Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and 100
being the most optimistic.	2
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top management
team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the
next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:
[Unweighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Revenue Weighted - Sorted]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Employee Weighted - Sorted]	13
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	14
Q5.  What is the hurdle rate that your company uses to evaluate investment projects?	15
Q6a. Does your company pursue all NPV>0 projects?	16
Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you
would otherwise pursue?	17
Why doesn't your firm hire more managers to reduce the shortage?	18
Why doesn't your firm hire more managers to reduce the shortage? - OTHERS	19
What managerial hard skills are most scarce?	20
What managerial intangible skills are most scarce?	21
What tasks and responsibilities cannot be delegated to new managers?	22
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	23
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?	24
Q6d.  Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would
otherwise pursue?	25
Why doesn't your firm hire more labor to reduce the shortage?	26
Why doesn't your firm hire more labor to reduce the shortage?  - OTHER	27
Which skills are most scarce among potential hires?	28
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	29
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? 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?	30
Q7.  Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?	31
Q8a.  Does your company have difficulty attracting and retaining qualified technology employees?	32
Q8b.  Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL
RESPONDENTS	33
Q8b.  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	34
Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? - OTHERS	35

j. Weighted Average Cost of Capital	36
k. Workforce	37
Return on assets (ROA=operating earnings/assets) (Winsorized)	38
Manufacturing capacity utilized (Winsorized)	39
Industry	40
Industry (Other specified)	41
Sales Revenue	42
Number of Employees	43
In what country are you personally located	44
Headquarters Latin America (Other Specified)	45
If your company headquarters is another country, please indicate which country.	46
Ownership	47
Foreign Sales	48
In what region of the world are most of your foreign sales?	49
What is your company's credit rating? 	50
Language version	53
Your job title (e.g., CFO, Asst. Treasurer, etc):	54
Other job title:	55

 1 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	1=More optimistic	59	48.0 %	± 9.0 %
	0=No change	41	33.3 %	± 8.5 %
	-1=Less optimistic	23	18.7 %	± 7.0 %
	Total	123	100.0 %

	Mean = 0.29
	SD = 0.77

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

1b. Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 5

	Maximum = 92

	Mean = 57.53

	Median = 60

	Standard Deviation (Unbiased Estimate) = 18.13

	95 Percent Confidence Interval Around The Mean = 54.17 - 60.89

4 Groups

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases = 112
Missing Cases = 11
Response Percent =  91.1%

3 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	1=More optimistic	62	50.8 %	± 9.0 %
	0=No change	42	34.4 %	± 8.5 %
	-1=Less optimistic	18	14.8 %	± 6.3 %
	Total	122	100.0 %

	Mean = 0.36
	SD = 0.73

	Missing Cases = 1
	Response Percent = 99.2 %

4 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 5

	Maximum = 100

	Mean = 65.01

	Median = 70

	Standard Deviation (Unbiased Estimate) = 19.36

	95 Percent Confidence Interval Around The Mean = 61.42 - 68.59

4 Groups

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases = 112
Missing Cases = 11
Response Percent =  91.1%

5 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Economic uncertainty	72	69.9 %	± 9.0 %
	Government policies	47	45.6 %	± 9.8 %
	Weak demand for your products/services	42	40.8 %	± 9.7 %
	Access to capital	24	23.3 %	± 8.3 %
	Cost of borrowing	22	21.4 %	± 8.1 %
	Corporate tax code	22	21.4 %	± 8.1 %
	Regulatory requirements	22	21.4 %	± 8.1 %
	Employee productivity	21	20.4 %	± 7.9 %
	Currency risk	16	15.5 %	± 7.1 %
	Difficulty attracting / retaining qualified employees	15	14.6 %	± 6.9 %
	Cost of benefits	11	10.7 %	± 6.1 %
	Data security	11	10.7 %	± 6.1 %
	Rising input or commodity costs	9	8.7 %	± 5.6 %
	Employee morale	6	5.8 %	± 4.6 %
	Geopolitical / health crises	5	4.9 %	± 4.2 %
	Deflation	2	1.9 %	± 2.7 %
	Inflation	2	1.9 %	± 2.7 %
	Rising wages and salaries	1	1.0 %	± 1.9 %
	Other	7	6.8 %	± 4.9 %
	Total	357

