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
Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?	43
Q6a. Does your company pursue all NPV>0 projects?	47
Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?	51
Why doesn't your firm hire more managers to reduce the shortage?	55
Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL
Respondents	67
Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows
responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?	71
Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?	75
Why doesn't your firm hire more labor to reduce the shortage?	79
Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL	95
Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those
who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?	99
Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?	103
Q8a. Does your company have difficulty attracting and retaining qualified technology employees?	107
Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS	111
Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining
qualified technology employees	119
j. Weighted Average Cost of Capital	127
k. Workforce	131
Return on assets (ROA=operating earnings/assets)  (Winsorized)	135
(Japan Only) On August 21, 2017, Nikkei 225 was 19,393.13 yen. Please complete the following:  (Winsorized)	139
Manufacturing capacity utilized  (Winsorized)	145
Your job title (e.g., CFO, Asst. Treasurer, etc):	149

 1 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		40	19	6	35		8	5	4	4	13	
		100.0%		39.9%	19.5%	6.2%	34.5%		23.8%	14.3%	11.9%	11.9%	38.1%	
														
+1=More optimistic		40		13	4	5	19		5	1	3	2	7	
		39.8%		31.6%	18.2%	76.5%	54.8%		60.0%	16.7%	80.0%	60.0%	56.2%	
				cd	cd	ab	ab							
														
0=No change		37		15	13	1	8		2	2	0	1	3	
		36.9%		36.8%	68.2%	11.8%	23.8%		30.0%	33.3%	0.0%	20.0%	25.0%	
				b	acD	b	B							
														
-1=Less optimistic		23		13	3	1	7		1	2	1	1	2	
		23.4%		31.6%	13.6%	11.8%	21.4%		10.0%	50.0%	20.0%	20.0%	18.8%	
														
Mean		0.16		0.00	0.05	0.65	0.33		0.50	-0.33	0.60	0.40	0.38	
					c	b								

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

2 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		9.0%	11.6%	3.8%	7.9%	0.4%	12.9%	1.3%	5.8%	27.0%	5.5%	3.0%	11.9%	
														
+1=More optimistic		6	5	2	4	0	4	0	2	10	0	1	5	
		65.5%	40.2%	55.8%	50.4%	0.0%	31.9%	29.3%	33.9%	37.7%	6.8%	28.1%	45.8%	
														
0=No change		3	4	1	3	0	5	1	1	12	2	2	3	
		34.5%	33.5%	22.1%	38.9%	0.0%	37.8%	70.7%	14.5%	46.7%	37.5%	71.9%	21.9%	
														
-1=Less optimistic		0	3	1	1	0	4	0	3	4	3	0	4	
		0.0%	26.3%	22.1%	10.7%	100.0%	30.3%	0.0%	51.6%	15.6%	55.7%	0.0%	32.4%	
		ehj				a			a		a			
														
Mean		0.66	0.14	0.34	0.40	-1.00	0.02	0.29	-0.18	0.22	-0.49	0.28	0.13	
		J			j					j	Adi			

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

3 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		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		27	15	22	5	7	6	18	
		26.9%	14.8%	22.8%	4.7%	6.8%	5.6%	18.4%	
									
+1=More optimistic		9	5	14	1	3	4	4	
		33.6%	33.7%	62.8%	15.9%	37.7%	69.0%	22.1%	
		c		ag				c	
									
0=No change		7	9	6	2	2	1	10	
		25.3%	60.7%	26.2%	38.5%	25.5%	16.1%	56.9%	
		bg	ac	b				a	
									
-1=Less optimistic		11	1	2	2	2	1	4	
		41.1%	5.6%	11.0%	45.6%	36.8%	14.9%	21.0%	
		bc	a	a					
									
Mean		-0.07	0.28	0.52	-0.30	0.01	0.54	0.01	
		c		adg	c			c	

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

4 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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.

		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
				A	B	C	D		A	B	C	D	E	
														
Number		101		40	20	6	35		8	5	4	4	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		24.2%	14.5%	12.1%	12.1%	38.7%	
														
Optimism rating		60.19		62.06	52.41	63.64	62.67		57.86	50.00	70.00	57.00	70.62	
		60.00		70.00	50.00	60.00	70.00		65.00	50.00	75.00	60.00	77.50	
					d		b			e			b	

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

5 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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.

		Industry	
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Number		9	11	4	8	0	13	1	6	26	5	3	12	
Percent		9.0%	11.6%	3.8%	7.8%	0.4%	12.8%	1.3%	5.8%	26.9%	5.5%	3.0%	12.7%	
														
Optimism rating		65.11	55.26	64.90	74.54	30.00	51.48	52.32	42.04	57.88	60.39	75.00	67.28	
		70.00	70.00	71.84	77.97	50.00	50.00	62.68	50.24	60.00	54.75	67.39	60.00	
		f			Fi		aDKl			d		F	f	

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

6 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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.

		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		27	15	22	5	7	6	19	
Percent		26.3%	14.4%	22.2%	4.6%	6.6%	5.5%	18.9%	
									
Optimism rating		56.10	55.66	71.16	58.45	63.38	64.94	56.61	
		50.05	63.35	73.97	63.76	65.00	74.44	50.00	
		c	c	abg				c	

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

7 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		40	19	6	35		8	5	4	4	13	
		100.0%		39.9%	19.5%	6.2%	34.5%		23.8%	14.3%	11.9%	11.9%	38.1%	
														
+1=More optimistic		44		11	6	3	24		4	3	4	4	8	
		43.8%		26.3%	31.8%	52.9%	69.0%		50.0%	66.7%	100.0%	100.0%	62.5%	
				D	d		Ab							
														
0=No change		32		17	10	2	3		2	1	0	0	1	
		31.6%		42.1%	50.0%	29.4%	9.5%		20.0%	16.7%	0.0%	0.0%	6.3%	
				D	D		AB							
														
-1=Less optimistic		25		13	4	1	7		2	1	0	0	4	
		24.6%		31.6%	18.2%	17.6%	21.4%		30.0%	16.7%	0.0%	0.0%	31.3%	
														
Mean		0.19		-0.05	0.14	0.35	0.48		0.20	0.50	1.00	1.00	0.31	
				D			A							

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

8 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		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		28	55	6	4		31	33	12	23	
		30.6%	59.1%	6.3%	4.0%		31.2%	33.4%	12.5%	22.9%	
											
+1=More optimistic		13	26	0	1		12	13	8	10	
		44.3%	47.3%	0.0%	21.9%		40.0%	38.1%	61.5%	45.5%	
			c	b							
											
0=No change		11	15	4	0		11	11	5	5	
		38.0%	26.6%	71.9%	0.0%		35.6%	31.7%	38.5%	23.6%	
			c	b							
											
-1=Less optimistic		5	14	2	3		8	10	0	7	
		17.7%	26.1%	28.1%	78.1%		24.5%	30.2%	0.0%	30.9%	
		d	d		ab			c	bd	c	
											
Mean		0.27	0.21	-0.28	-0.56		0.15	0.08	0.62	0.15	
								c	b		

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

9 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		9.0%	11.6%	3.8%	7.9%	0.4%	12.9%	1.3%	5.8%	27.0%	5.5%	3.0%	11.9%	
														
+1=More optimistic		5	5	1	4	0	5	0	2	11	1	0	8	
		56.2%	40.2%	22.1%	50.4%	100.0%	42.6%	0.0%	27.4%	42.7%	15.3%	0.0%	67.1%	
														
0=No change		2	4	2	2	0	3	1	4	10	0	2	1	
		24.4%	34.1%	55.8%	22.2%	0.0%	23.7%	100.0%	72.6%	38.6%	6.8%	71.9%	7.7%	
								l	l			l	ghk	
														
-1=Less optimistic		2	3	1	2	0	4	0	0	5	4	1	3	
		19.5%	25.7%	22.1%	27.4%	0.0%	33.7%	0.0%	0.0%	18.7%	77.8%	28.1%	25.3%	
									j	J	hI			
														
Mean		0.37	0.14	0.00	0.23	1.00	0.09	0.00	0.27	0.24	-0.63	-0.28	0.42	
		j								j	ail		j	

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

10 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		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		27	15	22	5	7	6	18		16	24	4	5	7	5	19	
		26.9%	14.8%	22.8%	4.7%	6.8%	5.6%	18.4%		20.0%	29.5%	5.2%	6.3%	8.7%	6.8%	23.5%	
																	
+1=More optimistic		9	8	12	0	6	3	5		8	9	2	2	1	3	6	
		33.6%	56.9%	51.7%	8.0%	87.7%	45.9%	29.9%		50.7%	36.5%	39.4%	41.3%	10.5%	62.2%	33.2%	
		e			e	adg		e									
																	
0=No change		8	4	8	1	0	3	8		2	7	2	3	3	1	9	
		30.1%	28.9%	33.6%	27.2%	0.0%	54.1%	42.5%		10.6%	31.5%	40.9%	58.7%	47.8%	22.8%	47.0%	
										dg			a			a	
																	
-1=Less optimistic		10	2	3	3	1	0	5		6	8	1	0	3	1	4	
		36.3%	14.2%	14.7%	64.8%	12.3%	0.0%	27.6%		38.7%	32.0%	19.7%	0.0%	41.7%	15.0%	19.7%	
			d	d	bc												
																	
Mean		-0.03	0.43	0.37	-0.57	0.75	0.46	0.02		0.12	0.04	0.20	0.41	-0.31	0.47	0.14	
		e	d	d	bcef	adg	d	e									

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

11 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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.

		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
				A	B	C	D		A	B	C	D	E	
														
Number		101		40	20	6	35		8	5	4	4	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		24.2%	14.5%	12.1%	12.1%	38.7%	
														
Optimism rating		62.45		62.56	57.64	57.57	66.81		57.14	56.00	78.33	83.00	67.33	
		70.00		75.00	50.00	60.00	70.00		65.00	70.00	82.50	82.50	75.00	
									cD		a	A		

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

12 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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.

		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		28	55	6	4		31	33	13	23	
Percent		30.5%	58.9%	6.3%	4.0%		31.0%	33.2%	13.3%	22.8%	
											
Optimism rating		60.81	65.98	45.69	55.24		63.28	58.54	65.67	64.15	
		56.29	70.00	50.00	70.10		70.00	69.07	61.13	70.00	
			c	b							

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

13 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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.

		Industry	
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Number		9	11	4	8	0	13	1	6	26	5	3	12	
Percent		9.0%	11.6%	3.8%	7.8%	0.4%	12.8%	1.3%	5.8%	26.9%	5.5%	3.0%	12.7%	
														
Optimism rating		71.82	52.72	61.48	70.77	60.00	49.30	35.36	72.98	61.63	61.92	71.57	75.25	
		70.73	62.74	72.06	80.00	55.00	45.24	47.07	81.50	69.43	70.86	70.26	85.00	
		f					al						f	

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

14 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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.

		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		27	15	22	5	7	6	19		16	24	4	5	7	5	20	
Percent		26.3%	14.4%	22.2%	4.6%	6.6%	5.5%	18.9%		19.9%	29.4%	5.1%	6.3%	8.7%	6.8%	24.5%	
																	
Optimism rating		59.22	61.36	73.80	35.36	71.75	68.44	55.25		66.57	55.41	64.71	78.91	65.80	59.47	56.23	
		60.00	75.00	80.00	50.00	75.00	77.00	50.00		75.00	60.00	74.02	93.68	80.47	70.13	59.49	
		c		aG				C					g			d	

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

15 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		40	19	6	35		8	5	4	4	13	
		100.0%		39.9%	19.5%	6.2%	34.5%		23.8%	14.3%	11.9%	11.9%	38.1%	
														
Economic uncertainty		34		15	4	3	13		4	3	2	0	4	
		33.9%		36.8%	18.2%	41.2%	38.1%		50.0%	66.7%	40.0%	0.0%	31.3%	
														
Difficulty attracting /
retaining qualified		
31		
13	
8	
3	
7		
1	
2	
0	
1	
4	
employees		30.5%		31.6%	40.9%	41.2%	21.4%		10.0%	33.3%	0.0%	20.0%	31.3%	
														
Government policies		30		17	0	3	11		3	1	2	1	4	
		30.0%		42.1%	0.0%	41.2%	31.0%		40.0%	16.7%	40.0%	20.0%	31.3%	
				B	ACD	B	B							
														
Currency risk		26		11	4	3	10		1	2	3	0	3	
		26.4%		26.3%	18.2%	41.2%	28.6%		10.0%	50.0%	80.0%	0.0%	25.0%	
									c		a			
														
Weak demand for		24		11	3	1	9		3	2	1	1	2	
your products/services		23.6%		26.3%	13.6%	23.5%	26.2%		40.0%	33.3%	20.0%	20.0%	18.8%	
														
Access to capital		19		6	4	1	7		1	0	1	1	4	
		18.7%		15.8%	22.7%	23.5%	19.0%		10.0%	0.0%	20.0%	20.0%	31.3%	

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

16 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		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		28	55	6	4		31	33	12	23	
		30.6%	59.1%	6.3%	4.0%		31.2%	33.4%	12.5%	22.9%	
											
Economic uncertainty		7	21	3	0		9	13	4	7	
		23.6%	38.4%	50.0%	0.0%		30.5%	40.1%	31.3%	32.1%	
											
Difficulty attracting /
retaining qualified		
9	
14	
1	
3		
11	
9	
1	
9	
employees		32.9%	25.1%	14.1%	78.1%		36.7%	27.3%	7.2%	40.4%	
			d		b				d	c	
											
Government policies		8	19	0	1		12	6	4	7	
		29.3%	34.7%	0.0%	21.9%		38.6%	19.6%	34.0%	28.9%	
											
Currency risk		7	15	1	0		9	6	6	6	
		23.8%	26.9%	14.1%	0.0%		28.0%	17.3%	45.1%	28.4%	
											
Weak demand for		5	12	0	3		7	6	3	7	
your products/services		16.0%	21.9%	0.0%	78.1%		23.1%	17.4%	24.1%	30.5%	
		d	d	d	abc						
											
Access to capital		4	12	2	1		8	8	2	2	
		13.1%	21.5%	35.9%	21.9%		24.3%	22.6%	17.0%	7.2%	

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

17 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		9.0%	11.6%	3.8%	7.9%	0.4%	12.9%	1.3%	5.8%	27.0%	5.5%	3.0%	11.9%	
														
Economic uncertainty		2	3	1	2	0	1	0	3	12	2	3	3	
		23.6%	25.7%	22.1%	22.2%	100.0%	9.4%	0.0%	56.5%	47.4%	30.6%	100.0%	25.3%	
		k	k		k		hiK		f	f		abdFl	k	
														
Difficulty attracting /
retaining qualified		
2	
2	
3	
0	
0	
3	
1	
2	
6	
3	
2	
6	
employees		23.6%	14.5%	77.9%	0.0%	0.0%	23.7%	100.0%	43.5%	22.6%	62.5%	71.9%	50.3%	
			c	bdi	cgjkl			d		c	d	d	d	
														
Government policies		2	2	2	1	0	4	0	1	10	3	0	6	
		18.7%	18.5%	44.2%	10.7%	100.0%	29.0%	0.0%	14.5%	39.5%	52.8%	0.0%	49.7%	
														
Currency risk		2	3	0	0	0	0	0	2	13	2	1	1	
		18.7%	25.7%	0.0%	0.0%	100.0%	0.0%	0.0%	42.0%	50.6%	46.0%	28.1%	7.1%	
					ei	dF	EhIj		f	dFl	f		i	
														
Weak demand for		0	0	1	1	0	6	0	1	12	0	0	2	
your products/services		0.0%	0.0%	22.1%	10.7%	0.0%	50.3%	29.3%	21.0%	44.3%	0.0%	0.0%	14.2%	
		fi	fi				ab			ab				
														
Access to capital		2	1	1	2	0	2	1	0	5	4	0	1	
		18.7%	7.2%	32.0%	23.1%	0.0%	13.6%	100.0%	0.0%	19.1%	77.8%	0.0%	10.3%	
		j	gj				gj	bfhil	gj	gj	abfhil		gj	

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

18 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		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		27	15	22	5	7	6	18		16	24	4	5	7	5	19	
		26.9%	14.8%	22.8%	4.7%	6.8%	5.6%	18.4%		20.0%	29.5%	5.2%	6.3%	8.7%	6.8%	23.5%	
																	
Economic uncertainty		4	5	10	2	1	3	7		2	8	2	0	3	2	9	
		16.9%	37.0%	44.3%	53.6%	12.3%	53.0%	39.3%		9.6%	34.9%	39.4%	0.0%	46.9%	31.1%	48.3%	
		c		a						g						a	
																	
Difficulty attracting /
retaining qualified		
11	
5	
7	
2	
0	
2	
3		
5	
8	
3	
4	
2	
1	
3	
employees		42.4%	37.4%	29.6%	35.2%	0.0%	32.1%	16.4%		28.5%	31.6%	60.6%	82.6%	35.2%	22.8%	13.7%	
		e				a				d	d	g	abG			cD	
																	
Government policies		7	4	7	0	3	1	8		6	10	0	2	2	0	7	
		26.2%	28.2%	31.0%	0.0%	49.0%	14.9%	43.7%		37.9%	40.3%	0.0%	41.3%	22.2%	0.0%	39.4%	
																	
Currency risk		10	2	8	0	3	0	3		7	8	0	0	3	2	4	
		38.9%	13.8%	35.1%	8.0%	37.7%	0.0%	18.7%		45.8%	34.9%	0.0%	0.0%	40.4%	31.1%	20.3%	
																	
Weak demand for		8	2	5	0	2	1	4		3	5	2	0	3	1	6	
your products/services		28.4%	16.9%	22.4%	8.0%	36.8%	14.9%	23.0%		20.6%	21.1%	39.4%	0.0%	41.7%	21.7%	30.6%	
																	
Access to capital		12	2	1	0	1	2	1		8	2	1	0	0	1	3	
		44.1%	11.7%	5.3%	8.0%	13.2%	38.1%	4.5%		46.6%	10.4%	19.7%	0.0%	5.2%	22.8%	15.4%	
		bCG	a	Af			cg	Af		b	a						

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

19 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Rising input or		17		8	4	1	3		1	1	0	0	2	
commodity costs		17.2%		21.1%	22.7%	17.6%	9.5%		10.0%	16.7%	0.0%	0.0%	12.5%	
														
Data security		17		8	0	2	7		1	0	1	2	3	
		17.2%		21.1%	0.0%	35.3%	19.0%		10.0%	0.0%	20.0%	40.0%	25.0%	
				b	acd	b	b							
														
Employee productivity		17		4	4	1	7		2	2	1	2	1	
		16.7%		10.5%	22.7%	11.8%	21.4%		20.0%	33.3%	20.0%	60.0%	6.3%	
												e	d	
														
Geopolitical / health		16		2	7	0	7		4	0	1	0	2	
crises		15.7%		5.3%	36.4%	0.0%	19.0%		50.0%	0.0%	20.0%	0.0%	12.5%	
				B	A									
														
Rising wages and		15		4	1	1	9		3	2	0	1	2	
salaries		14.8%		10.5%	4.5%	11.8%	26.2%		40.0%	50.0%	0.0%	20.0%	18.8%	
														
Cost of benefits		15		6	2	0	7		2	1	0	1	3	
		14.6%		15.8%	9.1%	0.0%	19.0%		20.0%	16.7%	0.0%	20.0%	25.0%	
														
Regulatory		14		4	1	2	7		1	1	2	0	4	
requirements		14.3%		10.5%	4.5%	29.4%	21.4%		10.0%	16.7%	40.0%	0.0%	31.3%	
														
Corporate tax code		12		8	1	0	2		0	0	0	1	2	
		12.1%		21.1%	4.5%	5.9%	7.1%		0.0%	0.0%	0.0%	20.0%	12.5%	

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

20 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Rising input or		8	8	2	0		3	9	4	1	
commodity costs		26.8%	13.7%	35.9%	0.0%		10.7%	25.6%	34.0%	5.2%	
									d	c	
											
Data security		3	11	1	1		5	3	0	9	
		10.0%	20.3%	14.1%	21.9%		14.7%	8.5%	0.0%	39.4%	
							d	D	d	aBc	
											
Employee productivity		3	12	0	1		10	4	2	1	
		12.2%	22.1%	0.0%	21.9%		32.9%	12.3%	13.3%	3.6%	
							d			a	
											
Geopolitical / health		6	10	0	0		2	5	4	4	
crises		21.6%	17.6%	0.0%	0.0%		5.5%	15.2%	35.3%	16.7%	
							c		a		
											
Rising wages and		3	10	0	2		6	3	1	5	
salaries		10.2%	18.0%	0.0%	56.1%		18.8%	9.9%	6.6%	21.7%	
		d			a						
											
