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.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the
next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:
[Unweighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Revenue (not GDP) Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Employee (not GDP) Weighted - Sorted]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue (not GDP) Weighted]	13
Q5.  What issues and policies most need to be addressed to improve the business climate in your country?	14
Other public concerns about business trust:	15
Q6.  If orders for your product/service sharply increased over the next few months, would you have enough _____ to meet
sharply higher demand?	16
Other public concerns about business trust:	17
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …	18
Q7.  In response to recent trade proposals put forth by the US government, should your government/company …  (DK
Excluded - Shows average scores)	19
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…	20
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)	21
Q9. How much do you agree or disagree with the following statements in relation to public concerns about business trust?	22
Other public concerns about business trust:	23
(China Only) To what degree does air pollution affect the Chinese economy?	24
(China Only) DK Excluded Shows - average scores To what degree does air pollution affect the Chinese economy?	25
(Japan Only) For the good of the Japanese business community, should President Donald Trump:	26
Would you like to explain any of your answers?	27
(Japan Only) How will the Japanese Government's initiative to reduce working hours affect your company's.....	28
(Japan Only) What is your opinion about reducing working hours?	29
Return on assets (ROA=operating earnings/assets)  (Winsorized)	30
(Japan Only) On February 20, 2017, Nikkei 225 was 19.251.08 yen. Please complete the following:  (Winsorized)	31

Manufacturing capacity utilized  (Winsorized)	32
Industry	33
Industry (Other specified)	34
Sales Revenue	35
Sales Revenue (Millions)	36
Number of Employees	37
Where are you personally located?	39
Headquarters Asia (Other Specified)	40
If your company headquarters is in another country, please indicate which country.	41
Ownership	42
Foreign Sales	43
In what region of the world are most of your foreign sales?	44
What is your company's credit rating? 	45
Your job title (e.g., CFO, Asst. Treasurer, etc):	48
Other job title:	49

 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?

	 	Number	Percent	95% CI
	1=More optimistic	37	33.9 %	± 9.0 %
	0=No change	33	30.4 %	± 8.8 %
	-1=Less optimistic	39	35.7 %	± 9.1 %
	Total	109	100.0 %

	Mean = 0.0
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

2 

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.

	Minimum = 0

	Maximum = 90

	Mean = 57.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 18.2

	95 Percent Confidence Interval Around The Mean = 53.8 - 61.4

4 Groups

	 1 = 45
	 2 = 60
	 3 = 70

Valid Cases = 89
Missing Cases = 20
Response Percent =  81.5%

3 

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?

	 	Number	Percent	95% CI
	1=More optimistic	44	40.7 %	± 9.4 %
	0=No change	36	33.6 %	± 9.0 %
	-1=Less optimistic	28	25.8 %	± 8.3 %
	Total	109	100.0 %

	Mean = 0.1
	SD = 0.8

	Missing Cases = 0
	Response Percent = 99.6 %

4 

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.

	Minimum = 8

	Maximum = 100

	Mean = 59.9

	Median = 60

	Standard Deviation (Unbiased Estimate) = 16.9

	95 Percent Confidence Interval Around The Mean = 56.4 - 63.4

4 Groups

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases = 89
Missing Cases = 20
Response Percent =  82.0%

5 

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?

	 	Number	Percent	95% CI
	Economic uncertainty	42	39.3 %	± 9.4 %
	Currency risk	37	34.4 %	± 9.1 %
	Weak demand for your products/services	32	29.6 %	± 8.8 %
	Government policies	31	28.7 %	± 8.7 %
	Difficulty attracting / retaining qualified employees	25	23.2 %	± 8.1 %
	Employee productivity	24	22.3 %	± 8.0 %
	Regulatory requirements	23	20.9 %	± 7.8 %
	Rising input or commodity costs	22	20.9 %	± 7.8 %
	Access to capital	17	15.7 %	± 7.0 %
	Corporate tax code	14	13.3 %	± 6.5 %
	Cost of borrowing	14	13.3 %	± 6.5 %
	Employee morale	14	13.0 %	± 6.5 %
	Rising wages and salaries	14	12.8 %	± 6.4 %
	Data security	13	11.9 %	± 6.2 %
	Cost of benefits	10	9.0 %	± 5.5 %
	Inflation	9	8.4 %	± 5.3 %
	Geopolitical / health crises	8	7.2 %	± 5.0 %
	Deflation	2	2.0 %	± 2.7 %
	Other	7	6.5 %	± 4.7 %
	Total	357

