	---	---		13.8	4.7	-0.1	6.7	
full-time employees		0.8	9.2	---	---		2.7	2.0	0.0	10.0	
											
Health care costs		4.5	3.9	---	---		5.1	4.2	4.6	3.7	
		5.0	0.9	---	---		3.0	2.0	0.0	5.0	

37 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted]

N=81		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Wages/Salaries		4.6	4.4	15.0	3.5	0.0	3.5	---	---	3.7	17.8	4.5	9.5	3.1	
		5.0	2.7	9.5	3.8	2.0	2.5	---	---	7.0	12.4	4.8	14.2	3.6	
															
Number of domestic		-0.3	4.0	5.0	-13.0	0.0	3.6	---	9.0	2.2	22.2	3.3	5.9	17.6	
full-time employees		0.8	2.0	0.0	-9.0	-2.5	2.0	---	4.5	4.9	15.1	1.0	18.7	34.4	
															
Health care costs		8.0	2.5	0.0	4.0	0.0	1.4	---	10.0	0.5	0.0	2.8	3.2	5.4	
		10.0	0.0	0.0	2.0	0.0	2.0	---	5.0	1.4	5.3	2.0	8.1	10.0	

38 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted]

N=81		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/Salaries		8.0	2.7	8.9	2.6	5.7	5.0	3.7		7.0	4.8	3.3	7.0	9.4	6.4	3.5	
		9.6	3.5	7.1	3.6	4.7	4.3	5.5		5.0	3.8	2.2	5.0	11.5	5.0	5.0	
																	
Number of domestic		6.8	-4.9	9.4	-0.6	8.0	9.5	0.0		3.3	0.9	1.0	5.9	2.5	14.3	3.5	
full-time employees		4.4	0.0	5.0	0.0	4.9	10.0	0.0		2.0	2.0	2.0	5.5	5.0	17.0	2.0	
																	
Health care costs		5.5	2.6	1.7	0.4	5.0	7.7	4.0		4.4	2.9	0.3	3.3	1.2	3.3	5.4	
		6.1	3.0	0.0	0.7	1.4	10.0	6.0		3.0	2.5	0.0	0.5	0.0	5.0	7.5	

39 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=74		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
														
Earnings		6.9		4.5	9.2	8.2	1.2		41.6	-1.3	---	0.0	1.3	
		9.1		0.0	11.1	10.0	-2.4		19.8	-1.6	---	-1.0	-3.0	
														
Revenue		2.1		4.9	-0.1	9.9	0.3		40.0	3.4	---	8.0	-3.0	
		2.0		3.0	4.0	12.6	-1.7		18.5	0.3	---	8.0	1.0	

40 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=74		Ownership		Foreign Sales	
Mean
Median		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
											
Earnings		6.9	---	---	---		-1.3	3.7	10.5	9.7	
		9.1	---	---	---		0.6	5.0	11.6	11.4	
											
Revenue		2.1	---	---	---		1.8	3.0	0.1	7.0	
		2.0	---	---	---		1.0	4.5	-1.4	7.1	

41 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=74		Industry	
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Earnings		5.3	9.9	---	---	---	4.6	---	20.0	0.0	5.2	6.3	0.0	30.0	
		8.0	8.5	---	---	---	15.0	---	10.0	0.0	9.2	10.0	-2.5	12.5	
															
Revenue		4.2	-1.9	---	---	---	6.0	---	---	8.0	3.5	1.2	2.0	10.0	
		6.9	4.1	---	---	---	10.5	---	---	6.5	6.7	2.0	-0.5	3.5	

42 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - 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 (not GDP) Weighted] 

N=74		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	
																	
Earnings		0.0	14.9	7.8	1.0	5.1	11.7	7.0		0.0	-1.9	-0.2	9.9	1.3	6.2	8.3	
		-2.5	23.3	4.0	7.5	5.0	17.5	10.0		3.5	3.0	0.3	17.3	5.8	10.8	10.8	
																	
Revenue		5.0	15.0	8.1	4.8	6.8	7.5	-2.5		5.0	6.5	4.4	13.8	2.0	7.3	-1.2	
		1.0	25.0	10.0	5.0	5.0	1.9	-2.0		1.0	7.5	0.3	20.0	8.7	10.0	0.4	

43 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		109		43	22	7	37		9	6	6	3	13	
		100.0%		39.5%	20.2%	6.2%	34.2%		10.5%	7.0%	7.0%	3.5%	16.4%	
														
Reduce corruption		36		10	2	5	18		4	0	4	3	7	
		32.7%		24.0%	10.0%	73.3%	48.7%		44.4%	0.0%	66.7%	100.0%	50.0%	
				cd	CD	aB	aB			cd	b	b		
														
Improve the judiciary /		29		17	1	2	9		1	1	3	2	1	
legal system		26.4%		40.0%	3.3%	33.3%	23.1%		11.1%	16.7%	50.0%	66.7%	7.1%	
				B	Acd	b	b				e	e	cd	
														
Corporate tax reform		42		17	12	4	9		3	1	2	1	2	
		38.6%		40.0%	53.3%	66.7%	23.1%		33.3%	16.7%	33.3%	33.3%	14.3%	
					d	d	bc							
														
Reduce entitlements		11		3	5	0	2		1	0	0	0	1	
		10.0%		8.0%	23.3%	6.7%	5.1%		11.1%	0.0%	0.0%	0.0%	7.1%	
					d		b							
														
Improve infrastructure		25		3	2	5	14		2	2	4	2	5	
		22.8%		8.0%	10.0%	73.3%	38.5%		22.2%	33.3%	66.7%	66.7%	35.7%	
				CD	Cd	AB	Ab							
														
Improve the banking		11		3	3	1	3		0	0	0	1	2	
system		9.7%		8.0%	13.3%	20.0%	7.7%		0.0%	0.0%	0.0%	33.3%	14.3%	
														
Reduce business		37		12	11	1	13		3	2	1	1	6	
regulations		34.2%		28.0%	50.0%	13.3%	35.9%		33.3%	33.3%	16.7%	33.3%	42.9%	

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

44 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		38	60	0	0		29	36	18	20	
		38.5%	61.5%	0.0%	0.0%		28.2%	35.2%	17.6%	19.0%	
											
Reduce corruption		13	21	0	0		10	11	4	8	
		33.7%	34.0%	0.0%	0.0%		33.9%	31.4%	23.5%	42.1%	
											
Improve the judiciary /		11	16	0	0		11	7	4	5	
legal system		28.0%	25.7%	0.0%	0.0%		38.4%	19.4%	24.1%	27.1%	
											
Corporate tax reform		14	24	0	0		12	13	9	7	
		38.3%	39.3%	0.0%	0.0%		40.6%	34.6%	47.0%	38.4%	
											
Reduce entitlements		3	5	0	0		1	4	3	1	
		7.8%	7.6%	0.0%	0.0%		2.5%	10.7%	18.8%	6.0%	
											
Improve infrastructure		8	16	0	0		6	10	1	7	
		21.8%	26.9%	0.0%	0.0%		22.0%	26.8%	7.7%	37.8%	
									d	c	
											
Improve the banking		1	9	0	0		1	7	0	1	
system		2.5%	14.8%	0.0%	0.0%		5.0%	20.5%	0.0%	4.9%	
								c	b		
											
Reduce business		10	24	0	0		11	15	5	4	
regulations		27.7%	40.1%	0.0%	0.0%		38.4%	42.3%	26.7%	22.2%	

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

45 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	4	3	3	16	0	1	4	5	26	5	9	
		15.8%	11.3%	3.5%	2.6%	2.6%	16.0%	0.0%	0.9%	3.5%	4.4%	25.7%	5.2%	8.5%	
															
Reduce corruption		4	2	1	1	1	7	0	0	2	0	10	3	4	
		23.7%	16.0%	26.3%	36.1%	35.7%	40.5%	0.0%	0.0%	53.1%	9.9%	37.0%	50.0%	41.6%	
															
Improve the judiciary /		3	7	0	0	1	3	0	0	1	2	2	3	2	
legal system		16.4%	60.5%	0.0%	0.0%	35.7%	19.0%	0.0%	0.0%	26.5%	52.1%	8.2%	64.3%	28.1%	
		bl	afK				b				k	BjL	aK		
															
Corporate tax reform		5	5	0	0	3	7	0	0	1	3	11	3	2	
		28.0%	39.8%	0.0%	0.0%	100.0%	39.5%	0.0%	0.0%	20.4%	69.0%	42.6%	50.0%	28.1%	
		e				a									
															
Reduce entitlements		1	0	2	1	0	2	0	0	0	0	3	0	0	
		4.5%	3.9%	47.4%	27.7%	0.0%	13.4%	0.0%	0.0%	0.0%	0.0%	12.8%	0.0%	0.0%	
		c		a											
															
Improve infrastructure		2	1	2	0	0	3	0	1	2	1	6	2	5	
		13.1%	12.1%	52.6%	0.0%	0.0%	20.4%	0.0%	100.0%	46.9%	31.0%	21.0%	35.7%	52.5%	
		hm							a					a	
															
Improve the banking		1	0	1	0	0	4	0	0	1	2	1	0	0	
system		4.5%	0.0%	26.3%	0.0%	0.0%	24.8%	0.0%	0.0%	26.5%	47.9%	3.6%	0.0%	0.0%	
		j	j				k				abKm	fJ		j	
															
Reduce business		7	2	1	1	2	8	0	0	0	3	6	2	4	
regulations		40.3%	21.1%	26.3%	36.1%	64.3%	47.3%	0.0%	0.0%	0.0%	59.1%	22.9%	35.7%	41.2%	

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

46 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		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		23	20	26	11	10	4	8		18	19	9	13	7	7	10	
		22.7%	19.4%	25.3%	11.1%	10.0%	3.9%	7.5%		21.9%	23.5%	10.6%	15.3%	8.5%	7.9%	12.3%	
																	
Reduce corruption		13	6	9	1	3	1	1		7	7	2	3	3	3	1	
		54.5%	28.4%	32.9%	10.3%	27.2%	23.6%	12.3%		37.9%	37.5%	19.6%	20.8%	38.0%	47.8%	9.4%	
		dg			a			a									
																	
Improve the judiciary /		7	3	10	4	0	2	0		7	4	3	7	0	2	0	
legal system		27.9%	16.6%	36.6%	34.0%	4.3%	58.3%	0.0%		41.4%	22.7%	30.5%	52.1%	0.0%	33.2%	0.0%	
						f	eg	f		g			eg	d		ad	
																	
Corporate tax reform		9	9	9	7	2	1	3		9	5	2	8	3	2	4	
		36.7%	44.5%	33.6%	57.1%	22.9%	18.1%	37.7%		48.2%	27.5%	21.8%	61.5%	48.4%	26.4%	35.9%	
																	
Reduce entitlements		2	2	1	2	1	0	1		0	1	1	0	0	1	1	
		7.2%	12.3%	3.7%	21.4%	14.2%	11.1%	18.9%		0.0%	7.6%	8.4%	3.6%	0.0%	11.2%	7.2%	
																	
Improve infrastructure		7	2	5	3	3	3	1		4	3	3	4	2	1	2	
		27.7%	9.6%	20.4%	29.3%	31.5%	70.8%	12.3%		20.8%	16.0%	33.1%	34.2%	27.1%	21.5%	18.7%	
			f	f			bc										
																	
Improve the banking		3	0	3	2	1	1	0		2	0	2	0	1	2	0	
system		13.2%	2.2%	10.3%	15.0%	9.2%	23.6%	0.0%		13.1%	0.0%	19.6%	0.0%	13.6%	26.4%	0.0%	
											f				b		
																	
Reduce business		7	10	9	5	3	0	1		9	10	3	2	1	2	3	
regulations		31.8%	48.2%	36.4%	40.6%	28.4%	0.0%	18.9%		50.8%	50.0%	38.9%	13.7%	13.6%	37.6%	28.8%	
										d	d		ab				

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

47 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Reduce crime		9		0	0	0	9		3	0	5	0	0	
		7.9%		0.0%	0.0%	0.0%	23.1%		33.3%	0.0%	83.3%	0.0%	0.0%	
				D	d		Ab		e	c	bE		aC	
														
Improve conditions		24		10	6	1	7		0	4	1	0	2	
for cross-border trade		22.2%		24.0%	26.7%	20.0%	17.9%		0.0%	66.7%	16.7%	0.0%	14.3%	
									b	ae			b	
														
Improve public
education and		
15		
5	
4	
1	
5		
3	
1	
0	
0	
1	
training		13.7%		12.0%	16.7%	20.0%	12.8%		33.3%	16.7%	0.0%	0.0%	7.1%	
														
Improve the price
inflation/deflation		
32		
10	
8	
1	
12		
6	
4	
0	
0	
3	
situation		29.1%		24.0%	36.7%	13.3%	33.3%		66.7%	66.7%	0.0%	0.0%	21.4%	
									ce	c	ab		a	
														
Reduce political		32		15	2	0	13		5	1	2	1	5	
instability		28.9%		36.0%	10.0%	6.7%	35.9%		55.6%	16.7%	33.3%	33.3%	35.7%	
				b	ad		b							
														
Other		9		3	2	0	3		0	0	0	1	2	
		7.8%		8.0%	10.0%	0.0%	7.7%		0.0%	0.0%	0.0%	33.3%	14.3%	

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

48 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Reduce crime		0	7	0	0		2	1	2	2	
		0.0%	11.1%	0.0%	0.0%		6.6%	2.6%	10.5%	9.8%	
		b	a								
											
Improve conditions		10	14	0	0		6	6	3	9	
for cross-border trade		26.3%	23.7%	0.0%	0.0%		19.1%	17.4%	18.6%	46.0%	
								d		b	
											
Improve public
education and		
7	
7	
0	
0		
2	
6	
2	
5	
training		19.7%	12.4%	0.0%	0.0%		8.4%	17.2%	9.3%	23.5%	
											
Improve the price
inflation/deflation		
12	
19	
0	
0		
8	
12	
7	
4	
situation		32.1%	31.3%	0.0%	0.0%		27.5%	33.5%	36.9%	21.2%	
											
Reduce political		7	22	0	0		9	13	4	4	
instability		18.1%	36.5%	0.0%	0.0%		32.7%	35.5%	21.1%	22.5%	
											
Other		3	4	0	0		1	3	4	1	
		8.4%	6.0%	0.0%	0.0%		3.3%	7.4%	22.9%	3.8%	
							c		a		

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

49 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Reduce crime		2	0	0	1	0	0	0	0	1	1	2	0	1	
		11.7%	0.0%	0.0%	36.1%	0.0%	0.0%	0.0%	0.0%	26.5%	21.1%	7.2%	0.0%	10.9%	
					f		di			f					
															
Improve conditions		4	3	1	1	0	0	0	0	1	3	7	2	3	
for cross-border trade		23.9%	28.9%	26.3%	36.1%	0.0%	0.0%	0.0%	0.0%	26.5%	59.1%	26.6%	32.2%	30.7%	
		f	f	f	f		abcdiJklm			f	F	f	f	f	
															
Improve public
education and		
1	
3	
0	
0	
0	
0	
0	
0	
1	
0	
7	
2	
0	
training		9.0%	26.9%	0.0%	0.0%	0.0%	2.7%	0.0%	0.0%	26.5%	9.9%	25.6%	32.2%	0.0%	
															
Improve the price
inflation/deflation		
6	
2	
0	
3	
0	
5	
0	
1	
1	
1	
9	
1	
3	
situation		36.0%	14.5%	0.0%	100.0%	0.0%	31.2%	0.0%	100.0%	26.5%	21.1%	34.6%	17.8%	30.7%	
			d		bfk		d					d			
															
Reduce political		7	4	0	2	1	5	0	0	0	0	5	4	3	
instability		43.5%	35.1%	0.0%	63.9%	35.7%	32.3%	0.0%	0.0%	0.0%	0.0%	20.1%	82.2%	30.7%	
				l						l	l	L	cijK		
															
Other		2	0	0	0	0	1	0	0	0	0	4	0	2	
		10.6%	0.0%	0.0%	0.0%	0.0%	5.8%	0.0%	0.0%	0.0%	0.0%	15.7%	0.0%	19.3%	

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

50 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		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	1	0	0	0	1	0		3	1	0	1	0	0	0	
		24.4%	4.8%	0.0%	0.0%	0.0%	23.6%	0.0%		15.8%	4.9%	0.0%	7.6%	0.0%	0.0%	0.0%	
		C		Af			c										
																	
Improve conditions		1	2	13	2	3	2	1		2	4	3	5	4	2	2	
for cross-border trade		3.1%	11.8%	49.6%	21.4%	27.8%	52.8%	9.4%		13.6%	22.3%	30.5%	38.5%	51.6%	26.4%	21.6%	
		CeF	C	AB		a	A										
																	
Improve public
education and		
5	
2	
4	
2	
1	
1	
1		
3	
5	
0	
0	
0	
2	
2	
training		19.3%	9.6%	16.0%	16.7%	7.1%	18.1%	12.3%		17.3%	26.3%	0.0%	0.0%	0.0%	37.6%	16.6%	
													f		d		
																	
Improve the price
inflation/deflation		
6	
7	
8	
5	
2	
2	
2		
2	
9	
7	
3	
0	
0	
4	
situation		25.8%	33.5%	29.9%	40.4%	18.5%	41.7%	28.3%		9.3%	46.0%	78.2%	20.8%	0.0%	0.0%	38.1%	
										bC	aef	AdEF	c	bC	bC		
																	
Reduce political		7	6	7	5	4	0	2		5	6	4	3	3	2	1	
instability		29.6%	27.7%	26.1%	45.1%	35.2%	0.0%	21.7%		25.4%	31.4%	47.6%	27.3%	38.0%	29.2%	9.4%	
																	
Other		1	2	2	1	3	0	1		1	2	0	0	1	3	1	
		3.1%	8.6%	6.6%	6.4%	25.6%	0.0%	12.3%		4.1%	8.9%	0.0%	0.0%	10.4%	40.4%	9.4%	
										f			f		ad		

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

51 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		99		40	20	5	34		9	5	5	3	13	
		100.0%		40.0%	20.0%	5.4%	34.7%		11.5%	6.4%	6.4%	3.8%	17.8%	
														
Machinery Capacity	
														
1=No		28		14	9	0	6		1	0	0	1	4	
		28.5%		34.8%	44.4%	0.0%	16.7%		11.1%	0.0%	0.0%	33.3%	28.6%	
					d		b							
														
2=Yes		71		26	11	5	29		8	5	5	2	10	
		71.5%		65.2%	55.6%	100.0%	83.3%		88.9%	100.0%	100.0%	66.7%	71.4%	
					d		b							
														
Total		99		40	20	5	34		9	5	5	3	12	
		100.0%		40.1%	20.0%	5.0%	34.8%		11.7%	6.5%	6.5%	3.9%	16.9%	
														
Inventories	
														
1=No		31		15	9	1	6		1	1	0	1	2	
		31.3%		39.1%	44.4%	18.2%	16.7%		11.1%	20.0%	0.0%	33.3%	15.4%	
				d	d		ab							
														
2=Yes		68		24	11	4	29		8	4	5	2	11	
		68.7%		60.9%	55.6%	81.8%	83.3%		88.9%	80.0%	100.0%	66.7%	84.6%	
				d	d		ab							

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

52 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	54	0	0		28	34	16	16	
		38.9%	61.1%	0.0%	0.0%		29.9%	35.7%	16.9%	17.5%	
											
Machinery Capacity	
											
1=No		10	16	0	0		12	9	1	3	
		28.1%	29.5%	0.0%	0.0%		43.4%	26.9%	9.2%	19.2%	
							c		a		
											
2=Yes		25	38	0	0		16	25	14	13	
		71.9%	70.5%	0.0%	0.0%		56.6%	73.1%	90.8%	80.8%	
							c		a		
											