Cost of benefits		4	6	1	2		3	5	2	4	
		13.4%	10.6%	14.1%	56.1%		11.0%	16.2%	17.0%	16.5%	
			d		b						
											
Regulatory		4	10	0	0		4	6	2	2	
requirements		14.4%	18.7%	0.0%	0.0%		14.4%	18.4%	17.0%	7.1%	
											
Corporate tax code		2	8	0	0		3	4	3	2	
		7.4%	14.4%	0.0%	0.0%		9.4%	12.4%	24.1%	9.2%	

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

21 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Rising input or		3	1	0	4	0	0	0	0	8	0	0	0	
commodity costs		29.5%	7.2%	9.9%	50.4%	100.0%	0.0%	0.0%	0.0%	31.8%	0.0%	0.0%	0.0%	
			d		bfl	FL	dEi			fl			dEi	
														
Data security		1	4	1	2	0	0	0	3	1	0	2	3	
		9.4%	33.0%	22.1%	27.4%	0.0%	0.0%	0.0%	56.5%	4.5%	6.8%	71.9%	24.5%	
			fi				bHK		FI	bHK		FI		
														
Employee productivity		4	1	1	0	0	4	0	2	2	2	0	2	
		42.4%	7.2%	23.8%	0.0%	0.0%	30.3%	0.0%	37.1%	6.5%	30.6%	0.0%	17.9%	
		i								a				
														
Geopolitical / health		3	4	0	2	0	1	0	1	3	0	0	2	
crises		28.8%	34.1%	0.0%	22.2%	0.0%	7.0%	0.0%	14.5%	13.0%	0.0%	0.0%	14.2%	
														
Rising wages and		2	1	0	0	0	6	0	1	3	0	0	2	
salaries		18.7%	7.2%	0.0%	0.0%	0.0%	49.4%	0.0%	21.0%	9.6%	0.0%	0.0%	14.2%	
			f		f		bdI			F				
														
Cost of benefits		1	1	2	2	0	2	0	0	4	2	0	1	
		9.4%	7.2%	45.9%	27.4%	0.0%	16.7%	0.0%	0.0%	14.2%	31.8%	0.0%	7.1%	
														
Regulatory		2	3	1	0	0	1	0	1	5	0	0	1	
requirements		18.7%	25.7%	32.0%	0.0%	0.0%	6.5%	29.3%	21.0%	17.6%	6.8%	0.0%	10.3%	
														
Corporate tax code		1	3	0	2	0	1	0	0	2	0	2	0	
		9.4%	25.7%	0.0%	27.4%	0.0%	6.5%	0.0%	0.0%	9.4%	0.0%	71.9%	0.0%	
							k			K		fIL	K	

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

22 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		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	
																	
Rising input or		1	5	5	1	2	2	2		1	6	1	0	0	2	4	
commodity costs		2.8%	34.3%	20.9%	19.2%	25.5%	38.1%	11.6%		4.5%	24.5%	21.2%	0.0%	0.0%	31.1%	22.1%	
		Bcf	A	a			a										
																	
Data security		5	4	4	0	1	0	3		4	2	1	2	1	0	2	
		18.6%	25.7%	16.3%	8.0%	12.3%	0.0%	15.6%		23.2%	6.9%	19.7%	41.3%	10.5%	0.0%	10.6%	
											d		b				
																	
Employee productivity		5	3	4	0	1	1	3		3	3	1	2	0	2	4	
		18.8%	23.0%	16.9%	0.0%	12.3%	16.1%	16.1%		15.7%	14.1%	21.2%	41.3%	0.0%	31.1%	19.7%	
																	
Geopolitical / health		2	0	3	2	3	0	5		4	2	1	1	0	2	6	
crises		9.3%	0.0%	13.0%	38.5%	51.0%	0.0%	28.5%		23.2%	7.2%	19.7%	17.4%	0.0%	32.3%	31.6%	
		e	dEg	e	b	aBc		b			g					b	
																	
Rising wages and		5	4	2	0	1	1	2		2	6	3	0	0	1	2	
salaries		17.2%	25.1%	7.6%	0.0%	12.3%	14.9%	13.6%		12.4%	26.1%	60.6%	0.0%	0.0%	15.0%	11.1%	
										c		aeg		c		c	
																	
Cost of benefits		5	2	5	0	2	0	1		3	3	1	0	3	1	2	
		17.7%	11.3%	22.4%	0.0%	24.5%	0.0%	4.5%		16.1%	12.3%	19.7%	0.0%	41.7%	15.0%	8.7%	
																	
Regulatory		5	1	4	0	3	1	0		2	6	1	0	1	0	2	
requirements		18.6%	5.6%	20.0%	8.0%	37.7%	14.9%	2.0%		15.3%	26.1%	19.7%	0.0%	10.5%	6.7%	9.0%	
						g		e									
																	
Corporate tax code		1	3	7	0	0	0	1		1	2	0	0	0	1	0	
		3.1%	20.1%	31.8%	0.0%	0.0%	0.0%	6.9%		5.1%	8.8%	0.0%	0.0%	0.0%	16.1%	1.9%	
		C		A													

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

23 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Cost of borrowing		9		4	1	1	2		0	1	0	0	2	
		8.6%		10.5%	4.5%	17.6%	7.1%		0.0%	16.7%	0.0%	0.0%	12.5%	
														
Employee morale		8		2	4	0	2		1	0	0	1	1	
		8.5%		5.3%	18.2%	5.9%	7.1%		10.0%	0.0%	0.0%	20.0%	6.3%	
														
Inflation		7		4	0	0	2		0	0	1	0	2	
		6.7%		10.5%	0.0%	0.0%	7.1%		0.0%	0.0%	20.0%	0.0%	12.5%	
														
Deflation		3		2	0	1	0		0	0	0	0	0	
		2.8%		5.3%	0.0%	11.8%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
						d	c							
														
Other		7		2	3	0	2		1	0	0	2	0	
		7.2%		5.3%	13.6%	0.0%	7.1%		10.0%	0.0%	0.0%	40.0%	0.0%	
												e	d	

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

24 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		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 borrowing		2	4	2	0		1	6	0	2	
		7.4%	6.8%	35.9%	0.0%		2.6%	17.3%	0.0%	9.2%	
			c	b							
											
Employee morale		2	7	0	0		5	3	0	1	
		6.2%	12.2%	0.0%	0.0%		14.9%	7.8%	0.0%	5.5%	
											
Inflation		2	3	1	0		2	3	2	0	
		7.4%	5.3%	14.1%	0.0%		5.3%	8.8%	17.0%	0.0%	
											
Deflation		0	1	0	0		2	0	0	0	
		0.0%	1.3%	0.0%	0.0%		8.0%	1.1%	0.0%	0.0%	
											
Other		3	2	2	0		1	4	2	1	
		12.2%	3.0%	35.9%	0.0%		2.9%	11.3%	13.8%	3.9%	
			C	B							

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

25 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Cost of borrowing		1	1	0	0	0	0	1	0	2	1	0	2	
		9.4%	7.2%	0.0%	0.0%	0.0%	2.9%	70.7%	0.0%	9.4%	15.3%	0.0%	21.3%	
					g		g	df						
														
Employee morale		1	0	2	0	0	1	1	2	1	0	0	1	
		10.1%	0.0%	45.9%	0.0%	0.0%	6.5%	70.7%	37.1%	4.8%	0.0%	0.0%	7.1%	
			cgh	bi	g			bdi	bi	cgh				
														
Inflation		0	2	0	2	0	1	0	1	0	0	1	0	
		0.0%	18.5%	0.0%	27.4%	0.0%	6.5%	0.0%	14.5%	0.0%	0.0%	28.1%	0.0%	
			i		I					bDk		i		
														
Deflation		0	0	0	0	0	0	0	0	2	0	0	0	
		4.2%	0.0%	0.0%	0.0%	0.0%	2.9%	0.0%	0.0%	8.0%	0.0%	0.0%	0.0%	
														
Other		3	2	0	0	0	2	0	0	1	0	0	0	
		28.8%	18.5%	0.0%	0.0%	0.0%	13.6%	0.0%	0.0%	3.4%	0.0%	0.0%	0.0%	
		i								a				

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

26 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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?

		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 borrowing		2	0	2	0	0	2	2		1	0	0	2	0	1	2	
		9.2%	0.0%	7.3%	0.0%	0.0%	38.1%	13.6%		5.1%	0.0%	0.0%	41.3%	0.0%	15.0%	13.0%	
			f				b				D		B				
																	
Employee morale		5	1	0	1	0	1	0		2	1	1	2	0	0	1	
		17.7%	8.2%	0.0%	19.2%	0.0%	16.1%	0.0%		12.8%	3.7%	19.7%	41.3%	0.0%	0.0%	4.7%	
		c		ad	c						d		bg			d	
																	
Inflation		2	0	4	0	0	1	0		0	5	0	0	0	0	0	
		6.2%	0.0%	18.7%	0.0%	0.0%	14.9%	0.0%		0.0%	19.2%	0.0%	0.0%	0.0%	0.0%	0.0%	
											g					b	
																	
Deflation		0	0	2	0	0	0	0		0	0	0	0	0	0	0	
		0.0%	2.5%	11.0%	0.0%	0.0%	0.0%	0.0%		2.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Other		1	2	0	1	1	0	3		1	2	0	1	1	1	2	
		3.1%	14.4%	0.0%	19.2%	12.3%	0.0%	14.3%		5.1%	8.8%	0.0%	17.4%	12.6%	15.0%	9.0%	
				d	c												

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

27 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017

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

		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
														
Number		101		19	23	17	42		10	6	5	5	16	
Percent		100.0%		18.8%	22.8%	16.8%	41.6%		23.8%	14.3%	11.9%	11.9%	38.1%	
														
Revenue		7.74		6.79	6.41	6.80	9.26		-4.50	7.00	12.00	18.42	12.58	
		5.00		8.00	3.00	12.50	8.50		5.00	7.00	19.00	11.50	10.00	
														
Technology spending		6.57		7.33	7.80	7.22	5.62		5.29	0.67	10.00	8.00	5.50	
		5.00		2.00	0.00	10.00	5.00		10.00	1.00	1.00	10.00	5.00	
														
Wages/Salaries		5.10		5.23	0.15	9.31	5.60		5.58	5.80	4.00	5.60	5.92	
		5.00		5.00	1.00	10.00	5.00		3.00	5.50	8.50	5.50	5.00	
														
Earnings		5.00		4.00	4.54	5.50	5.48		-2.37	0.80	13.33	8.60	8.33	
		5.00		10.00	1.00	5.00	5.00		5.00	2.00	17.50	7.50	5.00	
														
Number of domestic		4.41		4.17	5.94	5.73	3.28		-2.60	0.00	1.00	9.00	5.22	
full-time employees		2.00		2.00	2.00	7.50	2.00		-0.50	0.00	4.00	9.00	3.00	
														
Marketing/		4.31		2.00	7.35	7.00	3.11		-1.60	1.67	4.75	5.80	3.90	
advertising spending		2.00		2.00	2.00	3.00	3.00		3.50	5.00	7.00	4.00	5.00	
														
Capital spending		4.25		7.92	4.00	1.90	3.61		-5.00	2.67	16.67	5.00	5.27	
		3.00		8.00	1.50	2.00	5.00		0.00	5.00	25.00	10.00	5.00	
														
Research and		3.69		5.12	1.88	5.00	3.38		1.93	2.50	3.00	1.00	5.03	
development
spending		3.00		5.00	0.00	5.00	2.00		2.50	0.00	4.50	1.00	3.00	
														
Health care costs		3.58		3.94	2.80	4.17	3.44		5.00	4.00	2.50	0.00	3.35	
		2.00		5.00	2.00	2.50	2.50		7.50	6.00	1.00	1.00	3.50	
														
Prices of your products		2.90		2.00	2.80	2.69	3.57		6.25	4.67	1.67	2.63	3.00	
		2.50		4.50	0.00	2.00	3.00		10.00	6.50	5.00	3.00	3.00	

28 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017

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

		Ownership		Foreign Sales	
Mean
Median		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
											
Number		28	57	4	3		31	35	11	23	
Percent		30.4%	62.0%	4.3%	3.3%		31.0%	35.0%	11.0%	23.0%	
											
Revenue		1.58	9.74	12.50	0.00		9.83	7.71	11.89	2.69	
		2.50	9.00	1.00	1.00		10.00	6.00	5.00	5.00	
											
Technology spending		6.50	7.51	4.00	3.33		8.86	4.40	3.50	7.69	
		2.00	5.00	5.00	5.00		5.00	3.00	2.00	10.00	
											
Wages/Salaries		2.92	5.75	8.33	3.50		5.34	5.82	2.07	5.07	
		2.00	5.00	11.00	1.00		5.00	5.00	2.00	5.00	
											
Earnings		-0.37	6.46	14.00	-6.67		2.85	7.15	5.63	4.45	
		2.00	5.00	1.00	0.00		5.00	8.00	7.00	2.00	
											
Number of domestic		1.33	6.31	4.00	1.00		8.02	3.32	3.14	1.18	
full-time employees		1.00	5.00	5.00	1.00		2.00	3.00	1.50	2.00	
											
Marketing/		2.46	6.17	-2.33	-10.00		6.18	4.86	4.67	-1.10	
advertising spending		0.50	5.00	1.50	1.00		2.50	3.00	2.00	2.00	
											
Capital spending		10.12	2.22	4.00	-10.00		2.10	7.78	9.00	-0.54	
		5.00	2.00	1.00	1.00		3.00	5.00	2.50	2.50	
											
Research and		3.56	3.28	6.39	2.33		5.44	1.50	5.00	3.36	
development
spending		2.00	3.00	8.09	3.50		5.00	1.00	10.00	4.00	
											
Health care costs		2.44	4.39	0.00	0.00		4.84	2.86	1.25	3.41	
		2.00	5.00	0.00	1.00		5.00	2.00	0.00	2.50	
											
Prices of your products		-2.06	5.55	0.00	-3.50		6.25	2.07	1.40	-0.63	
		0.00	4.00	1.00	1.00		5.00	2.25	1.00	2.00	

29 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017

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

		Industry	
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
														
Number		11	9	5	6	1	13	2	7	23	6	2	13	
Percent		11.2%	9.2%	5.1%	6.1%	1.0%	13.3%	2.0%	7.1%	23.5%	6.1%	2.0%	13.3%	
														
Revenue		18.02	12.57	-0.60	6.80	5.00	12.68	-8.50	5.00	5.26	8.50	---	6.40	
		15.00	10.00	6.00	9.00	4.00	12.50	1.00	15.00	5.00	9.00	---	5.00	
														
Technology spending		5.57	7.80	5.67	9.25	4.00	7.77	---	15.00	4.38	7.50	---	5.57	
		3.50	7.50	7.50	10.00	3.00	6.00	---	20.00	4.00	10.00	---	5.00	
														
Wages/Salaries		5.07	5.50	3.55	3.00	5.00	7.14	1.00	10.00	3.14	5.75	15.00	5.70	
		4.50	5.00	3.50	5.00	2.50	8.00	2.00	10.00	3.00	5.00	10.00	5.00	
														
Earnings		6.00	3.50	-0.75	1.60	5.00	-2.40	24.83	14.00	7.57	3.75	---	4.09	
		5.00	7.00	2.00	5.50	-1.50	5.00	1.00	20.00	6.50	5.00	---	5.00	
														
Number of domestic		6.71	8.00	-0.75	3.33	0.00	14.48	-7.50	15.00	1.07	-3.33	5.00	4.63	
full-time employees		7.50	5.00	2.00	4.00	1.50	7.50	1.00	1.00	0.00	2.50	2.50	3.00	
														
Marketing/		7.71	7.75	3.25	2.33	2.00	6.57	15.86	3.50	1.29	6.00	-10.00	1.50	
advertising spending		7.50	8.00	5.00	3.00	1.50	5.00	1.00	1.00	0.00	7.50	-5.00	2.00	
														
Capital spending		3.43	6.50	3.50	5.60	-2.00	0.57	0.00	11.67	7.69	-12.33	-12.00	6.56	
		7.50	8.00	5.00	3.50	-0.50	6.00	1.00	16.50	5.00	-3.50	-8.50	7.50	
														
Research and		1.20	6.04	0.50	4.50	5.00	4.00	---	7.33	2.97	4.54	13.17	1.80	
development
spending		0.50	8.00	1.00	5.00	4.00	5.00	---	10.00	3.50	5.00	6.59	2.00	
														
Health care costs		4.00	7.48	1.00	2.33	3.00	5.41	---	7.22	1.96	5.00	---	1.20	
		5.00	8.72	1.00	3.50	2.50	10.00	---	1.00	0.00	7.50	---	2.00	
														
Prices of your products		3.67	0.00	1.75	3.40	5.00	8.67	-15.00	-4.30	3.08	4.00	---	2.21	
		3.00	0.00	3.00	3.50	2.50	6.50	-7.50	3.50	0.00	5.00	---	2.25	

30 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017

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

		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		29	14	20	5	8	5	18		19	20	5	3	7	7	20	
Percent		29.3%	14.1%	20.2%	5.1%	8.1%	5.1%	18.2%		23.5%	24.7%	6.2%	3.7%	8.6%	8.6%	24.7%	
																	
Revenue		13.80	10.93	8.95	-1.75	2.71	3.33	2.50		12.29	13.27	3.40	5.00	5.83	2.14	1.30	
		11.00	8.00	8.50	5.00	5.50	7.50	5.00		12.00	10.00	4.50	11.00	5.00	7.00	5.00	
																	
Technology spending		7.83	8.71	5.93	5.00	3.33	2.50	10.00		7.80	9.05	7.75	10.67	10.00	2.00	5.89	
		5.00	3.50	5.00	1.00	0.00	1.00	10.00		10.00	3.50	10.00	16.00	10.00	0.00	7.50	
																	
Wages/Salaries		5.85	5.91	6.12	5.00	1.14	5.67	1.86		5.13	6.80	5.20	4.00	7.60	2.67	0.57	
		5.00	5.00	6.00	7.50	3.00	7.50	2.00		5.00	6.50	7.00	6.00	10.00	3.00	1.00	
																	
Earnings		12.63	3.00	3.89	-1.25	4.29	-1.00	4.56		8.21	-0.31	2.80	5.67	5.33	0.71	6.88	
		5.00	5.00	5.00	10.00	7.50	1.00	6.00		5.00	3.50	5.50	16.00	10.00	2.50	7.00	
																	
Number of domestic		4.13	11.34	5.27	1.25	-0.20	1.00	-1.00		6.33	9.53	2.50	7.33	6.80	-1.60	-1.38	
full-time employees		3.00	5.00	3.50	10.00	-0.50	1.00	2.50		3.50	5.00	2.00	11.00	10.00	1.00	0.00	
																	
Marketing/		6.14	7.97	4.00	0.67	-3.60	2.33	3.00		10.64	4.36	1.00	2.33	-6.00	0.40	1.43	
advertising spending		5.00	3.00	5.00	1.00	0.00	3.50	4.00		9.00	5.00	1.00	3.50	1.00	1.00	1.50	
																	
Capital spending		3.27	4.25	1.88	15.50	4.86	10.00	8.75		6.11	1.30	7.40	24.00	-4.50	4.14	9.71	
		2.00	5.00	5.00	20.00	6.50	1.00	3.00		4.00	5.00	10.00	35.00	2.00	0.50	6.50	
																	
Research and		5.87	2.14	4.40	1.00	-1.27	1.50	4.25		5.46	4.70	2.67	4.00	0.55	0.50	2.57	
development
spending		5.00	1.00	4.50	1.00	0.00	1.00	5.00		5.00	3.00	4.00	6.00	3.50	0.00	3.00	
																	
Health care costs		3.04	5.18	3.84	1.00	4.50	0.00	1.75		4.11	6.41	1.00	4.81	7.33	1.67	1.33	
		2.00	5.00	4.50	1.00	5.00	1.00	2.00		5.00	7.50	1.50	7.22	10.00	2.50	0.00	
																	
Prices of your products		3.69	6.72	2.57	-4.33	0.83	2.50	0.59		7.09	3.08	4.17	2.33	2.33	0.86	-1.41	
		5.00	3.00	2.00	1.00	3.00	1.00	3.50		5.00	1.50	6.25	3.50	3.50	4.00	1.50	

31 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=99		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
														
Technology spending		8.86		12.24	6.92	3.59	9.17		9.98	0.22	0.59	9.74	4.55	
		10.00		6.63	10.00	3.00	10.00		10.00	0.00	10.30	12.41	2.00	
														
Capital spending		8.13		11.34	15.87	2.65	2.70		1.30	-0.43	4.61	9.35	11.46	
		3.00		20.00	1.28	3.96	0.00		0.00	2.51	12.80	10.00	10.00	
														