	Number of Cases = 108
	Number of Responses = 357
	Average Number Of Responses Per Case = 3.3
	Number Of Cases With At Least One Response = 108
	Response Percent = 100.0 %

6 

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? - Other specified

China	Retail/Wholesale	销售收入	
India	Manufacturing	Increase in number of competitors	
India	Retail/Wholesale	Demonetisation of currency	
Japan	Retail/Wholesale	原油価格の低迷	
Japan	Services, Consulting	労務管理	
OtherAsia	Bank/Fin/Insur/Real Est	US and Regional Political Situation	
OtherAsia	Mining/Construction	Constraints on our production capacity	
OtherAsia	Retail/Wholesale	those opposing the government & isis scare	

7 

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

8 

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

OtherAsia	Bank/Fin/Insur/Real Est	Good development in new large scale projects in Q4 2016 but the project	
		implementation is delayed	
OtherAsia	Bank/Fin/Insur/Real Est	Impact of China slowing down.	
OtherAsia	Communication/Media	shortage in quality talent in the market place	
OtherAsia	Energy	Tax policies	
OtherAsia	Healthcare/Pharm	north Korea's risk	
OtherAsia	Healthcare/Pharm	Regulatory	
OtherAsia	Manufacturing	Competition - pricing and customers going for price rather than quality	
		and reliability	
OtherAsia	Manufacturing	Contraction in the economy due to low oil prices and budget cuts	
OtherAsia	Manufacturing	Coup/Political stability	
OtherAsia	Manufacturing	Currency risk	
OtherAsia	Manufacturing	Higher staff turnover for local workers	
OtherAsia	Manufacturing	internal control system	
OtherAsia	Manufacturing	Job loss due to disruptive technology	
OtherAsia	Manufacturing	rising cost of temporary operators	
OtherAsia	Manufacturing	supply chain integrity and costs	
OtherAsia	Mining/Construction	currency	
OtherAsia	Mining/Construction	One would have to say the election of President Trump has increased	
		uncertainty globally.	
OtherAsia	Other	Competitors are enforcing their products, and marketing.	
OtherAsia	Other	New regulations in export market	
OtherAsia	Retail/Wholesale	=	
OtherAsia	Retail/Wholesale	natural disasters and threat of isis	
OtherAsia	Retail/Wholesale	New government	
OtherAsia	Services, Consulting	Unstable in forex due to huge funds returned back to US.	
OtherAsia	Tech [Soft/Hard/Bio]	The risk of new technology overtaking brick-and-mortar business	
OtherAsia	Transp, Public Util	regulatory approvals for entering new business	
OtherAsia	Transp, Public Util	Weakening currency and uncertainty of government to government trade	
		policy	
OtherAsia	Unspecified Industry	mining law enforcement	

9 

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] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Capital spending	7.2	22.1	2.1 - 12.2	3	-50	80.7	74

Wages/Salaries	6.0	6.1	4.7 - 7.3	5	-7	20.2	82

Technology spending	5.5	10.1	3.1 - 7.9	2.5	-19.1	32.6	67

Revenue	5.0	17.2	1.4 - 8.6	5	-40	57.8	88

Earnings	4.3	16.0	0.8 - 7.8	5	-30	41.6	81

Research and development spending	3.6	8.1	1.6 - 5.5	0	-14.5	21.2	66

Health care costs	3.4	4.2	2.4 - 4.4	2	-4.8	12.3	67

Number of domestic full-time employees	2.7	10.4	0.4 - 5.1	2	-20	34.4	75

Marketing/advertising spending	2.7	9.5	0.5 - 4.9	1	-19.6	24	71

Prices of your products	2.4	7.7	0.6 - 4.2	1.2	-20	29.6	70

10 

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 for:   [Unweighted - Sorted]