	Number of Cases = 103
	Number of Responses = 357
	Average Number Of Responses Per Case = 3.5
	Number Of Cases With At Least One Response = 103
	Response Percent = 100.0 %

6 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

Brazil	Communication/Media	Governo ilegitimo e	
		corrupto.	
Brazil	Manufacturing	Crise política	
Brazil	Manufacturing	Governabilidade	
Brazil	Pub Admin	insegurança pública	
Brazil	Retail/Wholesale	Alto custo fixo	
Brazil	Tech [Soft/Hard/Bio]	Modelo de gestão	
Chile	Energy	Impacto de los cambios	
		tecnológicos en los	
		mercados	
Chile	Services, Consulting	nuevas normas para	
		negociación colectiva	

7 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

---	Manufacturing	riscos geo-politicos	
Argentina	Retail/Wholesale	-	
Brazil	Agr, Forestry, Fishing	custo dos insumos, possivel	
		instabilidade global que atinja preços	
		commodities	
Brazil	Agr, Forestry, Fishing	Políticas governamentais	
Brazil	Bank/Fin/Insur/Real Est	Eleição Presidencial.	
Brazil	Bank/Fin/Insur/Real Est	Fuga de capitais, risco de deinvestimento	
Brazil	Bank/Fin/Insur/Real Est	Queda na taxa Selic.	
Brazil	Communication/Media	Fechamento das atividades.	
Brazil	Energy	aguentar um governo provisório q	
		aumenta impostos p/ cobrir deficit	
		publico, aumentando a crise	
Brazil	Energy	Crise Política e das Instituições em geral.	
		poderes executivo, judiciário,	
		representativo,	
Brazil	Energy	Mudanças regulatórias	
Brazil	Healthcare/Pharm	custo de captacao	
Brazil	Healthcare/Pharm	Risco da troca de governo. Eleições	
Brazil	Manufacturing	- Reoneração da Folha de Pagamento;	
		Diminuição Alíquota do Reintegra; Não	
		recuperação crédito ICMS.	
Brazil	Manufacturing	Governo não representativo, Ausencia de	
		lideranças (públicas e privadas),	
		descontrole fiscal.	
Brazil	Manufacturing	insegurança jurídica / ineficiência órgãos	
		públicos	
Brazil	Manufacturing	instabilidade politica	
Brazil	Manufacturing	Redução da demanda pelos produtos	
Brazil	Mining/Construction	- Fraco crescimento econômico do Brasil; -	
		Ano eleitoral com regras ainda em	
		discussão.	
Brazil	Other	Inovação e Competitividade	
Brazil	Other	Mudança do ERP	
Brazil	Other	Services demand	
Brazil	Pub Admin	Desafio - motivação das pessoas e Risco -	
		segurança	
Brazil	Retail/Wholesale	Capital de giro extremamente caro e	
		impostos fora de controle comprometem	
		atividades.	
Brazil	Retail/Wholesale	Mudança no enquadramento tributário	
Brazil	Services, Consulting	Custo dos insumos pode variar de forma	
		expressiva	
Brazil	Services, Consulting	Economia andando de lado;	
		criminalidade em alta; crise política.	
Brazil	Services, Consulting	Fechamento de empresas no Rio de	
		Janeiro em todos os setores produtivos.	
Brazil	Services, Consulting	Mudança de governo	
Brazil	Services, Consulting	paradeira com a pré-eleição	
Brazil	Services, Consulting	volta forte de recessão - face a não	
		aprovação dos temas importantes no país	
Brazil	Tech [Soft/Hard/Bio]	Expansão internacional	
Brazil	Tech [Soft/Hard/Bio]	Solavancos políticos e economicos	