Earnings		4.31		-6.63	4.75	6.05	12.39		13.43	0.34	7.31	16.58	8.57	
		5.00		2.74	7.73	5.00	10.00		23.45	1.27	11.40	9.39	13.52	
														
Research and		3.44		2.53	6.47	3.95	2.11		2.05	0.86	0.90	1.00	3.76	
development
spending		2.00		2.62	10.00	4.76	0.00		0.00	0.00	2.56	0.02	2.64	
														
Revenue		2.93		5.04	2.16	-3.79	7.21		5.89	8.13	1.57	15.32	11.69	
		5.00		5.00	2.62	10.01	10.00		5.00	11.20	7.60	34.87	10.00	
														
Marketing/		2.46		1.74	0.32	3.20	3.54		3.57	-2.76	1.61	5.05	4.19	
advertising spending		3.00		2.38	0.53	3.00	5.00		5.00	-1.78	1.31	11.91	5.00	
														
Prices of your products		0.80		3.19	1.92	-17.81	5.42		6.49	6.88	-3.67	2.95	4.06	
		3.00		4.11	0.00	-17.16	3.00		9.99	5.16	-1.80	1.66	5.00	

32 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=99		Ownership		Foreign Sales	
Mean
Median		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
											
Technology spending		10.28	7.42	4.93	3.43		5.21	5.43	9.70	11.26	
		10.00	10.00	2.56	5.00		0.27	4.84	5.19	10.00	
											
Capital spending		13.91	-0.80	19.39	-9.12		0.99	10.05	19.70	3.51	
		12.80	0.00	5.29	-0.81		0.98	10.00	17.85	2.00	
											
Earnings		0.70	10.26	8.27	-5.96		2.40	4.74	4.30	4.37	
		2.00	5.94	14.14	0.97		5.00	9.23	7.04	5.00	
											
Research and		4.77	2.05	3.19	2.31		3.09	1.30	9.92	1.96	
development
spending		4.27	0.00	8.18	3.50		0.00	0.98	10.00	2.42	
											
Revenue		-0.40	7.14	5.34	0.44		5.48	8.27	2.63	0.65	
		1.90	10.00	12.67	3.78		1.90	10.00	5.00	6.06	
											
Marketing/		1.05	3.54	-0.12	-9.12		3.58	2.84	0.12	2.84	
advertising spending		0.00	5.00	1.51	0.24		0.00	3.00	0.52	5.00	
											
Prices of your products		-2.98	5.26	4.77	-2.93		0.83	2.54	2.46	-0.21	
		0.00	5.00	2.56	2.76		0.00	4.20	1.97	3.43	

33 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=99		Industry	
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
														
Technology spending		9.33	10.27	7.19	16.30	4.00	9.24	---	12.09	5.87	9.72	---	1.96	
		14.52	14.28	9.70	23.86	3.00	10.00	---	20.00	5.39	10.00	---	2.00	
														
Capital spending		8.61	7.49	6.64	9.41	-2.00	12.52	0.00	3.08	25.99	-5.63	-12.00	2.88	
		17.24	8.88	9.39	1.64	-0.50	11.10	0.00	16.29	35.34	-3.50	-8.50	2.00	
														
Earnings		11.39	-4.47	1.80	2.01	5.00	12.23	1.30	11.67	6.94	4.73	---	1.86	
		15.85	-3.96	2.00	-2.21	-1.50	29.77	31.58	20.00	7.90	7.36	---	3.51	
														
Research and		0.67	7.06	2.46	4.60	5.00	1.40	---	4.23	6.00	0.19	13.17	1.69	
development
spending		0.40	10.59	7.47	7.26	4.00	4.03	---	7.55	10.32	0.00	6.59	3.21	
														
Revenue		13.14	2.49	1.71	8.58	5.00	11.71	-16.27	-19.12	3.53	5.15	---	2.77	
		14.88	1.55	6.00	9.90	4.00	13.91	-6.27	-7.17	5.00	5.00	---	2.51	
														
Marketing/		6.94	9.04	2.66	4.87	2.00	5.09	5.15	2.49	0.20	4.64	-10.00	1.99	
advertising spending		7.56	13.13	5.00	5.00	1.50	5.00	18.94	3.79	0.00	7.37	-5.00	2.00	
														
Prices of your products		2.12	1.36	2.56	6.50	5.00	3.69	-15.00	-19.40	0.33	3.06	---	1.99	
		2.00	2.14	6.08	9.53	2.50	13.55	-7.50	-8.70	0.00	4.00	---	2.00	

34 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=99		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	
																	
Technology spending		7.83	8.71	5.93	5.00	3.33	2.50	10.00		8.74	10.18	7.63	2.06	10.00	2.08	8.09	
		5.00	3.50	5.00	0.09	0.00	0.90	10.00		10.00	12.23	10.06	15.79	10.00	0.00	10.00	
																	
Capital spending		3.27	4.25	1.88	15.50	4.86	10.00	8.75		7.01	6.49	8.17	2.80	-9.00	2.31	11.09	
		2.00	5.00	5.00	20.00	6.50	0.90	3.00		9.08	10.00	10.00	16.32	-3.62	0.00	8.47	
																	
Earnings		12.63	3.00	3.89	-1.25	4.29	-1.00	4.56		8.78	1.23	0.86	1.79	9.40	3.33	8.12	
		5.00	5.00	5.00	10.00	7.50	0.90	6.00		10.38	0.22	5.51	15.79	8.10	7.21	7.47	
																	
Research and		5.87	2.14	4.40	1.00	-1.27	1.50	4.25		6.64	5.34	3.77	1.99	-2.69	0.52	4.43	
development
spending		5.00	1.00	4.50	0.09	0.00	0.90	5.00		8.54	6.06	4.88	5.94	-0.18	0.19	6.42	
																	
Revenue		13.80	10.93	8.95	-1.75	2.71	3.33	2.50		10.63	11.14	0.94	1.90	-3.94	4.43	1.44	
		11.00	8.00	8.50	5.00	5.50	7.50	5.00		10.24	11.23	3.00	10.86	5.00	6.89	5.00	
																	
Marketing/		6.14	7.97	4.00	0.67	-3.60	2.33	3.00		9.80	5.88	0.24	1.97	-14.00	1.73	2.85	
advertising spending		5.00	3.00	5.00	1.00	0.00	3.50	4.00		9.02	5.00	0.13	3.48	-5.94	3.11	4.57	
																	
Prices of your products		3.69	6.72	2.57	-4.33	0.83	2.50	0.59		6.41	1.50	1.24	1.97	2.38	3.70	-1.56	
		5.00	3.00	2.00	1.00	3.00	0.90	3.50		5.00	0.22	1.58	3.48	3.50	5.00	2.92	

35 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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	
Mean
Median		
		
China	
Japan	
India	All other
Asia	
								
Health care costs		1.82		0.58	1.43	5.97	2.14	
		0.22		1.09	1.39	10.00	0.00	
								
Wages/Salaries		1.65		6.55	-0.07	10.30	0.87	
		2.00		8.23	0.61	10.00	3.00	
								
Number of domestic		-0.49		1.58	1.42	-0.21	-2.32	
full-time employees		0.00		1.15	1.25	7.21	0.00	

36 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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%	
											
Health care costs		1.76	2.34	0.00	0.00		0.91	0.91	0.11	3.14	
		2.12	0.00	0.00	0.08		1.55	2.02	0.00	4.08	
											
Wages/Salaries		0.57	1.32	7.09	3.50		-2.37	5.22	1.00	0.96	
		1.37	2.22	11.00	0.08		-1.75	6.39	1.49	1.45	
											
Number of domestic		0.13	-1.65	0.66	1.00		-1.61	0.59	1.51	-2.42	
full-time employees		0.89	-0.09	1.09	0.08		-1.90	1.04	2.93	0.00	

37 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
														
Health care costs		6.76	8.12	1.65	5.00	3.00	4.73	---	3.74	1.03	0.96	---	0.17	
		9.04	8.72	5.33	4.00	3.00	6.65	---	8.26	0.15	0.00	---	1.00	
														
Wages/Salaries		4.91	0.56	5.52	0.00	5.00	3.53	---	10.00	0.41	3.97	15.00	4.94	
		6.55	1.63	4.00	1.14	2.50	3.52	---	8.17	2.06	4.37	10.00	4.45	
														
Number of domestic		4.08	0.98	0.78	5.00	0.00	12.40	-15.00	11.67	-0.47	-10.61	5.00	5.72	
full-time employees		3.45	1.04	2.99	2.50	0.00	19.36	-7.50	16.00	0.00	-4.82	2.50	7.63	

38 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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	
																	
Health care costs		3.92	7.13	3.77	1.67	2.28	0.00	1.67		4.11	6.41	1.00	4.81	7.33	1.67	1.33	
		1.74	10.00	2.59	2.40	3.36	1.90	1.02		5.00	7.50	1.50	7.22	10.00	2.50	0.00	
																	
Wages/Salaries		7.36	4.93	7.23	6.82	-2.02	6.07	1.24		5.13	6.80	5.20	4.00	7.60	2.67	0.57	
		10.00	4.13	8.31	9.50	-1.75	7.39	1.55		5.00	6.50	7.00	6.00	10.00	3.00	1.00	
																	
Number of domestic		4.55	14.00	4.60	-2.38	-1.51	0.39	-1.73		6.33	9.53	2.50	7.33	6.80	-1.60	-1.38	
full-time employees		4.68	8.17	4.12	5.00	-0.50	1.24	2.50		3.50	5.00	2.00	11.00	10.00	1.00	0.00	

39 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=63		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	
All Others	
												
Earnings		0.70		-8.72	4.68	2.31	6.88		5.00	2.00	7.40	
		2.00		2.12	9.27	6.25	6.52		3.50	2.00	8.12	
												
Revenue		-0.40		5.10	1.15	-18.70	13.58		3.00	3.00	16.00	
		1.90		8.06	1.00	2.76	24.46		3.00	3.00	28.75	

40 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=63		Ownersh-
ip		
Foreign Sales	
Mean
Median		
Public		
0%	
1-24%	
25-50%	More
than 50%	
								
Earnings		0.70		-2.76	-3.15	4.06	-1.86	
		2.00		2.64	-5.16	8.55	3.36	
								
Revenue		-0.40		12.74	1.60	1.77	-3.14	
		1.90		26.19	1.57	3.06	2.45	

41 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=63		Industry	
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Other
Industry	
											
Earnings		12.00	-4.94	-10.00	-17.95	-15.00	-10.00	---	7.99	0.45	
		6.00	-3.97	-6.50	-13.09	-11.50	-9.00	---	9.77	2.00	
											
Revenue		---	2.15	-30.00	7.37	-7.00	-20.00	-20.00	1.90	1.53	
		---	21.09	5.00	9.82	0.50	-6.00	-6.00	1.87	2.44	

42 

Duke / CFO magazine Global Business Outlook survey - Asia - Third 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=63		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		-10.00	2.00	5.60	-12.50	0.67	-10.00	1.00		-10.00	-3.00	5.50	1.68	11.94	-4.08	3.84	
		-4.00	2.00	8.00	0.09	5.00	-5.00	7.00		-7.50	-4.00	0.14	2.00	7.15	-5.47	8.32	
																	
Revenue		-30.00	3.00	16.60	-13.50	3.67	-5.00	-0.83		-30.00	40.00	3.00	1.83	25.00	0.02	-3.64	
		-14.00	2.50	18.50	0.09	5.50	-2.00	2.00		-15.50	19.50	0.14	1.51	13.50	2.26	0.50	

43 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=101		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
				A	B	C	D		A	B	C	D	E	
														
Number		101		40	20	6	35		8	5	4	4	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		24.2%	14.5%	12.1%	12.1%	38.7%	
														
What is the hurdle		12.39		13.13	9.81	13.56	12.74		14.11	15.40	12.00	13.60	10.88	
rate that your
company uses to
evaluate investment
projects?		12.00		14.60	9.50	13.50	12.00		12.00	15.00	12.50	16.50	12.00	
				B	A					e			b	

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

44 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=101		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		28	55	6	4		31	33	13	23	
Percent		30.5%	58.9%	6.3%	4.0%		31.0%	33.2%	13.3%	22.8%	
											
What is the hurdle		11.70	12.72	10.90	15.22		12.08	12.37	12.22	13.00	
rate that your
company uses to
evaluate investment
projects?		10.05	12.00	13.00	18.17		12.00	12.00	12.24	12.21	

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

45 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=101		Industry	
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Number		9	11	4	8	0	13	1	6	26	5	3	12	
Percent		9.0%	11.6%	3.8%	7.8%	0.4%	12.8%	1.3%	5.8%	26.9%	5.5%	3.0%	12.7%	
														
What is the hurdle		12.56	8.80	10.80	7.54	6.50	15.01	20.00	13.33	13.07	14.47	14.00	13.61	
rate that your
company uses to
evaluate investment
projects?		14.15	9.89	10.83	7.96	6.75	15.00	12.50	15.21	12.67	15.00	14.00	14.66	
		D	fhIJ	DJ	ACfHIJl		bd		bD	BD	BCD		d	

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

46 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=101		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		27	15	22	5	7	6	19		16	24	4	5	7	5	20	
Percent		26.3%	14.4%	22.2%	4.6%	6.6%	5.5%	18.9%		19.9%	29.4%	5.1%	6.3%	8.7%	6.8%	24.5%	
																	
What is the hurdle		14.86	11.68	11.90	9.52	9.67	10.33	11.48		13.58	13.13	14.12	13.09	13.29	10.72	10.68	
rate that your
company uses to
evaluate investment
projects?		15.00	12.00	12.00	10.78	11.42	11.40	12.00		13.55	12.00	16.38	14.92	13.89	12.00	11.82	
		cdefg		a	a	a	a	a		g						a	

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

47 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6a. Does your company pursue all NPV>0 projects?

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		99		40	19	6	34		8	5	4	4	12	
		100.0%		40.3%	19.7%	5.9%	34.0%		24.4%	14.6%	12.2%	12.2%	36.6%	
														
Yes		33		17	3	3	11		3	2	1	0	5	
		33.1%		42.1%	13.6%	43.8%	31.7%		40.0%	33.3%	20.0%	0.0%	40.0%	
				b	a									
														
No		48		17	11	2	18		4	3	1	4	6	
		48.2%		42.1%	54.5%	37.5%	53.7%		50.0%	66.7%	20.0%	100.0%	46.7%	
														
Don't Know		19		6	6	1	5		1	0	2	0	2	
		18.7%		15.8%	31.8%	18.8%	14.6%		10.0%	0.0%	60.0%	0.0%	13.3%	

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

48 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6a. Does your company pursue all NPV>0 projects?

N=101		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		28	54	6	4		31	32	12	23	
		30.9%	58.7%	6.4%	4.1%		31.6%	32.6%	12.6%	23.2%	
											
Yes		9	15	4	0		7	13	4	10	
		32.6%	28.0%	64.1%	0.0%		21.2%	39.9%	30.8%	42.0%	
											
No		14	27	2	3		15	15	8	9	
		49.4%	50.9%	35.9%	78.1%		49.0%	48.0%	62.1%	38.0%	
											
Don't Know		5	11	0	1		9	4	1	5	
		18.0%	21.1%	0.0%	21.9%		29.8%	12.1%	7.2%	20.0%	

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

49 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6a. Does your company pursue all NPV>0 projects?

N=101		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		8	11	4	8	0	13	1	6	26	5	3	11	
		8.2%	11.8%	3.9%	8.0%	0.4%	13.1%	1.3%	5.9%	27.3%	5.6%	3.0%	11.6%	
														
Yes		2	6	0	6	0	1	0	1	9	0	1	5	
		20.7%	51.4%	0.0%	76.9%	0.0%	9.4%	29.3%	21.0%	32.8%	6.8%	28.1%	44.8%	
		d	f	d	acFij		bD			d	d			
														
No		3	5	2	2	0	9	0	1	14	5	0	5	
		36.4%	40.8%	66.3%	23.1%	100.0%	70.0%	0.0%	21.0%	54.7%	93.2%	0.0%	47.8%	
					j		k		j		dhk	fj		
														
Don't Know		3	1	1	0	0	3	1	3	3	0	2	1	
		42.9%	7.8%	33.7%	0.0%	0.0%	20.6%	70.7%	58.0%	12.5%	0.0%	71.9%	7.3%	
			hk		ghk			d	bdil	hk		bdil	hk	

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

50 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6a. Does your company pursue all NPV>0 projects?

N=101		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		26	15	22	5	7	6	18		16	24	4	5	7	5	19	
		26.9%	15.0%	22.2%	4.7%	6.9%	5.7%	18.7%		20.0%	29.5%	5.2%	6.3%	8.7%	6.8%	23.5%	
																	
Yes		6	5	8	3	3	0	7		6	5	1	2	5	2	4	
		21.6%	36.4%	38.9%	61.5%	37.7%	0.0%	39.4%		37.4%	22.7%	19.7%	41.3%	65.2%	37.8%	19.9%	
											e			bg		e	
																	
No		13	6	12	1	3	6	7		7	15	3	1	2	3	11	
		49.4%	43.1%	55.6%	19.2%	50.0%	100.0%	37.3%		41.5%	64.9%	80.3%	17.4%	22.2%	62.2%	58.1%	
		f	f		f		abdg	f									
																	
Don't Know		8	3	1	1	1	0	4		3	3	0	2	1	0	4	
		29.0%	20.5%	5.5%	19.2%	12.3%	0.0%	23.3%		21.1%	12.4%	0.0%	41.3%	12.6%	0.0%	22.0%	
		c		a													

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

51 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		98		40	18	6	34		8	4	4	4	13	
		100.0%		40.9%	18.2%	6.4%	34.5%		24.4%	12.2%	12.2%	12.2%	39.0%	
														
Yes		39		19	4	3	13		2	2	2	4	3	
		40.0%		47.4%	25.0%	41.2%	39.0%		20.0%	40.0%	60.0%	100.0%	25.0%	
									d			ae	d	
														
No		40		13	8	2	17		5	2	1	0	10	
		41.0%		31.6%	45.0%	35.3%	51.2%		60.0%	40.0%	20.0%	0.0%	75.0%	
												e	d	
														
Don't Know		18		8	5	1	3		2	1	1	0	0	
		18.9%		21.1%	30.0%	23.5%	9.8%		20.0%	20.0%	20.0%	0.0%	0.0%	

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

52 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		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		28	53	6	4		31	31	11	23	
		30.5%	58.9%	6.5%	4.1%		32.1%	32.5%	11.9%	23.5%	
											
Yes		8	25	0	4		13	8	7	11	
		29.0%	47.8%	0.0%	100.0%		40.4%	25.8%	62.0%	49.6%	
		d	c	bd	ac			c	b		
											
No		12	20	4	0		14	13	4	7	
		45.0%	37.1%	64.1%	0.0%		45.8%	42.2%	38.0%	32.4%	
											
Don't Know		7	8	2	0		4	10	0	4	
		26.0%	15.1%	35.9%	0.0%		13.9%	32.0%	0.0%	18.0%	
								c	b		

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

53 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		8	11	4	7	0	13	1	6	26	5	3	12	
		8.3%	11.8%	3.9%	7.1%	0.4%	13.1%	1.3%	5.9%	27.5%	5.6%	3.0%	12.1%	
														
Yes		4	5	0	3	0	7	0	3	8	2	2	4	
		46.7%	44.2%	9.9%	44.0%	0.0%	58.8%	0.0%	51.6%	32.0%	38.7%	71.9%	34.7%	
														
No		2	6	2	2	0	3	0	1	13	2	1	5	
		20.7%	55.8%	66.3%	25.1%	100.0%	20.6%	29.3%	21.0%	49.3%	46.0%	28.1%	47.1%	
														
Don't Know		3	0	1	2	0	3	1	2	5	1	0	2	
		32.6%	0.0%	23.8%	30.9%	0.0%	20.6%	70.7%	27.4%	18.7%	15.3%	0.0%	18.2%	
			g					b						

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

54 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		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		27	14	22	5	7	6	16		16	23	4	5	7	5	18	
		27.7%	14.3%	23.4%	4.8%	7.0%	5.8%	17.1%		20.7%	29.4%	5.3%	6.5%	9.0%	5.9%	23.2%	
																	
Yes		14	9	10	0	2	1	3		6	11	2	2	1	1	5	
		51.2%	63.6%	46.6%	0.0%	36.8%	16.1%	17.8%		38.3%	48.9%	40.9%	41.3%	17.0%	17.8%	25.6%	
		g	dg		b			ab									
																	
No		9	4	11	1	4	3	7		8	9	2	3	2	3	8	
		35.7%	29.9%	48.1%	27.2%	63.2%	45.9%	41.7%		50.7%	39.8%	59.1%	58.7%	35.2%	64.3%	42.6%	
																	
