Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	3
2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?	5
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	9
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	13
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? [Unweighted - Winsorized]	29
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]	37
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]	41
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]	45
5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?	49
5a. Cash & marketable securities held - Comparison of today to one year ago	53
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)	57
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)	61
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)	65
5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)	73
5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?	81
5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you fall below your target or range:	85
5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you drift above your target or range:	89
5c. What best describes your cash target? (choose best one or two)	93
5d. What portion of your balance sheet cash is held in risk-free versus risky assets?	101
6a. How would you rate the degree of political uncertainty or political risk in your country?	105
6b. Has political uncertainty led your firm to be more cautious about Spending or Hiring	109
6b. Has political uncertainty led your firm to be more cautious about Hiring	113
6b. Has political uncertainty led your firm to be more cautious about Spending	117
6b. Has political uncertainty led your firm to be more cautious about Making acquisitions	121
6c. Which political uncertainties are the source of your caution? (choose up to 5)	125
7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?	133
8a. How do you think trade alliances between countries affect your country's economy?	137
8a. How do you think trade alliances between countries affect your company overall?	141
8b. How do you think trade alliances between countries affect number of workers your company employs?	145
Return on assets (ROA=operating earnings/assets)	149
Manufacturing capacity utilized	153
Manufacturing capacity utilized (Revenue Weighted)	157

 1 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Totals		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		113		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
1=More optimistic		39		2	9	2	0	3	3	2	3	1	5	4	4	
		34.8%		33.3%	39.1%	40.0%	0.0%	50.0%	30.0%	40.0%	33.3%	9.1%	62.5%	28.6%	33.3%	
												j	i			
																
0=No change		7		0	3	0	0	0	0	1	2	1	0	0	0	
		6.3%		0.0%	13.0%	0.0%	0.0%	0.0%	0.0%	20.0%	22.2%	9.1%	0.0%	0.0%	0.0%	
																
-1=Less optimistic		66		4	11	3	2	3	7	2	4	9	3	10	8	
		58.9%		66.7%	47.8%	60.0%	100.0%	50.0%	70.0%	40.0%	44.4%	81.8%	37.5%	71.4%	66.7%	
																
Mean		-0.2		-0.3	-0.1	-0.2	-1.0	0.0	-0.4	0.0	-0.1	-0.7	0.3	-0.4	-0.3	
SD		0.9		1.0	0.9	1.1	0.0	1.1	1.0	1.0	0.9	0.6	1.0	0.9	1.0	
												j	i			

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

2 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Sales Revenue		Where are you personally located?	
		
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		

Nigeria	
South
Africa	
West
Africa	

Other	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		47	47	10	7	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		42.3%	42.3%	9.0%	6.3%	
														
1=More optimistic		22	5	4	3	2	0	1		27	5	4	2	
		40.7%	31.3%	33.3%	42.9%	28.6%	0.0%	33.3%		58.7%	10.6%	40.0%	28.6%	
										B	Ac	b		
														
0=No change		4	0	1	0	0	1	0		3	3	1	0	
		7.4%	0.0%	8.3%	0.0%	0.0%	16.7%	0.0%		6.5%	6.4%	10.0%	0.0%	
														
-1=Less optimistic		28	11	7	4	5	5	2		16	39	5	5	
		51.9%	68.8%	58.3%	57.1%	71.4%	83.3%	66.7%		34.8%	83.0%	50.0%	71.4%	
										B	Ac	b		
														
Mean		-0.1	-0.4	-0.3	-0.1	-0.4	-0.8	-0.3		0.2	-0.7	-0.1	-0.4	
SD		1.0	1.0	1.0	1.1	1.0	0.4	1.2		0.9	0.6	1.0	1.0	
										B	Ac	b		

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

3 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Total		Industry	
Number
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		113		7	23	5	2	6	10	5	9	11	8	14	12	
Percent		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
Optimism rating		95		5	19	4	2	4	8	4	9	10	8	9	12	
		47.4		33.6	48.6	47.5	15.5	51.3	41.3	56.3	55.0	36.0	62.5	43.3	52.3	
		20.0		14.7	19.2	22.5	20.5	19.3	20.8	24.3	19.8	16.8	23.3	18.4	13.8	
				jl	d		bhjL				di	hjl	adi		aDi	

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

4 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Sales Revenue		Where are you personally located?	
Number
Mean
SD		
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		

Nigeria	
South
Africa	
West
Africa	

Other	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	16	12	7	7	6	3		47	47	10	7	
Percent		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		42.3%	42.3%	9.0%	6.3%	
														
Optimism rating		46	15	11	7	7	3	3		38	42	7	6	
		49.7	50.3	47.0	50.7	38.6	27.0	45.0		55.8	37.6	52.9	54.2	
		20.2	19.1	14.9	19.5	27.2	24.6	22.9		21.1	15.6	19.3	15.0	
										B	Acd	b	b	