(N=109)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.8	65	16	1	82
Wages/Salaries	0.4	79.3%	19.5%	1.2%	100.0%

	0.6	45	17	5	67
Technology spending	0.6	67.2%	25.4%	7.5%	100.0%

	0.6	40	25	2	67
Health care costs	0.6	59.7%	37.3%	3.0%	100.0%

	0.4	45	16	13	74
Capital spending	0.8	60.8%	21.6%	17.6%	100.0%

	0.4	32	27	7	66
Research and development spending	0.7	48.5%	40.9%	10.6%	100.0%

	0.4	43	17	15	75
Number of domestic full-time employees	0.8	57.3%	22.7%	20.0%	100.0%

	0.4	38	21	12	71
Marketing/advertising spending	0.8	53.5%	29.6%	16.9%	100.0%

	0.4	36	23	11	70
Prices of your products	0.7	51.4%	32.9%	15.7%	100.0%

	0.3	56	5	27	88
Revenue	0.9	63.6%	5.7%	30.7%	100.0%

	0.3	48	8	25	81
Earnings	0.9	59.3%	9.9%	30.9%	100.0%

11 

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 - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Capital spending	12.7	18.9	7.2 - 18.1	7.5	-50	80.7	46

Earnings	8.3	10.7	5.6 - 11.0	7.9	-30	41.6	62

Technology spending	5.9	9.5	2.9 - 8.9	5	-19.1	32.6	39

Research and development spending	3.9	7.8	1.6 - 6.2	0	-14.5	21.2	43

Revenue	3.7	12.6	0.8 - 6.7	5	-40	57.8	72

Prices of your products	2.6	5.4	1.1 - 4.2	2	-20	29.6	45

Marketing/advertising spending	2.0	7.7	-0.4 - 4.3	0	-19.6	24	42

12 

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 - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Wages/Salaries	5.3	5.5	3.5 - 7.0	4.8	-7	20.2	38

Number of domestic full-time employees	5.1	8.9	2.5 - 7.8	2.3	-20	34.4	44

Health care costs	4.3	4.4	2.9 - 5.7	2	-2	12.3	37

13 

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] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	6.9	8.0	4.5 - 9.2	9.1	-20	41.6

Revenue	2.1	7.4	-0.1 - 4.3	2	-10	40

14 

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?

	 	Number	Percent	95% CI
	Corporate tax reform	42	38.6 %	± 9.3 %
	Reduce business regulations	37	34.2 %	± 9.1 %
	Reduce corruption	36	32.7 %	± 9.0 %
	Improve the price inflation/deflation situation	32	29.1 %	± 8.7 %
	Reduce political instability	32	28.9 %	± 8.7 %
	Improve the judiciary / legal system	29	26.4 %	± 8.4 %
	Improve infrastructure	25	22.8 %	± 8.0 %
	Improve conditions for cross-border trade	24	22.2 %	± 7.9 %
	Improve public education and training	15	13.7 %	± 6.6 %
	Reduce entitlements	11	10.0 %	± 5.7 %
	Improve the banking system	11	9.7 %	± 5.7 %
	Reduce crime	9	7.9 %	± 5.1 %
	Other	9	7.8 %	± 5.1 %
	Total	310

	Number of Cases = 109
	Number of Responses = 310
	Average Number Of Responses Per Case = 2.8
	Number Of Cases With At Least One Response = 107
	Response Percent = 97.7 %

15 

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

 Other public concerns about business trust:

Country
where
based	

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

China	Manufacturing	提高政府工作效率	
China	Retail/Wholesale	Improve certainty of economic policies	
Japan	Manufacturing	マイナス金利の撤廃	
Japan	Manufacturing	従業員の働き方改革、社会保障制度改革	
Japan	Other	bank deregulation and technology overhaul	
OtherAsia	Manufacturing	reduce political and economic instability in GCC	
OtherAsia	Services, Consulting	Improved political decision making on policies	
OtherAsia	Unspecified Industry	fair and non discriminated legal enforcement	