Don't Know		3	1	1	3	0	2	7		2	3	0	0	3	1	6	
		13.1%	6.4%	5.3%	72.8%	0.0%	38.1%	40.5%		11.0%	11.3%	0.0%	0.0%	47.8%	17.8%	31.8%	
		Dg	Dg	Dfg	ABCe	d	c	abc			e			b			

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

55 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		39		19	4	3	13		2	2	2	4	3	
		100.0%		48.4%	11.3%	6.6%	33.7%		12.5%	12.5%	18.8%	31.2%	25.0%	
														
It's difficult to quickly
get new managers up
to speed and fully		

21		

11	

3	

2	

6		

0	

1	

1	

2	

2	
productive		53.1%		55.6%	60.0%	71.4%	43.8%		0.0%	50.0%	33.3%	40.0%	75.0%	
														
Financial constraints		20		11	1	1	7		0	2	2	2	2	
		51.9%		55.6%	20.0%	57.1%	56.3%		0.0%	100.0%	66.7%	60.0%	50.0%	
														
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

16		

8	

1	

1	

6		

1	

0	

1	

2	

2	
managerial workforce		40.4%		44.4%	20.0%	28.6%	43.8%		50.0%	0.0%	33.3%	60.0%	50.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

56 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		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		8	25	0	4		13	8	7	11	
		21.5%	68.4%	0.0%	10.1%		32.1%	20.8%	18.2%	28.9%	
											
It's difficult to quickly
get new managers up
to speed and fully		

6	

12	

0	

2		

8	

5	

4	

4	
productive		78.6%	47.6%	0.0%	43.9%		60.1%	65.1%	59.0%	33.1%	
											
Financial constraints		4	13	0	3		4	4	5	8	
		46.9%	50.6%	0.0%	78.1%		29.7%	44.0%	70.5%	70.3%	
											
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

2	

10	

0	

4		

8	

2	

0	

6	
managerial workforce		21.4%	40.6%	0.0%	100.0%		63.2%	24.8%	0.0%	51.7%	
		d	d		ab		c		ad	c	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

57 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		4	5	0	3	0	7	0	3	8	2	2	4	
		9.5%	12.9%	0.9%	7.6%	0.0%	19.0%	0.0%	7.5%	21.6%	5.3%	5.4%	10.3%	
														
It's difficult to quickly
get new managers up
to speed and fully		

3	

5	

0	

3	

0	

2	

0	

1	

3	

0	

0	

3	
productive		77.9%	100.0%	100.0%	100.0%	0.0%	33.3%	0.0%	28.1%	35.4%	0.0%	0.0%	79.6%	
			fijk				b			b	b	b		
														
Financial constraints		2	3	0	0	0	3	0	1	5	1	2	2	
		54.1%	58.2%	100.0%	0.0%	0.0%	44.4%	0.0%	28.1%	59.5%	60.4%	100.0%	61.3%	
														
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

1	

1	

0	

0	

0	

5	

0	

2	

2	

0	

2	

2	
managerial workforce		32.0%	16.4%	100.0%	0.0%	0.0%	67.9%	0.0%	71.9%	20.2%	0.0%	100.0%	61.3%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

58 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		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		14	9	10	0	2	1	3		6	11	2	2	1	1	5	
		34.8%	22.4%	26.8%	0.0%	6.3%	2.3%	7.5%		22.2%	40.3%	6.1%	7.5%	4.3%	2.9%	16.6%	
																	
It's difficult to quickly
get new managers up
to speed and fully		

6	

3	

10	

0	

0	

0	

2		

4	

7	

2	

0	

0	

0	

2	
productive		41.7%	28.9%	100.0%	0.0%	0.0%	0.0%	71.9%		60.5%	62.6%	100.0%	0.0%	30.9%	0.0%	45.4%	
		C	C	ABEF		C	C										
																	
Financial constraints		9	7	3	0	1	0	0		6	8	1	0	0	0	1	
		69.7%	76.3%	31.5%	0.0%	33.3%	0.0%	0.0%		94.1%	74.0%	48.1%	0.0%	0.0%	0.0%	17.7%	
		g	g					ab		dg			a			a	
																	
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

6	

5	

2	

0	

1	

0	

2		

2	

4	

2	

2	

1	

0	

2	
managerial workforce		45.7%	52.2%	19.8%	0.0%	33.3%	0.0%	71.9%		26.6%	36.6%	100.0%	100.0%	69.1%	0.0%	45.4%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

59 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
It is difficult to hire
potential managers
that possess the
specific hard skills		

11		

6	

1	

1	

2		

0	

0	

1	

1	

1	
that we need		28.5%		33.3%	20.0%	57.1%	18.8%		0.0%	0.0%	33.3%	20.0%	25.0%	
														
It's difficult to find
new managers who
mesh with our work		

9		

4	

1	

0	

3		

0	

1	

1	

1	

1	
culture		22.4%		22.2%	20.0%	14.3%	25.0%		0.0%	50.0%	33.3%	20.0%	25.0%	
														
It is difficult to hire
potential managers
that possess the
intangible skills that		

7		

4	

2	

0	

1		

0	

0	

0	

0	

1	
we need		17.4%		22.2%	40.0%	0.0%	6.3%		0.0%	0.0%	0.0%	0.0%	25.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

60 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
It is difficult to hire
potential managers
that possess the
specific hard skills		

2	

6	

0	

2		

7	

2	

0	

2	
that we need		26.0%	24.5%	0.0%	56.1%		53.7%	28.2%	0.0%	18.6%	
							c		a		
											
It's difficult to find
new managers who
mesh with our work		

0	

8	

0	

0		

4	

3	

1	

1	
culture		0.0%	33.0%	0.0%	0.0%		29.9%	41.4%	11.5%	7.3%	
											
It is difficult to hire
potential managers
that possess the
intangible skills that		

3	

4	

0	

0		

4	

0	

0	

3	
we need		32.5%	16.5%	0.0%	0.0%		30.4%	0.0%	0.0%	26.4%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

61 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
It is difficult to hire
potential managers
that possess the
specific hard skills		

0	

1	

0	

0	

0	

5	

0	

2	

1	

0	

0	

2	
that we need		9.9%	16.4%	0.0%	0.0%	0.0%	72.8%	0.0%	71.9%	10.5%	0.0%	0.0%	38.7%	
							i			f				
														
It's difficult to find
new managers who
mesh with our work		

2	

2	

0	

1	

0	

2	

0	

1	

0	

0	

0	

0	
culture		66.3%	41.8%	0.0%	29.7%	0.0%	28.4%	0.0%	28.1%	0.0%	0.0%	0.0%	9.1%	
		i								a				
														
It is difficult to hire
potential managers
that possess the
intangible skills that		

0	

3	

0	

0	

0	

0	

0	

2	

2	

0	

0	

0	
we need		0.0%	58.2%	0.0%	0.0%	0.0%	0.0%	0.0%	71.9%	21.0%	0.0%	0.0%	0.0%	
			f				bh		f					

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

62 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		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	
																	
It is difficult to hire
potential managers
that possess the
specific hard skills		

6	

1	

2	

0	

0	

0	

2		

0	

3	

2	

2	

0	

0	

2	
that we need		42.4%	9.4%	23.4%	0.0%	0.0%	0.0%	71.9%		0.0%	26.0%	100.0%	100.0%	30.9%	0.0%	45.4%	
										cd		a	a				
																	
It's difficult to find
new managers who
mesh with our work		

3	

1	

3	

0	

0	

0	

2		

2	

3	

0	

0	

0	

0	

2	
culture		20.8%	10.1%	28.0%	0.0%	0.0%	0.0%	71.9%		26.6%	26.0%	0.0%	0.0%	0.0%	0.0%	45.4%	
																	
It is difficult to hire
potential managers
that possess the
intangible skills that		

2	

0	

4	

0	

0	

1	

0		

2	

1	

1	

2	

0	

0	

1	
we need		15.5%	0.0%	36.4%	0.0%	0.0%	100.0%	0.0%		34.0%	7.3%	51.9%	100.0%	0.0%	0.0%	19.1%	
			f				b				d		b				

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

63 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Hiring more
managers would
reduce		

7		

4	

1	

0	

2		

0	

0	

1	

0	

1	
organizational focus		17.2%		22.2%	20.0%	0.0%	12.5%		0.0%	0.0%	33.3%	0.0%	25.0%	
														
Other		5		2	0	0	2		1	0	0	1	1	
		11.7%		11.1%	0.0%	0.0%	18.8%		50.0%	0.0%	0.0%	20.0%	25.0%	
														
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

3		

2	

0	

0	

1		

0	

0	

1	

0	

0	
hires		8.4%		11.1%	0.0%	14.3%	6.3%		0.0%	0.0%	33.3%	0.0%	0.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

64 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Hiring more
managers would
reduce		

1	

6	

0	

0		

3	

0	

2	

2	
organizational focus		10.3%	23.3%	0.0%	0.0%		20.2%	0.0%	29.5%	18.6%	
											
Other		0	4	0	0		0	3	0	2	
		0.0%	14.7%	0.0%	0.0%		0.0%	36.0%	0.0%	14.5%	
							b	a			
											
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

0	

3	

0	

0		

3	

0	

0	

0	
hires		0.0%	11.5%	0.0%	0.0%		23.3%	4.5%	0.0%	0.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

65 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Hiring more
managers would
reduce		

2	

3	

0	

0	

0	

0	

0	

0	

2	

0	

0	

0	
organizational focus		45.9%	58.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	24.9%	0.0%	0.0%	0.0%	
			f				b							
														
Other		0	2	0	0	0	1	0	0	1	1	0	0	
		0.0%	41.8%	0.0%	0.0%	0.0%	11.1%	0.0%	0.0%	9.7%	39.6%	0.0%	0.0%	
														
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

0	

0	

0	

0	

0	

0	

0	

2	

1	

0	

0	

0	
hires		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	71.9%	9.7%	0.0%	0.0%	9.1%	
							h		f					

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

66 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more managers to reduce the shortage?

N=39		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	
																	
Hiring more
managers would
reduce		

1	

2	

4	

0	

0	

0	

0		

3	

3	

0	

0	

0	

0	

0	
organizational focus		6.0%	24.0%	36.4%	0.0%	0.0%	0.0%	0.0%		47.2%	26.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Other		1	0	2	0	1	0	1		0	2	0	0	0	1	1	
		6.0%	0.0%	20.1%	0.0%	33.3%	0.0%	28.1%		0.0%	18.7%	0.0%	0.0%	0.0%	100.0%	17.7%	
										f					a		
																	
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

2	

0	

0	

0	

1	

0	

0		

0	

0	

0	

2	

0	

0	

1	
hires		18.2%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%		0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	17.7%	
										d	D		aB				

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

67 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		99		40	19	6	34		8	5	3	4	13	
		100.0%		40.2%	19.6%	6.3%	33.9%		24.4%	14.6%	9.8%	12.2%	39.0%	
														
Yes		30		15	3	3	10		2	1	2	0	6	
		30.0%		36.8%	13.6%	41.2%	29.3%		20.0%	16.7%	50.0%	0.0%	43.8%	
														
No		54		17	13	3	21		7	3	2	3	7	
		54.4%		42.1%	68.2%	41.2%	63.4%		80.0%	66.7%	50.0%	80.0%	50.0%	
														
Don't Know		16		8	4	1	2		0	1	0	1	1	
		15.6%		21.1%	18.2%	17.6%	7.3%		0.0%	16.7%	0.0%	20.0%	6.3%	

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

 

68 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=101		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		28	54	6	4		31	32	12	23	
		30.9%	58.7%	6.4%	4.1%		31.5%	32.8%	12.6%	23.1%	
											
Yes		5	20	1	2		10	9	3	9	
		19.2%	36.8%	14.1%	56.1%		30.8%	26.7%	24.1%	37.8%	
											
No		18	27	3	1		17	15	9	13	
		62.8%	50.1%	50.0%	21.9%		55.5%	44.8%	68.7%	57.0%	
											
Don't Know		5	7	2	1		4	9	1	1	
		18.0%	13.1%	35.9%	21.9%		13.7%	28.4%	7.2%	5.2%	
								d		b	

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

 

69 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=101		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		9.1%	11.7%	3.8%	7.9%	0.4%	13.0%	1.3%	5.9%	26.4%	5.5%	3.0%	12.0%	
														
Yes		3	8	0	3	0	6	0	4	1	3	0	3	
		32.3%	66.5%	0.0%	38.9%	0.0%	46.2%	0.0%	64.5%	2.9%	54.5%	0.0%	28.4%	
		i	cI	b	I		I		I	aBDFHJl	I		i	
														
No		6	3	2	5	0	4	0	2	20	1	3	5	
		67.7%	25.7%	66.3%	61.1%	100.0%	30.6%	29.3%	29.0%	77.2%	23.4%	100.0%	46.3%	
			Ik				Ik		i	BFhj	i	bf		
														
Don't Know		0	1	1	0	0	3	1	0	5	1	0	3	
		0.0%	7.8%	33.7%	0.0%	0.0%	23.2%	70.7%	6.5%	19.9%	22.2%	0.0%	25.3%	
		g			g			ad						

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

 

70 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=101		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		27	15	22	5	7	6	18		16	23	4	5	7	5	19	
		27.2%	14.9%	22.1%	4.7%	6.9%	5.6%	18.6%		20.2%	28.8%	5.2%	6.4%	8.8%	6.9%	23.8%	
																	
Yes		11	2	9	0	1	1	4		7	7	0	4	0	0	3	
		40.9%	16.8%	40.2%	8.0%	12.3%	14.9%	23.0%		46.2%	29.0%	0.0%	82.6%	5.2%	0.0%	13.3%	
										g	d	d	bcefG	d	d	aD	
																	
No		12	11	11	2	6	3	9		7	16	3	1	5	5	9	
		46.6%	77.6%	51.9%	46.4%	87.7%	47.0%	47.0%		40.9%	69.4%	78.8%	17.4%	64.8%	85.0%	46.9%	
											d		b				
																	
Don't Know		3	1	2	2	0	2	5		2	0	1	0	2	1	8	
		12.5%	5.6%	7.9%	45.6%	0.0%	38.1%	30.0%		12.8%	1.6%	21.2%	0.0%	30.0%	15.0%	39.8%	
				d	c						eG			b		B	

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

 

71 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=39		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		39		19	4	3	13		2	2	2	4	3	
		100.0%		48.4%	11.3%	6.6%	33.7%		12.5%	12.5%	18.8%	31.2%	25.0%	
														
Yes		15		11	1	1	2		1	0	1	0	1	
		38.3%		55.6%	20.0%	42.9%	18.8%		50.0%	0.0%	33.3%	0.0%	25.0%	
				d			a							
														
No		19		6	3	1	9		1	2	2	3	2	
		48.0%		33.3%	60.0%	28.6%	68.8%		50.0%	100.0%	66.7%	80.0%	50.0%	
														
Don't Know		5		2	1	1	2		0	0	0	1	1	
		13.7%		11.1%	20.0%	28.6%	12.5%		0.0%	0.0%	0.0%	20.0%	25.0%	

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

 

72 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=39		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		8	25	0	4		13	8	7	11	
		21.5%	68.4%	0.0%	10.1%		32.1%	20.8%	18.2%	28.9%	
											
Yes		2	10	0	2		4	4	2	5	
		26.3%	40.9%	0.0%	56.1%		32.8%	45.9%	29.5%	44.5%	
											
No		5	12	0	1		5	3	5	5	
		62.6%	46.2%	0.0%	21.9%		40.4%	39.5%	70.5%	48.3%	
											
Don't Know		1	3	0	1		3	1	0	1	
		11.1%	12.9%	0.0%	21.9%		26.8%	14.7%	0.0%	7.3%	

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

 

73 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=39		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		4	5	0	3	0	7	0	3	8	2	2	4	
		9.5%	12.9%	0.9%	7.6%	0.0%	19.0%	0.0%	7.5%	21.6%	5.3%	5.4%	10.3%	
														
Yes		1	4	0	3	0	3	0	2	0	1	0	0	
		32.0%	83.6%	0.0%	100.0%	0.0%	44.4%	0.0%	71.9%	0.0%	39.6%	0.0%	9.1%	
			I		I		i		i	BDfh				
														
No		3	1	0	0	0	1	0	1	8	1	2	3	
		68.0%	16.4%	0.0%	0.0%	0.0%	16.1%	0.0%	28.1%	89.5%	42.7%	100.0%	70.4%	
			i		i		i			bdf				
														
Don't Know		0	0	0	0	0	3	0	0	1	0	0	1	
		0.0%	0.0%	100.0%	0.0%	0.0%	39.5%	0.0%	0.0%	10.5%	17.7%	0.0%	20.4%	

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

 

74 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=39		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		14	9	10	0	2	1	3		6	11	2	2	1	1	5	
		34.8%	22.4%	26.8%	0.0%	6.3%	2.3%	7.5%		22.2%	40.3%	6.1%	7.5%	4.3%	2.9%	16.6%	
																	
Yes		5	1	7	0	0	0	1		2	4	0	2	0	0	1	
		39.7%	14.3%	71.7%	0.0%	0.0%	0.0%	28.1%		39.9%	37.4%	0.0%	100.0%	0.0%	0.0%	17.7%	
			c	b													
																	
No		7	7	2	0	2	1	0		3	7	1	0	1	1	2	
		48.9%	76.3%	19.8%	0.0%	100.0%	100.0%	0.0%		40.9%	59.3%	48.1%	0.0%	100.0%	100.0%	36.9%	
			cg	be		c		b									
																	
Don't Know		2	1	1	0	0	0	2		1	0	1	0	0	0	2	
		11.4%	9.4%	8.5%	0.0%	0.0%	0.0%	71.9%		19.2%	3.3%	51.9%	0.0%	0.0%	0.0%	45.4%	
		g		g				ac									

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

 

75 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		99		40	19	6	34		8	5	3	4	13	
		100.0%		40.2%	19.6%	6.3%	33.9%		24.4%	14.6%	9.8%	12.2%	39.0%	
														
Yes		27		15	4	0	8		0	1	2	2	3	
		27.0%		36.8%	18.2%	5.9%	24.4%		0.0%	16.7%	50.0%	60.0%	25.0%	
									d			a		
														
No		52		17	11	4	20		7	3	1	2	7	
		51.9%		42.1%	54.5%	70.6%	58.5%		80.0%	66.7%	25.0%	40.0%	56.2%	
														
Don't Know		21		8	5	1	6		2	1	1	0	2	
		21.1%		21.1%	27.3%	23.5%	17.1%		20.0%	16.7%	25.0%	0.0%	18.8%	

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

76 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		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		28	54	6	4		31	32	12	23	
		30.9%	58.7%	6.4%	4.1%		31.5%	32.8%	12.6%	23.1%	
											
Yes		7	18	0	1		9	6	3	9	
		23.9%	33.4%	0.0%	21.9%		29.9%	18.0%	23.6%	38.8%	
											
No		16	26	2	3		16	14	7	13	
		55.2%	48.7%	35.9%	78.1%		52.7%	42.8%	59.4%	58.0%	
											
Don't Know		6	10	4	0		5	13	2	1	
		20.9%	17.9%	64.1%	0.0%		17.5%	39.2%	17.0%	3.2%	
		c	c	ab				D		B	

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

77 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		9.1%	11.7%	3.8%	7.9%	0.4%	13.0%	1.3%	5.9%	26.4%	5.5%	3.0%	12.0%	
														
Yes		3	5	0	3	0	4	0	2	4	0	2	4	
		28.8%	44.2%	0.0%	38.9%	0.0%	29.7%	0.0%	37.1%	16.6%	0.0%	71.9%	35.5%	
										k		i		
														
No		4	6	2	4	0	7	0	2	15	4	0	4	
		42.4%	48.6%	66.3%	49.6%	100.0%	56.7%	29.3%	42.0%	57.3%	77.8%	0.0%	38.7%	
														
Don't Know		3	1	1	1	0	2	1	1	7	1	1	3	
		28.8%	7.2%	33.7%	11.5%	0.0%	13.6%	70.7%	21.0%	26.1%	22.2%	28.1%	25.8%	

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

78 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=101		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		27	15	22	5	7	6	18		16	23	4	5	7	5	19	
		27.2%	14.9%	22.1%	4.7%	6.9%	5.6%	18.6%		20.2%	28.8%	5.2%	6.4%	8.8%	6.9%	23.8%	
																	
Yes		7	5	9	0	1	1	4		4	4	3	4	0	0	4	
		24.8%	37.4%	41.2%	0.0%	12.3%	16.1%	23.1%		23.2%	16.3%	60.6%	82.6%	0.0%	0.0%	20.1%	
										d	D	e	aBefg	cd	d	d	
																	