Total		34	56	0	0		29	34	16	15	
		37.7%	62.3%	0.0%	0.0%		30.8%	36.4%	16.9%	15.9%	
											
Inventories	
											
1=No		7	20	0	0		10	7	3	7	
		21.0%	36.7%	0.0%	0.0%		35.3%	21.8%	19.8%	44.0%	
											
2=Yes		27	35	0	0		19	27	13	8	
		79.0%	63.3%	0.0%	0.0%		64.7%	78.2%	80.2%	56.0%	

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

53 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		14	8	4	3	3	16	0	1	3	4	26	5	8	
		14.5%	9.0%	3.9%	2.8%	2.8%	16.5%	0.0%	1.0%	2.8%	4.3%	28.1%	5.7%	8.5%	
															
Machinery Capacity	
															
1=No		5	3	3	0	0	4	0	1	0	2	6	3	1	
		39.6%	40.9%	73.7%	0.0%	0.0%	26.6%	0.0%	100.0%	0.0%	42.2%	21.2%	50.0%	11.9%	
				k								c			
															
2=Yes		8	5	1	3	3	11	0	0	3	2	21	3	7	
		60.4%	59.1%	26.3%	100.0%	100.0%	73.4%	0.0%	0.0%	100.0%	57.8%	78.8%	50.0%	88.1%	
				k								c			
															
Total		16	7	2	3	3	15	0	1	3	4	26	5	8	
		17.6%	8.1%	2.1%	2.9%	2.9%	15.8%	0.0%	1.0%	2.9%	4.4%	28.1%	5.8%	8.6%	
															
Inventories	
															
1=No		5	3	1	0	0	5	0	0	0	3	8	1	3	
		28.4%	46.1%	50.0%	0.0%	0.0%	31.7%	0.0%	0.0%	0.0%	65.6%	29.1%	17.8%	33.5%	
															
2=Yes		12	4	1	3	3	10	0	1	3	1	18	4	5	
		71.6%	53.9%	50.0%	100.0%	100.0%	68.3%	0.0%	100.0%	100.0%	34.4%	70.9%	82.2%	66.5%	

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

54 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		23	20	23	9	10	3	6		15	18	9	12	6	7	8	
		23.9%	21.2%	24.9%	9.8%	11.0%	3.3%	5.9%		20.8%	23.8%	11.8%	15.7%	8.2%	8.8%	10.8%	
																	
Machinery Capacity	
																	
1=No		3	6	8	4	4	1	2		2	4	5	3	0	3	3	
		11.9%	30.5%	33.5%	42.3%	37.6%	30.9%	39.4%		11.1%	22.0%	56.0%	29.6%	0.0%	52.2%	39.4%	
										c		ae		c			
																	
2=Yes		20	14	16	5	6	2	3		14	14	4	8	6	3	5	
		88.1%	69.5%	66.5%	57.7%	62.4%	69.1%	60.6%		88.9%	78.0%	44.0%	70.4%	100.0%	47.8%	60.6%	
										c		ae		c			
																	
Total		21	17	23	11	10	4	6		14	19	8	13	6	7	8	
		22.8%	18.6%	25.2%	11.9%	11.1%	4.4%	6.0%		19.2%	25.7%	11.0%	16.7%	8.1%	8.7%	10.6%	
																	
Inventories	
																	
1=No		3	5	10	2	4	0	2		4	3	4	3	2	3	2	
		14.8%	28.0%	40.7%	20.0%	37.6%	0.0%	39.4%		26.9%	13.7%	49.8%	27.3%	28.3%	52.2%	27.5%	
																	
2=Yes		18	12	14	9	6	4	3		11	17	4	9	4	3	6	
		85.2%	72.0%	59.3%	80.0%	62.4%	100.0%	60.6%		73.1%	86.3%	50.2%	72.7%	71.7%	47.8%	72.5%	

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

55 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		95		38	19	6	32		9	5	3	3	12	
		100.0%		39.8%	20.0%	6.1%	34.1%		12.1%	6.7%	4.0%	4.0%	17.5%	
														
Access to raw materials / suppliers	
														
1=No		20		10	6	0	4		0	1	0	1	1	
		21.5%		27.3%	30.8%	7.7%	11.8%		0.0%	20.0%	0.0%	33.3%	7.7%	
														
2=Yes		75		28	13	5	29		9	4	3	2	11	
		78.5%		72.7%	69.2%	92.3%	88.2%		100.0%	80.0%	100.0%	66.7%	92.3%	
														
Total		105		41	20	7	37		9	6	6	3	13	
		100.0%		39.3%	18.8%	6.4%	35.4%		10.8%	7.2%	7.2%	3.6%	16.7%	
														
Human capital	
														
1=No		52		19	13	1	18		4	4	2	2	7	
		49.1%		45.8%	66.7%	20.0%	48.7%		44.4%	66.7%	33.3%	66.7%	50.0%	
					c	b								
														
2=Yes		53		22	7	5	19		5	2	4	1	7	
		50.9%		54.2%	33.3%	80.0%	51.3%		55.6%	33.3%	66.7%	33.3%	50.0%	
					c	b								

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

56 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		34	52	0	0		28	32	16	15	
		39.7%	60.3%	0.0%	0.0%		30.9%	35.1%	17.5%	16.5%	
											
Access to raw materials / suppliers	
											
1=No		5	14	0	0		6	10	1	2	
		13.6%	27.2%	0.0%	0.0%		21.8%	29.8%	4.6%	16.2%	
											
2=Yes		30	38	0	0		22	22	15	13	
		86.4%	72.8%	0.0%	0.0%		78.2%	70.2%	95.4%	83.8%	
											
Total		36	60	0	0		29	36	16	20	
		37.1%	62.9%	0.0%	0.0%		28.9%	35.9%	15.8%	19.4%	
											
Human capital	
											
1=No		21	28	0	0		12	24	7	8	
		59.3%	46.5%	0.0%	0.0%		40.7%	66.6%	42.0%	42.4%	
							b	a			
											
2=Yes		14	32	0	0		17	12	9	11	
		40.7%	53.5%	0.0%	0.0%		59.3%	33.4%	58.0%	57.6%	
							b	a			

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

57 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		14	7	2	3	3	14	0	1	3	5	25	5	8	
		15.3%	8.4%	2.1%	3.0%	3.0%	15.6%	0.0%	1.1%	3.0%	5.1%	28.6%	6.0%	9.0%	
															
Access to raw materials / suppliers	
															
1=No		2	2	0	0	0	4	0	0	1	2	4	3	2	
		16.2%	23.1%	0.0%	0.0%	0.0%	28.1%	0.0%	0.0%	27.7%	38.0%	15.4%	50.0%	23.9%	
															
2=Yes		11	6	2	3	3	10	0	1	2	3	22	3	6	
		83.8%	76.9%	100.0%	100.0%	100.0%	71.9%	0.0%	100.0%	72.3%	62.0%	84.6%	50.0%	76.1%	
															
Total		16	10	2	3	3	16	0	1	4	5	26	5	8	
		16.5%	10.2%	1.9%	2.7%	2.7%	16.6%	0.0%	1.0%	3.6%	4.6%	26.7%	5.4%	8.1%	
															
Human capital	
															
1=No		8	2	1	2	0	12	0	0	4	4	13	1	5	
		49.5%	17.0%	50.0%	63.9%	0.0%	75.2%	0.0%	0.0%	100.0%	80.2%	50.4%	17.8%	57.4%	
			Fij			f	Bel			bl	b		fi		
															
2=Yes		8	8	1	1	3	4	0	1	0	1	13	4	3	
		50.5%	83.0%	50.0%	36.1%	100.0%	24.8%	0.0%	100.0%	0.0%	19.8%	49.6%	82.2%	42.6%	
			Fij			f	Bel			bl	b		fi		

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

58 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		21	17	23	10	10	3	6		14	16	9	12	6	7	8	
		23.1%	18.5%	26.2%	10.9%	11.6%	3.5%	6.2%		20.3%	22.3%	12.3%	16.3%	8.5%	9.1%	11.2%	
																	
Access to raw materials / suppliers	
																	
1=No		1	3	6	5	2	1	0		2	2	4	4	0	3	1	
		4.6%	18.9%	25.2%	50.5%	23.4%	23.7%	0.0%		15.0%	15.2%	47.6%	35.9%	0.0%	41.0%	18.3%	
		D			A												
																	
2=Yes		20	13	18	5	8	2	6		12	14	5	7	6	4	7	
		95.4%	81.1%	74.8%	49.5%	76.6%	76.3%	100.0%		85.0%	84.8%	52.4%	64.1%	100.0%	59.0%	81.7%	
		D			A												
																	
Total		23	18	26	11	10	4	6		18	19	9	13	7	7	8	
		23.6%	18.4%	26.3%	11.5%	10.4%	4.1%	5.6%		22.5%	24.1%	10.9%	15.7%	8.8%	8.1%	9.9%	
																	
Human capital	
																	
1=No		10	8	16	4	6	3	2		7	8	8	4	3	6	5	
		43.2%	44.8%	62.8%	38.2%	58.3%	65.3%	43.4%		37.2%	38.8%	86.5%	34.2%	38.0%	93.1%	57.8%	
										cf	cf	abd	cf		abd		
																	
2=Yes		13	10	10	7	4	1	3		11	12	1	8	4	0	3	
		56.8%	55.2%	37.2%	61.8%	41.7%	34.7%	56.6%		62.8%	61.2%	13.5%	65.8%	62.0%	6.9%	42.2%	
										cf	cf	abd	cf		abd		

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

59 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		12		7	0	0	5		3	1	0	0	1	
		100.0%		59.1%	0.0%	0.0%	40.9%		28.8%	9.6%	0.0%	0.0%	9.6%	
														
Other	
														
1=No		2		2	0	0	0		0	0	0	0	0	
		14.8%		25.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
2=Yes		10		5	0	0	5		3	1	0	0	1	
		85.2%		75.0%	0.0%	0.0%	100.0%		100.0%	100.0%	0.0%	0.0%	100.0%	

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

60 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		5	5	0	0		3	4	4	1	
		53.9%	46.1%	0.0%	0.0%		29.5%	31.1%	31.1%	8.2%	
											
Other	
											
1=No		0	0	0	0		0	0	2	0	
		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	47.4%	0.0%	
											
2=Yes		5	5	0	0		3	4	2	1	
		100.0%	100.0%	0.0%	0.0%		100.0%	100.0%	52.6%	100.0%	

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

61 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		3	0	0	0	2	3	0	1	0	0	2	0	0	
		26.9%	0.0%	0.0%	0.0%	17.3%	26.9%	0.0%	9.6%	0.0%	0.0%	19.2%	0.0%	0.0%	
															
Other	
															
1=No		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	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=Yes		3	0	0	0	2	3	0	1	0	0	2	0	0	
		100.0%	0.0%	0.0%	0.0%	100.0%	100.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%	

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

62 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		3	4	1	2	2	1	0		2	0	0	3	2	0	1	
		23.0%	31.1%	8.2%	14.8%	14.8%	8.2%	0.0%		24.3%	0.0%	0.0%	37.8%	24.3%	0.0%	13.5%	
																	
Other	
																	
1=No		0	0	0	2	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%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
2=Yes		3	4	1	0	2	1	0		2	0	0	3	2	0	1	
		100.0%	100.0%	100.0%	0.0%	100.0%	100.0%	0.0%		100.0%	0.0%	0.0%	100.0%	100.0%	0.0%	100.0%	

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

63 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		108		43	21	6	37		9	6	6	3	13	
		100.0%		39.9%	19.7%	5.8%	34.5%		10.6%	7.1%	7.1%	3.5%	16.5%	
														
Your Government	
														
1=Retaliate against		10		7	0	1	2		1	0	0	0	1	
the US proposal		9.0%		16.0%	0.0%	14.3%	5.1%		11.1%	0.0%	0.0%	0.0%	7.1%	
														
2=Resist but do not		21		5	5	3	8		2	1	2	0	3	
retaliate		19.5%		12.0%	24.1%	50.0%	20.5%		22.2%	16.7%	33.3%	0.0%	21.4%	
				c		a								
														
3=Remain neutral		44		17	9	2	16		5	3	2	2	4	
		40.8%		40.0%	41.4%	28.6%	43.6%		55.6%	50.0%	33.3%	66.7%	28.6%	
														
4=Cooperate with the		15		5	2	0	8		1	1	1	0	5	
US proposal		14.3%		12.0%	10.3%	7.1%	20.5%		11.1%	16.7%	16.7%	0.0%	35.7%	
														
5=Don't Know		18		9	5	0	4		0	1	1	1	1	
		16.3%		20.0%	24.1%	0.0%	10.3%		0.0%	16.7%	16.7%	33.3%	7.1%	

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

64 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		37	60	0	0		29	36	17	20	
		38.2%	61.8%	0.0%	0.0%		28.6%	35.1%	17.1%	19.2%	
											
Your Government	
											
1=Retaliate against		4	4	0	0		2	4	0	2	
the US proposal		10.5%	6.8%	0.0%	0.0%		5.9%	11.4%	0.0%	11.1%	
											
2=Resist but do not		10	9	0	0		4	7	6	5	
retaliate		27.2%	14.7%	0.0%	0.0%		13.0%	19.4%	31.9%	24.6%	
											
3=Remain neutral		16	23	0	0		14	13	7	7	
		44.5%	38.7%	0.0%	0.0%		47.7%	37.2%	38.8%	38.2%	
											
4=Cooperate with the		1	14	0	0		4	6	1	4	
US proposal		2.6%	22.6%	0.0%	0.0%		15.0%	16.1%	5.5%	22.3%	
		B	A								
											
5=Don't Know		6	10	0	0		5	6	4	1	
		15.2%	17.1%	0.0%	0.0%		18.4%	15.8%	23.8%	3.8%	

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

65 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	11	4	3	3	16	0	1	4	5	26	5	9	
		16.0%	10.7%	3.6%	2.6%	2.6%	15.7%	0.0%	0.9%	3.5%	4.5%	26.0%	5.3%	8.6%	
															
Your Government	
															
1=Retaliate against		1	0	2	0	0	2	0	0	0	0	5	0	0	
the US proposal		5.9%	4.1%	47.4%	0.0%	0.0%	10.8%	0.0%	0.0%	0.0%	0.0%	18.3%	0.0%	0.0%	
															
2=Resist but do not		3	2	0	1	2	3	0	1	1	2	3	0	3	
retaliate		16.3%	15.0%	0.0%	36.1%	64.3%	16.5%	0.0%	100.0%	26.5%	40.9%	12.5%	0.0%	30.7%	
						k			k			eh			
															
3=Remain neutral		6	7	0	2	0	6	0	0	2	1	13	4	2	
		36.0%	63.3%	0.0%	63.9%	0.0%	37.5%	0.0%	0.0%	53.1%	21.1%	47.3%	67.8%	21.9%	
															
4=Cooperate with the		2	2	2	0	1	2	0	0	1	0	2	2	2	
US proposal		10.4%	17.6%	52.6%	0.0%	35.7%	15.3%	0.0%	0.0%	20.4%	0.0%	8.9%	32.2%	19.7%	
				k								c			
															
5=Don't Know		5	0	0	0	0	3	0	0	0	2	3	0	2	
		31.5%	0.0%	0.0%	0.0%	0.0%	19.9%	0.0%	0.0%	0.0%	38.0%	12.9%	0.0%	27.7%	

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

66 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		23	20	26	11	10	4	7		18	19	9	13	7	7	9	
		23.0%	19.2%	25.6%	11.2%	10.1%	4.0%	6.9%		21.6%	23.8%	10.8%	15.5%	8.7%	8.0%	11.6%	
																	
Your Government	
																	
1=Retaliate against		0	4	4	0	0	0	0		2	0	0	0	2	2	0	
the US proposal		0.0%	22.5%	16.9%	0.0%	4.3%	11.1%	0.0%		9.8%	0.0%	0.0%	3.6%	24.5%	26.4%	0.0%	
		bc	a	a							ef			b	b		
																	
2=Resist but do not		7	3	4	3	1	2	1		3	2	0	4	1	1	2	
retaliate		28.4%	15.8%	15.9%	29.3%	13.6%	41.7%	10.4%		15.0%	11.3%	0.0%	34.5%	13.6%	14.6%	25.6%	
																	
3=Remain neutral		7	8	12	5	4	2	4		8	8	6	5	2	1	5	
		29.4%	42.1%	46.8%	40.6%	34.9%	47.2%	55.2%		45.2%	40.0%	72.0%	42.5%	24.0%	21.5%	48.8%	
																	
4=Cooperate with the		5	2	2	2	1	0	2		4	4	2	2	1	0	1	
US proposal		20.5%	9.8%	7.3%	15.0%	9.2%	0.0%	24.0%		20.4%	21.1%	28.0%	19.5%	13.6%	0.0%	10.1%	
																	
5=Don't Know		5	2	3	2	4	0	1		2	5	0	0	2	2	1	
		21.7%	9.8%	13.2%	15.0%	38.0%	0.0%	10.4%		9.6%	27.6%	0.0%	0.0%	24.5%	37.6%	15.5%	
											d		bf		d		

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

67 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		104		41	21	6	36		8	6	6	3	13	
		100.0%		39.8%	19.7%	5.6%	34.9%		9.8%	7.3%	7.3%	3.7%	17.1%	
														
Your Company	
														
1=Retaliate against		4		2	0	0	2		1	0	0	0	1	
the US proposal		3.9%		4.2%	0.0%	7.7%	5.3%		12.5%	0.0%	0.0%	0.0%	7.1%	
														
2=Resist but do not		8		3	1	0	4		1	2	0	0	1	
retaliate		8.1%		8.3%	3.6%	7.7%	10.5%		12.5%	33.3%	0.0%	0.0%	7.1%	
														
3=Remain neutral		55		21	11	4	19		5	2	3	1	8	
		52.7%		50.0%	53.6%	69.2%	52.6%		62.5%	33.3%	50.0%	33.3%	57.1%	
														
4=Cooperate with the		19		9	3	1	7		1	1	1	1	3	
US proposal		18.4%		20.8%	14.3%	15.4%	18.4%		12.5%	16.7%	16.7%	33.3%	21.4%	
														
5=Don't Know		18		7	6	0	5		0	1	2	1	1	
		16.9%		16.7%	28.6%	0.0%	13.2%		0.0%	16.7%	33.3%	33.3%	7.1%	

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

68 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		36	59	0	0		29	35	17	18	
		38.1%	61.9%	0.0%	0.0%		29.2%	35.1%	17.5%	18.2%	
											
Your Company	
											
1=Retaliate against		0	2	0	0		0	2	2	0	
the US proposal		0.0%	4.0%	0.0%	0.0%		0.0%	5.5%	9.9%	2.5%	
											
2=Resist but do not		7	2	0	0		0	5	3	0	
retaliate		18.1%	3.3%	0.0%	0.0%		0.0%	15.3%	17.8%	0.0%	
		b	a				bc	a	a		
											
3=Remain neutral		20	30	0	0		18	17	8	10	
		54.2%	51.8%	0.0%	0.0%		60.6%	47.3%	47.2%	53.6%	
											
4=Cooperate with the		2	16	0	0		5	7	1	6	
US proposal		5.3%	27.7%	0.0%	0.0%		18.4%	18.7%	5.5%	34.6%	
		B	A						d	c	
											
5=Don't Know		8	8	0	0		6	5	3	2	
		22.4%	13.2%	0.0%	0.0%		20.9%	13.3%	19.6%	9.3%	

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

69 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	11	2	3	3	15	0	1	4	5	25	5	9	
		16.6%	11.1%	2.0%	2.7%	2.7%	15.6%	0.0%	1.0%	3.7%	4.6%	25.6%	5.5%	8.9%	
															
Your Company	
															
1=Retaliate against		1	0	0	0	0	0	0	0	0	0	1	0	0	
the US proposal		5.9%	4.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.8%	0.0%	0.0%	
															
2=Resist but do not		0	1	0	1	2	0	0	1	0	1	2	0	1	
retaliate		0.0%	6.7%	0.0%	36.1%	64.3%	0.0%	0.0%	100.0%	0.0%	21.1%	8.7%	0.0%	10.9%	
		dEH	eh		af	AbFk	dEH		AbFk			eh			
															