			

			

			

			

16 

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)

	No	Yes	Total	
	28	71	99
Machinery Capacity	28.5%	71.5%	100.0%

	31	68	99
Inventories	31.3%	68.7%	100.0%

	20	75	95
Access to raw materials / suppliers	21.5%	78.5%	100.0%

	52	53	105
Human capital	49.1%	50.9%	100.0%

	2	10	12
Other	14.8%	85.2%	100.0%

17 

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

 Other public concerns about business trust:

Country
where
based	

IN	

Specify other	
			
China	Services, Consulting	销售团队	
			
OtherAsia	Manufacturing	cashflow	
			
OtherAsia	Manufacturing	space and cash	
			
OtherAsia	Services, Consulting	working capital	

18 

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)

	Retaliate			Cooperate		
	against the	Resist but do	Remain	with the US		
	US proposal	not retaliate	neutral	proposal	Don't Know	Total	
Your
Govern-	10	21	44	15	18	108
ment	9.0%	19.5%	40.8%	14.3%	16.3%	100.0%

Your	4	8	55	19	18	104
Company	3.9%	8.1%	52.7%	18.4%	16.9%	100.0%

19 

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)

		Retaliate			Cooperate	
		against the	Resist but do	Remain	with the US	
	Mean	US proposal	not retaliate	neutral	proposal	Total
	  	1	2	3	4	  	
Your
Govern-	2.7	10	21	44	15	90
ment		10.7%	23.3%	48.8%	17.1%	100.0%

Your	3.0	4	8	55	19	86
Company		4.7%	9.8%	63.4%	22.1%	100.0%

20 

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)

	Not at all	Very little	Moderately	A great deal	N/A	Total	
	16	28	42	10	11	108
Your company:	15.2%	25.5%	39.1%	9.6%	10.6%	100.0%

Your business	7	20	49	19	10	105
environment:	6.6%	18.6%	46.8%	18.1%	9.9%	100.0%

21 

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)

	Mean	Not at all	Very little	Moderately	A great deal	Total
	  	0	1	2	3	  	
	1.5	16	28	42	10	97
Your company:		17.0%	28.5%	43.7%	10.8%	100.0%

Your business	1.8	7	20	49	19	95
environment:		7.3%	20.6%	52.0%	20.1%	100.0%

22 

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)

		Strongly				Strongly	
	Mean	Disagree	Disagree	Neutral	Agree	Disagree	Total
	  	-2	-1	0	1	2	  	
We have
emphasized
increased
transparency in our
business dealings	0.7	2	7	23	51	16	98
and reporting		1.7%	7.2%	23.4%	51.7%	16.0%	100.0%

We have
strengthened our
governance policies	0.7	3	5	19	65	9	100
and procedures		2.6%	5.1%	19.0%	64.6%	8.6%	100.0%

Public perceptions
and trust
considerations
affect my company's	0.5	2	10	34	48	7	100
business decisions		1.7%	10.1%	33.7%	47.5%	6.9%	100.0%

We use marketing
and public
relations to
counteract the lack	0.2	3	9	54	33	0	99
of public trust		2.7%	9.4%	54.4%	33.6%	0.0%	100.0%

We have made
organizational
changes in
response to the	0.1	7	12	45	33	3	100
lack of public trust		6.8%	12.2%	45.3%	33.1%	2.7%	100.0%

	0.0	0	2	4	2	0	8
Other		0.0%	22.1%	55.9%	22.1%	0.0%	100.0%

Our CEO has chosen
to speak out on
controversial issues
in an effort to	0.0	5	17	52	22	1	98
regain public trust		5.4%	17.4%	53.5%	22.9%	0.8%	100.0%

Our revenues are
lower because of a	-0.3	7	38	36	15	2	99
lack of public trust		7.5%	38.7%	36.1%	15.5%	2.2%	100.0%

23 

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

 Other public concerns about business trust:

Country
where
based	

IN	

Global_BizTrust_8_Other	
			
India	Manufacturing	CSR initiatives with public involvement	
			
OtherAsia	Manufacturing	prudence and pragmatism needed	

24 

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?