No		15	7	11	2	6	2	10		10	14	2	1	5	4	8	
		56.2%	48.1%	49.5%	35.2%	87.7%	29.8%	53.9%		63.6%	61.9%	39.4%	17.4%	70.0%	68.9%	42.6%	
																	
Don't Know		5	2	2	3	0	3	4		2	5	0	0	2	2	7	
		19.0%	14.4%	9.3%	64.8%	0.0%	54.1%	23.0%		13.2%	21.8%	0.0%	0.0%	30.0%	31.1%	37.4%	
		d	d	df	abce	d	c										

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

79 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		27		15	4	0	8		0	1	2	2	3	
		100.0%		54.8%	13.2%	1.4%	30.6%		0.0%	10.0%	20.0%	30.0%	40.0%	
														
It's difficult to quickly
get new employees
up to speed and fully		

13		

6	

2	

0	

4		

0	

0	

0	

2	

2	
productive		46.8%		42.9%	50.0%	100.0%	50.0%		0.0%	0.0%	0.0%	100.0%	50.0%	
														
It is difficult to find
potential hires that
possess the specific		

12		

6	

2	

0	

3		

0	

1	

1	

0	

2	
skills we need		43.7%		42.9%	50.0%	100.0%	40.0%		0.0%	100.0%	50.0%	0.0%	50.0%	
														
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

10		

8	

1	

0	

1		

0	

0	

0	

0	

1	
a full day		39.0%		57.1%	25.0%	100.0%	10.0%		0.0%	0.0%	0.0%	0.0%	25.0%	
				d			a							

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

80 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		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		7	18	0	1		9	6	3	9	
		26.5%	70.3%	0.0%	3.2%		34.5%	21.7%	10.9%	32.9%	
											
It's difficult to quickly
get new employees
up to speed and fully		

2	

10	

0	

1		

4	

5	

1	

3	
productive		25.1%	53.5%	0.0%	100.0%		41.1%	85.9%	28.1%	33.1%	
											
It is difficult to find
potential hires that
possess the specific		

3	

8	

0	

0		

7	

1	

0	

4	
skills we need		38.2%	44.1%	0.0%	0.0%		72.7%	20.4%	0.0%	43.1%	
											
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

2	

8	

0	

0		

4	

2	

0	

4	
a full day		25.1%	46.6%	0.0%	0.0%		41.1%	42.4%	0.0%	47.6%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

81 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		3	5	0	3	0	4	0	2	4	0	2	4	
		9.4%	18.7%	0.0%	11.1%	0.0%	14.0%	0.0%	7.8%	15.8%	0.0%	7.8%	15.3%	
														
It's difficult to quickly
get new employees
up to speed and fully		

1	

5	

0	

1	

0	

1	

0	

2	

1	

0	

0	

2	
productive		32.5%	100.0%	0.0%	29.7%	0.0%	21.9%	0.0%	100.0%	20.9%	0.0%	0.0%	48.9%	
			fik				b			b		b		
														
It is difficult to find
potential hires that
possess the specific		

1	

1	

0	

0	

0	

3	

0	

2	

3	

0	

2	

0	
skills we need		32.5%	16.4%	0.0%	0.0%	0.0%	78.1%	0.0%	100.0%	61.2%	0.0%	100.0%	8.9%	
														
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

0	

5	

0	

0	

0	

0	

0	

2	

1	

0	

2	

0	
a full day		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	20.9%	0.0%	100.0%	8.9%	
		b	adfil		b		b			b			b	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

82 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		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		7	5	9	0	1	1	4		4	4	3	4	0	0	4	
		24.5%	20.3%	33.2%	0.0%	3.1%	3.3%	15.7%		20.8%	20.8%	14.0%	23.3%	0.0%	0.0%	21.1%	
																	
It's difficult to quickly
get new employees
up to speed and fully		

4	

3	

6	

0	

0	

0	

0		

4	

3	

2	

2	

0	

0	

0	
productive		62.5%	46.4%	66.4%	0.0%	0.0%	0.0%	0.0%		100.0%	78.1%	67.5%	50.0%	0.0%	0.0%	0.0%	
				g				c		g						a	
																	
It is difficult to find
potential hires that
possess the specific		

4	

3	

2	

0	

0	

1	

2		

0	

2	

1	

2	

0	

0	

3	
skills we need		62.5%	53.6%	19.2%	0.0%	0.0%	100.0%	50.0%		0.0%	43.9%	35.0%	50.0%	0.0%	0.0%	78.4%	
																	
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

2	

2	

6	

0	

0	

0	

0		

2	

3	

1	

2	

0	

0	

0	
a full day		37.5%	38.5%	66.4%	0.0%	0.0%	0.0%	0.0%		56.1%	78.1%	35.0%	50.0%	0.0%	0.0%	0.0%	
				g				c									

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

83 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Training new workers
is too expensive or		
8		
4	
2	
0	
2		
0	
0	
0	
2	
1	
time-consuming		31.4%		28.6%	50.0%	0.0%	30.0%		0.0%	0.0%	0.0%	66.7%	25.0%	
														
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

8		

2	

1	

0	

5		

0	

0	

1	

2	

2	
back later		30.9%		14.3%	25.0%	100.0%	60.0%		0.0%	0.0%	50.0%	100.0%	50.0%	
				d			a							
														
Potential employees
don't want to
relocate (move		

6		

4	

0	

0	

2		

0	

0	

0	

0	

2	
homes) to work here		23.2%		28.6%	0.0%	100.0%	20.0%		0.0%	0.0%	0.0%	0.0%	50.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

84 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Training new workers
is too expensive or		
4	
5	
0	
0		
3	
1	
3	
2	
time-consuming		56.0%	25.7%	0.0%	0.0%		28.0%	14.1%	100.0%	23.8%	
								c	bd	c	
											
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

1	

7	

0	

0		

3	

2	

1	

2	
back later		12.1%	39.4%	0.0%	0.0%		36.2%	34.5%	28.1%	23.8%	
											
Potential employees
don't want to
relocate (move		

1	

4	

0	

0		

3	

0	

0	

3	
homes) to work here		12.1%	23.3%	0.0%	0.0%		31.6%	6.3%	0.0%	33.1%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

85 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Training new workers
is too expensive or		
2	
3	
0	
2	
0	
1	
0	
0	
1	
0	
0	
0	
time-consuming		67.5%	58.2%	0.0%	70.3%	0.0%	21.9%	0.0%	0.0%	20.9%	0.0%	0.0%	0.0%	
														
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

2	

3	

0	

0	

0	

1	

0	

0	

2	

0	

0	

1	
back later		67.5%	58.2%	0.0%	0.0%	0.0%	21.9%	0.0%	0.0%	38.8%	0.0%	0.0%	28.9%	
														
Potential employees
don't want to
relocate (move		

0	

3	

0	

0	

0	

0	

0	

2	

1	

0	

0	

0	
homes) to work here		0.0%	58.2%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	19.4%	0.0%	0.0%	8.9%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

86 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		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	
																	
Training new workers
is too expensive or		
1	
1	
7	
0	
0	
0	
0		
3	
1	
1	
0	
0	
0	
0	
time-consuming		12.5%	15.1%	76.4%	0.0%	0.0%	0.0%	0.0%		78.1%	21.9%	35.0%	0.0%	0.0%	0.0%	0.0%	
		c	c	abg				c									
																	
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

2	

2	

4	

0	

1	

0	

0		

3	

1	

2	

0	

0	

0	

1	
back later		30.6%	30.1%	42.8%	0.0%	100.0%	0.0%	0.0%		78.1%	21.9%	65.0%	0.0%	0.0%	0.0%	21.6%	
																	
Potential employees
don't want to
relocate (move		

3	

0	

3	

0	

0	

0	

0		

2	

1	

0	

2	

0	

0	

0	
homes) to work here		50.0%	0.0%	32.9%	0.0%	0.0%	0.0%	0.0%		56.1%	21.9%	0.0%	50.0%	0.0%	0.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

87 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Benefits are too		6		4	0	0	2		0	0	1	0	1	
expensive		21.8%		28.6%	0.0%	0.0%	20.0%		0.0%	0.0%	50.0%	0.0%	25.0%	
														
Potential employees
don't know about our		
6		
4	
0	
0	
2		
0	
0	
0	
0	
2	
job opportunities		21.8%		28.6%	0.0%	0.0%	20.0%		0.0%	0.0%	0.0%	0.0%	50.0%	
														
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

5		

4	

0	

0	

1		

0	

0	

0	

0	

1	
current organization)		20.1%		28.6%	0.0%	100.0%	10.0%		0.0%	0.0%	0.0%	0.0%	25.0%	
														
Potential employees
are hesitant to work
here because they
are worried about job		

3		

2	

0	

0	

1		

0	

0	

0	

0	

1	
security		12.3%		14.3%	0.0%	100.0%	10.0%		0.0%	0.0%	0.0%	0.0%	25.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

88 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Benefits are too		3	3	0	0		2	0	0	4	
expensive		43.0%	16.2%	0.0%	0.0%		17.7%	0.0%	0.0%	47.6%	
											
Potential employees
don't know about our		
3	
2	
0	
1		
3	
0	
2	
1	
job opportunities		43.0%	11.7%	0.0%	100.0%		31.6%	0.0%	71.9%	9.3%	
			d		b						
											
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

1	

4	

0	

0		

1	

2	

0	

2	
current organization)		12.1%	23.3%	0.0%	0.0%		8.9%	42.4%	0.0%	23.8%	
											
Potential employees
are hesitant to work
here because they
are worried about job		

1	

2	

0	

0		

1	

2	

0	

0	
security		12.1%	11.7%	0.0%	0.0%		8.9%	42.4%	0.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

89 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Benefits are too		0	3	0	0	0	0	0	0	1	0	0	2	
expensive		0.0%	58.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	19.4%	0.0%	0.0%	51.1%	
														
Potential employees
don't know about our		
0	
1	
0	
2	
0	
0	
0	
2	
0	
0	
0	
1	
job opportunities		0.0%	16.4%	0.0%	70.3%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	20.0%	
														
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

0	

5	

0	

0	

0	

0	

0	

0	

0	

0	

0	

0	
current organization)		0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.9%	
		b	adfhikl		b		b		b	b		b	b	
														
Potential employees
are hesitant to work
here because they
are worried about job		

0	

3	

0	

0	

0	

0	

0	

0	

0	

0	

0	

0	
security		0.0%	58.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.9%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

90 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		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	
																	
Benefits are too		0	0	3	0	1	0	2		2	1	0	2	0	0	1	
expensive		0.0%	0.0%	32.9%	0.0%	100.0%	0.0%	50.0%		56.1%	21.9%	0.0%	50.0%	0.0%	0.0%	21.6%	
		e				a											
																	
Potential employees
don't know about our		
3	
0	
3	
0	
0	
0	
0		
1	
1	
0	
2	
0	
0	
0	
job opportunities		44.4%	0.0%	32.9%	0.0%	0.0%	0.0%	0.0%		21.9%	21.9%	0.0%	50.0%	0.0%	0.0%	0.0%	
																	
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

0	

0	

5	

0	

0	

0	

0		

2	

3	

0	

0	

0	

0	

0	
current organization)		5.6%	0.0%	56.5%	0.0%	0.0%	0.0%	0.0%		56.1%	78.1%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Potential employees
are hesitant to work
here because they
are worried about job		

0	

0	

3	

0	

0	

0	

0		

0	

3	

0	

0	

0	

0	

0	
security		5.6%	0.0%	32.9%	0.0%	0.0%	0.0%	0.0%		0.0%	78.1%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

91 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Current workers don't
want to expand their		
2		
0	
0	
0	
2		
0	
0	
0	
1	
1	
hours		6.1%		0.0%	0.0%	0.0%	20.0%		0.0%	0.0%	0.0%	33.3%	25.0%	
														
Applicants don't pass
background and		
1		
0	
0	
0	
1		
0	
0	
0	
0	
1	
related checks		3.1%		0.0%	0.0%	0.0%	10.0%		0.0%	0.0%	0.0%	0.0%	25.0%	
														
Other		1		0	0	0	1		0	0	0	0	1	
		3.1%		0.0%	0.0%	0.0%	10.0%		0.0%	0.0%	0.0%	0.0%	25.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

92 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Current workers don't
want to expand their		
1	
1	
0	
0		
1	
0	
1	
0	
hours		12.1%	4.6%	0.0%	0.0%		8.9%	0.0%	28.1%	0.0%	
											
Applicants don't pass
background and		
1	
0	
0	
0		
1	
0	
0	
0	
related checks		12.1%	0.0%	0.0%	0.0%		8.9%	0.0%	0.0%	0.0%	
											
Other		0	0	0	1		0	0	0	1	
		0.0%	0.0%	0.0%	100.0%		0.0%	0.0%	0.0%	9.3%	
		d	D		aB						

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

93 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Current workers don't
want to expand their		
1	
1	
0	
0	
0	
0	
0	
0	
0	
0	
0	
0	
hours		32.5%	16.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Applicants don't pass
background and		
0	
1	
0	
0	
0	
0	
0	
0	
0	
0	
0	
0	
related checks		0.0%	16.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Other		0	0	0	0	0	0	0	0	0	0	0	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%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

94 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Why doesn't your firm hire more labor to reduce the shortage?

N=27		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	
																	
Current workers don't
want to expand their		
1	
0	
1	
0	
0	
0	
0		
1	
1	
0	
0	
0	
0	
0	
hours		12.5%	0.0%	9.2%	0.0%	0.0%	0.0%	0.0%		21.9%	21.9%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Applicants don't pass
background and		
0	
0	
1	
0	
0	
0	
0		
0	
1	
0	
0	
0	
0	
0	
related checks		0.0%	0.0%	9.2%	0.0%	0.0%	0.0%	0.0%		0.0%	21.9%	0.0%	0.0%	0.0%	0.0%	0.0%	
																	
Other		1	0	0	0	0	0	0		1	0	0	0	0	0	0	
		12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		21.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

95 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		40	19	6	35		8	5	4	4	13	
		100.0%		39.9%	19.5%	6.2%	34.5%		23.8%	14.3%	11.9%	11.9%	38.1%	
														
Yes		24		15	1	1	7		1	1	2	0	4	
		23.7%		36.8%	4.5%	11.8%	21.4%		10.0%	16.7%	40.0%	0.0%	31.3%	
				b	a									
														
No		58		17	13	3	25		7	3	2	4	8	
		58.0%		42.1%	68.2%	52.9%	71.4%		80.0%	66.7%	60.0%	100.0%	62.5%	
				d			a							
														
Don't Know		18		8	5	2	2		1	1	0	0	1	
		18.4%		21.1%	27.3%	35.3%	7.1%		10.0%	16.7%	0.0%	0.0%	6.3%	
					d	d	bc							

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

 

96 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=101		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		28	55	6	4		31	33	12	23	
		30.6%	59.1%	6.3%	4.0%		31.2%	33.4%	12.5%	22.9%	
											
Yes		2	20	1	0		13	5	0	5	
		8.7%	35.8%	14.1%	0.0%		43.2%	16.2%	0.0%	21.7%	
		B	A				bC	a	A		
											
No		19	27	3	4		15	16	9	17	
		67.3%	49.0%	50.0%	100.0%		47.3%	49.6%	75.9%	73.5%	
											
Don't Know		7	8	2	0		3	11	3	1	
		24.0%	15.2%	35.9%	0.0%		9.5%	34.2%	24.1%	4.8%	
							b	ad		b	

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

 

97 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=101		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		9.0%	11.6%	3.8%	7.9%	0.4%	12.9%	1.3%	5.8%	27.0%	5.5%	3.0%	11.9%	
														
Yes		2	6	0	0	0	5	0	3	3	2	0	2	
		18.7%	51.4%	0.0%	0.0%	0.0%	43.3%	0.0%	58.0%	12.5%	39.2%	0.0%	18.2%	
			di		bfh		di		di	bfh				
														
No		5	5	2	7	0	7	0	2	16	2	3	7	
		52.5%	40.8%	66.3%	88.5%	100.0%	53.8%	29.3%	29.0%	58.9%	38.7%	100.0%	63.7%	
					h				d					
														
Don't Know		3	1	1	1	0	0	1	1	8	1	0	2	
		28.8%	7.8%	33.7%	11.5%	0.0%	2.9%	70.7%	12.9%	28.7%	22.2%	0.0%	18.2%	
							g	f						

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

 

98 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=101		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		27	15	22	5	7	6	18		16	24	4	5	7	5	19	
		26.9%	14.8%	22.8%	4.7%	6.8%	5.6%	18.4%		20.0%	29.5%	5.2%	6.3%	8.7%	6.8%	23.5%	
																	
Yes		8	1	7	0	0	1	5		6	7	1	4	0	0	3	
		31.6%	8.2%	31.8%	0.0%	0.0%	14.9%	25.1%		38.9%	28.0%	19.7%	82.6%	0.0%	0.0%	15.4%	
											d		befG	d	d	D	
																	
No		15	11	12	1	7	3	9		9	14	2	1	5	5	9	
		57.6%	77.4%	55.3%	27.2%	100.0%	47.0%	47.0%		53.4%	57.9%	59.1%	17.4%	64.8%	85.0%	46.9%	
		e		e	e	acdg		e									
																	
Don't Know		3	2	3	3	0	2	5		1	3	1	0	2	1	7	
		10.8%	14.4%	12.9%	72.8%	0.0%	38.1%	27.9%		7.8%	14.1%	21.2%	0.0%	35.2%	15.0%	37.7%	
		D	d	d	Abce	d				g						a	

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

 

99 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=27		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		27		15	4	0	8		0	1	2	2	3	
		100.0%		54.8%	13.2%	1.4%	30.6%		0.0%	10.0%	20.0%	30.0%	40.0%	
														
Yes		13		11	0	0	2		0	1	1	0	1	
		48.3%		71.4%	0.0%	0.0%	30.0%		0.0%	100.0%	50.0%	0.0%	25.0%	
				b	a									
														
No		13		4	3	0	6		0	0	1	2	2	
		48.4%		28.6%	75.0%	100.0%	70.0%		0.0%	0.0%	50.0%	100.0%	75.0%	
														
Don't Know		1		0	1	0	0		0	0	0	0	0	
		3.3%		0.0%	25.0%	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

 

100 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=27		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		7	18	0	1		9	6	3	9	
		26.5%	70.3%	0.0%	3.2%		34.5%	21.7%	10.9%	32.9%	
											
Yes		2	11	0	0		6	3	0	4	
		30.9%	60.3%	0.0%	0.0%		63.1%	50.2%	0.0%	47.6%	
											
No		4	7	0	1		3	3	3	5	
		56.0%	39.7%	0.0%	100.0%		27.3%	49.8%	100.0%	52.4%	
											
Don't Know		1	0	0	0		1	0	0	0	
		13.0%	0.0%	0.0%	0.0%		9.6%	0.0%	0.0%	0.0%	

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

 

101 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=27		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		3	5	0	3	0	4	0	2	4	0	2	4	
		9.4%	18.7%	0.0%	11.1%	0.0%	14.0%	0.0%	7.8%	15.8%	0.0%	7.8%	15.3%	
														
Yes		1	4	0	0	0	3	0	2	1	0	0	2	
		32.5%	83.6%	0.0%	0.0%	0.0%	78.1%	0.0%	100.0%	19.4%	0.0%	0.0%	51.1%	
														
No		2	1	0	3	0	1	0	0	3	0	2	2	
		67.5%	16.4%	0.0%	100.0%	0.0%	21.9%	0.0%	0.0%	59.7%	0.0%	100.0%	48.9%	
														
Don't Know		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%	20.9%	0.0%	0.0%	0.0%	

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

 

102 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=27		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		7	5	9	0	1	1	4		4	4	3	4	0	0	4	
		24.5%	20.3%	33.2%	0.0%	3.1%	3.3%	15.7%		20.8%	20.8%	14.0%	23.3%	0.0%	0.0%	21.1%	
																	
Yes		4	1	4	0	0	0	4		2	3	1	4	0	0	2	
		56.9%	15.1%	47.2%	0.0%	0.0%	0.0%	100.0%		56.1%	78.1%	32.5%	100.0%	0.0%	0.0%	55.2%	
			g					b									
																	
No		3	5	4	0	1	1	0		2	1	1	0	0	0	2	
		43.1%	84.9%	42.8%	0.0%	100.0%	100.0%	0.0%		43.9%	21.9%	32.5%	0.0%	0.0%	0.0%	44.8%	
			g					b									
																	
Don't Know		0	0	1	0	0	0	0		0	0	1	0	0	0	0	
		0.0%	0.0%	10.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	35.0%	0.0%	0.0%	0.0%	0.0%	

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

 

103 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		98		40	19	6	33		7	5	4	4	12	
		100.0%		40.5%	19.8%	6.3%	33.4%		22.5%	15.0%	12.5%	12.5%	37.5%	
														