3=Remain neutral		5	6	2	2	0	10	0	0	4	3	16	3	2	
		28.2%	55.8%	100.0%	63.9%	0.0%	67.8%	0.0%	0.0%	100.0%	69.0%	62.5%	50.0%	28.1%	
		fik					a			am		a		i	
															
4=Cooperate with the		2	4	0	0	1	3	0	0	0	0	3	3	3	
US proposal		14.9%	33.4%	0.0%	0.0%	35.7%	22.6%	0.0%	0.0%	0.0%	9.9%	11.5%	50.0%	30.7%	
												l	k		
															
5=Don't Know		8	0	0	0	0	1	0	0	0	0	3	0	3	
		51.1%	0.0%	0.0%	0.0%	0.0%	9.6%	0.0%	0.0%	0.0%	0.0%	13.6%	0.0%	30.3%	
		Bfkl	A				a					a	a		

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

70 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		23	16	26	11	10	4	7		18	19	8	13	7	7	9	
		23.5%	16.4%	26.6%	11.7%	10.5%	4.1%	7.2%		22.0%	23.2%	10.4%	15.7%	8.8%	8.1%	11.8%	
																	
Your Company	
																	
1=Retaliate against		0	1	1	2	0	0	0		0	0	0	0	0	0	0	
the US proposal		0.0%	5.9%	3.7%	15.0%	0.0%	11.1%	0.0%		0.0%	0.0%	0.0%	3.6%	0.0%	0.0%	0.0%	
																	
2=Resist but do not		2	2	3	0	0	1	1		0	1	1	2	0	2	2	
retaliate		7.5%	11.8%	10.3%	0.0%	4.3%	23.6%	10.4%		0.0%	5.1%	11.5%	17.2%	0.0%	26.4%	17.8%	
										f					a		
																	
3=Remain neutral		8	9	18	4	4	2	5		10	7	3	8	5	3	5	
		36.9%	58.5%	69.2%	38.2%	41.4%	47.2%	68.8%		59.0%	36.4%	38.3%	65.5%	75.5%	47.8%	51.2%	
		c		a													
																	
4=Cooperate with the		8	2	1	2	2	1	1		5	4	2	2	0	1	1	
US proposal		36.8%	11.8%	3.7%	19.0%	23.4%	18.1%	10.4%		26.0%	21.9%	29.5%	13.7%	0.0%	14.6%	15.5%	
		C		A													
																	
5=Don't Know		4	2	3	3	3	0	1		3	7	2	0	2	1	1	
		18.8%	11.8%	13.2%	27.8%	30.9%	0.0%	10.4%		15.0%	36.6%	20.7%	0.0%	24.5%	11.2%	15.5%	
											d		b				

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

71 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
				A	B	C	D		A	B	C	D	N	
														
Number		109		43	22	7	37		9	6	6	3	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		10.4%	6.9%	6.9%	3.5%	16.1%	
														
Your Government	
														
		90		34	16	6	33		9	5	5	2	12	
		2.7		2.6	2.8	2.3	2.9		2.7	3.0	2.8	3.0	3.0	
														
Your Company	
														
		86		34	15	6	32		8	5	4	2	12	
		3.0		3.0	3.2	2.9	3.0		2.8	2.8	3.3	3.5	3.0	

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

72 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Mean		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Number		38	60	0	0		29	36	18	20	
Percent		38.5%	61.5%	0.0%	0.0%		28.2%	35.1%	17.6%	19.0%	
											
Your Government	
											
		31	50	0	0		24	30	13	19	
		2.5	2.9	---	---		2.9	2.7	2.7	2.7	
		b	a								
											
Your Company	
											
		28	51	0	0		23	30	14	16	
		2.8	3.2	---	---		3.2	2.9	2.6	3.3	
		b	a				C		Ad	c	

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

73 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		16	12	4	3	3	16	0	1	4	5	26	5	9	
Percent		15.7%	11.2%	3.5%	2.5%	2.6%	15.8%	0.0%	0.9%	3.5%	4.4%	25.4%	5.1%	8.4%	
															
Your Government	
															
		11	11	4	3	3	13	0	1	4	3	23	5	6	
		2.7	2.9	2.6	2.6	2.7	2.7	---	2.0	2.9	2.3	2.5	3.3	2.8	
											l		j		
															
Your Company	
															
		8	11	2	3	3	14	0	1	4	5	22	5	6	
		3.1	3.2	3.0	2.6	2.7	3.2	---	2.0	3.0	2.9	2.9	3.5	3.3	

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

74 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		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		23	20	26	11	10	4	8		18	19	9	13	7	7	10	
Percent		23.0%	19.6%	25.6%	11.2%	10.1%	4.0%	7.6%		21.8%	23.3%	10.6%	15.2%	8.5%	7.9%	12.3%	
																	
Your Government	
																	
		18	18	23	10	6	4	6		16	14	9	13	5	4	8	
		2.9	2.4	2.5	2.8	2.8	2.4	3.2		2.8	3.1	3.3	2.8	2.4	1.9	2.8	
											f	F			bC		
																	
Your Company	
																	
		19	14	23	8	7	4	6		15	12	7	13	5	6	8	
		3.4	2.9	2.8	2.8	3.3	2.7	3.0		3.3	3.3	3.2	2.9	3.0	2.9	3.0	
		C		A													

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

75 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		108		43	22	7	36		9	6	6	3	13	
		100.0%		39.9%	20.3%	6.2%	33.6%		10.5%	7.0%	7.0%	3.5%	16.4%	
														
Your company:	
														
0=Not at all		16		2	4	3	8		1	3	2	0	2	
		15.2%		4.0%	20.0%	40.0%	21.1%		11.1%	50.0%	33.3%	0.0%	14.3%	
				bCd	a	A	a							
														
1=Very little		28		9	7	2	11		2	2	2	0	5	
		25.5%		20.0%	30.0%	26.7%	28.9%		22.2%	33.3%	33.3%	0.0%	35.7%	
														
2=Moderately		42		22	7	2	11		5	1	1	2	3	
		39.1%		52.0%	30.0%	26.7%	31.6%		55.6%	16.7%	16.7%	66.7%	21.4%	
														
3=A great deal		10		5	0	0	5		1	0	0	1	3	
		9.6%		12.0%	0.0%	6.7%	13.2%		11.1%	0.0%	0.0%	33.3%	21.4%	
														
5=N/A		11		5	4	0	2		0	0	1	0	1	
		10.6%		12.0%	20.0%	0.0%	5.3%		0.0%	0.0%	16.7%	0.0%	7.1%	

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

76 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		38	60	0	0		29	36	18	20	
		38.5%	61.5%	0.0%	0.0%		28.2%	35.2%	17.6%	19.0%	
											
Your company:	
											
0=Not at all		6	8	0	0		2	4	7	3	
		16.5%	13.8%	0.0%	0.0%		7.6%	11.0%	35.9%	14.4%	
							c	c	ab		
											
1=Very little		12	14	0	0		8	8	4	6	
		31.3%	22.4%	0.0%	0.0%		27.3%	21.2%	23.9%	29.8%	
											
2=Moderately		12	24	0	0		11	15	4	10	
		32.8%	39.7%	0.0%	0.0%		36.9%	42.0%	22.9%	49.7%	
											
3=A great deal		3	8	0	0		5	4	1	0	
		7.1%	12.8%	0.0%	0.0%		15.8%	12.2%	5.3%	2.3%	
											
5=N/A		5	7	0	0		4	5	2	1	
		12.3%	11.3%	0.0%	0.0%		12.5%	13.6%	12.1%	3.8%	

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

77 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	4	3	3	16	0	1	4	5	26	5	9	
		15.8%	11.3%	3.5%	2.6%	2.6%	16.0%	0.0%	0.9%	3.5%	4.4%	25.7%	5.2%	8.5%	
															
Your company:	
															
0=Not at all		3	0	0	1	0	1	0	1	1	1	7	0	2	
		16.2%	0.0%	0.0%	27.7%	0.0%	7.2%	0.0%	100.0%	26.5%	19.8%	28.0%	0.0%	19.3%	
			H				h		Bf						
															
1=Very little		1	3	1	0	0	7	0	0	0	2	11	2	0	
		7.3%	22.8%	26.3%	0.0%	0.0%	41.5%	0.0%	0.0%	0.0%	42.2%	39.9%	32.2%	0.0%	
		fk					am					am		fk	
															
2=Moderately		8	6	3	1	2	5	0	0	2	2	3	4	4	
		49.5%	52.2%	73.7%	36.1%	64.3%	30.6%	0.0%	0.0%	53.1%	38.0%	10.0%	67.8%	50.4%	
		K	K	K		k				k		ABCeiLm	K	k	
															
3=A great deal		0	2	0	1	1	3	0	0	0	0	3	0	1	
		0.0%	18.7%	0.0%	36.1%	35.7%	16.3%	0.0%	0.0%	0.0%	0.0%	10.1%	0.0%	10.9%	
		de			a	a									
															
5=N/A		4	1	0	0	0	1	0	0	1	0	3	0	2	
		27.0%	6.3%	0.0%	0.0%	0.0%	4.5%	0.0%	0.0%	20.4%	0.0%	12.0%	0.0%	19.3%	

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

78 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		23	20	26	11	10	4	8		18	19	9	13	7	7	10	
		22.7%	19.4%	25.3%	11.1%	10.0%	3.9%	7.5%		21.9%	23.5%	10.6%	15.3%	8.5%	7.9%	12.3%	
																	
Your company:	
																	
0=Not at all		6	2	5	0	0	1	1		4	5	1	0	1	0	2	
		26.1%	9.6%	19.5%	3.9%	4.3%	23.6%	18.9%		21.2%	24.8%	13.5%	3.6%	13.6%	0.0%	16.6%	
																	
1=Very little		6	2	6	5	5	0	2		3	3	4	3	2	2	3	
		25.5%	8.4%	21.2%	46.8%	46.3%	0.0%	31.1%		15.8%	17.4%	47.2%	24.8%	34.9%	32.7%	30.9%	
			de		b	b											
																	
2=Moderately		8	12	12	4	2	2	1		6	9	2	7	2	2	1	
		33.8%	59.0%	46.1%	34.2%	16.3%	41.7%	9.4%		33.4%	43.9%	19.6%	54.7%	27.1%	26.4%	14.4%	
			eg			b		b									
																	
3=A great deal		2	5	2	0	1	0	1		4	1	0	0	0	3	1	
		7.3%	23.0%	6.6%	0.0%	9.2%	11.1%	12.3%		24.3%	4.9%	0.0%	3.6%	0.0%	41.0%	9.4%	
											f				b		
																	
5=N/A		2	0	2	2	2	1	2		1	2	2	2	2	0	3	
		7.2%	0.0%	6.6%	15.0%	23.8%	23.6%	28.3%		5.3%	8.9%	19.6%	13.4%	24.5%	0.0%	28.8%	
			efg			b	b	b									

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

79 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		105		41	22	7	35		9	6	6	3	12	
		100.0%		39.2%	20.9%	6.4%	33.5%		10.9%	7.3%	7.3%	3.6%	15.7%	
														
Your business environment:	
														
0=Not at all		7		2	1	1	3		0	1	1	0	1	
		6.6%		4.2%	6.7%	13.3%	8.1%		0.0%	16.7%	16.7%	0.0%	7.7%	
														
1=Very little		20		9	4	2	5		1	1	1	0	2	
		18.6%		20.8%	20.0%	26.7%	13.5%		11.1%	16.7%	16.7%	0.0%	15.4%	
														
2=Moderately		49		19	11	3	16		5	4	2	2	4	
		46.8%		45.8%	50.0%	46.7%	45.9%		55.6%	66.7%	33.3%	66.7%	30.8%	
														
3=A great deal		19		9	0	1	10		3	0	1	1	5	
		18.1%		20.8%	0.0%	13.3%	27.0%		33.3%	0.0%	16.7%	33.3%	38.5%	
				b	aD		B							
														
5=N/A		10		3	5	0	2		0	0	1	0	1	
		9.9%		8.3%	23.3%	0.0%	5.4%		0.0%	0.0%	16.7%	0.0%	7.7%	
					d		b							

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

80 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		37	60	0	0		29	35	18	20	
		37.9%	62.1%	0.0%	0.0%		28.5%	34.6%	17.8%	19.2%	
											
Your business environment:	
											
0=Not at all		2	3	0	0		1	2	3	0	
		6.7%	4.3%	0.0%	0.0%		2.5%	5.3%	18.8%	0.0%	
											
1=Very little		7	9	0	0		7	2	5	4	
		18.9%	15.2%	0.0%	0.0%		22.7%	6.2%	26.6%	21.9%	
								c	b		
											
2=Moderately		17	29	0	0		11	20	4	14	
		46.1%	48.8%	0.0%	0.0%		39.0%	55.5%	22.7%	69.5%	
							d	c	bD	aC	
											
3=A great deal		6	13	0	0		7	8	3	1	
		15.8%	22.0%	0.0%	0.0%		23.2%	24.1%	15.8%	4.9%	
											
5=N/A		5	6	0	0		4	3	3	1	
		12.6%	9.7%	0.0%	0.0%		12.5%	9.0%	16.2%	3.8%	

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

81 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	2	3	3	16	0	0	4	5	26	5	9	
		16.2%	11.6%	1.9%	2.6%	2.7%	16.4%	0.0%	0.0%	3.6%	4.5%	26.4%	5.3%	8.7%	
															
Your business environment:	
															
0=Not at all		2	0	0	0	0	1	0	0	0	0	4	0	0	
		11.7%	0.0%	0.0%	0.0%	0.0%	4.5%	0.0%	0.0%	0.0%	9.9%	14.6%	0.0%	0.0%	
															
1=Very little		3	0	1	0	0	2	0	0	0	0	7	2	1	
		19.6%	0.0%	50.0%	0.0%	0.0%	13.2%	0.0%	0.0%	0.0%	9.9%	25.3%	32.2%	10.9%	
			c	b											
															
2=Moderately		7	8	1	1	2	8	0	0	2	2	10	4	4	
		41.7%	66.8%	50.0%	27.7%	64.3%	47.3%	0.0%	0.0%	53.1%	42.2%	38.0%	67.8%	50.4%	
															
3=A great deal		2	3	0	2	1	5	0	0	1	2	3	0	1	
		10.6%	26.9%	0.0%	72.3%	35.7%	30.6%	0.0%	0.0%	26.5%	38.0%	10.1%	0.0%	10.9%	
		d			ak							d			
															
5=N/A		3	1	0	0	0	1	0	0	1	0	3	0	2	
		16.4%	6.3%	0.0%	0.0%	0.0%	4.5%	0.0%	0.0%	20.4%	0.0%	12.0%	0.0%	27.7%	

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

82 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		23	18	26	11	10	3	8		18	19	9	13	7	7	9	
		23.4%	18.2%	26.0%	11.4%	10.3%	3.1%	7.7%		22.1%	23.7%	10.7%	15.4%	8.6%	8.0%	11.3%	
																	
Your business environment:	
																	
0=Not at all		2	2	2	0	0	0	1		1	3	1	0	0	0	1	
		7.9%	10.5%	9.4%	0.0%	0.0%	0.0%	9.4%		5.3%	16.1%	8.4%	0.0%	0.0%	0.0%	7.9%	
																	
1=Very little		5	0	3	7	1	0	2		2	3	1	3	1	1	1	
		22.4%	0.0%	10.1%	61.8%	11.4%	0.0%	21.7%		11.8%	16.5%	13.5%	24.8%	10.4%	11.2%	10.3%	
		bd	aD	D	aBCe	d											
																	
2=Moderately		9	9	14	4	6	2	2		6	12	3	8	5	1	4	
		39.8%	49.0%	54.1%	38.2%	55.6%	69.1%	28.3%		30.9%	62.5%	38.9%	61.8%	65.1%	21.5%	39.7%	
																	
3=A great deal		5	7	5	0	1	0	1		8	1	2	0	0	4	1	
		19.5%	40.5%	19.8%	0.0%	9.2%	0.0%	12.3%		42.7%	4.9%	19.6%	0.0%	0.0%	67.3%	10.3%	
			d		b					Bde	AF		aF	af	BDeg	f	
																	
5=N/A		2	0	2	0	2	1	2		2	0	2	2	2	0	3	
		10.3%	0.0%	6.6%	0.0%	23.8%	30.9%	28.3%		9.3%	0.0%	19.6%	13.4%	24.5%	0.0%	31.7%	
			efg			b	b	b			eg			b		b	

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

83 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
				A	B	C	D		A	B	C	D	N	
														
Number		109		43	22	7	37		9	6	6	3	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		10.4%	6.9%	6.9%	3.5%	16.1%	
														
Your company:	
														
		97		38	18	7	34		9	6	5	3	12	
		1.5		1.8	1.1	1.0	1.4		1.7	0.7	0.8	2.3	1.5	
				Bcd	A	a	a		b	ad	d	bc		
														
Your business environment:	
														
		95		38	17	7	33		9	6	5	3	11	
		1.8		1.9	1.6	1.6	2.0		2.2	1.5	1.6	2.3	2.1	

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

84 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Ownership		Foreign Sales	
Number
Mean		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Number		38	60	0	0		29	36	18	20	
Percent		38.5%	61.5%	0.0%	0.0%		28.2%	35.1%	17.6%	19.0%	
											
Your company:	
											
		33	53	0	0		25	31	16	19	
		1.3	1.6	---	---		1.7	1.6	1.0	1.4	
							c	c	ab		
											
Your business environment:	
											
		32	54	0	0		25	32	15	19	
		1.8	2.0	---	---		1.9	2.1	1.4	1.8	
								c	b		

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

85 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		16	12	4	3	3	16	0	1	4	5	26	5	9	
Percent		15.7%	11.2%	3.5%	2.5%	2.6%	15.8%	0.0%	0.9%	3.5%	4.4%	25.4%	5.1%	8.4%	
															
Your company:	
															
		12	11	4	3	3	16	0	1	3	5	23	5	7	
		1.5	2.0	1.7	1.8	2.4	1.6	---	0.0	1.3	1.2	1.0	1.7	1.7	
			K			k						Be			
															
Your business environment:	
															
		14	11	2	3	3	16	0	0	3	5	23	5	6	
		1.6	2.3	1.5	2.7	2.4	2.1	---	---	2.3	2.1	1.5	1.7	2.0	
		b	akl		kl		k					bdf	bd		

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

86 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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=109		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		23	20	26	11	10	4	8		18	19	9	13	7	7	10	
Percent		23.0%	19.6%	25.6%	11.2%	10.1%	4.0%	7.6%		21.8%	23.3%	10.6%	15.2%	8.5%	7.9%	12.3%	
																	
Your company:	
																	
		22	20	24	10	8	3	6		17	18	7	11	5	7	7	
		1.2	2.0	1.4	1.4	1.4	1.5	1.2		1.6	1.3	1.1	1.7	1.2	2.1	1.2	
		b	a									f			c		
																	
Your business environment:	
																	
		21	18	24	11	8	2	6		16	19	7	11	5	7	6	
		1.8	2.2	1.9	1.4	2.0	2.0	1.6		2.2	1.6	1.9	1.7	1.9	2.6	1.8	
			d		be	d				b	af		f		bd		

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

87 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		36	21	7	36		9	6	6	3	13	
		100.0%		36.0%	21.2%	6.7%	36.1%		11.0%	7.3%	7.3%	3.7%	17.1%	
														
Public perceptions and trust considerations affect my company's business decisions	
														
-2=Strongly Disagree		2		0	1	0	1		0	0	0	1	0	
		1.7%		0.0%	3.4%	0.0%	2.6%		0.0%	0.0%	0.0%	33.3%	0.0%	
												e	d	
														
-1=Disagree		10		5	1	0	4		1	0	0	1	2	
		10.1%		14.3%	3.4%	6.7%	10.5%		11.1%	0.0%	0.0%	33.3%	14.3%	
														
0=Neutral		34		15	7	2	10		3	2	1	0	4	
		33.7%		42.9%	31.0%	33.3%	26.3%		33.3%	33.3%	16.7%	0.0%	28.6%	
														