	 	Number	Percent	95% CI
	very negative	9	29.4 %	± 12.7 %
	negative	21	70.6 %	± 15.8 %
	no effect	0	0.0 %	± 0.0 %
	positive	0	0.0 %	± 0.0 %
	very positive	0	0.0 %	± 0.0 %
	DK	0	0.0 %	± 0.0 %
	Total	29	100.0 %

	Missing Cases = 14
	Response Percent = 68.0 %

25 

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

(China Only) DK Excluded Shows - average scores To what degree does air pollution affect the Chinese economy?

	 	Number	Percent	95% CI
	-2=Very Negative	9	29.4 %	± 12.7 %
	-1=-Negative	21	70.6 %	± 15.8 %
	0=Neutral	0	0.0 %	± 0.0 %
	1=Positive	0	0.0 %	± 0.0 %
	2=Very Positive	0	0.0 %	± 0.0 %
	Total	29	100.0 %

	Mean = -1.3

	Missing Cases = 14
	Response Percent = 68.0 %

26 

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)

	Yes	No	Total	
	1	19	20
Build a wall along the Mexican border	3.7%	96.3%	100.0%

Implement a border tax  (imported inputs	0	20	20
not deductible)	0.0%	100.0%	100.0%

Impose a substantial tariff on Mexican and	3	17	20
Chinese goods	14.8%	85.2%	100.0%

Ease repatriation of foreign profits earned	9	11	20
by US firms	44.4%	55.6%	100.0%

Maintain the immigration restrictions he	2	18	20
has imposed on foreign nations	11.1%	88.9%	100.0%

Reduce H1-B visas (highly skilled foreigners	1	18	20
working in the U.S.)	7.4%	92.6%	100.0%

Adhere to prepared remarks during public	3	17	20
speeches	14.8%	85.2%	100.0%

	10	10	20
Stop using Twitter	51.9%	48.1%	100.0%

27 

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

 Would you like to explain any of your answers?

Japan    Manufacturing	公約のうち、 企業減税、老朽インフラの改善投資などは、世界経済にとってプラスの面もあると思う。               	

28 

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)

		Very				Very	
	Mean	Negative	-Negative	Neutral	Positive	Positive	Total
	  	-2	-1	0	1	2	  	
	-0.3	1	6	12	1	0	21
Sales		3.6%	28.6%	60.7%	7.1%	0.0%	100.0%

Produ-	0.3	1	4	6	10	1	21
ctivity		3.6%	17.9%	28.6%	46.4%	3.6%	100.0%

	0.0	1	4	11	5	0	21
Profit		3.6%	17.9%	53.6%	25.0%	0.0%	100.0%

29 

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

 (Japan Only) What is your opinion about reducing working hours?

Japan	Bank/Fin/Insur/Real Est	賛成	
Japan	Communication/Media	労働時間を短縮し、仕事以外の生活の質を改善すること	
		は、賛成だが、一方で、仕事における習熟、技術・スキル-	
		習得には、一定の時間が必要であり、若年層時代にそ-	
		経験をしたからこそ、今があるので、行き過ぎた時間短縮-	
		、日本の競争力を低下される。見方をかえると、昔-	
		受験のために、一日１０時間勉強したのを、８時間で-	
		じ学力を修得しろといっても無理なのと同じ。	
Japan	Manufacturing	杓子定規に決めるべきではなく、各社の実態に応じて、ある程	
		柔軟な運用を認めるべき。	
Japan	Manufacturing	生産性は一時的には悪くなるが、日本全体として取り	
		めれば、国民の幸せにはつながると考える。	
Japan	Manufacturing	生産性向上施策の導入余地が多くある。機械に任せ	
		ものは機械に任せ、人がより創造的な業務を行えるこ-	
		となる。	
Japan	Manufacturing	特にサービス産業における過度な長時間労働には問題が	
		るので、その点の是正は望ましい。製造業においては、過-	
		な長時間労働は既にかなり改善されている。	
Japan	Manufacturing	解雇規制の緩和・労働市場の流動化とセットで議論を	
		施しなければ、弊害しかない。	
Japan	Retail/Wholesale	中小企業の実態に合わないだけでなく、労働者の意識が負の方	
		に誘導されかねない。	
Japan	Retail/Wholesale	当然すすめるべきものですが、飲食等々のサービス業の	
		ジネスモデルは崩れる可能性があります。	
Japan	Retail/Wholesale	従来国際比較で低かった日本の労働者の生産性にメ	
		を入れるものと期待している。	
Japan	Retail/Wholesale	日本的な企業慣習や	
Japan	Retail/Wholesale	時間当りの賃金で就労する方々に対しては、労働時間	
		限定は必要。事務職の中でも、幹部及び幹部候補生とし-	
		採用した方々に対しては、労働時間の制限は難しい。-	
		制限により、幹部になるビジネスを知る時間が余分に掛	
		り、幹部迄の年数が増える。	
Japan	Transp, Public Util	目的を明確にすべし。	