We have more back-		7		0	2	0	5		0	1	1	2	2	
logged projects		6.8%		0.0%	9.1%	0.0%	15.0%		0.0%	16.7%	20.0%	40.0%	13.3%	
				d			a							
														
The number of back-
logged projects is		
27		
13	
7	
1	
6		
2	
0	
0	
1	
2	
about the same		26.9%		31.6%	36.4%	17.6%	17.5%		33.3%	0.0%	0.0%	20.0%	20.0%	
														
We have fewer back-		36		17	4	3	13		2	3	2	1	5	
logged projects		37.0%		42.1%	18.2%	47.1%	40.0%		33.3%	66.7%	40.0%	20.0%	40.0%	
														
Don't Know		29		11	7	2	9		2	1	2	1	3	
		29.3%		26.3%	36.4%	35.3%	27.5%		33.3%	16.7%	40.0%	20.0%	26.7%	

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

104 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=101		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		28	53	6	4		31	32	12	23	
		31.2%	58.3%	6.4%	4.1%		31.5%	32.8%	12.6%	23.1%	
											
We have more back-		2	4	0	0		1	2	3	1	
logged projects		6.0%	7.8%	0.0%	0.0%		2.6%	7.6%	21.0%	3.6%	
							c		a		
											
The number of back-
logged projects is		
6	
17	
0	
3		
9	
5	
0	
13	
about the same		21.2%	32.4%	0.0%	78.1%		27.6%	14.4%	0.0%	58.5%	
		d		d	ac		cd	D	aD	aBC	
											
We have fewer back-		8	22	1	1		12	13	6	5	
logged projects		26.8%	41.8%	14.1%	21.9%		40.2%	40.9%	47.8%	21.3%	
											
Don't Know		13	10	5	0		9	12	4	4	
		46.0%	17.9%	85.9%	0.0%		29.6%	37.1%	31.3%	16.6%	
		B	AC	Bd	c						

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

105 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=101		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	12	1	6	26	5	3	11	
		9.1%	11.8%	3.9%	8.0%	0.4%	12.3%	1.3%	5.9%	27.5%	5.6%	3.0%	11.2%	
														
We have more back-		2	0	0	0	0	2	0	0	2	0	0	1	
logged projects		18.7%	0.0%	0.0%	0.0%	0.0%	14.0%	0.0%	0.0%	6.5%	0.0%	0.0%	7.6%	
														
The number of back-
logged projects is		
0	
2	
1	
5	
0	
4	
0	
0	
5	
4	
2	
4	
about the same		0.0%	18.5%	22.1%	61.1%	0.0%	32.9%	0.0%	6.5%	17.8%	77.8%	71.9%	34.6%	
		dJk	j		ai				j	dJk	AbhI	ai		
														
We have fewer back-		3	5	1	3	0	2	0	4	12	1	0	5	
logged projects		38.2%	40.2%	22.1%	38.9%	100.0%	13.8%	0.0%	72.6%	45.3%	15.3%	0.0%	46.7%	
							h		f					
														
Don't Know		4	5	2	0	0	5	1	1	8	0	1	1	
		43.1%	41.3%	55.8%	0.0%	0.0%	39.4%	100.0%	21.0%	30.4%	6.8%	28.1%	11.1%	
				d	cg			dl					g	

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

106 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=101		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		27	15	22	5	6	5	18		16	23	4	5	7	5	18	
		27.4%	15.0%	23.1%	4.8%	6.1%	4.8%	18.8%		20.4%	29.0%	5.3%	6.4%	8.9%	6.9%	23.0%	
																	
We have more back-		2	2	1	0	0	0	2		1	0	0	0	0	1	1	
logged projects		9.3%	11.3%	3.7%	0.0%	0.0%	0.0%	9.8%		5.1%	0.0%	0.0%	0.0%	0.0%	16.1%	4.9%	
																	
The number of back-
logged projects is		
7	
5	
6	
0	
3	
1	
4		
7	
6	
2	
0	
1	
2	
3	
about the same		27.0%	32.2%	28.0%	0.0%	58.1%	18.9%	22.6%		42.1%	25.7%	40.9%	0.0%	17.0%	32.3%	13.9%	
																	
We have fewer back-		9	6	13	2	1	0	4		6	10	2	4	5	2	3	
logged projects		34.0%	42.0%	57.7%	53.6%	14.0%	0.0%	23.3%		34.9%	43.4%	39.4%	82.6%	65.2%	29.9%	16.3%	
				fg			c	c					G	g		De	
																	
Don't Know		8	2	2	2	2	4	8		3	7	1	1	1	1	12	
		29.7%	14.4%	10.6%	46.4%	27.9%	81.1%	44.3%		17.9%	30.9%	19.7%	17.4%	17.9%	21.7%	64.9%	
		f	f	Fg			abC	c		G	g			g		Abe	

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

107 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		100		40	19	6	35		8	5	4	4	13	
		100.0%		39.9%	19.5%	6.2%	34.5%		23.8%	14.3%	11.9%	11.9%	38.1%	
														
Yes, causing
substantial adverse
impacts to the		

11		

2	

4	

1	

5		

0	

0	

1	

2	

2	
organization		11.3%		5.3%	18.2%	11.8%	14.3%		0.0%	0.0%	20.0%	40.0%	18.8%	
														
Yes, causing
moderate adverse
impacts to the		

37		

17	

6	

2	

12		

5	

3	

1	

0	

3	
organization		37.1%		42.1%	31.8%	29.4%	35.7%		60.0%	66.7%	20.0%	0.0%	25.0%	
														
Yes, but causing little
or no adverse
impacts to the		

29		

17	

3	

2	

7		

2	

1	

1	

0	

4	
organization		29.0%		42.1%	13.6%	35.3%	21.4%		20.0%	16.7%	20.0%	0.0%	31.2%	
				b	a									
														
No, we have no		23		4	7	1	10		2	1	2	2	3	
difficulties		22.6%		10.5%	36.4%	23.5%	28.6%		20.0%	16.7%	40.0%	60.0%	25.0%	
				b	a									

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

108 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=101		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		28	55	6	4		31	33	12	23	
		30.6%	59.1%	6.3%	4.0%		31.2%	33.4%	12.5%	22.9%	
											
Yes, causing
substantial adverse
impacts to the		

1	

10	

1	

0		

5	

5	

1	

0	
organization		2.6%	17.8%	14.1%	0.0%		14.9%	16.5%	6.6%	1.6%	
											
Yes, causing
moderate adverse
impacts to the		

17	

17	

0	

2		

5	

11	

6	

13	
organization		58.2%	30.9%	0.0%	56.1%		17.6%	34.6%	48.3%	59.0%	
		bc	a	a			cD		a	A	
											
Yes, but causing little
or no adverse
impacts to the		

3	

17	

3	

1		

14	

8	

2	

5	
organization		12.0%	30.1%	50.0%	21.9%		44.3%	23.9%	17.0%	23.3%	
		c		a							
											
No, we have no		8	12	2	1		7	8	3	4	
difficulties		27.2%	21.2%	35.9%	21.9%		23.2%	25.0%	28.1%	16.1%	

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

109 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=101		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		9.0%	11.6%	3.8%	7.9%	0.4%	12.9%	1.3%	5.8%	27.0%	5.5%	3.0%	11.9%	
														
Yes, causing
substantial adverse
impacts to the		

2	

2	

0	

1	

0	

2	

1	

2	

0	

1	

0	

1	
organization		19.5%	14.5%	0.0%	11.5%	0.0%	13.1%	100.0%	43.5%	0.0%	16.5%	0.0%	7.1%	
		i					g	fIl	I	aGHj	i		g	
														
Yes, causing
moderate adverse
impacts to the		

4	

3	

1	

6	

0	

4	

0	

2	

11	

2	

2	

2	
organization		42.4%	25.7%	22.1%	76.9%	0.0%	33.4%	0.0%	35.5%	40.1%	37.5%	71.9%	17.4%	
			d		bl								d	
														
Yes, but causing little
or no adverse
impacts to the		

1	

2	

3	

1	

0	

2	

0	

1	

11	

2	

1	

4	
organization		9.4%	18.5%	77.9%	11.5%	0.0%	19.4%	0.0%	21.0%	41.3%	46.0%	28.1%	32.4%	
		c		a										
														
No, we have no		3	5	0	0	0	4	0	0	5	0	0	5	
difficulties		28.8%	41.3%	0.0%	0.0%	100.0%	34.2%	0.0%	0.0%	18.6%	0.0%	0.0%	43.2%	
					el	d							d	

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

110 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=101		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		27	15	22	5	7	6	18		16	24	4	5	7	5	19	
		26.9%	14.8%	22.8%	4.7%	6.8%	5.6%	18.4%		20.0%	29.5%	5.2%	6.3%	8.7%	6.8%	23.5%	
																	
Yes, causing
substantial adverse
impacts to the		

6	

2	

0	

1	

0	

1	

0		

3	

2	

1	

2	

0	

0	

1	
organization		23.9%	11.7%	0.0%	27.2%	0.0%	14.9%	2.0%		15.7%	7.2%	19.7%	41.3%	0.0%	6.7%	4.3%	
		c		ad	c						d		bg			d	
																	
Yes, causing
moderate adverse
impacts to the		

7	

4	

9	

0	

4	

1	

12		

1	

10	

1	

0	

2	

3	

12	
organization		27.9%	25.7%	39.0%	0.0%	63.2%	16.1%	66.9%		7.4%	40.3%	21.2%	0.0%	24.4%	47.2%	61.6%	
		g	g		g		g	abdf		bfG	a		g		a	Ad	
																	
Yes, but causing little
or no adverse
impacts to the		

7	

3	

11	

2	

0	

3	

1		

7	

7	

2	

0	

5	

0	

4	
organization		27.8%	23.0%	50.1%	53.6%	0.0%	53.0%	4.9%		46.2%	29.8%	39.4%	0.0%	70.4%	0.0%	20.1%	
				eG	g	c	g	Cdf					e	dfg	e	e	
																	
No, we have no		5	6	2	1	2	1	5		5	5	1	3	0	3	3	
difficulties		20.4%	39.5%	10.9%	19.2%	36.8%	16.1%	26.2%		30.8%	22.7%	19.7%	58.7%	5.2%	46.1%	14.0%	
			c	b									g			d	

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

111 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		101		40	20	6	35		8	5	4	4	13	
		100.0%		39.5%	20.2%	6.2%	34.2%		23.8%	14.3%	11.9%	11.9%	38.1%	
														
Innovation/product		38		13	9	3	14		4	2	2	1	5	
development support		38.0%		31.6%	43.5%	47.1%	40.5%		50.0%	50.0%	40.0%	20.0%	37.5%	
														
Sales and marketing		37		21	5	3	7		0	2	0	0	6	
support		36.3%		52.6%	26.1%	47.1%	21.4%		0.0%	33.3%	0.0%	0.0%	43.8%	
				D			A		e				a	
														
Competitive		31		17	3	3	9		4	0	1	0	4	
intelligence		31.1%		42.1%	13.0%	47.1%	26.2%		50.0%	0.0%	20.0%	0.0%	31.3%	
				b	a									
														
Operations support		31		11	6	2	12		2	2	2	2	5	
		30.9%		26.3%	30.4%	35.3%	35.7%		20.0%	33.3%	40.0%	60.0%	37.5%	
														
Analysis of big data		30		8	4	3	14		4	3	1	2	4	
		29.8%		21.1%	21.7%	52.9%	40.5%		50.0%	66.7%	20.0%	40.0%	31.3%	
														
IT core functions		28		8	4	2	13		2	1	3	2	6	
effectiveness		27.9%		21.1%	21.7%	35.3%	38.1%		20.0%	16.7%	80.0%	40.0%	43.8%	
														
Strategic decision		27		15	2	3	7		3	0	1	0	3	
support		26.9%		36.8%	8.7%	52.9%	21.4%		40.0%	0.0%	20.0%	0.0%	25.0%	
				b	ac	b								

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

112 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		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		28	55	6	4		31	33	13	23	
		30.6%	59.1%	6.3%	4.0%		30.9%	33.1%	13.2%	22.7%	
											
Innovation/product		12	18	4	0		13	14	3	7	
development support		41.8%	33.3%	64.1%	0.0%		41.9%	42.8%	22.5%	32.3%	
											
Sales and marketing		7	24	2	3		10	14	4	9	
support		23.4%	43.6%	35.9%	78.1%		31.2%	41.3%	31.7%	39.8%	
		d			a						
											
Competitive		6	20	3	0		11	10	2	7	
intelligence		20.5%	36.2%	50.0%	0.0%		35.9%	30.0%	15.8%	32.5%	
											
Operations support		12	15	1	3		9	9	4	10	
		41.4%	26.5%	14.1%	78.1%		28.5%	26.1%	28.7%	43.6%	
			d		b						
											
Analysis of big data		10	18	0	0		9	9	2	10	
		34.2%	32.0%	0.0%	0.0%		30.6%	27.1%	12.9%	43.5%	
											
IT core functions		6	18	1	2		13	7	1	8	
effectiveness		20.7%	32.5%	14.1%	56.1%		40.5%	21.0%	6.2%	34.4%	
							c		a		
											
Strategic decision		9	12	3	0		7	10	4	6	
support		32.1%	21.6%	50.0%	0.0%		22.6%	31.0%	31.7%	24.9%	

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

113 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	13	1	6	26	5	3	12	
		8.9%	11.5%	3.8%	7.8%	0.4%	12.8%	1.3%	5.8%	26.8%	5.4%	3.0%	12.6%	
														
Innovation/product		2	2	2	3	0	4	1	6	13	2	1	3	
development support		23.6%	14.5%	44.2%	33.8%	0.0%	30.3%	100.0%	100.0%	51.2%	37.5%	28.1%	26.9%	
		h	Hi		h		h		aBdfil	bh			h	
														
Sales and marketing		3	7	1	2	0	4	1	3	5	2	2	5	
support		38.9%	58.7%	32.0%	27.4%	0.0%	33.7%	100.0%	58.0%	20.1%	39.2%	71.9%	40.1%	
			i							b				
														
Competitive		3	8	0	0	0	0	1	2	7	3	3	4	
intelligence		33.0%	69.9%	0.0%	0.0%	100.0%	2.9%	100.0%	37.1%	26.4%	54.5%	100.0%	29.8%	
			cDFi	bk	BegjK	df	BeGjK	dF		bk	df	cDFil	k	
														
Operations support		4	5	0	5	0	3	0	1	5	1	0	6	
		47.5%	40.2%	9.9%	66.2%	0.0%	23.7%	29.3%	21.0%	17.7%	23.4%	0.0%	46.2%	
					i					d				
														
Analysis of big data		5	1	1	2	0	1	0	3	5	4	2	4	
		51.7%	7.2%	22.1%	22.2%	100.0%	9.4%	29.3%	58.0%	20.6%	76.6%	71.9%	29.8%	
		bf	ahjk				ahjk		bf	j	bfi	bf		
														
IT core functions		2	2	2	3	0	3	1	3	7	1	0	2	
effectiveness		28.1%	21.7%	66.3%	38.9%	0.0%	23.7%	100.0%	58.0%	28.2%	15.3%	0.0%	16.1%	
														
Strategic decision		2	3	1	3	0	2	0	4	8	1	1	2	
support		23.6%	25.7%	23.8%	38.0%	100.0%	18.9%	29.3%	64.5%	29.8%	15.3%	28.1%	16.9%	

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

114 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		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		27	15	22	5	7	6	19		16	24	4	5	7	5	20	
		26.7%	14.6%	22.6%	4.6%	6.7%	5.5%	19.2%		19.8%	29.2%	5.1%	6.2%	8.6%	6.7%	24.4%	
																	
Innovation/product		9	5	7	2	3	4	9		3	8	2	2	0	3	14	
development support		34.3%	31.8%	31.3%	35.2%	38.7%	70.2%	45.7%		17.5%	33.6%	40.9%	41.3%	5.2%	53.9%	69.8%	
										G	g			G		AbE	
																	
Sales and marketing		16	4	9	3	1	3	0		9	11	0	2	2	1	2	
support		59.4%	28.7%	41.0%	72.8%	12.3%	54.1%	1.9%		56.4%	45.9%	0.0%	41.3%	30.0%	22.8%	12.4%	
		eG	g	G	G	a	G	AbCDF		G	g					Ab	
																	
Competitive		12	5	9	1	2	1	2		7	9	2	2	1	1	2	
intelligence		43.6%	33.9%	38.7%	27.2%	36.8%	16.1%	8.6%		45.3%	37.1%	39.4%	41.3%	11.7%	22.8%	12.4%	
		g		g				ac		g						a	
																	
Operations support		6	4	10	3	3	2	4		5	7	2	0	3	1	5	
		21.9%	28.7%	42.6%	61.5%	37.7%	31.0%	20.0%		28.7%	27.9%	40.9%	0.0%	45.7%	22.8%	25.5%	
																	
Analysis of big data		7	4	7	1	4	2	5		4	2	1	2	2	4	5	
		27.9%	28.2%	32.6%	15.9%	63.2%	31.0%	24.2%		27.7%	10.4%	19.7%	41.3%	34.8%	68.9%	27.3%	
											F				B		
																	
IT core functions		10	3	9	1	3	0	2		4	8	3	2	1	1	3	
effectiveness		36.0%	20.3%	40.6%	15.9%	37.7%	0.0%	13.0%		22.6%	35.2%	80.3%	41.3%	17.0%	21.7%	14.6%	
										c		ag				c	
																	
Strategic decision		7	1	8	1	1	3	5		2	8	0	4	3	0	4	
support		28.1%	5.0%	37.1%	27.2%	12.3%	53.0%	25.4%		12.3%	35.2%	0.0%	82.6%	41.7%	6.7%	22.5%	
			cf	b			b			D		d	Acfg		d	d	

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

115 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Customer service		20		11	2	1	7		0	0	1	1	5	
levels		19.4%		26.3%	8.7%	11.8%	19.0%		0.0%	0.0%	20.0%	20.0%	37.5%	
														
Finance function		16		6	2	3	6		0	2	1	2	2	
effectiveness		16.2%		15.8%	8.7%	41.2%	16.7%		0.0%	33.3%	20.0%	40.0%	12.5%	
														
Other		7		2	2	0	3		1	0	1	1	1	
		7.1%		5.3%	8.7%	0.0%	9.5%		10.0%	0.0%	20.0%	20.0%	6.3%	

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

116 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Customer service		2	14	3	0		10	5	2	2	
levels		8.6%	25.9%	50.0%	0.0%		32.5%	14.9%	15.8%	10.8%	
		c		a							
											
Finance function		2	10	2	0		8	8	0	1	
effectiveness		5.5%	18.1%	35.9%	0.0%		24.4%	24.4%	0.0%	3.2%	
		c		a			d	d		ab	
											
Other		1	3	2	1		2	3	2	1	
		3.1%	6.1%	35.9%	21.9%		5.5%	8.8%	12.9%	3.6%	
		c	c	ab							

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

117 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Customer service		2	7	1	0	0	4	0	2	3	0	0	1	
levels		18.7%	58.7%	22.1%	0.0%	0.0%	30.3%	29.3%	43.5%	11.3%	0.0%	0.0%	6.6%	
			dIjl		b					B	b		b	
														
Finance function		2	2	0	1	0	1	0	1	5	4	0	1	
effectiveness		22.9%	14.5%	0.0%	11.5%	0.0%	6.5%	29.3%	12.9%	17.3%	77.8%	0.0%	9.5%	
			j		j		J			J	bdFIl		j	
														
Other		1	2	0	0	0	2	0	0	1	0	0	1	
		9.4%	18.5%	0.0%	0.0%	0.0%	13.6%	0.0%	0.0%	3.1%	0.0%	0.0%	6.6%	

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

118 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=101		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	
																	
Customer service		5	6	5	0	0	0	2		4	6	2	2	0	0	3	
levels		17.2%	40.6%	24.3%	8.0%	0.0%	0.0%	13.0%		23.2%	24.8%	40.9%	41.3%	0.0%	6.7%	16.6%	
																	
Finance function		5	3	4	1	0	2	1		5	2	1	0	0	1	2	
effectiveness		20.2%	23.0%	18.3%	15.9%	0.0%	38.1%	3.9%		30.9%	6.9%	19.7%	0.0%	5.2%	21.7%	12.4%	
							g	f									
																	
Other		2	2	0	1	2	0	1		2	2	0	1	0	2	1	
		6.2%	14.4%	0.0%	19.2%	24.5%	0.0%	4.6%		10.2%	8.8%	0.0%	17.4%	0.0%	31.1%	4.1%	
				de	c	c											