1=Agree		48		15	11	4	17		4	3	4	1	6	
		47.5%		42.9%	51.7%	60.0%	47.4%		44.4%	50.0%	66.7%	33.3%	42.9%	
														
2=Strongly Agree		7		0	2	0	5		1	1	1	0	2	
		6.9%		0.0%	10.3%	0.0%	13.2%		11.1%	16.7%	16.7%	0.0%	14.3%	
				d			a							
														
Mean		0.5		0.3	0.6	0.5	0.6		0.6	0.8	1.0	-0.7	0.6	

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

88 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	60	0	0		29	34	16	20	
		36.9%	63.1%	0.0%	0.0%		29.4%	34.9%	15.9%	19.8%	
											
Public perceptions and trust considerations affect my company's business decisions	
											
-2=Strongly Disagree		1	1	0	0		0	1	1	0	
		2.7%	1.2%	0.0%	0.0%		0.0%	2.8%	4.7%	0.0%	
											
-1=Disagree		4	6	0	0		5	4	0	1	
		11.0%	10.4%	0.0%	0.0%		18.4%	11.2%	0.0%	4.9%	
											
0=Neutral		10	21	0	0		6	17	4	7	
		27.6%	34.8%	0.0%	0.0%		21.7%	48.5%	26.2%	34.6%	
							b	a			
											
1=Agree		19	27	0	0		15	11	9	11	
		53.3%	45.1%	0.0%	0.0%		51.5%	32.7%	56.9%	55.6%	
											
2=Strongly Agree		2	5	0	0		2	2	2	1	
		5.4%	8.4%	0.0%	0.0%		8.3%	4.9%	12.2%	4.9%	
											
Mean		0.5	0.5	---	---		0.5	0.3	0.7	0.6	

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

89 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	2	3	1	16	0	1	4	5	26	5	8	
		16.5%	11.8%	1.9%	2.7%	1.0%	16.7%	0.0%	1.0%	3.6%	4.6%	26.8%	5.4%	8.1%	
															
Public perceptions and trust considerations affect my company's business decisions	
															
-2=Strongly Disagree		0	0	0	0	0	0	0	0	1	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	26.5%	0.0%	0.0%	0.0%	9.2%	
		i					i			afk		i			
															
-1=Disagree		2	3	2	0	0	1	0	0	0	0	2	0	0	
		10.6%	23.1%	100.0%	0.0%	0.0%	4.5%	0.0%	0.0%	0.0%	0.0%	8.2%	0.0%	0.0%	
		C		AFKlm			C					C	c	c	
															
0=Neutral		9	4	0	2	0	6	0	0	1	0	10	2	0	
		55.0%	33.5%	0.0%	63.9%	0.0%	38.4%	0.0%	0.0%	26.5%	9.9%	37.5%	32.2%	0.0%	
		m			m							m		adk	
															
1=Agree		5	4	0	1	1	7	0	1	2	3	13	4	6	
		29.9%	35.2%	0.0%	36.1%	100.0%	42.5%	0.0%	100.0%	46.9%	69.0%	50.7%	67.8%	78.9%	
		m												a	
															
2=Strongly Agree		1	1	0	0	0	2	0	0	0	1	1	0	1	
		4.5%	8.2%	0.0%	0.0%	0.0%	14.7%	0.0%	0.0%	0.0%	21.1%	3.6%	0.0%	11.9%	
															
Mean		0.3	0.3	-1.0	0.4	1.0	0.7	---	1.0	-0.1	1.1	0.5	0.7	0.8	
		j									a				

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

90 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		22	18	26	10	10	4	7		18	19	9	11	7	7	9	
		22.4%	18.8%	26.8%	10.0%	10.6%	4.2%	7.2%		22.6%	24.2%	10.9%	13.6%	8.8%	8.2%	11.8%	
																	
Public perceptions and trust considerations affect my company's business decisions	
																	
-2=Strongly Disagree		1	0	0	0	0	1	0		1	0	0	0	0	0	0	
		3.4%	0.0%	0.0%	0.0%	0.0%	23.6%	0.0%		4.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
			f	f			bc										
																	
-1=Disagree		2	1	4	0	3	0	0		0	2	0	2	3	2	0	
		7.8%	5.2%	16.9%	0.0%	30.3%	0.0%	0.0%		0.0%	9.9%	0.0%	15.8%	38.0%	33.2%	0.0%	
										ef				a	a		
																	
0=Neutral		6	6	9	7	2	1	2		6	4	4	4	3	1	2	
		27.5%	32.8%	36.4%	75.7%	16.3%	23.6%	34.4%		30.9%	20.2%	44.4%	33.4%	48.4%	14.6%	25.6%	
		d	d	d	abce	d											
																	
1=Agree		11	10	11	2	5	2	4		10	13	3	6	1	3	6	
		52.6%	56.7%	40.3%	16.8%	46.3%	52.8%	52.1%		54.5%	66.1%	36.4%	50.8%	13.6%	52.2%	64.3%	
											e			b			
																	
2=Strongly Agree		2	1	2	1	1	0	1		2	1	2	0	0	0	1	
		8.8%	5.2%	6.5%	7.5%	7.1%	0.0%	13.6%		10.6%	3.8%	19.2%	0.0%	0.0%	0.0%	10.1%	
																	
Mean		0.6	0.6	0.4	0.3	0.3	0.1	0.8		0.7	0.6	0.7	0.3	-0.2	0.2	0.8	
										e	e	e		abcG		E	

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

91 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		99		36	21	7	35		9	6	6	3	12	
		100.0%		36.6%	20.8%	6.8%	35.8%		11.1%	7.4%	7.4%	3.7%	16.1%	
														
Our revenues are lower because of a lack of public trust	
														
-2=Strongly Disagree		7		0	2	0	5		0	1	1	2	1	
		7.5%		0.0%	10.7%	6.7%	13.5%		0.0%	16.7%	16.7%	66.7%	7.7%	
				bd	a		a		d			ae	d	
														
-1=Disagree		38		10	8	4	16		1	4	4	1	7	
		38.7%		28.6%	39.3%	53.3%	45.9%		11.1%	66.7%	66.7%	33.3%	53.8%	
									bc	a	a			
														
0=Neutral		36		17	7	2	10		5	1	1	0	3	
		36.1%		47.6%	32.1%	33.3%	27.0%		55.6%	16.7%	16.7%	0.0%	23.1%	
														
1=Agree		15		7	4	0	5		3	0	0	0	2	
		15.5%		19.0%	17.9%	0.0%	13.5%		33.3%	0.0%	0.0%	0.0%	15.4%	
														
2=Strongly Agree		2		2	0	0	0		0	0	0	0	0	
		2.2%		4.8%	0.0%	6.7%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mean		-0.3		0.0	-0.4	-0.5	-0.6		0.2	-1.0	-1.0	-1.7	-0.5	
				D			A		BCDe	A	A	A	a	

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

92 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	59	0	0		29	33	16	20	
		37.6%	62.4%	0.0%	0.0%		30.0%	33.8%	16.1%	20.1%	
											
Our revenues are lower because of a lack of public trust	
											
-2=Strongly Disagree		3	4	0	0		1	3	2	2	
		8.7%	7.4%	0.0%	0.0%		3.3%	9.4%	10.8%	8.6%	
											
-1=Disagree		13	23	0	0		12	8	7	10	
		37.3%	39.5%	0.0%	0.0%		40.8%	25.5%	44.7%	51.4%	
											
0=Neutral		12	20	0	0		5	19	6	5	
		35.3%	34.5%	0.0%	0.0%		15.6%	59.2%	38.4%	25.1%	
							B	Ad		b	
											
1=Agree		5	10	0	0		10	2	1	2	
		13.8%	17.8%	0.0%	0.0%		34.4%	5.8%	6.1%	12.6%	
							Bc	A	a		
											
2=Strongly Agree		2	0	0	0		2	0	0	0	
		4.9%	0.8%	0.0%	0.0%		5.9%	0.0%	0.0%	2.3%	
											
Mean		-0.3	-0.3	---	---		0.0	-0.4	-0.6	-0.5	

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

93 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	2	3	1	16	0	1	4	5	25	5	8	
		16.8%	12.0%	2.0%	2.7%	1.0%	16.2%	0.0%	1.0%	3.7%	4.7%	26.3%	5.5%	8.2%	
															
Our revenues are lower because of a lack of public trust	
															
-2=Strongly Disagree		0	0	0	0	0	0	0	0	2	0	3	0	3	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	46.9%	0.0%	12.1%	0.0%	33.0%	
		Im	im				im			Abf				abf	
															
-1=Disagree		7	4	2	0	1	7	0	0	1	3	10	1	1	
		44.8%	37.9%	100.0%	0.0%	100.0%	44.8%	0.0%	0.0%	26.5%	62.0%	39.1%	17.8%	11.9%	
				m										c	
															
0=Neutral		7	5	0	3	0	5	0	0	0	2	8	2	4	
		40.1%	43.4%	0.0%	100.0%	0.0%	33.5%	0.0%	0.0%	0.0%	38.0%	29.6%	32.2%	55.0%	
					k							d			
															
1=Agree		1	2	0	0	0	3	0	1	1	0	5	3	0	
		4.5%	14.8%	0.0%	0.0%	0.0%	21.7%	0.0%	100.0%	26.5%	0.0%	19.1%	50.0%	0.0%	
		Hl							Am				am	hl	
															
2=Strongly Agree		2	0	0	0	0	0	0	0	0	0	0	0	0	
		10.6%	3.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Mean		-0.2	-0.2	-1.0	0.0	-1.0	-0.2	---	1.0	-0.9	-0.6	-0.4	0.3	-0.8	

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

94 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		22	18	25	10	10	4	7		18	19	9	11	7	7	9	
		22.8%	18.3%	26.3%	10.2%	10.8%	4.2%	7.4%		22.8%	23.5%	11.0%	13.7%	8.9%	8.2%	11.9%	
																	
Our revenues are lower because of a lack of public trust	
																	
-2=Strongly Disagree		2	1	0	0	1	2	1		2	1	0	1	0	1	2	
		7.8%	5.4%	0.0%	0.0%	13.6%	41.7%	13.6%		9.3%	5.1%	0.0%	6.7%	0.0%	21.5%	17.8%	
				F			C										
																	
-1=Disagree		10	5	11	5	5	0	2		7	7	5	4	4	0	1	
		45.9%	27.2%	45.4%	49.5%	48.8%	0.0%	31.2%		38.4%	34.9%	60.7%	32.9%	62.0%	0.0%	15.5%	
												f		f	ce		
																	
0=Neutral		5	7	9	4	3	1	4		3	7	2	6	0	4	5	
		22.9%	42.2%	34.2%	42.9%	30.5%	23.6%	55.2%		14.5%	37.8%	19.6%	56.3%	0.0%	67.3%	56.6%	
										dfg			ae	dfg	ae	ae	
																	
1=Agree		5	4	3	1	1	1	0		7	4	0	0	3	1	1	
		23.4%	25.1%	13.6%	7.5%	7.1%	23.6%	0.0%		37.7%	22.2%	0.0%	0.0%	38.0%	11.2%	10.1%	
										cd		a	ae	d			
																	
2=Strongly Agree		0	0	2	0	0	0	0		0	0	2	0	0	0	0	
		0.0%	0.0%	6.8%	0.0%	0.0%	11.1%	0.0%		0.0%	0.0%	19.6%	4.1%	0.0%	0.0%	0.0%	
																	
Mean		-0.4	-0.1	-0.2	-0.4	-0.7	-0.4	-0.6		-0.2	-0.2	-0.2	-0.4	-0.2	-0.3	-0.4	

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

95 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		99		36	20	7	36		9	6	6	3	13	
		100.0%		36.5%	20.0%	6.8%	36.7%		11.1%	7.4%	7.4%	3.7%	17.3%	
														
We use marketing and public relations to counteract the lack of public trust	
														
-2=Strongly Disagree		3		0	1	0	2		0	0	0	1	1	
		2.7%		0.0%	3.7%	0.0%	5.3%		0.0%	0.0%	0.0%	33.3%	7.1%	
														
-1=Disagree		9		5	2	0	2		0	0	0	1	1	
		9.4%		14.3%	11.1%	0.0%	5.3%		0.0%	0.0%	0.0%	33.3%	7.1%	
														
0=Neutral		54		21	11	4	18		6	4	4	0	5	
		54.4%		57.1%	55.6%	60.0%	50.0%		66.7%	66.7%	66.7%	0.0%	35.7%	
														
1=Agree		33		10	6	3	14		3	2	2	1	7	
		33.6%		28.6%	29.6%	40.0%	39.5%		33.3%	33.3%	33.3%	33.3%	50.0%	
														
2=Strongly 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%	
														
Mean		0.2		0.1	0.1	0.4	0.2		0.3	0.3	0.3	-0.7	0.3	

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

96 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	59	0	0		29	34	15	20	
		37.5%	62.5%	0.0%	0.0%		29.9%	34.7%	15.4%	20.1%	
											
We use marketing and public relations to counteract the lack of public trust	
											
-2=Strongly Disagree		1	2	0	0		0	3	0	0	
		2.7%	2.9%	0.0%	0.0%		0.0%	7.8%	0.0%	0.0%	
											
-1=Disagree		3	4	0	0		5	2	1	1	
		9.0%	7.4%	0.0%	0.0%		18.4%	7.3%	4.9%	3.8%	
											
0=Neutral		22	31	0	0		12	23	7	11	
		61.0%	52.0%	0.0%	0.0%		40.7%	69.4%	43.7%	58.1%	
							b	a			
											
1=Agree		10	22	0	0		12	5	8	7	
		27.3%	37.7%	0.0%	0.0%		40.9%	15.5%	51.4%	38.2%	
							b	ac	b		
											
2=Strongly 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%	
											
Mean		0.1	0.2	---	---		0.2	-0.1	0.5	0.3	
								cd	b	b	

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

97 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	2	3	1	16	0	1	4	5	26	5	7	
		16.7%	11.9%	2.0%	2.7%	1.0%	16.2%	0.0%	1.0%	3.7%	4.7%	27.2%	5.5%	7.5%	
															
We use marketing and public relations to counteract the lack of public trust	
															
-2=Strongly Disagree		0	0	0	0	0	1	0	0	2	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	6.1%	0.0%	0.0%	46.9%	0.0%	0.0%	0.0%	0.0%	
		I	i							AbK		I			
															
-1=Disagree		4	2	1	0	0	0	0	0	0	0	1	0	0	
		25.7%	14.8%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.5%	0.0%	0.0%	
		f		fk			ac					c			
															
0=Neutral		7	6	0	2	0	9	0	0	0	4	19	3	5	
		41.7%	47.8%	0.0%	63.9%	0.0%	56.8%	0.0%	0.0%	0.0%	78.9%	70.1%	50.0%	73.7%	
										km		i		i	
															
1=Agree		5	4	1	1	1	6	0	1	2	1	6	3	2	
		32.7%	37.4%	50.0%	36.1%	100.0%	37.1%	0.0%	100.0%	53.1%	21.1%	24.4%	50.0%	26.3%	
															
2=Strongly 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%	
															
Mean		0.1	0.2	0.0	0.4	1.0	0.2	---	1.0	-0.4	0.2	0.2	0.5	0.3	

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

98 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		21	18	26	10	10	4	7		17	19	9	11	7	7	9	
		21.9%	18.3%	27.3%	10.2%	10.8%	4.2%	7.3%		22.0%	23.7%	11.1%	13.8%	9.0%	8.3%	12.0%	
																	
We use marketing and public relations to counteract the lack of public trust	
																	
-2=Strongly Disagree		0	0	0	0	1	1	0		0	0	0	1	0	1	0	
		0.0%	0.0%	0.0%	0.0%	9.2%	23.6%	0.0%		0.0%	0.0%	0.0%	6.7%	0.0%	14.6%	0.0%	
		f		f			ac										
																	
-1=Disagree		0	3	3	1	2	0	0		0	2	0	2	2	0	1	
		0.0%	15.3%	10.3%	15.1%	23.8%	0.0%	0.0%		0.0%	9.1%	0.0%	15.8%	34.9%	0.0%	7.7%	
		e				a				e				a			
																	
0=Neutral		13	9	14	8	2	2	5		8	13	5	7	3	4	5	
		61.3%	48.7%	53.4%	80.3%	18.5%	41.7%	65.6%		43.9%	68.5%	52.8%	65.1%	38.0%	59.6%	56.6%	
		e			e	ad											
																	
1=Agree		8	6	9	0	5	1	2		10	4	4	1	2	2	3	
		38.7%	36.0%	36.4%	4.6%	48.5%	34.7%	34.4%		56.1%	22.4%	47.2%	12.4%	27.1%	25.8%	35.7%	
					e	d				bd	a		a				
																	
2=Strongly 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%	
																	
Mean		0.4	0.2	0.3	-0.1	0.1	-0.1	0.3		0.6	0.1	0.5	-0.2	-0.1	0.0	0.3	
		d			a					bDe	a	d	Ac	a			

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

99 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		36	21	7	36		9	6	6	3	13	
		100.0%		36.0%	21.2%	6.7%	36.1%		11.0%	7.3%	7.3%	3.7%	17.1%	
														
We have strengthened our governance policies and procedures	
														
-2=Strongly Disagree		3		0	1	0	2		0	0	0	1	1	
		2.6%		0.0%	3.4%	0.0%	5.3%		0.0%	0.0%	0.0%	33.3%	7.1%	
														
-1=Disagree		5		5	0	0	0		0	0	0	0	0	
		5.1%		14.3%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
				d			a							
														
0=Neutral		19		9	3	1	7		2	1	1	0	3	
		19.0%		23.8%	13.8%	13.3%	18.4%		22.2%	16.7%	16.7%	0.0%	21.4%	
														
1=Agree		65		22	15	5	23		5	5	4	1	9	
		64.6%		61.9%	69.0%	73.3%	63.2%		55.6%	83.3%	66.7%	33.3%	64.3%	
														
2=Strongly Agree		9		0	3	1	5		2	0	1	1	1	
		8.6%		0.0%	13.8%	13.3%	13.2%		22.2%	0.0%	16.7%	33.3%	7.1%	
				bcd	a	a	a							
														
Mean		0.7		0.5	0.9	1.0	0.8		1.0	0.8	1.0	0.3	0.6	
				b	a									

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

100 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	60	0	0		29	34	16	20	
		36.9%	63.1%	0.0%	0.0%		29.4%	34.9%	15.9%	19.8%	
											
We have strengthened our governance policies and procedures	
											
-2=Strongly Disagree		1	2	0	0		0	2	1	0	
		2.7%	2.8%	0.0%	0.0%		0.0%	5.5%	4.7%	0.0%	
											
-1=Disagree		2	3	0	0		3	0	0	2	
		4.9%	5.7%	0.0%	0.0%		11.9%	0.0%	0.0%	8.8%	
							b	a			
											
0=Neutral		4	13	0	0		5	8	2	2	
		12.5%	21.6%	0.0%	0.0%		17.7%	24.5%	15.7%	12.1%	
											
1=Agree		27	35	0	0		17	21	12	15	
		76.6%	57.6%	0.0%	0.0%		58.9%	59.7%	75.0%	74.2%	
											
2=Strongly Agree		1	7	0	0		3	4	1	1	
		3.3%	12.3%	0.0%	0.0%		11.6%	10.3%	4.7%	4.9%	
											
Mean		0.7	0.7	---	---		0.7	0.7	0.7	0.8	

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

101 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	2	3	1	16	0	1	4	5	26	5	8	
		16.5%	11.8%	1.9%	2.7%	1.0%	16.7%	0.0%	1.0%	3.6%	4.6%	26.8%	5.4%	8.1%	
															
We have strengthened our governance policies and procedures	
															
-2=Strongly Disagree		0	0	0	0	0	1	0	0	1	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	5.8%	0.0%	0.0%	26.5%	0.0%	0.0%	0.0%	9.2%	
		i								ak		i			
															