30 

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

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	6.4	9.5	4.4 - 8.5	5	-15.8	33.2	84

% Expected ROA in 2017	7.5	9.4	5.5 - 9.6	5.6	-14.9	34.7	81

31 

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)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

In 10 years, I expect Nikkei 225 will be:
There is a 1-in-10 chance Nikkei 225
will be less than:	12191.6	4074.9	10325.5 - 14057.7	12000	5000	19395	18

In 10 years, I expect Nikkei 225 will be:
Expected return:	23334.6	6544.0	20337.8 - 26331.4	21000	15000	36683	18

In 10 years, I expect Nikkei 225 will be:
There is a 1-in-10 chance it will be
greater than:	30388.3	8308.2	26583.6 - 34193.0	30000	20000	47236	18

In 1 year, I expect Nikkei 225 will be:
There is a 1-in-10 chance Nikkei 225
will be less than:	16166.7	1287.6	15599.3 - 16734.1	16000	14000	19000	20

In 1 year, I expect Nikkei 225 will be:
Expected return:	20425.9	1596.7	19722.3 - 21129.5	20000	18000	25000	20

In 1 year, I expect Nikkei 225 will be:
There is a 1-in-10 chance it will be
greater than:	23288.9	2398.6	22231.9 - 24345.9	23250	19800	30000	20

In three months, I expect Nikkei 225
will be: There is a 1-in-10 chance
Nikkei 225 will be less than:	17333.3	1225.5	16793.3 - 17873.4	18000	14000	19000	20

In three months, I expect Nikkei 225
will be: Expected return:	19918.5	641.8	19635.7 - 20201.4	20000	18500	21000	20

In three months, I expect Nikkei 225
will be: There is a 1-in-10 chance it
will be greater than:	21999.3	2064.4	21089.6 - 22909.0	21750	19500	28982	20

32 

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

Manufacturing capacity utilized  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2017	72.4	15.8	66.1 - 78.6	75	45.8	100	24

% of capacity utilization planned for the second
half of 2017	78.1	15.5	71.9 - 84.2	80	50.6	100	24

33 

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	26	25.7 %	± 8.2 %
	Services, Consulting	16	16.0 %	± 6.8 %
	Retail/Wholesale	16	15.8 %	± 6.8 %
	Banking/Finance/Insurance/Real Estate	12	11.3 %	± 5.9 %
	Healthcare/Pharmaceutical	5	5.2 %	± 4.1 %
	Technology [Software/Hardware/Biotech]	5	4.4 %	± 3.8 %
	Mining/Construction	4	3.5 %	± 3.4 %
	Communication/Media	4	3.5 %	± 3.4 %
	Energy	3	2.6 %	± 3.0 %
	Transportation & Public Utilities	3	2.6 %	± 2.9 %
	Public Administration	1	0.9 %	± 1.8 %
	Agriculture, Forestry, & Fishing	0	0.0 %	± 0.0 %
	Other Industry	9	8.5 %	± 5.2 %
	Total	103	100.0 %