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

119 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		78		36	13	5	25		7	4	2	2	10	
		100.0%		45.5%	16.9%	6.1%	31.4%		26.7%	16.7%	10.0%	6.7%	40.0%	
														
Innovation/product		35		13	8	3	12		4	2	1	0	5	
development support		45.2%		35.3%	60.0%	53.8%	50.0%		62.5%	60.0%	33.3%	0.0%	50.0%	
														
Sales and marketing		32		21	3	2	6		0	2	0	0	4	
support		40.3%		58.8%	20.0%	46.2%	23.3%		0.0%	40.0%	0.0%	0.0%	41.7%	
				bD	a		A							
														
Operations support		27		11	5	1	10		1	2	2	2	4	
		34.6%		29.4%	40.0%	30.8%	40.0%		12.5%	40.0%	66.7%	100.0%	41.7%	
														
IT core functions		26		8	4	1	12		2	1	2	2	6	
effectiveness		32.9%		23.5%	33.3%	30.8%	46.7%		25.0%	20.0%	66.7%	100.0%	58.3%	
														
Competitive		25		15	2	2	7		4	0	0	0	2	
intelligence		31.7%		41.2%	13.3%	38.5%	26.7%		62.5%	0.0%	0.0%	0.0%	25.0%	
														
Strategic decision		24		13	2	3	7		3	0	1	0	3	
support		31.0%		35.3%	13.3%	53.8%	30.0%		50.0%	0.0%	33.3%	0.0%	33.3%	

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

120 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		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		21	43	4	3		24	25	10	19	
		29.3%	61.2%	5.3%	4.1%		30.7%	32.1%	12.6%	24.6%	
											
Innovation/product		11	17	4	0		12	12	3	7	
development support		53.1%	38.5%	100.0%	0.0%		51.1%	50.2%	30.5%	36.5%	
			c	bd	c						
											
Sales and marketing		6	20	2	3		8	11	4	8	
support		27.8%	46.5%	56.1%	100.0%		33.2%	44.9%	43.0%	43.5%	
		d			a						
											
Operations support		11	12	1	2		7	7	4	9	
		55.1%	27.8%	21.9%	71.9%		29.9%	30.0%	38.9%	45.8%	
		b	a								
											
IT core functions		6	16	1	2		12	6	1	7	
effectiveness		28.4%	36.6%	21.9%	71.9%		49.2%	24.7%	8.4%	37.2%	
							c		a		
											
Competitive		5	17	1	0		9	6	2	7	
intelligence		23.8%	38.6%	21.9%	0.0%		38.3%	24.7%	21.5%	34.9%	
											
Strategic decision		7	11	3	0		7	10	4	3	
support		33.9%	25.7%	78.1%	0.0%		27.9%	41.4%	43.0%	16.7%	
			c	b							

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

121 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		6	7	4	8	0	8	1	6	21	5	3	7	
		8.1%	8.7%	4.8%	10.0%	0.0%	10.8%	1.6%	7.4%	28.0%	7.0%	3.8%	9.7%	
														
Innovation/product		1	2	2	3	0	3	1	6	13	2	1	2	
development support		20.1%	24.7%	44.2%	33.8%	0.0%	36.0%	100.0%	100.0%	61.2%	37.5%	28.1%	33.0%	
		h	h		h		h		abdfl				h	
														
Sales and marketing		3	6	1	2	0	3	1	3	5	2	2	3	
support		40.5%	87.7%	32.0%	27.4%	0.0%	40.5%	100.0%	58.0%	21.3%	39.2%	71.9%	44.1%	
			dI		b					B				
														
Operations support		3	5	0	5	0	3	0	1	3	1	0	4	
		52.6%	68.5%	9.9%	66.2%	0.0%	36.0%	29.3%	21.0%	16.2%	23.4%	0.0%	50.2%	
			i		i					bd				
														
IT core functions		2	2	2	3	0	3	1	3	6	1	0	2	
effectiveness		26.3%	37.0%	66.3%	38.9%	0.0%	36.0%	100.0%	58.0%	27.4%	15.3%	0.0%	26.9%	
														
Competitive		2	6	0	0	0	0	1	2	5	3	3	2	
intelligence		33.2%	87.7%	0.0%	0.0%	0.0%	4.4%	100.0%	37.1%	25.1%	54.5%	100.0%	26.9%	
			cDFIl	bk	BgjK		Bgk	df		Bk	d	cDfi	b	
														
Strategic decision		2	3	1	3	0	2	0	4	7	1	1	0	
support		33.2%	43.8%	23.8%	38.0%	0.0%	28.7%	29.3%	64.5%	34.9%	15.3%	28.1%	0.0%	
									l				h	

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

122 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		Sales Revenue		Number of Employees	
		Less
than $25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000	
		A	B	C	D	E	F	G		A	B	C	D	E	F	G	
																	
Total		21	9	20	4	4	5	14		11	18	3	2	7	3	17	
		27.5%	11.5%	26.0%	4.8%	5.5%	6.0%	18.6%		18.1%	29.7%	5.4%	3.4%	10.7%	4.8%	27.8%	
																	
Innovation/product		8	4	7	2	3	3	9		2	8	2	2	0	2	14	
development support		39.2%	43.3%	33.2%	43.5%	61.2%	64.5%	61.0%		18.0%	43.4%	51.0%	100.0%	5.5%	70.1%	80.5%	
										dG	g		ae	dG		AbE	
																	
Sales and marketing		14	4	8	3	0	2	0		7	11	0	2	2	0	2	
support		66.5%	43.3%	39.8%	90.1%	0.0%	45.4%	2.6%		62.9%	59.3%	0.0%	100.0%	31.6%	12.4%	14.3%	
		eG	g	g	eG	ad	g	AbcDf		g	G		g			aBd	
																	
Operations support		6	3	8	3	2	2	4		5	5	2	0	3	1	5	
		27.6%	28.7%	39.6%	76.2%	40.3%	36.9%	26.6%		41.4%	27.2%	51.0%	0.0%	42.7%	42.3%	29.4%	
																	
IT core functions		9	3	8	1	3	0	2		2	8	3	2	1	1	3	
effectiveness		41.4%	29.5%	39.6%	19.7%	59.7%	0.0%	17.3%		22.0%	41.1%	100.0%	100.0%	17.9%	40.2%	16.8%	
										c		aeG	g	c		Cd	
																	
Competitive		10	2	8	1	2	0	2		6	7	1	2	1	0	2	
intelligence		45.3%	28.0%	41.6%	33.7%	38.8%	0.0%	11.5%		51.5%	36.6%	24.5%	100.0%	12.4%	12.4%	14.3%	
		g						a		g			g			ad	
																	
Strategic decision		7	0	8	1	1	3	3		1	8	0	2	3	0	4	
support		33.6%	4.2%	41.6%	33.7%	19.4%	63.1%	19.2%		11.2%	45.5%	0.0%	100.0%	44.0%	12.4%	26.0%	
			f				b			d			ag			d	

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

123 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		Total		Country Where Based		Specific Other Asia Location	

China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Analysis of big data		24		8	3	3	11		4	3	0	1	2	
		31.0%		23.5%	20.0%	53.8%	43.3%		62.5%	80.0%	0.0%	50.0%	25.0%	
														
Customer service		17		8	2	1	7		0	0	1	1	5	
levels		22.3%		23.5%	13.3%	15.4%	26.7%		0.0%	0.0%	33.3%	50.0%	50.0%	
									e				a	
														
Finance function		15		6	2	3	4		0	2	0	1	2	
effectiveness		18.8%		17.6%	13.3%	53.8%	16.7%		0.0%	40.0%	0.0%	50.0%	16.7%	
														
Other		3		0	1	0	2		0	0	1	0	1	
		3.2%		0.0%	6.7%	0.0%	6.7%		0.0%	0.0%	33.3%	0.0%	8.3%	

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

124 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		Ownership		Foreign Sales	
		
Public	
Private	Govern-
ment	
Nonprofit		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C	D		A	B	C	D	
											
Analysis of big data		7	15	0	0		8	6	1	10	
		34.5%	34.0%	0.0%	0.0%		34.9%	22.7%	8.4%	49.9%	
									d	c	
											
Customer service		2	14	1	0		10	3	2	2	
levels		11.8%	32.9%	21.9%	0.0%		42.3%	11.4%	21.5%	12.9%	
							bd	a		a	
											
Finance function		2	8	2	0		7	7	0	1	
effectiveness		7.5%	19.1%	56.1%	0.0%		28.3%	29.3%	0.0%	3.8%	
		c		a			d	d		ab	
											
Other		0	2	0	1		1	0	1	1	
		0.0%	4.0%	0.0%	28.1%		3.4%	0.0%	9.1%	4.3%	
		d			a						

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

125 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		Industry	
		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Analysis of big data		4	1	1	2	0	0	0	3	4	4	2	2	
		59.5%	12.3%	22.1%	22.2%	0.0%	4.4%	29.3%	58.0%	19.5%	76.6%	71.9%	26.9%	
		f	j				ahjk		f	j	bfi	f		
														
Customer service		2	5	1	0	0	4	0	2	3	0	0	1	
levels		26.3%	68.5%	22.1%	0.0%	0.0%	46.0%	29.3%	43.5%	13.9%	0.0%	0.0%	11.0%	
			dijl		bf		d			b	b		b	
														
Finance function		1	2	0	1	0	0	0	1	5	4	0	1	
effectiveness		19.0%	24.7%	0.0%	11.5%	0.0%	0.0%	29.3%	12.9%	21.3%	77.8%	0.0%	15.9%	
					j		j			j	dfil		j	
														
Other		0	0	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%	3.8%	0.0%	0.0%	11.0%	

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

126 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=78		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	
																	
Analysis of big data		6	3	7	1	3	1	4		3	2	1	2	2	2	5	
		29.4%	37.4%	34.8%	19.7%	61.2%	17.7%	26.0%		29.4%	13.4%	24.5%	100.0%	36.7%	70.1%	26.4%	
											df		bg		b	d	
																	
Customer service		5	4	5	0	0	0	2		4	4	2	2	0	0	3	
levels		21.6%	43.3%	27.3%	9.9%	0.0%	0.0%	17.3%		33.5%	20.7%	51.0%	100.0%	0.0%	12.4%	19.1%	
											d		beg	d		d	
																	
Finance function		5	3	4	1	0	2	1		4	2	1	0	0	1	2	
effectiveness		21.5%	28.7%	20.6%	19.7%	0.0%	45.4%	5.1%		37.3%	8.9%	24.5%	0.0%	5.5%	40.2%	14.3%	
																	
Other		1	0	0	0	1	0	1		1	0	0	0	0	1	1	
		3.9%	0.0%	0.0%	0.0%	19.4%	0.0%	6.2%		7.3%	0.0%	0.0%	0.0%	0.0%	29.9%	4.8%	
											f				b		

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

127 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

j. Weighted Average Cost of Capital

N=101		Total		Country Where Based		Specific Other Asia Location	
Mean
Median		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
				A	B	C	D		A	B	C	D	E	
														
What is your		9.7		11.2	6.4	10.9	8.7		8.5	8.2	9.0	9.8	8.5	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		10.0		10.0	6.1	11.0	10.0		10.0	9.5	10.5	12.5	10.0	
				bd	ac	b	a							

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

128 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

j. Weighted Average Cost of Capital

N=101		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	
											
What is your		10.1	9.6	10.0	3.7		9.6	9.5	10.9	9.3	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		10.0	9.6	6.5	4.0		8.0	10.0	12.2	10.0	
		d	d	D	abC						

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

129 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

j. Weighted Average Cost of Capital

N=101		Industry	
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
What is your		8.5	7.8	8.7	7.0	8.3	6.9	15.0	13.2	11.0	9.1	18.0	9.1	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		10.0	7.5	10.0	8.2	7.9	5.4	9.5	16.1	11.0	9.2	13.5	10.0	
		k	K	k	K		ik			fk	K	aBcDfiJL	K	

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

130 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

j. Weighted Average Cost of Capital

N=101		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	
																	
What is your		9.9	11.3	9.3	9.1	9.2	8.9	9.0		8.1	9.2	6.8	15.1	10.0	8.3	9.4	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		8.3	12.0	8.0	11.4	11.4	10.1	10.0		8.1	9.0	6.1	2.1	10.6	9.2	10.0	
										d	d	d	abcfg		d	d	

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

131 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

k. Workforce

N=101		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
				A	B	C	D		A	B	C	D	E	
														
Number		101		40	20	6	35		8	5	4	4	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		24.2%	14.5%	12.1%	12.1%	38.7%	
														
What percentage of		84		34	13	6	31		7	4	4	4	12	
your workforce has a
college degree?		57.61		53.19	60.40	66.35	59.45		47.50	46.60	82.00	47.20	66.67	
									c		a			
														
What percentage of		86		36	12	6	31		7	4	4	4	12	
your workforce is
unionized?		25.49		26.24	24.64	2.65	29.53		26.25	9.00	14.00	3.00	52.13	
														
How many years has		87		36	14	6	31		7	4	4	4	12	
the average
employee worked at
your firm?		8.15		6.24	15.01	8.12	7.24		7.38	4.40	10.40	4.40	8.00	
				B	AD		B							

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

132 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

k. Workforce

N=101		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		28	55	6	4		31	33	13	23	
Percent		30.5%	58.9%	6.3%	4.0%		31.0%	33.2%	13.3%	22.8%	
											
What percentage of		18	49	6	4		25	28	11	19	
your workforce has a
college degree?		66.03	58.65	62.34	44.14		50.03	63.16	49.82	64.18	
											
What percentage of		19	49	6	4		25	28	10	21	
your workforce is
unionized?		39.38	19.13	61.25	2.81		15.97	30.20	47.69	20.61	
		b	aC	B			c		ad	c	
											
How many years has		21	49	6	4		26	28	11	21	
the average
employee worked at
your firm?		10.49	7.85	5.64	5.22		7.52	7.72	8.33	9.55	

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

133 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

k. Workforce

N=101		Industry	
Number
Mean		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Number		9	11	4	8	0	13	1	6	26	5	3	12	
Percent		9.0%	11.6%	3.8%	7.8%	0.4%	12.8%	1.3%	5.8%	26.9%	5.5%	3.0%	12.7%	
														
What percentage of		7	10	4	4	0	8	1	6	22	5	3	12	
your workforce has a
college degree?		59.55	86.31	22.43	56.98	30.00	61.13	78.79	56.93	30.02	71.35	96.41	69.67	
		bI	aCdfI	BdjKL	bcik		bI		i	ABdFhJKL	cI	CdI	CI	
														
What percentage of		7	10	4	6	0	8	1	6	22	5	3	12	
your workforce is
unionized?		23.07	35.14	8.18	51.04	0.00	11.74	0.00	0.65	34.80	6.89	28.12	18.52	
					h				di	h				
														
How many years has		7	10	4	6	0	9	1	6	22	5	3	12	
the average
employee worked at
your firm?		11.56	6.16	7.41	11.33	5.00	9.33	13.54	4.94	8.72	4.84	3.00	7.56	
			d		bjk						d	d		

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

134 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

k. Workforce

N=101		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		27	15	22	5	7	6	19		16	24	4	5	7	5	20	
Percent		26.3%	14.4%	22.2%	4.6%	6.6%	5.5%	18.9%		19.9%	29.4%	5.1%	6.3%	8.7%	6.8%	24.5%	
																	
What percentage of		26	14	22	4	7	4	8		15	24	4	4	7	5	10	
your workforce has a
college degree?		54.37	55.88	56.10	57.13	57.07	45.31	78.79		65.80	52.77	38.34	55.00	47.72	77.30	48.90	
												f			c		
																	
What percentage of		26	14	22	4	7	4	10		15	24	4	4	7	5	9	
your workforce is
unionized?		9.99	16.20	31.05	8.84	43.12	77.44	36.47		1.72	29.93	34.92	28.00	13.97	41.11	53.42	
		ceFg	F	a	f	a	ABd	a		bCDFG	a	A	A	g	A	Ae	
																	
How many years has		26	14	22	5	7	4	10		15	24	4	5	7	5	10	
the average
employee worked at
your firm?		5.66	6.50	7.95	8.09	9.58	8.25	15.82		6.03	7.51	8.80	7.39	10.40	10.80	9.76	
		G	g	G				AbC		fg					a	a	

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

135 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
				A	B	C	D		A	B	C	D	E	
														
Number		101		40	20	6	35		8	5	4	4	13	
Percent		100.0%		39.5%	20.2%	6.2%	34.2%		24.2%	14.5%	12.1%	12.1%	38.7%	
														
% Approximate ROA		76		32	14	3	27		5	4	3	4	11	
in 2016		8.43		9.31	6.06	11.53	8.26		7.17	10.40	7.75	14.62	5.65	
														
% Expected ROA in		69		29	12	3	25		5	4	2	4	10	
2017		10.35		9.81	8.42	11.64	11.72		7.92	11.20	18.00	19.40	9.06	

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

136 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		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		28	55	6	4		31	33	13	23	
Percent		30.5%	58.9%	6.3%	4.0%		31.0%	33.2%	13.3%	22.8%	
											
% Approximate ROA		18	45	3	3		25	22	11	17	
in 2016		9.19	8.79	2.16	6.56		6.23	9.47	2.77	13.95	
				d	c		D	c	bD	AC	
											
% Expected ROA in		16	42	3	3		23	20	10	17	
2017		13.16	10.14	2.16	5.84		8.20	9.55	6.23	16.78	
							d		d	ac	

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

137 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		Industry	
Number
Mean		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Number		9	11	4	8	0	13	1	6	26	5	3	12	
Percent		9.0%	11.6%	3.8%	7.8%	0.4%	12.8%	1.3%	5.8%	26.9%	5.5%	3.0%	12.7%	
														
% Approximate ROA		7	7	3	4	0	8	0	4	23	5	3	11	
in 2016		4.98	4.46	2.97	5.03	4.20	10.65	---	15.57	5.59	4.56	20.20	16.29	
		hkL	hL	hl	hl				abcdi	hKL	l	aI	ABcdIj	
														
% Expected ROA in		6	6	3	4	0	8	0	4	21	5	3	8	
2017		8.54	7.84	3.44	6.12	5.50	15.96	---	10.12	7.37	4.83	17.97	21.79	
				h			i		c	fkL	l	i	Ij	

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

138 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		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		27	15	22	5	7	6	19		16	24	4	5	7	5	20	
Percent		26.3%	14.4%	22.2%	4.6%	6.6%	5.5%	18.9%		19.9%	29.4%	5.1%	6.3%	8.7%	6.8%	24.5%	
																	
% Approximate ROA		22	11	21	4	5	5	9		13	20	4	5	7	5	8	
in 2016		7.34	11.97	5.79	11.88	11.29	5.41	11.21		6.58	4.41	8.62	20.49	10.23	10.49	5.39	
										D	D		ABG			D	
																	
% Expected ROA in		21	11	20	2	4	5	6		13	20	4	5	4	5	6	
2017		9.49	13.15	7.52	3.83	16.15	4.92	20.43		9.95	6.32	8.58	21.91	7.82	12.24	7.46	
			c	bg				c			D		B				

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

139 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

(Japan Only) On August 21, 2017, Nikkei 225 was 19,393.13 yen. Please complete the following:  (Winsorized)

		Total		Ownership		Foreign Sales	
Number
Mean
Median		

Public	

Private	
Govern-
ment	

Nonprofit		

0%	

1-24%	

25-50%	
More
than 50%	
													
Number		101		28	55	6	4		31	33	13	23	
Percent		100.0%		28.1%	54.3%	5.8%	3.7%		31.0%	33.2%	13.3%	22.8%	
													
In 10 years, I expect		17		9	7	0	0		6	4	4	2	
Nikkei 225 will be:		12798.00		13916.20	12000.00	---	---		13166.86	14400.00	12000.00	9497.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		13000.00		15000.00	13000.00	---	---		14000.00	15000.00	13500.00	0.89	
													
In 10 years, I expect		18		9	8	0	0		7	4	4	2	
Nikkei 225 will be:		20587.95		20125.90	21222.22	---	---		23053.13	17683.80	20700.00	17707.50	
Expected return:		20000.00		20000.00	20000.00	---	---		25000.00	20000.00	21500.00	0.89	
													
In 10 years, I expect		17		9	7	0	0		6	4	4	2	
Nikkei 225 will be:		27348.26		28711.70	25187.50	---	---		27434.14	25200.00	27507.80	32019.50	
There is a 1-in-10
chance it will be
greater than:		26500.00		28000.00	25000.00	---	---		30000.00	26500.00	28000.00	0.89	
													
In 1 year, I expect		18		10	7	0	0		6	4	5	2	
Nikkei 225 will be:		16307.65		16332.09	16375.00	---	---		15142.86	17600.00	16916.67	15326.50	
There is a 1-in-10
chance Nikkei 225 will
be less than:		17000.00		17000.00	17000.00	---	---		17000.00	17500.00	17000.00	0.89	
													