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

5 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Totals		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		113		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
1=More optimistic		56		4	11	3	0	3	7	1	5	5	7	4	6	
		50.9%		66.7%	47.8%	60.0%	0.0%	50.0%	70.0%	25.0%	55.6%	45.5%	87.5%	28.6%	54.5%	
							j						dk	j		
																
0=No change		22		1	7	2	0	1	1	2	2	4	0	1	1	
		20.0%		16.7%	30.4%	40.0%	0.0%	16.7%	10.0%	50.0%	22.2%	36.4%	0.0%	7.1%	9.1%	
																
-1=Less optimistic		32		1	5	0	2	2	2	1	2	2	1	9	4	
		29.1%		16.7%	21.7%	0.0%	100.0%	33.3%	20.0%	25.0%	22.2%	18.2%	12.5%	64.3%	36.4%	
					dk	dk	bcij		k			dk	dk	bcfij		
																
Mean		0.2		0.5	0.3	0.6	-1.0	0.2	0.5	0.0	0.3	0.3	0.8	-0.4	0.2	
SD		0.9		0.8	0.8	0.5	0.0	1.0	0.8	0.8	0.9	0.8	0.7	0.9	1.0	
					k	k			k				K	bcfJ		

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

6 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
1=More optimistic		33	7	6	3	3	1	2		9	42	2	0	
		62.3%	43.8%	50.0%	50.0%	42.9%	16.7%	66.7%		47.4%	58.3%	20.0%	0.0%	
		f					a				cd	b	b	
														
0=No change		8	3	4	2	2	0	1		4	15	3	0	
		15.1%	18.8%	33.3%	33.3%	28.6%	0.0%	33.3%		21.1%	20.8%	30.0%	0.0%	
														
-1=Less optimistic		12	6	2	1	2	5	0		6	15	5	4	
		22.6%	37.5%	16.7%	16.7%	28.6%	83.3%	0.0%		31.6%	20.8%	50.0%	100.0%	
		F		f	f		Acdg	f		d	cD	b	aB	
														
Mean		0.4	0.1	0.3	0.3	0.1	-0.7	0.7		0.2	0.4	-0.3	-1.0	
SD		0.8	0.9	0.8	0.8	0.9	0.8	0.6		0.9	0.8	0.8	0.0	
		F		f			Acg	f			c	b		

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

7 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
1=More optimistic		25	12	7	2	2	1	2		20	22	3	9	
		59.5%	44.4%	53.8%	33.3%	33.3%	25.0%	33.3%		48.8%	50.0%	42.9%	69.2%	
														
0=No change		3	8	3	3	2	1	1		7	10	1	2	
		7.1%	29.6%	23.1%	50.0%	33.3%	25.0%	16.7%		17.1%	22.7%	14.3%	15.4%	
		bD	a		A									
														
-1=Less optimistic		14	7	3	1	2	2	3		14	12	3	2	
		33.3%	25.9%	23.1%	16.7%	33.3%	50.0%	50.0%		34.1%	27.3%	42.9%	15.4%	
														
Mean		0.3	0.2	0.3	0.2	0.0	-0.3	-0.2		0.1	0.2	0.0	0.5	
SD		0.9	0.8	0.9	0.8	0.9	1.0	1.0		0.9	0.9	1.0	0.8	

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

8 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
1=More optimistic		27	17	7	3	
		61.4%	36.2%	70.0%	42.9%	
		b	a			
						
0=No change		6	14	0	2	
		13.6%	29.8%	0.0%	28.6%	
						
-1=Less optimistic		11	16	3	2	
		25.0%	34.0%	30.0%	28.6%	
						
Mean		0.4	0.0	0.4	0.1	
SD		0.9	0.8	1.0	0.9	

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

9 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Total		Industry	
Number
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		113		7	23	5	2	6	10	5	9	11	8	14	12	
Percent		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
Optimism rating		96		5	20	4	2	4	8	4	9	10	8	9	12	
		62.1		54.0	66.9	55.0	21.0	58.8	57.5	68.8	67.8	59.8	73.1	56.7	64.8	
		16.5		5.5	14.3	12.9	26.9	16.5	12.0	10.3	18.0	16.4	14.6	13.0	19.1	
				dgj	D		aBfghiJkl		dj	ad	d	d	aDfk	dj	d	

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

10 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Sales Revenue		Ownership	
Number
Mean
SD		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	16	12	7	7	6	3		19	75	10	4	
Percent		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
Optimism rating		47	15	11	7	7	3	3		17	64	6	4	
		64.3	60.3	65.0	63.6	58.6	40.7	71.7		60.4	63.6	52.5	47.5	
		14.8	16.3	15.2	16.5	15.7	39.0	10.4		21.4	14.5	16.7	2.9	
		f					a				d		b	

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

11 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		43	28	13	6	6	4	7		41	45	8	13	
Percent		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
Optimism rating		36	25	12	6	5	3	5		35	40	6	12	
		62.0	63.7	62.5	62.5	59.0	46.7	58.4		61.8	62.4	67.5	60.6	
		15.9	15.1	15.6	12.5	19.8	20.8	32.6		15.2	15.6	16.0	23.1	