-1=Disagree		2	0	0	0	0	2	0	0	0	0	0	0	2	
		10.6%	0.0%	0.0%	0.0%	0.0%	10.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	21.5%	
												m		k	
															
0=Neutral		5	2	0	0	0	2	0	1	2	0	4	3	0	
		31.1%	14.8%	0.0%	0.0%	0.0%	10.5%	0.0%	100.0%	53.1%	9.9%	14.7%	50.0%	0.0%	
							h		fkm	m		h	m	hil	
															
1=Agree		9	7	2	3	1	11	0	0	1	4	21	2	5	
		53.8%	62.4%	100.0%	100.0%	100.0%	64.3%	0.0%	0.0%	20.4%	90.1%	78.3%	32.2%	57.4%	
										k		il	k		
															
2=Strongly Agree		1	3	0	0	0	1	0	0	0	0	2	1	1	
		4.5%	22.8%	0.0%	0.0%	0.0%	8.9%	0.0%	0.0%	0.0%	0.0%	7.0%	17.8%	11.9%	
															
Mean		0.5	1.1	1.0	1.0	1.0	0.6	---	0.0	-0.3	0.9	0.9	0.7	0.4	
		k	i							bK		aI			

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

102 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		22	18	26	10	10	4	7		18	19	9	11	7	7	9	
		22.4%	18.8%	26.8%	10.0%	10.6%	4.2%	7.2%		22.6%	24.2%	10.9%	13.6%	8.8%	8.2%	11.8%	
																	
We have strengthened our governance policies and procedures	
																	
-2=Strongly Disagree		1	0	0	0	1	1	0		1	0	0	0	0	1	0	
		3.4%	0.0%	0.0%	0.0%	9.2%	23.6%	0.0%		4.1%	0.0%	0.0%	0.0%	0.0%	14.6%	0.0%	
			f	f			bc										
																	
-1=Disagree		0	2	0	0	2	0	0		2	0	0	2	2	0	0	
		0.0%	9.4%	0.0%	0.0%	16.7%	0.0%	0.0%		9.5%	0.0%	0.0%	15.8%	24.5%	0.0%	0.0%	
				e		c					e			b			
																	
0=Neutral		7	2	5	2	0	2	0		4	2	2	3	1	0	1	
		32.1%	10.5%	19.7%	25.2%	0.0%	47.2%	0.0%		24.2%	12.7%	24.8%	24.6%	13.6%	0.0%	10.1%	
		e				af	e										
																	
1=Agree		12	15	18	7	6	1	6		10	15	6	6	3	4	8	
		53.7%	80.1%	70.2%	67.2%	53.4%	29.2%	89.6%		57.0%	76.3%	66.9%	59.6%	48.4%	63.9%	82.2%	
																	
2=Strongly Agree		2	0	3	1	2	0	1		1	2	1	0	1	1	1	
		10.8%	0.0%	10.1%	7.5%	20.7%	0.0%	10.4%		5.3%	11.0%	8.4%	0.0%	13.6%	21.5%	7.7%	
																	
Mean		0.7	0.7	0.9	0.8	0.6	-0.2	1.1		0.5	1.0	0.8	0.4	0.5	0.8	1.0	
			f	F			bCg	f		b	ad		b				

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

103 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		98		34	21	7	36		9	6	6	3	13	
		100.0%		35.2%	20.9%	6.9%	37.0%		11.2%	7.5%	7.5%	3.7%	17.5%	
														
We have emphasized increased transparency in our business dealings and reporting	
														
-2=Strongly Disagree		2		0	1	0	1		0	0	0	1	0	
		1.7%		0.0%	3.6%	0.0%	2.6%		0.0%	0.0%	0.0%	33.3%	0.0%	
												e	d	
														
-1=Disagree		7		5	0	0	2		0	0	0	0	2	
		7.2%		15.0%	0.0%	0.0%	5.3%		0.0%	0.0%	0.0%	0.0%	14.3%	
														
0=Neutral		23		14	4	1	4		2	1	1	0	0	
		23.4%		40.0%	21.4%	13.3%	10.5%		22.2%	16.7%	16.7%	0.0%	0.0%	
				D			A							
														
1=Agree		51		12	12	5	22		5	5	2	1	10	
		51.7%		35.0%	57.1%	73.3%	60.5%		55.6%	83.3%	33.3%	33.3%	71.4%	
				d			a							
														
2=Strongly Agree		16		3	4	1	8		2	0	3	1	2	
		16.0%		10.0%	17.9%	13.3%	21.1%		22.2%	0.0%	50.0%	33.3%	14.3%	
														
Mean		0.7		0.4	0.9	1.0	0.9		1.0	0.8	1.3	0.3	0.9	
				d			a							

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

104 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	58	0	0		27	34	16	20	
		37.9%	62.1%	0.0%	0.0%		28.4%	35.0%	16.3%	20.3%	
											
We have emphasized increased transparency in our business dealings and reporting	
											
-2=Strongly Disagree		1	1	0	0		0	1	1	0	
		2.7%	1.3%	0.0%	0.0%		0.0%	2.8%	4.7%	0.0%	
											
-1=Disagree		2	4	0	0		2	4	0	2	
		4.9%	7.6%	0.0%	0.0%		6.3%	10.8%	0.0%	8.8%	
											
0=Neutral		8	14	0	0		7	11	2	2	
		22.8%	24.4%	0.0%	0.0%		25.1%	31.7%	15.7%	11.1%	
											
1=Agree		20	28	0	0		15	16	9	10	
		57.2%	48.9%	0.0%	0.0%		56.3%	47.0%	58.1%	52.8%	
											
2=Strongly Agree		4	10	0	0		3	3	3	5	
		12.4%	17.8%	0.0%	0.0%		12.3%	7.8%	21.5%	27.2%	
											
Mean		0.7	0.7	---	---		0.7	0.5	0.9	1.0	
								d		b	

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

105 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	2	3	1	14	0	1	4	5	26	5	8	
		16.9%	12.1%	2.0%	2.7%	1.0%	14.5%	0.0%	1.0%	3.7%	4.7%	27.5%	5.6%	8.3%	
															
We have emphasized increased transparency in our business dealings and reporting	
															
-2=Strongly Disagree		0	0	0	0	0	0	0	0	1	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	26.5%	0.0%	0.0%	0.0%	9.2%	
		i								ak		i			
															
-1=Disagree		3	0	0	0	0	3	0	0	0	0	0	0	2	
		16.4%	0.0%	0.0%	0.0%	0.0%	19.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	21.5%	
		k					k					afm		k	
															
0=Neutral		4	3	0	1	0	2	0	0	1	0	6	2	3	
		25.2%	29.7%	0.0%	27.7%	0.0%	17.5%	0.0%	0.0%	26.5%	0.0%	22.9%	32.2%	33.5%	
															
1=Agree		9	4	2	2	1	5	0	1	2	5	17	2	2	
		52.5%	34.7%	100.0%	72.3%	100.0%	34.1%	0.0%	100.0%	46.9%	100.0%	63.5%	32.2%	23.9%	
			j				j				bfm			j	
															
2=Strongly Agree		1	4	0	0	0	4	0	0	0	0	4	2	1	
		5.9%	35.7%	0.0%	0.0%	0.0%	29.2%	0.0%	0.0%	0.0%	0.0%	13.6%	35.7%	11.9%	
															
Mean		0.5	1.1	1.0	0.7	1.0	0.7	---	1.0	-0.1	1.0	0.9	1.0	0.1	
			m							k		im		bk	

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

106 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		22	16	26	10	10	4	7		16	19	9	11	7	7	9	
		22.9%	16.7%	27.5%	10.3%	10.9%	4.3%	7.4%		21.0%	24.0%	11.3%	14.0%	9.1%	8.4%	12.2%	
																	
We have emphasized increased transparency in our business dealings and reporting	
																	
-2=Strongly Disagree		1	0	0	0	0	1	0		1	0	0	0	0	0	0	
		3.4%	0.0%	0.0%	0.0%	0.0%	23.6%	0.0%		4.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
				f			c										
																	
-1=Disagree		0	1	0	2	3	0	0		1	0	2	2	2	1	0	
		0.0%	6.0%	0.0%	17.7%	25.9%	0.0%	0.0%		5.8%	0.0%	19.6%	15.8%	24.5%	14.6%	0.0%	
		e		de	c	ac					e			b			
																	
0=Neutral		6	2	9	2	0	1	1		3	3	2	6	0	2	0	
		29.0%	12.1%	35.8%	25.2%	4.3%	23.6%	10.4%		20.9%	18.3%	24.8%	56.3%	0.0%	26.4%	0.0%	
											d		beg	d		d	
																	
1=Agree		9	12	12	5	6	1	4		8	12	4	3	4	3	6	
		43.6%	79.0%	44.5%	49.5%	60.5%	34.7%	55.2%		47.0%	63.4%	47.2%	27.9%	62.0%	44.4%	66.7%	
		b	ac	b													
																	
2=Strongly Agree		5	0	5	1	1	1	2		4	3	1	0	1	1	3	
		24.0%	2.8%	19.7%	7.5%	9.2%	18.1%	34.4%		21.9%	18.3%	8.4%	0.0%	13.6%	14.6%	33.3%	
			g					b									
																	
Mean		0.8	0.8	0.8	0.5	0.5	0.2	1.2		0.8	1.0	0.4	0.1	0.6	0.6	1.3	
											D	g	BG			cD	

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

107 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		38	21	7	35		9	6	6	2	13	
		100.0%		37.7%	20.4%	6.7%	35.2%		10.9%	7.3%	7.3%	2.4%	16.9%	
														
We have made organizational changes in response to the lack of public trust	
														
-2=Strongly Disagree		7		2	2	0	3		0	0	0	1	2	
		6.8%		4.5%	10.7%	0.0%	8.1%		0.0%	0.0%	0.0%	50.0%	14.3%	
														
-1=Disagree		12		5	1	1	5		0	2	0	0	3	
		12.2%		13.6%	7.1%	13.3%	13.5%		0.0%	33.3%	0.0%	0.0%	21.4%	
														
0=Neutral		45		17	7	4	17		7	3	3	1	4	
		45.3%		45.5%	32.1%	66.7%	48.6%		77.8%	50.0%	50.0%	50.0%	28.6%	
									e				a	
														
1=Agree		33		12	10	1	10		2	1	3	0	4	
		33.1%		31.8%	50.0%	20.0%	27.0%		22.2%	16.7%	50.0%	0.0%	28.6%	
														
2=Strongly Agree		3		2	0	0	1		0	0	0	0	1	
		2.7%		4.5%	0.0%	0.0%	2.7%		0.0%	0.0%	0.0%	0.0%	7.1%	
														
Mean		0.1		0.2	0.2	0.1	0.0		0.2	-0.2	0.5	-1.0	-0.1	

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

108 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	59	0	0		28	34	16	20	
		37.6%	62.4%	0.0%	0.0%		29.0%	34.8%	16.1%	20.1%	
											
We have made organizational changes in response to the lack of public trust	
											
-2=Strongly Disagree		1	3	0	0		0	4	1	0	
		2.7%	5.4%	0.0%	0.0%		0.0%	12.8%	4.7%	0.0%	
											
-1=Disagree		3	7	0	0		4	3	4	2	
		8.8%	12.7%	0.0%	0.0%		14.5%	8.6%	23.0%	8.8%	
											
0=Neutral		17	26	0	0		14	16	8	5	
		47.8%	45.1%	0.0%	0.0%		49.9%	48.4%	50.8%	28.1%	
											
1=Agree		14	19	0	0		10	9	3	11	
		40.6%	32.2%	0.0%	0.0%		35.6%	27.3%	21.5%	54.3%	
											
2=Strongly Agree		0	3	0	0		0	1	0	2	
		0.0%	4.6%	0.0%	0.0%		0.0%	2.8%	0.0%	8.8%	
											
Mean		0.3	0.2	---	---		0.2	0.0	-0.1	0.6	
								d	d	bc	

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

109 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	4	3	1	16	0	1	4	5	26	5	8	
		16.3%	11.6%	3.6%	2.6%	1.0%	15.8%	0.0%	1.0%	3.6%	4.5%	26.5%	5.4%	8.0%	
															
We have made organizational changes in response to the lack of public trust	
															
-2=Strongly Disagree		2	0	2	0	0	1	0	0	2	0	0	0	1	
		10.4%	0.0%	47.4%	0.0%	0.0%	6.1%	0.0%	0.0%	46.9%	0.0%	0.0%	0.0%	9.2%	
			ci	bK						bK		CI			
															
-1=Disagree		5	0	1	1	0	1	0	0	0	1	2	0	2	
		30.1%	0.0%	26.3%	36.1%	0.0%	6.1%	0.0%	0.0%	0.0%	21.1%	7.0%	0.0%	21.5%	
		b	a												
															
0=Neutral		9	6	0	2	0	3	0	1	2	4	11	3	5	
		55.0%	51.9%	0.0%	63.9%	0.0%	21.3%	0.0%	100.0%	53.1%	78.9%	41.7%	50.0%	57.4%	
							j				f				
															
1=Agree		1	4	1	0	1	10	0	0	0	0	13	3	1	
		4.5%	33.2%	26.3%	0.0%	100.0%	66.5%	0.0%	0.0%	0.0%	0.0%	47.7%	50.0%	11.9%	
		EFKl				A	Aijm			f	f	A	a	f	
															
2=Strongly Agree		0	2	0	0	0	0	0	0	0	0	1	0	0	
		0.0%	14.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.6%	0.0%	0.0%	
															
Mean		-0.5	0.6	-0.9	-0.4	1.0	0.5	---	0.0	-0.9	-0.2	0.5	0.5	-0.3	
		BFKl	AcIjm	bfK			Aci			BfKl	b	ACIm	ai	bk	

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

110 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		22	18	26	10	10	4	7		18	18	9	11	7	7	9	
		22.3%	18.8%	26.8%	10.0%	10.6%	4.2%	7.2%		23.0%	22.5%	11.2%	13.9%	9.0%	8.3%	12.1%	
																	
We have made organizational changes in response to the lack of public trust	
																	
-2=Strongly Disagree		1	3	0	1	1	1	0		2	1	0	1	0	1	0	
		3.4%	14.6%	0.0%	7.5%	9.2%	23.6%	0.0%		9.3%	4.1%	0.0%	6.7%	0.0%	14.6%	0.0%	
				f			c										
																	
-1=Disagree		1	3	4	0	2	0	0		1	2	1	2	2	0	0	
		6.5%	14.6%	13.8%	4.6%	23.8%	0.0%	0.0%		5.3%	13.3%	10.9%	20.0%	24.5%	0.0%	0.0%	
																	
0=Neutral		12	5	13	6	2	2	5		6	7	4	8	3	3	5	
		55.9%	25.8%	50.6%	62.6%	17.9%	47.2%	68.8%		34.4%	38.6%	44.4%	69.2%	37.5%	41.0%	53.5%	
						g		e									
																	
1=Agree		7	8	7	2	5	1	2		7	8	4	0	3	3	4	
		34.3%	44.9%	25.4%	25.2%	49.1%	29.2%	31.2%		41.4%	44.0%	44.7%	4.1%	38.0%	44.4%	46.5%	
										d	d	d	abcg			d	
																	
2=Strongly Agree		0	0	3	0	0	0	0		2	0	0	0	0	0	0	
		0.0%	0.0%	10.3%	0.0%	0.0%	0.0%	0.0%		9.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Mean		0.2	0.0	0.3	0.1	0.1	-0.2	0.3		0.4	0.2	0.3	-0.3	0.1	0.2	0.5	
													g			d	

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

111 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		98		36	20	6	35		9	6	6	2	13	
		100.0%		37.1%	20.3%	6.4%	36.2%		11.2%	7.5%	7.5%	2.5%	17.4%	
														
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
														
-2=Strongly Disagree		5		0	1	0	4		0	0	0	2	2	
		5.4%		0.0%	7.4%	0.0%	10.8%		0.0%	0.0%	0.0%	100.0%	14.3%	
				d			a		d	d	d	abce	d	
														
-1=Disagree		17		3	4	2	8		1	1	1	0	5	
		17.4%		9.5%	18.5%	35.7%	21.6%		11.1%	16.7%	16.7%	0.0%	35.7%	
														
0=Neutral		52		22	8	4	18		8	4	3	0	4	
		53.5%		61.9%	40.7%	57.1%	51.4%		88.9%	66.7%	50.0%	0.0%	28.6%	
									de			a	a	
														
1=Agree		22		10	6	0	6		0	1	2	0	3	
		22.9%		28.6%	29.6%	7.1%	16.2%		0.0%	16.7%	33.3%	0.0%	21.4%	
														
2=Strongly Agree		1		0	1	0	0		0	0	0	0	0	
		0.8%		0.0%	3.7%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0		0.2	0.0	-0.3	-0.3		-0.1	0.0	0.2	-2.0	-0.4	
				d			a							

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

112 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		35	58	0	0		28	34	15	19	
		37.3%	62.7%	0.0%	0.0%		29.3%	35.2%	15.6%	19.9%	
											
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
											
-2=Strongly Disagree		2	2	0	0		1	4	1	0	
		5.5%	4.2%	0.0%	0.0%		3.4%	10.7%	4.9%	0.0%	
											
-1=Disagree		5	10	0	0		7	5	4	0	
		13.7%	16.8%	0.0%	0.0%		25.5%	16.3%	24.1%	0.0%	
							d		d	ac	
											
0=Neutral		20	32	0	0		12	18	10	12	
		56.8%	55.2%	0.0%	0.0%		44.2%	54.3%	66.1%	60.4%	
											
1=Agree		8	13	0	0		8	6	1	8	
		24.0%	22.6%	0.0%	0.0%		26.9%	16.5%	4.9%	39.6%	
									d	c	
											
2=Strongly Agree		0	1	0	0		0	1	0	0	
		0.0%	1.3%	0.0%	0.0%		0.0%	2.2%	0.0%	0.0%	
											
Mean		0.0	0.0	---	---		-0.1	-0.2	-0.3	0.4	
							d	d	D	abC	

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

113 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	10	2	3	1	16	0	1	4	5	26	5	8	
		16.8%	10.8%	2.0%	2.7%	1.0%	16.2%	0.0%	1.0%	3.7%	4.7%	27.3%	5.5%	8.3%	
															
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
															
-2=Strongly Disagree		2	0	0	0	0	0	0	0	1	0	1	0	2	
		10.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	26.5%	0.0%	3.6%	0.0%	21.1%	
															
-1=Disagree		4	0	0	1	0	3	0	0	1	2	3	1	1	
		25.7%	4.3%	0.0%	36.1%	0.0%	19.7%	0.0%	0.0%	20.4%	42.2%	11.5%	17.8%	11.9%	
															
0=Neutral		7	4	1	1	0	12	0	1	2	1	16	3	4	
		44.6%	37.0%	50.0%	36.1%	0.0%	75.7%	0.0%	100.0%	53.1%	19.8%	59.1%	64.3%	55.0%	
							j				f				
															
1=Agree		2	6	1	1	1	1	0	0	0	2	7	1	1	
		14.9%	58.7%	50.0%	27.7%	100.0%	4.7%	0.0%	0.0%	0.0%	38.0%	25.8%	17.8%	11.9%	
		b	aF			F	BE								
															
2=Strongly Agree		1	0	0	0	0	0	0	0	0	0	0	0	0	
		4.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Mean		-0.2	0.5	0.5	-0.1	1.0	-0.2	---	0.0	-0.7	0.0	0.1	0.0	-0.4	
		b	aFim				B			b				b	

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

114 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		22	17	26	10	10	4	6		18	18	9	10	7	7	9	
		23.0%	17.6%	27.7%	10.3%	10.9%	3.8%	6.7%		23.4%	22.9%	11.4%	13.5%	9.1%	8.5%	11.3%	
																	
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
																	
-2=Strongly Disagree		1	1	0	1	1	1	1		2	1	0	0	0	1	1	
		3.4%	5.8%	0.0%	7.5%	9.2%	26.5%	15.1%		9.3%	4.1%	0.0%	0.0%	0.0%	14.6%	10.9%	
				f			c										
																	