	Missing Cases = 6
	Response Percent = 94.4 %

34 

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

Industry (Other specified)

China	传统重工业	
China	物流	
Japan	総合商社	
Japan	Corporate turnaround/privat4 equity	
OtherAsia	Dealer	
OtherAsia	Fintech	
OtherAsia	FMCG	
OtherAsia	manpower export	

35 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	23	22.7 %	± 7.9 %
	$25-99 million	20	19.4 %	± 7.4 %
	$100-499 million	26	25.3 %	± 8.2 %
	$500-999 million	11	11.1 %	± 5.9 %
	$1-4.9 billion	10	10.0 %	± 5.6 %
	$5-9.9 billion	4	3.9 %	± 3.6 %
	More than $10 billion	8	7.5 %	± 4.9 %
	Total	103	100.0 %

	Missing Cases = 6
	Response Percent = 94.6 %

36 

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

Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1600.4

	Median = 300

	Variance (Unbiased Estimate) = 9845522.1

	Standard Deviation (Unbiased Estimate) = 3137.8

	Standard Error Of The Mean  = 309.0

	95 Percent Confidence Interval Around The Mean = 994.8 - 2206.0

	99 Percent Confidence Interval Around The Mean = 804.8 - 2396.0

	Skewness = 2.9

	Kolmogorov-Smirnov Statistic For Normality = 3.5

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 103
Missing Cases = 6
Response Percent =  94.6%

37 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	18	21.9 %	± 7.1 %
	100-499	19	23.5 %	± 7.3 %
	500-999	9	10.6 %	± 5.2 %
	1,000-2,499	13	15.3 %	± 6.1 %
	2,500-4,999	7	8.5 %	± 4.7 %
	5,000-9,999	7	7.9 %	± 4.6 %
	Over 10,000	10	12.3 %	± 5.6 %
	Total	83	100.0 %

	Missing Cases = 26
	Response Percent = 75.8 %

38 

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

Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2833.2

	Median = 750

	Variance (Unbiased Estimate) = 16141500.3

	Standard Deviation (Unbiased Estimate) = 4017.6

	Standard Error Of The Mean  = 442.1

	95 Percent Confidence Interval Around The Mean = 1966.7 - 3699.8

	99 Percent Confidence Interval Around The Mean = 1694.7 - 3971.7

	Skewness = 1.9

	Kolmogorov-Smirnov Statistic For Normality = 2.6

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 83
Missing Cases = 26
Response Percent =  75.8%

39 

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

Where are you personally located?

	 	Number	Percent	95% CI
	People's Republic of China	31	30.8 %	± 8.6 %
	Kanto	15	15.3 %	± 6.7 %
	Malaysia	9	8.5 %	± 5.1 %
	Hong Kong	7	6.8 %	± 4.7 %
	India	7	6.7 %	± 4.6 %
	Singapore	6	5.7 %	± 4.3 %
	Philippines	6	5.7 %	± 4.3 %
	Kinki/Kansai	4	4.4 %	± 3.8 %
	Indonesia	3	2.8 %	± 3.1 %
	Other (please specify)	3	2.8 %	± 3.1 %
	Sri Lanka	2	1.9 %	± 2.5 %
	Other Asian country	2	1.9 %	± 2.5 %
	Korea	2	1.9 %	± 2.5 %
	Thailand	2	1.9 %	± 2.5 %
	Pakistan	1	0.9 %	± 1.8 %
	Vietnam	1	0.9 %	± 1.8 %
	Australia	1	0.9 %	± 1.8 %
	Total	101	100.0 %

	Missing Cases = 8
	Response Percent = 92.4 %

40 

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

Headquarters Asia (Other Specified)

Bahrain	
New Zealand	
UAE	

41 

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

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

日本	
	
法国	
	
美国	
	
Brazil	
	
Germany	
	
Hong Kong	
	
Japan	
	
Liechtenstein	
	
n a	
	
Netherlands	
	
Singapore	
	
Swizterland	
	
Taiwan	
	
U.S.	
	