8 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

Brazil	Transp, Public Util	Competição mais acirrada para vender	
		produtos e serviços diante da retomada	
		da economia.	
Chile	Bank/Fin/Insur/Real Est	Cambios en regulación laboral	
Chile	Bank/Fin/Insur/Real Est	Creciemiento	
Chile	Bank/Fin/Insur/Real Est	Elecciones presidenciales	
Chile	Energy	preocupación por el nuevo gobierno	
		corporativo de la empresa	
Chile	Manufacturing	Desafio:Lograr salvar la empresa. Riesgos:	
		Robos	
Chile	Manufacturing	Los posibles cambios regulatorios de	
		impuestos y laborales	
Chile	Manufacturing	Mayor costo laboral en situación de lenta	
		demanda, bajo crecimiento y mal entorno	
		político.	
Chile	Manufacturing	Políticas medio ambientales pocos claras	
Chile	Mining/Construction	Escasa inversion privada	
Chile	Other	Aumento de la competencia y llegada de	
		mas actores	
Chile	Retail/Wholesale	elecciones presidenciales y	
		parlamentarias	
Chile	Retail/Wholesale	incertidumbre política y social	
Chile	Transp, Public Util	competencia, sobre capacidad de la	
		industria unido a una demanda debil.	
Colombia	Agr, Forestry, Fishing	Mejorar productividad de las plantas. Es	
		negocio de flores.	
Colombia	Manufacturing	incertidumbre politica	
Colombia	Manufacturing	Problemas financieros internos	
Colombia	Services, Consulting	Riesgo politico	
Paraguay	Other	Medidas que el gobierno de USA pueda	
		tomar que impacten el comercio	
		internacional (Riesgo Trump)	
Peru	Agr, Forestry, Fishing	El cambio climático	
Peru	Agr, Forestry, Fishing	Refinanciar deuda de mediano plazo	
Peru	Bank/Fin/Insur/Real Est	Como desafío afrontar la regulación	
Peru	Bank/Fin/Insur/Real Est	Crecimiento	
Peru	Bank/Fin/Insur/Real Est	Desgobierno , falta de control del poder	
		ejecutivo	
Peru	Bank/Fin/Insur/Real Est	Riesgo politico	
Peru	Energy	Technology changes	
Peru	Mining/Construction	Ecomomia muy corupta y no hay obras	
		grandes nuevas	
Peru	Mining/Construction	Mejorar costos	
Peru	Other	Mejorar el Ebidtda en un 5%	
Peru	Other	Revisión continua de costos	
Peru	Retail/Wholesale	dinamismo de la economia y falta de	
		inicio de nuevas obras de infraestructura	
		o mineras	
Peru	Retail/Wholesale	LA COMPETENCIA	
Peru	Retail/Wholesale	Poner en productividad una nueva planta	
Peru	Services, Consulting	Aumento de la competencia	
Peru	Services, Consulting	los programas de antiplagio	
Peru	Services, Consulting	worsening international conditions	

9 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

Peru	Tech [Soft/Hard/Bio]	Baja inversión local en renovación	
		tecnológica por la contracción económica	
		del país.	
Peru	Transp, Public Util	Luchar contra la corrupción	

10 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue	8.14	16.00	5.02 - 11.26	9	-26.70	43.86	101

Earnings	7.04	18.60	3.43 - 10.65	5	-39.70	58.66	102

Health care costs	4.63	5.28	3.47 - 5.80	3	-5.42	15.19	79

Capital spending	4.06	12.14	1.45 - 6.67	3	-23.80	33.35	83

Wages/Salaries	4.03	4.76	3.06 - 5.00	4.50	-8.39	15.72	93

Technology spending	3.96	7.97	2.28 - 5.64	2	-16.20	22.45	87

Marketing/advertising spending	2.70	5.88	1.50 - 3.90	1	-13.80	19	92

Prices of your products	2.10	5.41	0.98 - 3.22	3	-9.25	13.06	90

Research and development spending	1.69	5.80	0.39 - 2.98	0	-12.70	16.29	77

Number of domestic full-time employees	1.11	8.32	-0.57 - 2.79	0	-16.10	18.01	94

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Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

(N=123)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.70	71	16	6	93
Wages/Salaries	0.59	76.34%	17.20%	6.45%	100.00%

	0.59	49	28	2	79
Health care costs	0.54	62.03%	35.44%	2.53%	100.00%

	0.57	76	7	18	101
Revenue	0.78	75.25%	6.93%	17.82%	100.00%

	0.55	74	10	18	102
Earnings	0.78	72.55%	9.80%	17.65%	100.00%

	0.47	47	34	6	87
Technology spending	0.63	54.02%	39.08%	6.90%	100.00%

	0.45	47	26	10	83
Capital spending	0.70	56.63%	31.33%	12.05%	100.00%

	0.41	46	38	8	92
Marketing/advertising spending	0.65	50.00%	41.30%	8.70%	100.00%

	0.40	51	24	15	90
Prices of your products	0.76	56.67%	26.67%	16.67%	100.00%

	0.27	26	46	5	77
Research and development spending	0.58	33.77%	59.74%	6.49%	100.00%