In 1 year, I expect		19		10	8	0	0		7	4	5	2	
Nikkei 225 will be:		19793.48		20151.18	19388.89	---	---		19875.00	19600.00	20000.00	19331.50	
Expected return:		20000.00		20000.00	20000.00	---	---		20000.00	19750.00	20000.00	0.89	
													
In 1 year, I expect		18		10	7	0	0		6	4	5	2	
Nikkei 225 will be:		22431.60		22921.09	21625.00	---	---		22857.14	21800.00	22250.00	23066.00	
There is a 1-in-10
chance it will be
greater than:		22000.00		23000.00	21000.00	---	---		23500.00	22000.00	22000.00	0.89	

140 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

(Japan Only) On August 21, 2017, Nikkei 225 was 19,393.13 yen. Please complete the following:  (Winsorized)

		Industry	
Number
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
														
Number		9	11	4	8	0	13	1	6	26	5	3	12	
Percent		9.0%	11.6%	3.8%	7.8%	0.4%	12.8%	1.3%	5.8%	26.9%	5.5%	3.0%	12.7%	
														
In 10 years, I expect		3	2	1	2	0	3	1	0	3	1	0	2	
Nikkei 225 will be:		10664.67	11000.00	15000.00	14500.00	---	12666.67	13000.00	---	15389.33	10000.00	---	11500.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		12500.00	0.89	13500.00	0.89	---	14000.00	13000.00	---	17084.00	12500.00	---	0.89	
														
In 10 years, I expect		3	2	1	2	0	4	1	0	3	1	0	2	
Nikkei 225 will be:		19805.00	20500.00	18000.00	20000.00	---	21750.00	20000.00	---	24141.67	25000.00	---	14459.50	
Expected return:		22000.00	0.89	21500.00	0.89	---	25000.00	19500.00	---	26212.50	24000.00	---	0.89	
														
In 10 years, I expect		3	2	1	2	0	3	1	0	3	1	0	2	
Nikkei 225 will be:		30679.67	29519.50	20000.00	25000.00	---	24333.33	25000.00	---	29679.67	30000.00	---	29500.00	
There is a 1-in-10
chance it will be
greater than:		34519.50	0.89	29519.50	0.89	---	26500.00	24000.00	---	32019.50	27500.00	---	0.89	
														
In 1 year, I expect		3	2	1	2	0	3	1	0	4	1	0	2	
Nikkei 225 will be:		14217.67	17000.00	18000.00	19000.00	---	14666.67	16000.00	---	16750.00	15000.00	---	16250.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		16326.50	0.89	17500.00	0.89	---	17000.00	16000.00	---	17000.00	15500.00	---	0.89	
														
In 1 year, I expect		3	2	1	2	0	4	1	0	4	1	0	2	
Nikkei 225 will be:		19554.33	19750.00	19000.00	18750.00	---	19250.00	19500.00	---	21000.00	20000.00	---	20250.00	
Expected return:		20000.00	0.89	19500.00	0.89	---	20000.00	19250.00	---	21000.00	20000.00	---	0.89	
														
In 1 year, I expect		3	2	1	2	0	3	1	0	4	1	0	2	
Nikkei 225 will be:		23044.00	22000.00	20000.00	22000.00	---	21666.67	21000.00	---	24000.00	22000.00	---	23250.00	
There is a 1-in-10
chance it will be
greater than:		24066.00	0.89	21000.00	0.89	---	22500.00	20500.00	---	23000.00	22500.00	---	0.89	

141 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

(Japan Only) On August 21, 2017, Nikkei 225 was 19,393.13 yen. Please complete the following:  (Winsorized)

		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		27	15	22	5	7	6	19		16	24	4	5	7	5	20	
Percent		26.3%	14.4%	22.2%	4.6%	6.6%	5.5%	18.9%		19.9%	29.4%	5.1%	6.3%	8.7%	6.8%	24.5%	
																	
In 10 years, I expect		4	1	2	2	2	1	5		4	1	1	1	1	3	4	
Nikkei 225 will be:		12200.00	10000.00	14584.00	15000.00	15500.00	15000.00	11165.67		12000.00	15000.00	19168.00	15000.00	6994.00	16333.33	11400.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		13000.00	10000.00	0.89	0.89	0.89	17000.00	12000.00		13000.00	12500.00	14584.00	12500.00	8497.00	17000.00	12000.00	
																	
In 10 years, I expect		4	2	2	2	2	1	5		4	2	1	1	1	3	4	
Nikkei 225 will be:		20000.00	22500.00	27212.50	22000.00	20000.00	9419.00	19819.17		20000.00	22000.00	29425.00	25000.00	15415.00	16473.00	20700.00	
Expected return:		19500.00	0.89	0.89	0.89	0.89	14709.50	20000.00		19000.00	0.89	27212.50	25000.00	20207.50	20000.00	21500.00	
																	
In 10 years, I expect		4	1	2	2	2	1	5		4	1	1	1	1	3	4	
Nikkei 225 will be:		23600.00	28000.00	34519.50	26500.00	23500.00	28000.00	29429.67		23250.00	23000.00	39039.00	30000.00	39039.00	24166.67	28007.80	
There is a 1-in-10
chance it will be
greater than:		24000.00	24000.00	0.89	0.89	0.89	26500.00	31000.00		23000.00	21500.00	29519.50	25000.00	29519.50	25250.00	28000.00	
																	
In 1 year, I expect		4	1	2	2	2	1	6		4	1	1	1	1	3	5	
Nikkei 225 will be:		16600.00	20000.00	14500.00	13500.00	16500.00	17000.00	16736.14		16750.00	17000.00	19000.00	10000.00	15653.00	18000.00	16250.00	
There is a 1-in-10
chance Nikkei 225 will
be less than:		17000.00	18000.00	0.89	0.89	0.89	17500.00	17000.00		18000.00	16500.00	17500.00	13000.00	15826.50	18500.00	17000.00	
																	
In 1 year, I expect		4	2	2	2	2	1	6		4	2	1	1	1	3	5	
Nikkei 225 will be:		19100.00	19000.00	21500.00	20000.00	19750.00	21000.00	19809.00		19000.00	20000.00	23000.00	20000.00	18663.00	20166.67	20000.00	
Expected return:		19250.00	0.89	0.89	0.89	0.89	20500.00	20000.00		19000.00	0.89	21500.00	20000.00	19331.50	20500.00	20000.00	
																	
In 1 year, I expect		4	1	2	2	2	1	6		4	1	1	1	1	3	5	
Nikkei 225 will be:		20600.00	23000.00	26500.00	23000.00	22000.00	23000.00	22376.00		20500.00	21000.00	28000.00	25000.00	23132.00	21666.67	22583.33	
There is a 1-in-10
chance it will be
greater than:		20500.00	21500.00	0.89	0.89	0.89	23000.00	22500.00		20000.00	20500.00	24000.00	22500.00	21566.00	22000.00	23000.00	

142 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

(Japan Only) On August 21, 2017, Nikkei 225 was 19,393.13 yen. Please complete the following:  (Winsorized)

		Total		Ownership		Foreign Sales	
Number
Mean
Median		

Public	

Private	
Govern-
ment	

Nonprofit		

0%	

1-24%	

25-50%	
More
than 50%	
													
In three months, I		18		10	7	0	0		6	4	5	2	
expect Nikkei 225 will		16800.45		17211.82	16147.38	---	---		15857.14	16435.80	18250.00	16665.00	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.00		18000.00	18000.00	---	---		18000.00	18000.00	18000.00	0.89	
													
In three months, I		19		11	8	0	0		7	4	5	3	
expect Nikkei 225 will		19544.77		19932.08	19033.33	---	---		19187.50	19500.00	19800.00	20061.67	
be: Expected return:		20000.00		20000.00	19650.00	---	---		20000.00	19750.00	20000.00	20500.00	
													
In three months, I		18		10	7	0	0		6	4	5	2	
expect Nikkei 225 will		21647.75		22041.36	21125.00	---	---		22714.29	20700.00	21166.67	21727.50	
be: There is a 1-in-10
chance it will be
greater than:		21000.00		21500.00	20500.00	---	---		23500.00	21000.00	21000.00	0.89	

143 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

(Japan Only) On August 21, 2017, Nikkei 225 was 19,393.13 yen. Please complete the following:  (Winsorized)

		Industry	
Number
Mean
Median		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
														
In three months, I		3	2	1	2	0	3	1	0	4	1	0	2	
expect Nikkei 225 will		15776.67	18000.00	18000.00	13589.50	---	15333.33	18000.00	---	17750.00	18000.00	---	17750.00	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18665.00	0.89	18000.00	0.89	---	18000.00	17500.00	---	19000.00	18000.00	---	0.89	
														
In three months, I		3	2	1	2	0	4	1	0	4	1	0	2	
expect Nikkei 225 will		19728.33	19750.00	20000.00	19000.00	---	18375.00	19500.00	---	20200.00	20000.00	---	19750.00	
be: Expected return:		20000.00	0.89	20000.00	0.89	---	19000.00	19000.00	---	20000.00	20000.00	---	0.89	
														
In three months, I		3	2	1	2	0	3	1	0	4	1	0	2	
expect Nikkei 225 will		22151.67	21500.00	22000.00	20500.00	---	21666.67	20500.00	---	22500.00	22000.00	---	21250.00	
be: There is a 1-in-10
chance it will be
greater than:		23000.00	0.89	22000.00	0.89	---	22500.00	20250.00	---	23000.00	21500.00	---	0.89	

144 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

(Japan Only) On August 21, 2017, Nikkei 225 was 19,393.13 yen. Please complete the following:  (Winsorized)

		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		4	1	2	2	2	1	6		4	1	1	1	1	3	5	
expect Nikkei 225 will		18000.00	9179.00	14500.00	14500.00	16500.00	18000.00	18261.43		18000.00	19000.00	19000.00	10000.00	18330.00	18333.33	17583.33	
be: There is a 1-in-10
chance Nikkei 225 will
be less than:		18000.00	13589.50	0.89	0.89	0.89	18000.00	18165.00		18000.00	18500.00	18500.00	14000.00	18165.00	18500.00	18000.00	
																	
In three months, I		4	2	2	2	2	2	6		4	2	1	1	1	3	6	
expect Nikkei 225 will		19400.00	17250.00	20000.00	20000.00	20250.00	20000.00	19712.14		19375.00	18000.00	20000.00	20000.00	19185.00	19766.67	20000.00	
be: Expected return:		19750.00	0.89	0.89	0.89	0.89	0.89	19900.00		20000.00	0.89	20000.00	20000.00	19592.50	19900.00	20000.00	
																	
In three months, I		4	1	2	2	2	1	6		4	1	1	1	1	3	5	
expect Nikkei 225 will		20900.00	20000.00	25000.00	23000.00	22000.00	21000.00	21065.00		21000.00	21000.00	25000.00	25000.00	20455.00	20833.33	21583.33	
be: There is a 1-in-10
chance it will be
greater than:		21250.00	20000.00	0.89	0.89	0.89	22000.00	21000.00		22000.00	20500.00	22500.00	22500.00	20227.50	21000.00	21500.00	

145 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

		Total		Country Where Based		Specific Other Asia Location	
Number
Mean		
		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
All Others	
				A	B	C	D		A	B	C	D	
													
Number		20		11	4	1	5		2	1	1	2	
Percent		100.4%		50.0%	16.9%	5.2%	23.5%		27.4%	13.7%	13.7%	27.4%	
													
% of capacity utilized		20		11	4	1	5		2	1	1	2	
in first half of 2017		80.80		82.00	85.00	65.43	78.67		82.50	80.00	87.00	70.00	
													
% of capacity		20		11	4	1	5		2	1	1	2	
utilization planned
for the second half of
2017		83.41		85.00	85.00	78.33	80.00		80.00	85.00	90.00	72.50	

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

146 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

		Ownership		Foreign Sales	
Number
Mean		
Public	
Private	Govern-
ment		
0%	
1-24%	
25-50%	More
than 50%	
		A	B	C		A	B	C	D	
										
Number		4	9	2		7	5	3	5	
Percent		23.6%	60.3%	14.0%		33.6%	26.9%	14.9%	24.8%	
										
% of capacity utilized		4	9	2		7	5	3	5	
in first half of 2017		85.00	71.74	80.00		74.78	84.28	87.97	80.88	
										
% of capacity		4	9	2		7	5	3	5	
utilization planned
for the second half of
2017		85.00	75.50	85.00		75.39	87.37	95.00	83.00	
							c	b		

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

147 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

		Industry	
Number
Mean		Manufac-
turing	
		A	
			
Number		20	
Percent		100.4%	
			
% of capacity utilized		20	
in first half of 2017		80.80	
			
% of capacity		20	
utilization planned
for the second half of
2017		83.41	

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

148 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

Manufacturing capacity utilized  (Winsorized)

		Sales Revenue		Number of Employees	
Number
Mean		Less
than $25
million	
$25-99
million	
$100-499
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Fewer
than 100	
100-
499	
500-
999	
2500-
4999	More
than
10,000	
		A	B	C	D	E	F		A	B	C	D	E	
														
Number		2	4	8	2	3	1		0	7	2	3	5	
Percent		8.2%	20.6%	41.9%	8.5%	14.9%	6.3%		2.2%	39.2%	10.0%	17.2%	30.1%	
														
% of capacity utilized		2	4	8	2	3	1		0	7	2	3	5	
in first half of 2017		70.00	79.10	82.16	79.81	82.97	87.68		41.30	74.56	65.56	88.59	82.74	
														
% of capacity		2	4	8	2	3	1		0	7	2	3	5	
utilization planned
for the second half of
2017		72.50	86.88	82.89	77.41	86.48	90.61		60.00	78.70	65.56	87.19	85.51	

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

149 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		Total		Country Where Based		Specific Other Asia Location	
Number
Col %		
 		
China	
Japan	
India	All other
Asia		Singapo-
re	
Malaysia	Philippi-
nes	
Australia	
All Others	
		 		A	B	C	D		A	B	C	D	E	
														
Total		96		38	19	6	34		7	5	4	4	13	
		100.0%		39.2%	20.2%	5.7%	34.9%		22.0%	14.6%	12.2%	12.2%	39.0%	
														
CFO		31		13	6	1	11		2	2	2	2	4	
		31.7%		33.3%	31.8%	20.0%	31.7%		22.2%	33.3%	40.0%	40.0%	31.3%	
														
VP of Finance		20		8	4	1	7		2	1	0	1	2	
		20.3%		22.2%	18.2%	20.0%	19.5%		33.3%	16.7%	0.0%	20.0%	18.8%	
														
Other		20		6	4	1	8		2	2	1	1	3	
		20.2%		16.7%	18.2%	26.7%	24.4%		22.2%	33.3%	20.0%	20.0%	25.0%	
														
Controller		11		6	2	1	2		0	1	0	1	1	
		11.7%		16.7%	9.1%	13.3%	7.3%		0.0%	16.7%	0.0%	20.0%	6.3%	
														
CEO		9		2	3	1	3		1	0	1	0	2	
		9.5%		5.6%	13.6%	20.0%	9.8%		11.1%	0.0%	20.0%	0.0%	12.5%	
														
Treasurer		6		2	2	0	2		1	0	1	0	1	
		6.6%		5.6%	9.1%	0.0%	7.3%		11.1%	0.0%	20.0%	0.0%	6.3%	

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

150 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		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		28	54	6	4		28	33	13	21	
		30.2%	59.3%	6.4%	4.1%		29.4%	34.3%	13.9%	22.5%	
											
CFO		10	18	0	3		9	6	8	8	
		35.9%	32.9%	0.0%	78.1%		32.5%	19.0%	57.9%	35.0%	
				d	c			c	b		
											
VP of Finance		8	7	2	0		4	10	0	5	
		27.9%	13.0%	35.9%	0.0%		13.7%	31.7%	0.0%	25.1%	
								c	b		
											
Other		3	13	4	0		8	7	1	2	
		10.2%	24.0%	64.1%	0.0%		30.0%	22.5%	6.7%	9.3%	
		C	c	Ab							
											
Controller		3	8	0	0		1	7	3	1	
		12.2%	14.7%	0.0%	0.0%		2.9%	20.7%	22.0%	3.4%	
							b	a			
											
CEO		0	8	0	0		5	1	0	3	
		0.0%	15.4%	0.0%	0.0%		17.9%	3.6%	0.0%	13.6%	
		b	a								
											
Treasurer		4	0	0	1		1	1	2	3	
		13.8%	0.0%	0.0%	21.9%		2.9%	2.5%	13.4%	13.6%	
		B	AD		B						

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

151 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		Industry	
Number
Col %		
Retail/
Whole-
sale	Bank/Fin
Insur
Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardwar-
e Bio	

Manufac-
turing	

Healthca-
re Pharm	

Agr, Pub
Admin	

Other
Industry	
		A	B	C	D	E	F	G	H	I	J	K	L	
														
Total		9	11	4	8	0	12	1	6	23	5	3	12	
		9.3%	12.1%	4.0%	8.2%	0.4%	12.5%	1.3%	6.0%	24.5%	5.7%	3.1%	12.9%	
														
CFO		4	2	2	3	0	3	0	0	9	2	2	4	
		43.1%	15.0%	44.2%	38.9%	0.0%	24.8%	0.0%	6.5%	37.0%	46.0%	71.9%	34.0%	
														
VP of Finance		1	2	1	4	0	3	0	1	6	1	0	0	
		10.1%	18.5%	22.1%	49.6%	100.0%	24.6%	0.0%	14.5%	25.7%	22.2%	0.0%	0.0%	
					l	L							dE	
														
Other		1	2	1	1	0	3	0	2	4	2	1	1	
		9.4%	14.5%	23.8%	11.5%	0.0%	24.8%	29.3%	43.5%	17.9%	31.8%	28.1%	9.8%	
														
Controller		2	2	0	0	0	0	1	0	3	0	0	3	
		18.7%	18.5%	0.0%	0.0%	0.0%	0.0%	70.7%	6.5%	14.3%	0.0%	0.0%	24.7%	
					g		g	df						
														
CEO		1	3	0	0	0	3	0	1	1	0	0	0	
		9.4%	25.7%	9.9%	0.0%	0.0%	25.7%	0.0%	14.5%	5.2%	0.0%	0.0%	0.0%	
														
Treasurer		1	1	0	0	0	0	0	1	0	0	0	4	
		9.4%	7.8%	0.0%	0.0%	0.0%	0.0%	0.0%	14.5%	0.0%	0.0%	0.0%	31.5%	
							l			L			fI	

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

152 

Duke / CFO magazine Global Business Outlook survey - Asia - Third Quarter, 2017 - Weighted by GDP

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

		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		26	15	20	5	6	6	19		16	24	4	5	7	5	19	
		27.4%	15.2%	20.9%	4.8%	6.1%	5.8%	19.9%		20.0%	29.5%	5.2%	6.3%	8.7%	6.8%	23.5%	
																	
CFO		6	7	10	1	1	1	4		3	11	2	0	2	0	4	
		22.3%	51.4%	49.5%	27.2%	14.1%	16.1%	23.2%		18.1%	47.5%	59.1%	0.0%	23.1%	0.0%	23.3%	
											f				b		
																	
VP of Finance		3	4	4	1	2	1	6		2	5	1	1	2	2	4	
		10.5%	25.7%	19.4%	19.2%	29.4%	14.9%	30.7%		9.6%	19.2%	21.2%	17.4%	30.0%	31.1%	19.7%	
																	
Other		6	1	2	0	3	3	4		3	1	0	2	1	3	8	
		21.1%	6.1%	10.1%	8.0%	56.5%	53.0%	19.5%		16.1%	3.5%	0.0%	41.3%	17.0%	52.8%	41.4%	
			ef	ef		bc	bc				dFG		b		B	B	
																	
Controller		5	1	2	2	0	1	0		1	5	1	0	2	1	0	
		17.7%	8.2%	10.5%	45.6%	0.0%	16.1%	1.9%		7.4%	21.1%	19.7%	0.0%	30.0%	16.1%	1.9%	
					g			d						g		e	
																	
CEO		6	1	2	0	0	0	0		7	1	0	0	0	0	0	
		22.1%	8.6%	10.5%	0.0%	0.0%	0.0%	0.0%		43.8%	5.3%	0.0%	0.0%	0.0%	0.0%	0.0%	
		g						a		BeG	A			a		A	
																	
Treasurer		2	0	0	0	0	0	5		1	1	0	2	0	0	3	
		6.3%	0.0%	0.0%	0.0%	0.0%	0.0%	24.6%		5.1%	3.5%	0.0%	41.3%	0.0%	0.0%	13.7%	
			g	g				bc			d		b				

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