-1=Disagree		3	4	3	1	4	0	1		3	2	2	1	3	1	1	
		15.2%	21.6%	10.1%	12.1%	37.4%	0.0%	15.1%		18.3%	12.1%	19.2%	11.3%	38.0%	21.5%	10.9%	
																	
0=Neutral		15	8	12	7	3	3	2		8	12	6	8	3	0	5	
		68.2%	50.7%	47.6%	72.8%	27.8%	73.5%	34.9%		42.7%	70.1%	64.0%	72.2%	37.5%	0.0%	61.3%	
		e				a					F	f	f		Bcdg	f	
																	
1=Agree		3	4	11	1	2	0	2		5	2	1	2	2	4	1	
		13.2%	21.9%	42.3%	7.5%	18.5%	0.0%	34.9%		29.6%	13.7%	16.7%	16.5%	24.5%	63.9%	16.8%	
		c		a							f				b		
																	
2=Strongly Agree		0	0	0	0	1	0	0		0	0	0	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%	0.0%	0.0%	0.0%	
																	
Mean		-0.1	-0.1	0.3	-0.2	-0.2	-0.5	-0.1		-0.1	-0.1	0.0	0.1	-0.1	0.1	-0.2	
		c		adf	c		c										

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

115 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		8		5	1	0	2		0	0	0	0	2	
		100.0%		66.2%	9.4%	0.0%	24.5%		0.0%	0.0%	0.0%	0.0%	27.0%	
														
Other	
														
-2=Strongly 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%	
														
-1=Disagree		2		2	0	0	0		0	0	0	0	0	
		22.1%		33.3%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
0=Neutral		4		2	1	0	2		0	0	0	0	2	
		55.9%		33.3%	100.0%	0.0%	100.0%		0.0%	0.0%	0.0%	0.0%	100.0%	
														
1=Agree		2		2	0	0	0		0	0	0	0	0	
		22.1%		33.3%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
2=Strongly 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%	
														
Mean		0.0		0.0	0.0	---	0.0		---	---	---	---	0.0	

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

116 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		3	4	0	0		3	4	0	0	
		43.7%	56.3%	0.0%	0.0%		44.1%	55.9%	0.0%	0.0%	
											
Other	
											
-2=Strongly 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%	
											
-1=Disagree		2	0	0	0		2	0	0	0	
		50.5%	0.0%	0.0%	0.0%		50.0%	0.0%	0.0%	0.0%	
											
0=Neutral		2	3	0	0		0	4	0	0	
		49.5%	60.9%	0.0%	0.0%		0.0%	100.0%	0.0%	0.0%	
							b	a			
											
1=Agree		0	2	0	0		2	0	0	0	
		0.0%	39.1%	0.0%	0.0%		50.0%	0.0%	0.0%	0.0%	
											
2=Strongly 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%	
											
Mean		-0.5	0.4	---	---		0.0	0.0	---	---	

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

117 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		2	3	0	0	0	1	0	1	0	0	1	0	0	
		22.1%	44.1%	0.0%	0.0%	0.0%	9.4%	0.0%	12.2%	0.0%	0.0%	12.2%	0.0%	0.0%	
															
Other	
															
-2=Strongly 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%	
															
-1=Disagree		2	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%	0.0%	
															
0=Neutral		0	2	0	0	0	1	0	1	0	0	1	0	0	
		0.0%	50.0%	0.0%	0.0%	0.0%	100.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
															
1=Agree		0	2	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%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
2=Strongly 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%	
															
Mean		-1.0	0.5	---	---	---	0.0	---	0.0	---	---	0.0	---	---	

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

118 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		2	2	1	0	2	1	0		3	0	0	0	2	0	2	
		22.1%	22.1%	12.2%	0.0%	31.4%	12.2%	0.0%		50.3%	0.0%	0.0%	0.0%	25.1%	0.0%	24.6%	
																	
Other	
																	
-2=Strongly 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%	
																	
-1=Disagree		0	0	0	0	2	0	0		0	0	0	0	2	0	0	
		0.0%	0.0%	0.0%	0.0%	70.2%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
																	
0=Neutral		2	0	1	0	1	1	0		2	0	0	0	0	0	2	
		100.0%	0.0%	100.0%	0.0%	29.8%	100.0%	0.0%		50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	
																	
1=Agree		0	2	0	0	0	0	0		2	0	0	0	0	0	0	
		0.0%	100.0%	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=Strongly 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%	
																	
Mean		0.0	1.0	0.0	---	-0.7	0.0	---		0.5	---	---	---	-1.0	---	0.0	

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

119 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only) To what degree does air pollution affect the Chinese economy?

N=43		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		29		29	0	0	0		0	0	0	0	0	
		100.0%		100.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
very negative		9		9	0	0	0		0	0	0	0	0	
		29.4%		29.4%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
negative		21		21	0	0	0		0	0	0	0	0	
		70.6%		70.6%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
no effect		0		0	0	0	0		0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
positive		0		0	0	0	0		0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
very positive		0		0	0	0	0		0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
DK		0		0	0	0	0		0	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

120 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only) To what degree does air pollution affect the Chinese economy?

N=43		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		14	14	0	0		12	10	2	3	
		50.0%	50.0%	0.0%	0.0%		43.8%	37.5%	6.2%	12.5%	
											
very negative		5	3	0	0		0	5	2	2	
		37.5%	25.0%	0.0%	0.0%		0.0%	50.0%	100.0%	50.0%	
							bCd	a	A	a	
											
negative		9	10	0	0		12	5	0	2	
		62.5%	75.0%	0.0%	0.0%		100.0%	50.0%	0.0%	50.0%	
							bCd	a	A	a	
											
no effect		0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
											
positive		0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
											
very positive		0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
											
DK		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

121 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only) To what degree does air pollution affect the Chinese economy?

N=43		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		3	5	2	0	2	5	0	0	0	2	3	3	3	
		11.8%	17.6%	5.9%	0.0%	5.9%	17.6%	0.0%	0.0%	0.0%	5.9%	11.8%	11.8%	11.8%	
															
very negative		0	0	0	0	2	0	0	0	0	2	3	0	2	
		0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	100.0%	100.0%	0.0%	50.0%	
		k	ejk			bf	ejk				bf	abfl	k		
															
negative		3	5	2	0	0	5	0	0	0	0	0	3	2	
		100.0%	100.0%	100.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	50.0%	
		k	ejk			bf	ejk				bf	abfl	k		
															
no effect		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
positive		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
very positive		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
DK		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	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

122 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only) To what degree does air pollution affect the Chinese economy?

N=43		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		5	5	12	3	2	0	0		5	5	3	9	2	3	0	
		18.8%	18.8%	43.8%	12.5%	6.2%	0.0%	0.0%		18.8%	18.8%	12.5%	31.3%	6.3%	12.5%	0.0%	
																	
very negative		2	0	5	0	0	0	0		0	2	0	3	0	3	0	
		33.3%	0.0%	42.9%	0.0%	0.0%	0.0%	0.0%		0.0%	33.3%	0.0%	40.0%	0.0%	100.0%	0.0%	
										f		f			ac		
																	
negative		3	5	7	3	2	0	0		5	3	3	5	2	0	0	
		66.7%	100.0%	57.1%	100.0%	100.0%	0.0%	0.0%		100.0%	66.7%	100.0%	60.0%	100.0%	0.0%	0.0%	
										f		f			ac		
																	
no effect		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
positive		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
very positive		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
DK		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	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

123 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only)  DK Excluded Shows - average scores 

N=43		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
				A	B	C	D		A	B	C	D	N	
														
Number		43		43	0	0	0		0	0	0	0	0	
Percent		100.1%		100.1%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
To what degree does air pollution affect the Chinese economy?	
														
		29		29	0	0	0		0	0	0	0	0	
		-1.3		-1.3	---	---	---		---	---	---	---	---	

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

124 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only)  DK Excluded Shows - average scores 

N=43		Ownership		Foreign Sales	
Number
Mean		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Number		15	21	0	0		14	15	3	7	
Percent		43.1%	57.4%	0.0%	0.0%		35.3%	39.7%	8.8%	17.7%	
											
To what degree does air pollution affect the Chinese economy?	
											
		14	14	0	0		12	10	2	3	
		-1.4	-1.2	---	---		-1.0	-1.5	-2.0	-1.5	
							BD	A		A	

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

125 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only)  DK Excluded Shows - average scores 

N=43		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		7	7	2	0	2	7	0	0	0	2	7	3	3	
Percent		17.2%	17.2%	4.3%	0.0%	4.3%	17.2%	0.0%	0.0%	0.0%	4.3%	17.2%	8.6%	8.6%	
															
To what degree does air pollution affect the Chinese economy?	
															
		3	5	2	0	2	5	0	0	0	2	3	3	3	
		-1.0	-1.0	-1.0	---	-2.0	-1.0	---	---	---	-2.0	-2.0	-1.0	-1.5	
		K	K				K					ABFL	K		

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

126 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(China Only)  DK Excluded Shows - average scores 

N=43		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		7	7	17	7	2	0	0		7	7	5	9	3	3	0	
Percent		17.2%	17.2%	43.1%	17.2%	4.3%	0.0%	0.0%		20.3%	20.3%	15.2%	25.3%	10.1%	10.1%	0.0%	
																	
To what degree does air pollution affect the Chinese economy?	
																	
		5	5	12	3	2	0	0		5	5	3	9	2	3	0	
		-1.3	-1.0	-1.4	-1.0	-1.0	---	---		-1.0	-1.3	-1.0	-1.4	-1.0	-2.0	---	
										F		F			AC		

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

127 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Build a wall along the Mexican border	
														
Yes		1		0	1	0	0		0	0	0	0	0	
		3.7%		0.0%	3.7%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		19		0	19	0	0		0	0	0	0	0	
		96.3%		0.0%	96.3%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Implement a border tax  (imported inputs not deductible)	
														
Yes		0		0	0	0	0		0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	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

128 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Build a wall along the Mexican border	
											
Yes		0	1	0	0		0	0	0	1	
		0.0%	9.1%	0.0%	0.0%		0.0%	0.0%	0.0%	20.0%	
											
No		11	7	0	0		4	7	4	3	
		100.0%	90.9%	0.0%	0.0%		100.0%	100.0%	100.0%	80.0%	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Implement a border tax  (imported inputs not deductible)	
											
Yes		0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
											
No		11	8	0	0		4	7	4	4	
		100.0%	100.0%	0.0%	0.0%		100.0%	100.0%	100.0%	100.0%	

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

129 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Build a wall along the Mexican border	
															
Yes		1	0	0	0	0	0	0	0	0	0	0	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
No		4	1	0	1	0	4	0	0	1	0	7	0	0	
		85.7%	100.0%	0.0%	100.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	100.0%	0.0%	0.0%	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Implement a border tax  (imported inputs not deductible)	
															
Yes		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
No		5	1	0	1	0	4	0	0	1	0	7	0	0	
		100.0%	100.0%	0.0%	100.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	100.0%	0.0%	0.0%	

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

130 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		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		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Build a wall along the Mexican border	
																	
Yes		0	0	0	0	0	0	1		0	0	1	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%		0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	
																	
No		2	1	2	4	4	1	4		1	4	1	1	1	1	6	
		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	83.3%		100.0%	100.0%	66.7%	100.0%	100.0%	100.0%	100.0%	
																	
Total		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Implement a border tax  (imported inputs not deductible)	
																	
Yes		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
No		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%		100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	

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

131 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Impose a substantial tariff on Mexican and Chinese goods	
														
Yes		3		0	3	0	0		0	0	0	0	0	
		14.8%		0.0%	14.8%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		17		0	17	0	0		0	0	0	0	0	
		85.2%		0.0%	85.2%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Ease repatriation of foreign profits earned by US firms	
														
Yes		9		0	9	0	0		0	0	0	0	0	
		44.4%		0.0%	44.4%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		11		0	11	0	0		0	0	0	0	0	
		55.6%		0.0%	55.6%	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

132 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Impose a substantial tariff on Mexican and Chinese goods	
											
Yes		1	2	0	0		1	1	0	1	
		6.7%	27.3%	0.0%	0.0%		33.3%	11.1%	0.0%	20.0%	
											
No		10	6	0	0		3	6	4	3	
		93.3%	72.7%	0.0%	0.0%		66.7%	88.9%	100.0%	80.0%	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Ease repatriation of foreign profits earned by US firms	
											
Yes		4	5	0	0		3	1	2	2	
		33.3%	63.6%	0.0%	0.0%		66.7%	22.2%	50.0%	60.0%	
											
No		7	3	0	0		1	5	2	1	
		66.7%	36.4%	0.0%	0.0%		33.3%	77.8%	50.0%	40.0%	

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

133 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Impose a substantial tariff on Mexican and Chinese goods	
															
Yes		1	0	0	0	0	1	0	0	1	0	1	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	100.0%	0.0%	10.0%	0.0%	0.0%	
															
No		4	1	0	1	0	4	0	0	0	0	7	0	0	
		85.7%	100.0%	0.0%	100.0%	0.0%	83.3%	0.0%	0.0%	0.0%	0.0%	90.0%	0.0%	0.0%	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Ease repatriation of foreign profits earned by US firms	
															
Yes		3	1	0	0	0	1	0	0	1	0	3	0	0	
		57.1%	100.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	100.0%	0.0%	40.0%	0.0%	0.0%	
															
No		2	0	0	1	0	3	0	0	0	0	4	0	0	
		42.9%	0.0%	0.0%	100.0%	0.0%	66.7%	0.0%	0.0%	0.0%	0.0%	60.0%	0.0%	0.0%	

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

134 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		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		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Impose a substantial tariff on Mexican and Chinese goods	
																	
Yes		0	0	1	0	0	0	1		0	1	1	1	0	0	0	
		0.0%	0.0%	66.7%	0.0%	0.0%	0.0%	16.7%		0.0%	16.7%	66.7%	100.0%	0.0%	0.0%	0.0%	
																	
No		2	1	1	4	4	1	4		1	4	1	0	1	1	6	
		100.0%	100.0%	33.3%	100.0%	100.0%	100.0%	83.3%		100.0%	83.3%	33.3%	0.0%	100.0%	100.0%	100.0%	
																	
Total		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Ease repatriation of foreign profits earned by US firms	
																	
Yes		1	0	1	1	1	0	2		1	2	1	1	0	1	2	
		66.7%	0.0%	66.7%	40.0%	33.3%	0.0%	50.0%		100.0%	50.0%	33.3%	100.0%	0.0%	100.0%	37.5%	
																	
No		1	1	1	2	3	1	2		0	2	1	0	1	0	4	
		33.3%	100.0%	33.3%	60.0%	66.7%	100.0%	50.0%		0.0%	50.0%	66.7%	0.0%	100.0%	0.0%	62.5%	

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

135 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Maintain the immigration restrictions he has imposed on foreign nations	
														
Yes		2		0	2	0	0		0	0	0	0	0	
		11.1%		0.0%	11.1%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		18		0	18	0	0		0	0	0	0	0	
		88.9%		0.0%	88.9%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Reduce H1-B visas (highly skilled foreigners working in the U.S.)	
														
Yes		1		0	1	0	0		0	0	0	0	0	
		7.4%		0.0%	7.4%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		18		0	18	0	0		0	0	0	0	0	
		92.6%		0.0%	92.6%	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

136 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Maintain the immigration restrictions he has imposed on foreign nations	
											
Yes		1	1	0	0		1	0	1	0	
		6.7%	18.2%	0.0%	0.0%		33.3%	0.0%	16.7%	0.0%	
											
No		10	7	0	0		3	7	4	4	
		93.3%	81.8%	0.0%	0.0%		66.7%	100.0%	83.3%	100.0%	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Reduce H1-B visas (highly skilled foreigners working in the U.S.)	
											
Yes		1	0	0	0		1	0	0	1	
		13.3%	0.0%	0.0%	0.0%		16.7%	0.0%	0.0%	20.0%	
											
No		10	8	0	0		4	7	4	3	
		86.7%	100.0%	0.0%	0.0%		83.3%	100.0%	100.0%	80.0%	

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

137 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Maintain the immigration restrictions he has imposed on foreign nations	
															
Yes		1	0	0	0	0	1	0	0	0	0	1	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	0.0%	
															
No		4	1	0	1	0	4	0	0	1	0	7	0	0	
		85.7%	100.0%	0.0%	100.0%	0.0%	83.3%	0.0%	0.0%	100.0%	0.0%	90.0%	0.0%	0.0%	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Reduce H1-B visas (highly skilled foreigners working in the U.S.)	
															
Yes		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%	20.0%	0.0%	0.0%	
															
No		5	1	0	1	0	4	0	0	1	0	6	0	0	
		100.0%	100.0%	0.0%	100.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	80.0%	0.0%	0.0%	

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

138 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		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		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Maintain the immigration restrictions he has imposed on foreign nations	
																	
Yes		1	0	1	0	0	0	0		1	1	0	0	0	0	0	
		33.3%	0.0%	66.7%	0.0%	0.0%	0.0%	0.0%		50.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
No		1	1	1	4	4	1	4		1	4	2	1	1	1	6	
		66.7%	100.0%	33.3%	100.0%	100.0%	100.0%	100.0%		50.0%	83.3%	100.0%	100.0%	100.0%	100.0%	100.0%	
																	
Total		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Reduce H1-B visas (highly skilled foreigners working in the U.S.)	
																	