	0.15	37	34	23	94
Number of domestic full-time employees	0.79	39.36%	36.17%	24.47%	100.00%

12 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Revenue	8.24	13.25	5.65 - 10.83	10	-26.70	43.86	101

Earnings	7.93	16.49	4.88 - 10.98	5	-39.70	58.66	112

Technology spending	5.26	6.25	3.95 - 6.58	3.22	-16.20	22.45	87

Capital spending	2.74	10.08	0.45 - 5.03	1.88	-23.80	33.35	74

Marketing/advertising spending	2.68	4.56	1.77 - 3.58	0	-13.80	19	97

Prices of your products	2.43	5.48	1.27 - 3.60	1.70	-9.25	13.06	85

Research and development spending	1.62	4.20	0.58 - 2.65	0	-12.70	16.29	63

13 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	4.33	4.46	3.26 - 5.39	3	-5	15.19	68

Wages/Salaries	3.79	3.68	2.97 - 4.62	3	-8.39	15.72	77

Number of domestic full-time employees	1.17	7.12	-0.36 - 2.69	0	-16.10	18.01	84

14 

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Revenue	9.70	13.01	5.78 - 13.62	10	-26.70	40

Earnings	9.16	13.18	5.33 - 12.99	5	-39.70	50

15 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Q5.  What is the hurdle rate that your company uses to evaluate investment projects?

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

	Minimum = 5

	Maximum = 30

	Mean = 14.39

	Median = 13

	Standard Deviation (Unbiased Estimate) = 5.65

	95 Percent Confidence Interval Around The Mean = 13.37 - 15.41

Quartiles

	 1 = 10
	 2 = 13
	 3 = 18

Valid Cases = 118
Missing Cases = 5
Response Percent =  95.9%

16 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Yes	43	35.2 %	± 8.6 %
	No	71	58.2 %	± 8.9 %
	Don't Know	8	6.6 %	± 4.4 %
	Total	122	100.0 %

	Missing Cases = 1
	Response Percent = 99.2 %

17 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Yes	50	40.7 %	± 8.8 %
	No	56	45.5 %	± 8.9 %
	Don't Know	17	13.8 %	± 6.2 %
	Total	123	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

18 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Financial constraints	25	50.0 %	± 14.4 %
	It's difficult to quickly get new managers up to speed and
	   fully productive	19	38.0 %	± 13.9 %
	Our top management team does not have enough
	   bandwidth to oversee an expanded organization and
	   expanded managerial workforce	13	26.0 %	± 12.6 %
	It's difficult to find new managers who mesh with our
	   work culture	12	24.0 %	± 12.3 %
	It is difficult to hire potential managers that possess the
	   specific hard skills that we need	10	20.0 %	± 11.5 %
	It is difficult to hire potential managers that possess the
	   intangible skills that we need	9	18.0 %	± 11.0 %
	Hiring more managers would reduce organizational focus	3	6.0 %	± 6.8 %
	Even if more managers were hired, some tasks and
	   responsibilities could not delegated to new managerial
	   hires	1	2.0 %	± 4.0 %
	Other	1	2.0 %	± 4.0 %
	Total	93

	Number of Cases = 50
	Number of Responses = 93
	Average Number Of Responses Per Case = 1.9
	Number Of Cases With At Least One Response = 50
	Response Percent = 100.0 %

 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

19 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

Country Where Based	
IN	Why doesn't your firm hire more
managers to reduce the shortage? - Others	
			
Brazil	Other	É necessário um choque cultural com a	
		contratação de recursos mais preparados	
		e mais humildes	

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

20 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

What managerial hard skills are most scarce?

Country Where Based	
IN	What managerial hard skills are most
scarce?	
			