UK	
	
USA	
	
USA	
	
USA	
	
USA	
	
USA	
	
USA	

42 

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

Ownership

	 	Number	Percent	95% CI
	Private	60	61.5 %	± 9.5 %
	Public	38	38.5 %	± 9.1 %
	Government	0	0.0 %	± 0.0 %
	Nonprofit	0	0.0 %	± 0.0 %
	Total	98	100.0 %

	Missing Cases = 11
	Response Percent = 90.0 %

43 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	29	28.2 %	± 8.4 %
	1-24%	36	35.2 %	± 9.0 %
	25-50%	18	17.6 %	± 7.1 %
	More than 50%	20	19.0 %	± 7.3 %
	Total	103	100.0 %

	Missing Cases = 6
	Response Percent = 94.4 %

44 

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

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

	 	Number	Percent	95% CI
	Asia/Pacific Basin	34	59.4 %	± 11.7 %
	US/Canada	13	22.1 %	± 8.8 %
	Europe	7	12.2 %	± 6.9 %
	Africa	2	3.3 %	± 3.7 %
	Latin America	2	3.0 %	± 3.6 %
	Total	57	100.0 %

	Missing Cases = 17
	Response Percent = 77.1 %

45 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	8	13.5 %	13.5 %
	AA+	7	11.3 %	24.8 %
	AA	7	11.1 %	35.9 %
	AA-	2	3.2 %	39.2 %
	A+	12	20.0 %	59.2 %
	A	3	5.0 %	64.1 %
	A-	3	5.3 %	69.5 %
	BBB+	5	8.5 %	77.9 %
	BBB	3	5.7 %	83.6 %
	BBB-	1	1.2 %	84.9 %
	BB+	1	1.6 %	86.5 %
	BB	3	4.8 %	91.3 %
	BB-	0	0.0 %	91.3 %
	B+	1	1.2 %	92.6 %
	B	0	0.0 %	92.6 %
	B-	2	2.9 %	95.5 %
	CCC	3	4.5 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	59	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

46 

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

What is your company's credit rating? 

N=59		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		59		38	21	
		100.0%		64.7%	35.3%	
						
AAA		8		5	3	
		13.5%		12.7%	15.0%	
						
AA+		7		6	1	
		11.3%		15.0%	4.6%	
						
AA		7		4	2	
		11.1%		10.8%	11.6%	
						
AA-		2		2	0	
		3.2%		5.0%	0.0%	
						
A+		12		8	4	
		20.0%		21.0%	18.2%	
						
A		3		2	1	
		5.0%		5.7%	3.5%	
						
A-		3		3	0	
		5.3%		8.2%	0.0%	
						
BBB+		5		1	4	
		8.5%		3.1%	18.3%	
				b	a	
						
BBB		3		2	2	
		5.7%		4.4%	8.1%	
						
BBB-		1		0	1	
		1.2%		0.0%	3.5%	
						
BB+		1		1	0	
		1.6%		2.5%	0.0%	
						
BB		3		1	2	
		4.8%		2.5%	9.1%	
						
BB-		0		0	0	
		0.0%		0.0%	0.0%	
						
B+		1		0	1	
		1.2%		0.0%	3.5%	

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

What is your company's credit rating? 

N=59		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		0		0	0	
		0.0%		0.0%	0.0%	
						
B-		2		2	0	
		2.9%		4.5%	0.0%	
						
CCC		3		2	1	
		4.5%		4.5%	4.6%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

48 

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):

	 	Number	Percent
	Controller	27	26.9 %
	CFO	21	20.6 %
	CEO	18	17.8 %
	Other	17	16.8 %
	VP of Finance	10	9.7 %
	Treasurer	8	8.2 %
	Total	101	100.0 %

	Missing Cases = 8
	Response Percent = 93.0 %

49 

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

Other job title:

Consultant	
COO	
CIA	
経理課長	
Chairman APac	
Chief Operating Officer	
Finance Services Head APAC	
Managing Director	
Director CFO	
経理課長	
New Business Development	
Asst Opns Mgr