Yes		0	0	1	0	0	1	0		0	1	0	0	0	0	1	
		0.0%	0.0%	33.3%	0.0%	0.0%	100.0%	0.0%		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	12.5%	
																	
No		2	1	1	4	4	0	4		1	4	2	1	1	1	5	
		100.0%	100.0%	66.7%	100.0%	100.0%	0.0%	100.0%		100.0%	83.3%	100.0%	100.0%	100.0%	100.0%	87.5%	

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

139 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Adhere to prepared remarks during public speeches	
														
Yes		3		0	3	0	0		0	0	0	0	0	
		14.8%		0.0%	14.8%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		17		0	17	0	0		0	0	0	0	0	
		85.2%		0.0%	85.2%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Total		20		0	20	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Stop using Twitter	
														
Yes		10		0	10	0	0		0	0	0	0	0	
		51.9%		0.0%	51.9%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
No		10		0	10	0	0		0	0	0	0	0	
		48.1%		0.0%	48.1%	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

140 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Adhere to prepared remarks during public speeches	
											
Yes		2	1	0	0		1	2	0	0	
		20.0%	9.1%	0.0%	0.0%		16.7%	33.3%	0.0%	0.0%	
											
No		9	7	0	0		4	4	4	4	
		80.0%	90.9%	0.0%	0.0%		83.3%	66.7%	100.0%	100.0%	
											
Total		11	8	0	0		4	7	4	4	
		57.7%	42.3%	0.0%	0.0%		23.1%	34.6%	23.1%	19.2%	
											
Stop using Twitter	
											
Yes		7	3	0	0		1	2	4	2	
		66.7%	36.4%	0.0%	0.0%		33.3%	33.3%	100.0%	60.0%	
											
No		4	5	0	0		3	4	0	1	
		33.3%	63.6%	0.0%	0.0%		66.7%	66.7%	0.0%	40.0%	

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

141 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Adhere to prepared remarks during public speeches	
															
Yes		1	0	0	1	0	0	0	0	0	0	1	0	0	
		14.3%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	
															
No		4	1	0	0	0	4	0	0	1	0	6	0	0	
		85.7%	100.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	100.0%	0.0%	80.0%	0.0%	0.0%	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		26.9%	3.8%	0.0%	3.8%	0.0%	23.1%	0.0%	0.0%	3.8%	0.0%	38.5%	0.0%	0.0%	
															
Stop using Twitter	
															
Yes		2	1	0	1	0	1	0	0	0	0	5	0	0	
		42.9%	100.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	70.0%	0.0%	0.0%	
															
No		3	0	0	0	0	3	0	0	1	0	2	0	0	
		57.1%	0.0%	0.0%	0.0%	0.0%	66.7%	0.0%	0.0%	100.0%	0.0%	30.0%	0.0%	0.0%	

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

142 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) For the good of the Japanese business community, should President Donald Trump:

N=22		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		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Adhere to prepared remarks during public speeches	
																	
Yes		0	0	1	1	1	0	1		0	1	1	0	0	0	0	
		0.0%	0.0%	33.3%	20.0%	16.7%	0.0%	16.7%		0.0%	33.3%	33.3%	0.0%	0.0%	0.0%	0.0%	
																	
No		2	1	1	3	4	1	4		1	3	1	1	1	1	6	
		100.0%	100.0%	66.7%	80.0%	83.3%	100.0%	83.3%		100.0%	66.7%	66.7%	100.0%	100.0%	100.0%	100.0%	
																	
Total		2	1	2	4	4	1	4		1	4	2	1	1	1	6	
		12.0%	4.0%	12.0%	20.0%	24.0%	4.0%	24.0%		9.1%	27.3%	13.6%	4.5%	4.5%	4.5%	36.4%	
																	
Stop using Twitter	
																	
Yes		0	1	1	2	1	1	4		0	3	0	0	1	1	4	
		0.0%	100.0%	66.7%	60.0%	33.3%	100.0%	83.3%		0.0%	66.7%	0.0%	0.0%	100.0%	100.0%	75.0%	
																	
No		2	0	1	1	3	0	1		1	1	2	1	0	0	1	
		100.0%	0.0%	33.3%	40.0%	66.7%	0.0%	16.7%		100.0%	33.3%	100.0%	100.0%	0.0%	0.0%	25.0%	

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

143 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		21		0	21	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Sales	
														
-2=Very Negative		1		0	1	0	0		0	0	0	0	0	
		3.6%		0.0%	3.6%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
-1=-Negative		6		0	6	0	0		0	0	0	0	0	
		28.6%		0.0%	28.6%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
0=Neutral		12		0	12	0	0		0	0	0	0	0	
		60.7%		0.0%	60.7%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
1=Positive		1		0	1	0	0		0	0	0	0	0	
		7.1%		0.0%	7.1%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
2=Very Positive		0		0	0	0	0		0	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		-0.3		---	-0.3	---	---		---	---	---	---	---	

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

144 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		12	8	0	0		4	7	5	4	
		59.3%	40.7%	0.0%	0.0%		22.2%	33.3%	25.9%	18.5%	
											
Sales	
											
-2=Very Negative		1	0	0	0		0	0	0	1	
		6.3%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	20.0%	
											
-1=-Negative		1	4	0	0		2	3	0	0	
		12.5%	45.5%	0.0%	0.0%		50.0%	44.4%	0.0%	0.0%	
											
0=Neutral		9	4	0	0		2	3	4	3	
		75.0%	45.5%	0.0%	0.0%		50.0%	44.4%	85.7%	80.0%	
											
1=Positive		1	1	0	0		0	1	1	0	
		6.3%	9.1%	0.0%	0.0%		0.0%	11.1%	14.3%	0.0%	
											
2=Very Positive		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		-0.2	-0.4	---	---		-0.5	-0.3	0.1	-0.4	

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

145 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		25.9%	7.4%	0.0%	3.7%	0.0%	22.2%	0.0%	0.0%	3.7%	0.0%	37.0%	0.0%	0.0%	
															
Sales	
															
-2=Very Negative		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%	10.0%	0.0%	0.0%	
															
-1=-Negative		1	0	0	0	0	3	0	0	1	0	1	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	66.7%	0.0%	0.0%	100.0%	0.0%	10.0%	0.0%	0.0%	
															
0=Neutral		4	1	0	1	0	1	0	0	0	0	5	0	0	
		71.4%	100.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	70.0%	0.0%	0.0%	
															
1=Positive		1	0	0	0	0	0	0	0	0	0	1	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	0.0%	
															
2=Very Positive		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	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		0.0	0.0	---	0.0	---	-0.7	---	---	-1.0	---	-0.2	---	---	

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

146 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		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		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
		11.5%	3.8%	11.5%	19.2%	23.1%	3.8%	26.9%		8.7%	26.1%	13.0%	4.3%	4.3%	4.3%	39.1%	
																	
Sales	
																	
-2=Very Negative		0	0	0	0	1	0	0		0	0	0	0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
															g	f	
																	
-1=-Negative		1	1	1	1	1	0	0		1	1	1	1	0	0	1	
		66.7%	100.0%	33.3%	20.0%	16.7%	0.0%	0.0%		50.0%	33.3%	33.3%	100.0%	0.0%	0.0%	11.1%	
																	
0=Neutral		1	0	1	2	3	1	4		1	2	1	0	1	0	5	
		33.3%	0.0%	66.7%	60.0%	66.7%	100.0%	85.7%		50.0%	50.0%	66.7%	0.0%	100.0%	0.0%	77.8%	
																	
1=Positive		0	0	0	1	0	0	1		0	1	0	0	0	0	1	
		0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	14.3%		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	11.1%	
																	
2=Very Positive		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	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		-0.7	-1.0	-0.3	0.0	-0.5	0.0	0.1		-0.5	-0.2	-0.3	-1.0	0.0	-2.0	0.0	

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

147 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		21		0	21	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Productivity	
														
-2=Very Negative		1		0	1	0	0		0	0	0	0	0	
		3.6%		0.0%	3.6%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
-1=-Negative		4		0	4	0	0		0	0	0	0	0	
		17.9%		0.0%	17.9%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
0=Neutral		6		0	6	0	0		0	0	0	0	0	
		28.6%		0.0%	28.6%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
1=Positive		10		0	10	0	0		0	0	0	0	0	
		46.4%		0.0%	46.4%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
2=Very Positive		1		0	1	0	0		0	0	0	0	0	
		3.6%		0.0%	3.6%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mean		0.3		---	0.3	---	---		---	---	---	---	---	

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

148 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		12	8	0	0		4	7	5	4	
		59.3%	40.7%	0.0%	0.0%		22.2%	33.3%	25.9%	18.5%	
											
Productivity	
											
-2=Very Negative		1	0	0	0		0	0	0	1	
		6.3%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	20.0%	
											
-1=-Negative		1	2	0	0		1	1	0	1	
		12.5%	27.3%	0.0%	0.0%		33.3%	22.2%	0.0%	20.0%	
											
0=Neutral		4	1	0	0		1	1	1	1	
		37.5%	18.2%	0.0%	0.0%		33.3%	22.2%	28.6%	40.0%	
											
1=Positive		4	4	0	0		1	4	3	1	
		37.5%	54.5%	0.0%	0.0%		33.3%	55.6%	57.1%	20.0%	
											
2=Very Positive		1	0	0	0		0	0	1	0	
		6.3%	0.0%	0.0%	0.0%		0.0%	0.0%	14.3%	0.0%	
											
Mean		0.3	0.3	---	---		0.0	0.3	0.9	-0.4	

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

149 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		25.9%	7.4%	0.0%	3.7%	0.0%	22.2%	0.0%	0.0%	3.7%	0.0%	37.0%	0.0%	0.0%	
															
Productivity	
															
-2=Very Negative		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%	10.0%	0.0%	0.0%	
															
-1=-Negative		1	0	0	0	0	1	0	0	0	0	1	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	
															
0=Neutral		1	0	0	1	0	1	0	0	0	0	4	0	0	
		14.3%	0.0%	0.0%	100.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
															
1=Positive		4	1	0	0	0	2	0	0	1	0	1	0	0	
		71.4%	50.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	100.0%	0.0%	20.0%	0.0%	0.0%	
															
2=Very Positive		0	1	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%	0.0%	0.0%	0.0%	0.0%	0.0%	
															
Mean		0.6	1.5	---	0.0	---	0.2	---	---	1.0	---	-0.2	---	---	

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

150 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		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		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
		11.5%	3.8%	11.5%	19.2%	23.1%	3.8%	26.9%		8.7%	26.1%	13.0%	4.3%	4.3%	4.3%	39.1%	
																	
Productivity	
																	
-2=Very Negative		0	0	0	0	1	0	0		0	0	0	0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
															g	f	
																	
-1=-Negative		1	1	0	1	1	0	0		1	1	0	0	0	0	1	
		66.7%	100.0%	0.0%	20.0%	16.7%	0.0%	0.0%		50.0%	33.3%	0.0%	0.0%	0.0%	0.0%	11.1%	
																	
0=Neutral		1	0	1	1	1	0	2		1	1	1	0	1	0	1	
		33.3%	0.0%	33.3%	20.0%	33.3%	0.0%	42.9%		50.0%	16.7%	66.7%	0.0%	100.0%	0.0%	22.2%	
																	
1=Positive		0	0	1	2	1	1	2		0	2	1	1	0	0	4	
		0.0%	0.0%	66.7%	60.0%	33.3%	100.0%	42.9%		0.0%	50.0%	33.3%	100.0%	0.0%	0.0%	55.6%	
																	
2=Very Positive		0	0	0	0	0	0	1		0	0	0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	
																	
Mean		-0.7	-1.0	0.7	0.4	-0.2	1.0	0.7		-0.5	0.2	0.3	1.0	0.0	-2.0	0.7	

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

151 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		21		0	21	0	0		0	0	0	0	0	
		100.0%		0.0%	100.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
Profit	
														
-2=Very Negative		1		0	1	0	0		0	0	0	0	0	
		3.6%		0.0%	3.6%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
-1=-Negative		4		0	4	0	0		0	0	0	0	0	
		17.9%		0.0%	17.9%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
0=Neutral		11		0	11	0	0		0	0	0	0	0	
		53.6%		0.0%	53.6%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
1=Positive		5		0	5	0	0		0	0	0	0	0	
		25.0%		0.0%	25.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
														
2=Very Positive		0		0	0	0	0		0	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		0.0		---	0.0	---	---		---	---	---	---	---	

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

152 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		12	8	0	0		4	7	5	4	
		59.3%	40.7%	0.0%	0.0%		22.2%	33.3%	25.9%	18.5%	
											
Profit	
											
-2=Very Negative		1	0	0	0		0	0	0	1	
		6.3%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	20.0%	
											
-1=-Negative		1	3	0	0		1	2	0	0	
		6.3%	36.4%	0.0%	0.0%		33.3%	33.3%	0.0%	0.0%	
											
0=Neutral		7	4	0	0		3	2	3	2	
		56.3%	45.5%	0.0%	0.0%		66.7%	33.3%	57.1%	60.0%	
											
1=Positive		4	1	0	0		0	2	2	1	
		31.3%	18.2%	0.0%	0.0%		0.0%	33.3%	42.9%	20.0%	
											
2=Very Positive		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		0.1	-0.2	---	---		-0.3	0.0	0.4	-0.2	

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

153 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		5	1	0	1	0	4	0	0	1	0	7	0	0	
		25.9%	7.4%	0.0%	3.7%	0.0%	22.2%	0.0%	0.0%	3.7%	0.0%	37.0%	0.0%	0.0%	
															
Profit	
															
-2=Very Negative		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%	10.0%	0.0%	0.0%	
															
-1=-Negative		1	0	0	0	0	3	0	0	0	0	0	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	66.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
							k					f			
															
0=Neutral		1	1	0	1	0	1	0	0	1	0	5	0	0	
		28.6%	50.0%	0.0%	100.0%	0.0%	33.3%	0.0%	0.0%	100.0%	0.0%	70.0%	0.0%	0.0%	
															
1=Positive		3	1	0	0	0	0	0	0	0	0	1	0	0	
		57.1%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	
															
2=Very Positive		0	0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%	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		0.4	0.5	---	0.0	---	-0.7	---	---	0.0	---	0.0	---	---	
		f					a								

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

154 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

 (Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....

N=22		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		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
		11.5%	3.8%	11.5%	19.2%	23.1%	3.8%	26.9%		8.7%	26.1%	13.0%	4.3%	4.3%	4.3%	39.1%	
																	
Profit	
																	
-2=Very Negative		0	0	0	0	1	0	0		0	0	0	0	0	1	0	
		0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
															g	f	
																	
-1=-Negative		1	1	0	1	1	0	0		1	1	0	0	0	0	1	
		66.7%	100.0%	0.0%	20.0%	16.7%	0.0%	0.0%		50.0%	33.3%	0.0%	0.0%	0.0%	0.0%	11.1%	
																	
0=Neutral		1	0	2	1	2	0	3		1	1	2	1	1	0	3	
		33.3%	0.0%	100.0%	40.0%	50.0%	0.0%	57.1%		50.0%	33.3%	100.0%	100.0%	100.0%	0.0%	44.4%	
																	
1=Positive		0	0	0	1	1	1	2		0	1	0	0	0	0	3	
		0.0%	0.0%	0.0%	40.0%	16.7%	100.0%	42.9%		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	44.4%	
																	
2=Very Positive		0	0	0	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	0.0%	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		-0.7	-1.0	0.0	0.2	-0.3	1.0	0.4		-0.5	0.0	0.0	0.0	0.0	-2.0	0.3	

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

155 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
				A	B	C	D		A	B	C	D	N	
														
Number		109		43	22	7	37		9	6	6	3	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		10.4%	6.9%	6.9%	3.5%	16.1%	
														
% Approximate ROA		84		29	17	7	32		8	4	4	3	12	
in 2016		6.43		2.88	7.29	14.03	7.65		10.38	3.60	8.00	8.00	7.25	
				Cd		A	a							
														
% Expected ROA in		81		29	15	6	31		8	4	4	3	12	
2017		7.51		4.46	7.44	15.17	8.91		10.25	6.13	7.00	9.67	9.35	
				c		a								

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

156 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Mean		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Number		38	60	0	0		29	36	18	20	
Percent		38.5%	61.5%	0.0%	0.0%		28.2%	35.1%	17.6%	19.0%	
											
% Approximate ROA		32	48	0	0		25	32	13	14	
in 2016		7.01	6.75	---	---		5.75	6.22	4.66	9.67	
									d	c	
											
% Expected ROA in		31	48	0	0		25	31	11	14	
2017		8.32	7.52	---	---		6.15	7.02	5.75	12.26	
									d	c	

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

157 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Number		16	12	4	3	3	16	0	1	4	5	26	5	9	
Percent		15.7%	11.2%	3.5%	2.5%	2.6%	15.8%	0.0%	0.9%	3.5%	4.4%	25.4%	5.1%	8.4%	
															
% Approximate ROA		12	9	2	3	1	15	0	1	3	3	25	4	4	
in 2016		2.44	10.64	4.00	17.49	-5.00	5.60	---	5.00	14.53	12.31	7.26	6.63	-1.55	
		bd	am		a									b	
															
% Expected ROA in		12	9	2	3	1	15	0	1	3	2	24	4	4	
2017		3.21	11.55	6.35	17.12	5.00	5.74	---	4.00	12.98	5.13	9.48	8.91	0.03	
		bdk	am		a							a		b	

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

158 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		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		23	20	26	11	10	4	8		18	19	9	13	7	7	10	
Percent		23.0%	19.6%	25.6%	11.2%	10.1%	4.0%	7.6%		21.8%	23.3%	10.6%	15.2%	8.5%	7.9%	12.3%	
																	
% Approximate ROA		18	17	20	10	8	4	6		15	18	8	7	3	5	8	
in 2016		8.74	2.84	5.20	4.40	11.10	15.18	5.61		5.68	6.78	0.89	7.91	10.27	11.88	5.88	
				f	f		cd					eg		c		c	
																	
% Expected ROA in		18	17	20	10	8	4	4		15	18	8	7	3	5	7	
2017		8.41	4.24	7.42	5.25	12.43	15.46	6.67		5.27	8.56	3.49	9.45	13.35	12.60	6.69	
					f		d					e		c			

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

159 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Mean
Median		

China	

Japan	

India	
All other
Asia		

Malaysia	
Singapo-
re	
Philippi-
nes	
Indones-
ia	

All others	
														
Number		109		43	22	7	37		9	6	6	3	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		10.4%	6.9%	6.9%	3.5%	16.1%	
														
In 10 years, I expect		18		0	18	0	0		0	0	0	0	0	
Nikkei 225 will be:		12191.60		---	12191.60	---	---		---	---	---	---	---	
There is a 1-in-10
chance Nikkei 225 will
be less than:		12000.00		---	12000.00	---	---		---	---	---	---	---	
														
In 10 years, I expect		18		0	18	0	0		0	0	0	0	0	
Nikkei 225 will be:		23334.64		---	23334.64	---	---		---	---	---	---	---	
Expected return:		21000.00		---	21000.00	---	---		---	---	---	---	---	
														
In 10 years, I expect		18		0	18	0	0		0	0	0	0	0	
Nikkei 225 will be:		30388.32		---	30388.32	---	---		---	---	---	---	---	
There is a 1-in-10
chance it will be
greater than:		30000.00		---	30000.00	---	---		---	---	---	---	---	
														
In 1 year, I expect		20		0	20	0	0		0	0	0	0	0	
Nikkei 225 will be:		16166.66		---	16166.66	---	---		---	---	---	---	---	
There is a 1-in-10
chance Nikkei 225 will
be less than:		16000.00		---	16000.00	---	---		---	---	---	---	---	
														
In 1 year, I expect		20		0	20	0	0		0	0	0	0	0	
Nikkei 225 will be:		20425.92		---	20425.92	---	---		---	---	---	---	---	
Expected return:		20000.00		---	20000.00	---	---		---	---	---	---	---	
														
In 1 year, I expect		20		0	20	0	0		0	0	0	0	0	
Nikkei 225 will be:		23288.88		---	23288.88	---	---		---	---	---	---	---	
There is a 1-in-10
chance it will be
greater than:		23250.00		---	23250.00	---	---		---	---	---	---	---	

160 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Ownership		Foreign Sales	
Number
Mean
Median		

Public	

Private	
Govern-
ment	

Nonprofit		

0%	

1-24%	

25-50%	
More
than 50%	
											
Number		38	60	0	0		29	36	18	20	
Percent		38.5%	61.5%	0.0%	0.0%		28.2%	35.1%	17.6%	19.0%	
											
In 10 years, I expect		11	7	0	0		4	7	4	3	
Nikkei 225 will be:		12719.33	11400.00	---	---		12232.50	13111.11	10666.67	12348.75	
There is a 1-in-10
chance Nikkei 225 will
be less than:		13500.00	12000.00	---	---		12000.00	15000.00	12000.00	15000.00	
											
In 10 years, I expect		11	7	0	0		4	7	4	3	
Nikkei 225 will be:		22945.53	23918.30	---	---		24447.17	23464.78	20916.67	25000.00	
Expected return:		21500.00	20000.00	---	---		25000.00	22000.00	21000.00	30000.00	
											
In 10 years, I expect		11	7	0	0		4	7	4	3	
Nikkei 225 will be:		29749.07	31347.20	---	---		35206.00	28804.00	29039.33	28750.00	
There is a 1-in-10
chance it will be
greater than:		30000.00	29000.00	---	---		35000.00	27500.00	29000.00	30000.00	
											
In 1 year, I expect		12	8	0	0		4	7	5	4	
Nikkei 225 will be:		16093.75	16272.73	---	---		16666.67	15888.89	16214.29	16000.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		16000.00	16000.00	---	---		17000.00	15500.00	16500.00	16000.00	
											
In 1 year, I expect		12	8	0	0		4	7	5	4	
Nikkei 225 will be:		20031.25	21000.00	---	---		20833.33	20055.56	20428.57	20600.00	
Expected return:		20000.00	21000.00	---	---		22000.00	20000.00	20000.00	20000.00	
											
In 1 year, I expect		12	8	0	0		4	7	5	4	
Nikkei 225 will be:		22843.75	23936.36	---	---		25166.67	21811.11	23214.29	23800.00	
There is a 1-in-10
chance it will be
greater than:		23000.00	25000.00	---	---		25000.00	21500.00	22750.00	25000.00	

161 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Industry	
Number
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
Number		16	12	4	3	3	16	0	1	4	5	26	5	9	
Percent		15.7%	11.2%	3.5%	2.5%	2.6%	15.8%	0.0%	0.9%	3.5%	4.4%	25.4%	5.1%	8.4%	
															