Colombia	Agr, Forestry, Fishing	Conocimiento sector agricola	
			
Peru	Bank/Fin/Insur/Real Est	especialización técnica	
			
Chile	Energy	dirección de proyectos de ingeniería en	
		oil and gas	
			
Chile	Mining/Construction	conocimiento detallado	
			
Chile	Other	experiencia en terreno	
			
Chile	Other	Manejo de proyectos, conocimientos de la	
		industria.	
			
Chile	Retail/Wholesale	experiencia en el rubro	
			
Peru	Services, Consulting	Proactividad, capacidad de liderazgo	
			
Brazil	Tech [Soft/Hard/Bio]	Raciocínio de engenheiro de producao	

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

21 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

What managerial intangible skills are most scarce?

Country Where Based	
IN	What managerial intangible skills are
most scarce?	
			
Chile	Energy	cultura de la empresa	
			
Mexico	Energy	Experiencia mayor a 10 años en el sector	
		de infraestrucura.	
			
Chile	Mining/Construction	Liderazgo. Valores. Principios	
			
Peru	Mining/Construction	liderazgo, honradez, relacionez	
			
Chile	Other	Liderazgo, motivación, ética, capacidad de	
		'arremangarse las manos'.	
			
Chile	Retail/Wholesale	conocimiento del negocio/ adaptación a	
		la cultura	
			
Brazil	Tech [Soft/Hard/Bio]	Balancear risco retorno	
			
Brazil	Tech [Soft/Hard/Bio]	Equilíbrio e postura	
			
Peru	Tech [Soft/Hard/Bio]	Resiliencia, compromiso, automotivación	

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

22 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

What tasks and responsibilities cannot be delegated to new managers?

Country Where Based	
IN	What tasks and responsibilities cannot
be delegated to new managers?	
			
Peru	Retail/Wholesale	se necesita experiencia en el negocio	

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

23 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

 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

	 	Number	Percent	95% CI
	Yes	47	38.8 %	± 8.7 %
	No	71	58.7 %	± 8.9 %
	Don't Know	3	2.5 %	± 2.8 %
	Total	121	100.0 %

	Missing Cases = 2
	Response Percent = 98.4 %

 

24 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

 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?

	 	Number	Percent	95% CI
	Yes	34	68.0 %	± 13.4 %
	No	15	30.0 %	± 13.2 %
	Don't Know	1	2.0 %	± 4.0 %
	Total	50	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

 

25 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Yes	20	16.3 %	± 6.6 %
	No	92	74.8 %	± 7.8 %
	Don't Know	11	8.9 %	± 5.1 %
	Total	123	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

26 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Training new workers is too expensive or time-consuming	9	45.0 %	± 23.9 %
	It is difficult to find potential hires that possess the
	   specific skills we need	8	40.0 %	± 23.5 %
	It's difficult to quickly get new employees up to speed
	   and fully productive	6	30.0 %	± 22.0 %
	We don't know how long we'll need the expanded
	   workforce, and it's costly to cut back later	5	25.0 %	± 20.8 %
	It is difficult to find potential hires that possess
	   intangibles such as always being reliable and working a
	   full day	5	25.0 %	± 20.8 %
	Benefits are too expensive	5	25.0 %	± 20.8 %
	Current workers don't want to expand their hours	5	25.0 %	± 20.8 %
	Potential employees don't want to relocate (move homes)
	   to work here	5	25.0 %	± 20.8 %
	Potential employees don't know about our job
	   opportunities	3	15.0 %	± 17.2 %
	Potential employees are hesitant to work here because
	   they are worried about job security	2	10.0 %	± 14.4 %
	Potential employees are hesitant to leave their current
	   jobs (and give up benefits/tenure in their current
	   organization)	1	5.0 %	± 10.5 %
	Applicants don't pass background and related checks	1	5.0 %	± 10.5 %
	Other	1	5.0 %	± 10.5 %
	Total	56

	Number of Cases = 20
	Number of Responses = 56
	Average Number Of Responses Per Case = 2.8
	Number Of Cases With At Least One Response = 20
	Response Percent = 100.0 %

 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?

27 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

Country Where Based	
IN	Why doesn't your firm hire more labor to
reduce the shortage?  - OTHER	
			
Peru	Energy	Access to capital	
			
Brazil	Other	Fata meritocracia para atrair especialistas	

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?

28 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Which skills are most scarce among potential hires?

Country Where Based	
IN	Which skills are most scarce among
potential hires?	
			
Peru	Bank/Fin/Insur/Real Est	especialización técnica	
			
Brazil	Bank/Fin/Insur/Real Est	Programação específica de TI	
			
Chile	Energy	ingeniería y oil and gas	
			
Brazil	Healthcare/Pharm	Trabalhar com prazos apertados e serem	
		honestos na não entrega	
			
Chile	Other	Conocimientos computacionales (ej. Excel)	
		y técnicos (ej. Contabilidad)	
			
Chile	Transp, Public Util	experiencia en la industria que operamos	
		(naviera)	

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?

29 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

 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

	 	Number	Percent	95% CI
	Yes	31	25.2 %	± 7.8 %
	No	86	69.9 %	± 8.2 %
	Don't Know	6	4.9 %	± 3.9 %
	Total	123	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

 

30 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

 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? 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?

	 	Number	Percent	95% CI
	Yes	11	55.0 %	± 23.9 %
	No	9	45.0 %	± 23.9 %
	Don't Know	0	0.0 %	± 0.0 %
	Total	20	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

 

31 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	We have more back-logged projects	42	34.7 %	± 8.5 %
	The number of back-logged projects is about the same	35	28.9 %	± 8.1 %
	We have fewer back-logged projects	33	27.3 %	± 7.9 %
	Don't Know	11	9.1 %	± 5.1 %
	Total	121	100.0 %

	Missing Cases = 2
	Response Percent = 98.4 %

32 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Yes, causing substantial adverse impacts to the
	   organization	14	11.4 %	± 5.7 %
	Yes, causing moderate adverse impacts to the
	   organization	27	22.0 %	± 7.4 %
	Yes, but causing little or no adverse impacts to the
	   organization	25	20.3 %	± 7.2 %
	No, we have no difficulties	57	46.3 %	± 8.9 %
	Total	123	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

33 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Innovation/product development support	50	40.7 %	± 8.8 %
	Operations support	41	33.3 %	± 8.5 %
	Analysis of big data	40	32.5 %	± 8.4 %
	Competitive intelligence	39	31.7 %	± 8.4 %
	IT core functions effectiveness	32	26.0 %	± 7.9 %
	Strategic decision support	31	25.2 %	± 7.8 %
	Sales and marketing support	30	24.4 %	± 7.7 %
	Customer service levels	27	22.0 %	± 7.4 %
	Finance function effectiveness	23	18.7 %	± 7.0 %
	Other	7	5.7 %	± 4.2 %
	Total	320

	Number of Cases = 123
	Number of Responses = 320
	Average Number Of Responses Per Case = 2.6
	Number Of Cases With At Least One Response = 113
	Response Percent = 91.9 %

34 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Q8b.  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

	 	Number	Percent	95% CI
	Innovation/product development support	36	54.5 %	± 12.4 %
	Competitive intelligence	26	39.4 %	± 12.1 %
	Analysis of big data	26	39.4 %	± 12.1 %
	Operations support	26	39.4 %	± 12.1 %
	Strategic decision support	21	31.8 %	± 11.6 %
	Sales and marketing support	19	28.8 %	± 11.2 %
	IT core functions effectiveness	19	28.8 %	± 11.2 %
	Customer service levels	18	27.3 %	± 11.1 %
	Finance function effectiveness	13	19.7 %	± 9.9 %
	Other	1	1.5 %	± 3.0 %
	Total	205

	Number of Cases = 66
	Number of Responses = 205
	Average Number Of Responses Per Case = 3.1
	Number Of Cases With At Least One Response = 64
	Response Percent = 97.0 %

35 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? - OTHERS

Country Where Based	

IN	Which areas/aspects of your organization
are currently adversely impacted by a
technology talent shortage? - OTHERS	
			
Brazil	Healthcare/Pharm	não se aplica	
			
Brazil	Manufacturing	não demandamos tais talentos	
			
Chile	Manufacturing	no estamos afectados	
			
Brazil	Other	Não Aplicável	
			
Brazil	Pub Admin	Laboratorios de pesquisa	
			
Brazil	Tech [Soft/Hard/Bio]	Faltará analistas e programadores pelos	
		proximos 20 anos...	