In 10 years, I expect		4	1	0	1	0	4	0	0	1	0	6	0	1	
Nikkei 225 will be:		11500.00	12000.00	---	15000.00	---	12833.33	---	---	10000.00	---	12723.75	---	8000.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		12000.00	0.73	---	13500.00	---	15000.00	---	---	10000.00	---	15000.00	---	8000.00	
															
In 10 years, I expect		4	1	0	1	0	4	0	0	1	0	6	0	1	
Nikkei 225 will be:		25280.50	18500.00	---	21000.00	---	23750.00	---	---	20000.00	---	23960.38	---	19500.00	
Expected return:		25000.00	0.73	---	21000.00	---	25000.00	---	---	20000.00	---	23000.00	---	17250.00	
															
In 10 years, I expect		4	1	0	1	0	4	0	0	1	0	6	0	1	
Nikkei 225 will be:		33578.67	24500.00	---	22000.00	---	29500.00	---	---	25000.00	---	31779.50	---	31000.00	
There is a 1-in-10
chance it will be
greater than:		30000.00	0.73	---	25500.00	---	35000.00	---	---	25000.00	---	30000.00	---	26500.00	
															
In 1 year, I expect		5	1	0	1	0	4	0	0	1	0	7	0	1	
Nikkei 225 will be:		16428.57	17000.00	---	17000.00	---	15333.33	---	---	19000.00	---	16000.00	---	15500.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		17000.00	0.73	---	17000.00	---	15000.00	---	---	17000.00	---	16000.00	---	15250.00	
															
In 1 year, I expect		5	1	0	1	0	4	0	0	1	0	7	0	1	
Nikkei 225 will be:		21000.00	20250.00	---	20000.00	---	20833.33	---	---	19500.00	---	20000.00	---	19500.00	
Expected return:		21000.00	0.73	---	20500.00	---	20500.00	---	---	19750.00	---	20000.00	---	18750.00	
															
In 1 year, I expect		5	1	0	1	0	4	0	0	1	0	7	0	1	
Nikkei 225 will be:		24000.00	23000.00	---	21000.00	---	23416.67	---	---	19800.00	---	23333.33	---	23500.00	
There is a 1-in-10
chance it will be
greater than:		25000.00	0.73	---	22500.00	---	25000.00	---	---	20900.00	---	24000.00	---	22250.00	

162 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Sales Revenue		Number of Employees	
Number
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		23	20	26	11	10	4	8		18	19	9	13	7	7	10	
Percent		23.0%	19.6%	25.6%	11.2%	10.1%	4.0%	7.6%		21.8%	23.3%	10.6%	15.2%	8.5%	7.9%	12.3%	
																	
In 10 years, I expect		2	1	2	4	4	1	4		1	4	1	1	1	1	6	
Nikkei 225 will be:		14000.00	15000.00	7666.67	12279.00	11666.67	19395.00	12800.00		14500.00	12399.17	12500.00	10000.00	10000.00	5000.00	13549.38	
There is a 1-in-10
chance Nikkei 225 will
be less than:		15000.00	14000.00	9000.00	12500.00	15000.00	14697.50	13500.00		0.73	15000.00	0.73	12500.00	12500.00	10000.00	15000.00	
																	
In 10 years, I expect		2	1	2	4	4	1	4		1	4	1	1	1	1	6	
Nikkei 225 will be:		19833.33	20000.00	25000.00	24336.60	25447.17	35000.00	19900.00		20000.00	23280.50	26500.00	20000.00	17000.00	30000.00	22062.50	
Expected return:		20000.00	20000.00	30000.00	25000.00	28000.00	27500.00	21000.00		0.73	25000.00	0.73	25000.00	23500.00	30000.00	21000.00	
																	
In 10 years, I expect		2	1	2	4	4	1	4		1	4	1	1	1	1	6	
Nikkei 225 will be:		25333.33	25000.00	40745.33	31447.20	32872.67	30000.00	25400.00		27000.00	33372.67	32500.00	25000.00	22000.00	35000.00	27500.00	
There is a 1-in-10
chance it will be
greater than:		27000.00	25000.00	43618.00	32500.00	35000.00	30000.00	27000.00		0.73	35000.00	0.73	30000.00	28500.00	35000.00	30000.00	
																	
In 1 year, I expect		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
Nikkei 225 will be:		16666.67	15000.00	15333.33	16200.00	15333.33	16000.00	16785.71		17500.00	16000.00	16666.67	19000.00	16000.00	16000.00	15833.33	
There is a 1-in-10
chance Nikkei 225 will
be less than:		17500.00	16000.00	15500.00	16000.00	15000.00	15500.00	17000.00		0.73	16000.00	17500.00	18000.00	16500.00	16500.00	15750.00	
																	
In 1 year, I expect		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
Nikkei 225 will be:		20500.00	20000.00	22000.00	19600.00	21083.33	20000.00	20000.00		21000.00	19666.67	21333.33	19500.00	18000.00	23000.00	20055.56	
Expected return:		21000.00	20000.00	24000.00	20000.00	21000.00	20000.00	20000.00		0.73	20000.00	22000.00	20250.00	19500.00	22000.00	20000.00	
																	
In 1 year, I expect		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
Nikkei 225 will be:		23500.00	22000.00	27000.00	22400.00	24000.00	22000.00	22500.00		25000.00	23166.67	24333.33	19800.00	21000.00	25000.00	22611.11	
There is a 1-in-10
chance it will be
greater than:		25000.00	23500.00	28000.00	23000.00	25000.00	22500.00	22750.00		0.73	25000.00	25000.00	22400.00	23000.00	25000.00	22500.00	

163 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Mean
Median		

China	

Japan	

India	
All other
Asia		

Malaysia	
Singapo-
re	
Philippi-
nes	
Indones-
ia	

All others	
														
In three months, I		20		0	20	0	0		0	0	0	0	0	
expect Nikkei 225 will		17333.33		---	17333.33	---	---		---	---	---	---	---	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.00		---	18000.00	---	---		---	---	---	---	---	
														
In three months, I		20		0	20	0	0		0	0	0	0	0	
expect Nikkei 225 will		19918.51		---	19918.51	---	---		---	---	---	---	---	
be: Expected return:		20000.00		---	20000.00	---	---		---	---	---	---	---	
														
In three months, I		20		0	20	0	0		0	0	0	0	0	
expect Nikkei 225 will		21999.33		---	21999.33	---	---		---	---	---	---	---	
be: There is a 1-in-10
chance it will be
greater than:		21750.00		---	21750.00	---	---		---	---	---	---	---	

164 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Ownership		Foreign Sales	
Number
Mean
Median		

Public	

Private	
Govern-
ment	

Nonprofit		

0%	

1-24%	

25-50%	
More
than 50%	
											
In three months, I		12	8	0	0		4	7	5	4	
expect Nikkei 225 will		17375.00	17272.73	---	---		17750.00	17333.33	16785.71	17600.00	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.00	18000.00	---	---		18000.00	18000.00	17750.00	18000.00	
											
In three months, I		12	8	0	0		4	7	5	4	
expect Nikkei 225 will		19875.00	19981.82	---	---		20333.33	19922.22	19500.00	20000.00	
be: Expected return:		20000.00	20000.00	---	---		20000.00	20000.00	19750.00	20000.00	
											
In three months, I		12	8	0	0		4	7	5	4	
expect Nikkei 225 will		21593.75	22589.27	---	---		23500.00	21055.56	22068.86	21800.00	
be: There is a 1-in-10
chance it will be
greater than:		21000.00	22000.00	---	---		25000.00	21000.00	21250.00	22500.00	

165 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Industry	
Number
Mean
Median		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
															
In three months, I		5	1	0	1	0	4	0	0	1	0	7	0	1	
expect Nikkei 225 will		17000.00	18000.00	---	18000.00	---	17166.67	---	---	19000.00	---	17277.78	---	17500.00	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.00	0.73	---	18000.00	---	18000.00	---	---	18000.00	---	18000.00	---	17250.00	
															
In three months, I		5	1	0	1	0	4	0	0	1	0	7	0	1	
expect Nikkei 225 will		20000.00	19750.00	---	20500.00	---	20083.33	---	---	19300.00	---	19833.33	---	19500.00	
be: Expected return:		20000.00	0.73	---	20250.00	---	20000.00	---	---	19650.00	---	20000.00	---	19250.00	
															
In three months, I		5	1	0	1	0	4	0	0	1	0	7	0	1	
expect Nikkei 225 will		22997.43	21500.00	---	21000.00	---	21833.33	---	---	19500.00	---	21888.89	---	21500.00	
be: There is a 1-in-10
chance it will be
greater than:		22000.00	0.73	---	21500.00	---	22000.00	---	---	20250.00	---	22500.00	---	20750.00	

166 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)

N=109		Sales Revenue		Number of Employees	
Number
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	
																	
In three months, I		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
expect Nikkei 225 will		17666.67	15000.00	16833.33	17000.00	17666.67	18000.00	17357.14		17500.00	16916.67	17666.67	19000.00	17000.00	17000.00	17388.89	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.00	16500.00	17750.00	17500.00	18000.00	17500.00	18000.00		0.73	18000.00	18000.00	18500.00	17500.00	17500.00	18000.00	
																	
In three months, I		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
expect Nikkei 225 will		19833.33	20000.00	20666.67	19500.00	20166.67	20000.00	19785.71		20000.00	20000.00	20333.33	19300.00	18500.00	21000.00	19666.67	
be: Expected return:		20000.00	20000.00	21000.00	20000.00	20000.00	20000.00	20000.00		0.73	20000.00	20500.00	19650.00	19250.00	20500.00	20000.00	
																	
In three months, I		2	1	2	4	4	1	5		1	4	2	1	1	1	7	
expect Nikkei 225 will		23333.33	22000.00	24660.67	21600.00	21833.33	21000.00	21214.29		25000.00	22166.67	22000.00	19500.00	20000.00	23000.00	21166.67	
be: There is a 1-in-10
chance it will be
greater than:		25000.00	23500.00	25991.00	21000.00	22000.00	21000.00	21250.00		0.73	22000.00	22000.00	20750.00	21000.00	22500.00	21000.00	

167 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

N=24		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
				A	B	C	D		A	B	C	D	N	
														
Number		24		7	5	3	10		3	3	1	0	3	
Percent		101.1%		27.6%	20.5%	10.8%	38.2%		15.9%	15.9%	5.3%	0.0%	15.9%	
														
% of capacity utilized		24		7	5	3	10		3	3	1	0	3	
in first half of 2017		72.37		66.25	88.00	78.50	66.67		63.33	52.22	90.00	---	76.67	
				B	Ad		b							
														
% of capacity		24		7	5	3	10		3	3	1	0	3	
utilization planned
for the second half of
2017		78.05		76.39	89.00	79.17	73.06		70.00	63.52	100.00	---	76.67	

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

168 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

N=24		Ownership		Foreign Sales	
Number
Mean		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Number		15	9	0	0		3	7	7	7	
Percent		62.3%	38.8%	0.0%	0.0%		12.0%	31.0%	28.0%	30.1%	
											
% of capacity utilized		15	9	0	0		3	7	7	7	
in first half of 2017		77.95	63.41	---	---		86.00	69.75	69.21	72.60	
		b	a								
											
% of capacity		15	9	0	0		3	7	7	7	
utilization planned
for the second half of
2017		82.26	71.29	---	---		89.43	71.52	79.25	79.15	

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

169 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

N=24		Industry	
Number
Mean		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

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	24	0	0	
Percent		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	101.1%	0.0%	0.0%	
															
% of capacity utilized		0	0	0	0	0	0	0	0	0	0	24	0	0	
in first half of 2017		---	---	---	---	---	---	---	---	---	---	72.37	---	---	
															
% of capacity		0	0	0	0	0	0	0	0	0	0	24	0	0	
utilization planned
for the second half of
2017		---	---	---	---	---	---	---	---	---	---	78.05	---	---	

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

170 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

N=24		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		3	3	10	2	4	1	2		0	7	3	2	2	3	3	
Percent		11.2%	11.5%	41.9%	7.7%	14.2%	2.9%	7.6%		0.0%	37.3%	14.5%	9.3%	12.3%	14.5%	16.9%	
																	
% of capacity utilized		3	3	10	2	4	1	2		0	7	3	2	2	3	3	
in first half of 2017		71.76	61.94	66.07	87.66	83.31	80.00	85.00		---	74.30	66.24	74.69	68.95	78.30	81.74	
																	
% of capacity		3	3	10	2	4	1	2		0	7	3	2	2	3	3	
utilization planned
for the second half of
2017		77.50	68.52	76.30	85.31	84.99	85.00	80.00		---	85.58	68.63	72.11	82.98	81.26	80.00	

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

171 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		
Malaysia	Singapo-
re	Philippi-
nes	Indones-
ia	
All others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		101		38	21	7	36		9	6	6	3	13	
		100.0%		37.4%	20.2%	6.6%	35.8%		10.8%	7.2%	7.2%	3.6%	16.7%	
														
Controller		27		17	3	0	7		2	3	1	0	1	
		26.9%		45.5%	14.3%	6.7%	18.4%		22.2%	50.0%	16.7%	0.0%	7.1%	
				bd	a		a			e			b	
														
CFO		21		5	4	2	10		4	0	0	1	5	
		20.6%		13.6%	21.4%	26.7%	26.3%		44.4%	0.0%	0.0%	33.3%	35.7%	
														
CEO		18		7	2	1	8		2	2	2	0	2	
		17.8%		18.2%	10.7%	20.0%	21.1%		22.2%	33.3%	33.3%	0.0%	14.3%	
														
Other		17		2	6	2	8		1	1	2	1	3	
		16.8%		4.5%	28.6%	26.7%	21.1%		11.1%	16.7%	33.3%	33.3%	21.4%	
				bd	a		a							
														
VP of Finance		10		3	2	1	3		0	0	0	1	2	
		9.7%		9.1%	10.7%	20.0%	7.9%		0.0%	0.0%	0.0%	33.3%	14.3%	
														
Treasurer		8		3	3	0	2		0	0	1	0	1	
		8.2%		9.1%	14.3%	0.0%	5.3%		0.0%	0.0%	16.7%	0.0%	7.1%	

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

172 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Ownership		Foreign Sales	
Number
Col %		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Total		37	60	0	0		29	36	16	19	
		38.1%	61.9%	0.0%	0.0%		28.9%	36.0%	16.3%	18.7%	
											
Controller		15	13	0	0		8	12	5	3	
		39.7%	20.9%	0.0%	0.0%		27.0%	32.4%	28.0%	16.6%	
		b	a								
											
CFO		5	14	0	0		6	9	1	5	
		12.9%	23.9%	0.0%	0.0%		20.5%	24.0%	8.9%	25.6%	
											
CEO		1	17	0	0		7	2	5	5	
		2.6%	27.6%	0.0%	0.0%		25.1%	4.5%	27.7%	24.4%	
		B	A				b	acd	b	b	
											
Other		8	9	0	0		4	6	3	4	
		20.7%	15.5%	0.0%	0.0%		14.9%	16.4%	16.1%	21.8%	
											
VP of Finance		7	2	0	0		1	6	1	2	
		18.2%	3.6%	0.0%	0.0%		4.1%	15.9%	4.5%	11.5%	
		b	a								
											
Treasurer		2	5	0	0		2	2	2	0	
		5.9%	8.5%	0.0%	0.0%		8.4%	6.8%	14.8%	0.0%	

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

173 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Industry	
Number
Col %		
Retail/
Wholesa-
le	Banking/
Finance/
Insuranc-
e/Real ...	
Mining/
Construct-
ion	Transpor-
tation &
Public
Utilities	

Energy	
Services,
Consulti-
ng	Agricultu-
re,
Forestry, &
Fishing	
Public
Administ-
ration	
Commun-
ication/
Media	Technol-
ogy
[Softwar-
e/ Hard...	

Manufac-
turing	Healthca-
re/
Pharmac-
eutical	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	M	
															
Total		16	12	2	3	3	16	0	1	4	5	26	5	9	
		16.2%	11.6%	1.9%	2.6%	2.7%	16.4%	0.0%	1.0%	3.6%	4.5%	25.6%	5.3%	8.7%	
															
Controller		7	1	0	0	0	6	0	0	1	3	6	3	1	
		40.7%	12.1%	0.0%	0.0%	0.0%	37.0%	0.0%	0.0%	20.4%	59.1%	23.8%	50.0%	10.9%	
															
CFO		3	3	2	0	1	1	0	0	0	0	8	0	3	
		20.9%	22.3%	100.0%	0.0%	35.7%	4.5%	0.0%	0.0%	0.0%	0.0%	29.9%	0.0%	30.7%	
		c		aFl			C						c		
															
CEO		0	3	0	1	0	5	0	0	0	1	4	3	1	
		2.8%	29.7%	0.0%	36.1%	0.0%	27.9%	0.0%	0.0%	0.0%	31.0%	14.8%	50.0%	8.4%	
		l											a		
															
Other		3	0	0	1	2	1	0	0	2	0	6	0	2	
		19.4%	0.0%	0.0%	36.1%	64.3%	8.5%	0.0%	0.0%	53.1%	0.0%	23.2%	0.0%	21.9%	
			ei			bf	e			b					
															
VP of Finance		2	2	0	1	0	0	0	1	1	0	1	0	2	
		10.4%	14.8%	0.0%	27.7%	0.0%	2.7%	0.0%	100.0%	26.5%	9.9%	4.6%	0.0%	19.7%	
		h					H		aFK			H			
															
Treasurer		1	2	0	0	0	3	0	0	0	0	1	0	1	
		5.9%	21.1%	0.0%	0.0%	0.0%	19.4%	0.0%	0.0%	0.0%	0.0%	3.7%	0.0%	8.4%	

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

174 

Duke / CFO magazine Global Business Outlook survey - Asia & China & Japan - First Quarter, 2017 - Weighted by GDP

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

N=109		Sales Revenue		Number of Employees	
Number
Col %		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		23	18	26	10	10	4	8		18	19	9	13	7	7	9	
		23.7%	18.4%	26.4%	9.8%	9.7%	4.1%	7.9%		22.1%	23.7%	10.7%	15.4%	8.6%	8.0%	11.6%	
																	
Controller		2	5	13	4	2	0	0		3	8	3	3	4	3	0	
		7.2%	25.1%	50.6%	42.9%	25.6%	11.1%	0.0%		14.8%	40.3%	30.5%	23.0%	62.5%	52.7%	0.0%	
		Cd		Ag	a			c		e	g			ag	g	bef	
																	
CFO		3	7	4	1	2	1	1		2	4	3	2	1	0	2	
		12.0%	38.0%	13.9%	15.1%	22.3%	18.1%	18.9%		10.6%	22.3%	33.1%	13.7%	13.6%	6.9%	23.2%	
																	
CEO		11	3	4	0	0	0	0		6	4	0	3	0	0	0	
		47.0%	14.5%	16.9%	0.0%	0.0%	0.0%	0.0%		30.7%	22.5%	0.0%	21.2%	0.0%	0.0%	0.0%	
		bcdeg	a	a	a	a		a									
																	
Other		5	1	2	1	4	1	2		3	2	1	3	2	3	2	
		22.4%	5.2%	9.3%	7.5%	44.5%	23.6%	31.1%		17.1%	11.0%	8.4%	24.8%	24.0%	40.4%	25.6%	
			e	e		bc											
																	
VP of Finance		2	1	2	2	0	2	1		3	1	0	2	0	0	2	
		7.3%	7.7%	6.6%	16.8%	0.0%	47.2%	18.9%		17.3%	3.8%	0.0%	17.2%	0.0%	0.0%	17.8%	
		f		f		f	ace										
																	
Treasurer		1	2	1	2	1	0	2		2	0	2	0	0	0	3	
		4.1%	9.4%	2.8%	17.7%	7.6%	0.0%	31.1%		9.5%	0.0%	28.0%	0.0%	0.0%	0.0%	33.3%	
		g		g				ac			cg	b	g			bd	

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