36 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

j. Weighted Average Cost of Capital

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

What is your company's overall weighted
average cost of capital (WACC) for 2017?	11.50	4.84	10.55 - 12.46	10.60	3	30	99

37 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

k. Workforce

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

What percentage of your workforce has a
college degree?	48.32	33.64	42.22 - 54.41	40	0	100	117

What percentage of your workforce is
unionized?	26.28	36.82	19.58 - 32.98	1	0	100	116

How many years has the average employee
worked at your firm?	8.44	6.08	7.34 - 9.54	7	1	36	118

38 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	7.58	9.16	5.54 - 9.63	7.75	-12.40	28.30	77

% Expected ROA in 2017	9.06	7.89	7.28 - 10.83	9	-8.20	28.10	76

 

39 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Manufacturing capacity utilized (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2017	69.37	12.52	63.88 - 74.86	70	42.37	90	20

% of capacity utilization planned for the
second half of 2017	68.52	13.45	62.62 - 74.41	70	40.34	90	20

40 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Industry

	 	Number	Percent	95% CI
	Service Consulting	22	17.9 %	± 6.9 %
	Manufacturing	20	16.3 %	± 6.6 %
	Bank/Fin Insur Real Estate	16	13.0 %	± 6.0 %
	Mining Construction	10	8.1 %	± 4.9 %
	Energy	10	8.1 %	± 4.9 %
	Retail/Wholesale	10	8.1 %	± 4.9 %
	Agr, Pub Admin	6	4.9 %	± 3.9 %
	Transportation Pub. Util	5	4.1 %	± 3.5 %
	Tech SoftHardware Bio	4	3.3 %	± 3.2 %
	Healthcare Pharm	3	2.4 %	± 2.8 %
	Communications Media	1	0.8 %	± 1.6 %
	Other Industry	16	13.0 %	± 6.0 %
	Total	123	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

41 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Industry (Other specified)

Alimentação	
Arriendo de almacenes	
automotriz	
Bens de Capital	
Cadena de suministro, comercio internacional	
comercializacion de bienes de capital	
educação	
Hospitalidad	
Hotel / Tourism	
inmobiliaria/retail	
metalúrgica	
Port Operation	
Produtora de cinema e televisão	
Serviços em Comercio Exterior	
Telecomunicaciones	
Telecomunicações	
Turismo	

42 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	46	38.0 %	± 8.7 %
	$25-99 million	31	25.6 %	± 7.8 %
	$100-499 million	18	14.9 %	± 6.3 %
	$500-999 million	11	9.1 %	± 5.1 %
	$1-4.9 billion	8	6.6 %	± 4.4 %
	$5-9.9 billion	1	0.8 %	± 1.6 %
	More than $10 billion	6	5.0 %	± 3.9 %
	Total	121	100.0 %

	Missing Cases = 2
	Response Percent = 98.4 %

43 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	36	34.3 %	± 8.2 %
	100-499	31	29.5 %	± 7.8 %
	500-999	8	7.6 %	± 4.4 %
	1,000-2,499	9	8.6 %	± 4.7 %
	2,500-4,999	13	12.4 %	± 5.5 %
	5,000-9,999	2	1.9 %	± 2.3 %
	Over 10,000	6	5.7 %	± 3.9 %
	Total	105	100.0 %

	Missing Cases = 18
	Response Percent = 85.4 %

44 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

In what country are you personally located

	 	Number	Percent	95% CI
	Brazil	47	38.8 %	± 8.7 %
	Peru	29	24.0 %	± 7.6 %
	Chile	24	19.8 %	± 7.1 %
	Mexico	12	9.9 %	± 5.3 %
	Colombia	5	4.1 %	± 3.5 %
	Argentina	3	2.5 %	± 2.8 %
	Paraguay	1	0.8 %	± 1.6 %
	Total	121	100.0 %

	Missing Cases = 2
	Response Percent = 98.4 %

45 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Headquarters Latin America (Other Specified)

Global	

46 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

Alemanha	
	
Alemanha	
	
Brasil	
	
Chile	
	
Colombia	
	
Estados Unidos	
	
Estados Unidos	
	
FR	
	
França	
	
Peru	
	
santiago	
	
Suécia	
	
USA	

47 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Ownership

	 	Number	Percent	95% CI
	Private	97	79.5 %	± 7.3 %
	Public	22	18.0 %	± 6.9 %
	Govern-ment	2	1.6 %	± 2.3 %
	Nonprofit	1	0.8 %	± 1.6 %
	Total	122	100.0 %

	Missing Cases = 1
	Response Percent = 99.2 %

48 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Foreign Sales

	 	Number	Percent	95% CI
	0%	56	46.7 %	± 8.9 %
	1-24%	33	27.5 %	± 7.9 %
	25-50%	14	11.7 %	± 5.7 %
	More than 50%	17	14.2 %	± 6.2 %
	Total	120	100.0 %

	Missing Cases = 3
	Response Percent = 97.6 %

49 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent	95% CI
	Latin America	35	56.5 %	± 12.6 %
	US/Canada	12	19.4 %	± 9.8 %
	Europe	7	11.3 %	± 7.9 %
	Asia/Pacific Basin	7	11.3 %	± 7.9 %
	Africa	1	1.6 %	± 3.1 %
	Total	62	100.0 %

	Missing Cases = 2
	Response Percent = 96.9 %

50 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	8	12.7 %	12.7 %
	AA+	2	3.2 %	15.9 %
	AA	8	12.7 %	28.6 %
	AA-	4	6.3 %	34.9 %
	A+	6	9.5 %	44.4 %
	A	8	12.7 %	57.1 %
	A-	3	4.8 %	61.9 %
	BBB+	3	4.8 %	66.7 %
	BBB	7	11.1 %	77.8 %
	BBB-	3	4.8 %	82.5 %
	BB+	5	7.9 %	90.5 %
	BB	1	1.6 %	92.1 %
	BB-	2	3.2 %	95.2 %
	B+	0	0.0 %	95.2 %
	B	3	4.8 %	100.0 %
	B-	0	0.0 %	100.0 %
	CCC	0	0.0 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	63	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

51 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

What is your company's credit rating? 

N=63		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		63		36	27	
		100.0%		57.1%	42.9%	
						
AAA		8		4	4	
		12.7%		11.1%	14.8%	
						
AA+		2		1	1	
		3.2%		2.8%	3.7%	
						
AA		8		4	4	
		12.7%		11.1%	14.8%	
						
AA-		4		2	2	
		6.3%		5.6%	7.4%	
						
A+		6		5	1	
		9.5%		13.9%	3.7%	
						
A		8		5	3	
		12.7%		13.9%	11.1%	
						
A-		3		2	1	
		4.8%		5.6%	3.7%	
						
BBB+		3		0	3	
		4.8%		0.0%	11.1%	
				b	a	
						
BBB		7		3	4	
		11.1%		8.3%	14.8%	
						
BBB-		3		3	0	
		4.8%		8.3%	0.0%	
						
BB+		5		3	2	
		7.9%		8.3%	7.4%	
						
BB		1		1	0	
		1.6%		2.8%	0.0%	
						
BB-		2		2	0	
		3.2%		5.6%	0.0%	
						
B+		0		0	0	
		0.0%		0.0%	0.0%	

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

52 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

What is your company's credit rating? 

N=63		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		3		1	2	
		4.8%		2.8%	7.4%	
						
B-		0		0	0	
		0.0%		0.0%	0.0%	
						
CCC		0		0	0	
		0.0%		0.0%	0.0%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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

53 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Language version

	 	Number	Percent	95% CI
	Spanish	69	56.1 %	± 8.9 %
	Portuguese	47	38.2 %	± 8.7 %
	English	7	5.7 %	± 4.2 %
	Total	123	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

54 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

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

	 	Number	Percent
	CFO	51	41.8 %
	CEO	35	28.7 %
	Other	16	13.1 %
	VP of Finance	11	9.0 %
	Controller	9	7.4 %
	Treasurer	0	0.0 %
	Total	122	100.0 %

	Missing Cases = 1
	Response Percent = 99.2 %

55 

Duke, FGV, CFO magazine Global Business Outlook survey - Latin America - Third Quarter, 2017

Other job title:

Estrategia y Planeamiento	
Gerente Administrativo	
gerente financeiro	
Coordinador general	
sócio	
Controller adviser	
CRO	
Professor	
Cso	
Consultor Executivo	
Consultor	
Gerente de Operações	
director	
COO