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

12 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Where are you personally located?	
Number
Mean
SD		

Nigeria	
South
Africa	
West
Africa	

Other	
		A	B	C	D	
						
Number		47	47	10	7	
Percent		42.3%	42.3%	9.0%	6.3%	
						
Optimism rating		38	43	7	6	
		64.0	58.3	71.4	63.3	
		17.4	16.3	11.8	15.1	
			c	b		

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

13 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		94		6	20	4	2	5	8	5	6	10	6	11	10	
		100.0%		6.4%	21.3%	4.3%	2.1%	5.3%	8.5%	5.3%	6.4%	10.6%	6.4%	11.7%	10.6%	
																
Economic uncertainty		47		2	11	1	1	5	3	1	2	5	4	6	6	
		50.0%		33.3%	55.0%	25.0%	50.0%	100.0%	37.5%	20.0%	33.3%	50.0%	66.7%	54.5%	60.0%	
				e		e		acfgh	e	e	e					
																
Currency risk		42		4	7	1	1	2	6	1	5	6	5	1	3	
		44.7%		66.7%	35.0%	25.0%	50.0%	40.0%	75.0%	20.0%	83.3%	60.0%	83.3%	9.1%	30.0%	
				k	hj				K		bK	k	bK	aFHiJ		
																
Government policies		40		2	6	0	2	3	5	2	4	2	4	5	4	
		42.6%		33.3%	30.0%	0.0%	100.0%	60.0%	62.5%	40.0%	66.7%	20.0%	66.7%	45.5%	40.0%	
																
Access to capital		20		2	5	1	0	3	1	0	2	4	1	1	0	
		21.3%		33.3%	25.0%	25.0%	0.0%	60.0%	12.5%	0.0%	33.3%	40.0%	16.7%	9.1%	0.0%	
								kl				l		e	ei	
																
Inflation		20		2	4	0	0	0	1	3	2	1	1	2	4	
		21.3%		33.3%	20.0%	0.0%	0.0%	0.0%	12.5%	60.0%	33.3%	10.0%	16.7%	18.2%	40.0%	
																
Volatility of political		20		1	6	3	0	0	3	1	1	2	0	1	2	
situation		21.3%		16.7%	30.0%	75.0%	0.0%	0.0%	37.5%	20.0%	16.7%	20.0%	0.0%	9.1%	20.0%	
						ejk		c					c	c		
																
Difficulty attracting /
retaining qualified		
19		
1	
7	
0	
0	
0	
3	
0	
2	
1	
2	
2	
1	
employees		20.2%		16.7%	35.0%	0.0%	0.0%	0.0%	37.5%	0.0%	33.3%	10.0%	33.3%	18.2%	10.0%	

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

14 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		46	15	9	7	3	5	2		15	63	9	3	
		48.9%	16.0%	9.6%	7.4%	3.2%	5.3%	2.1%		16.0%	67.0%	9.6%	3.2%	
														
Economic uncertainty		25	5	5	3	2	3	1		9	31	3	2	
		54.3%	33.3%	55.6%	42.9%	66.7%	60.0%	50.0%		60.0%	49.2%	33.3%	66.7%	
														
Currency risk		24	8	4	3	0	1	1		5	34	1	0	
		52.2%	53.3%	44.4%	42.9%	0.0%	20.0%	50.0%		33.3%	54.0%	11.1%	0.0%	
											c	b		
														
Government policies		18	5	4	3	2	3	1		6	27	4	1	
		39.1%	33.3%	44.4%	42.9%	66.7%	60.0%	50.0%		40.0%	42.9%	44.4%	33.3%	
														
Access to capital		13	2	0	2	1	1	0		4	16	0	0	
		28.3%	13.3%	0.0%	28.6%	33.3%	20.0%	0.0%		26.7%	25.4%	0.0%	0.0%	
														
Inflation		11	3	1	1	1	1	0		2	16	0	2	
		23.9%	20.0%	11.1%	14.3%	33.3%	20.0%	0.0%		13.3%	25.4%	0.0%	66.7%	
												d	c	
														
Volatility of political		9	3	2	1	1	2	1		3	15	1	0	
situation		19.6%	20.0%	22.2%	14.3%	33.3%	40.0%	50.0%		20.0%	23.8%	11.1%	0.0%	
														
Difficulty attracting /
retaining qualified		
11	
3	
3	
0	
0	
1	
0		
4	
11	
2	
1	
employees		23.9%	20.0%	33.3%	0.0%	0.0%	20.0%	0.0%		26.7%	17.5%	22.2%	33.3%	

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

15 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		35	27	10	4	4	4	5		31	40	7	10	
		37.2%	28.7%	10.6%	4.3%	4.3%	4.3%	5.3%		33.0%	42.6%	7.4%	10.6%	
														
Economic uncertainty		18	13	3	4	1	3	2		22	15	3	5	
		51.4%	48.1%	30.0%	100.0%	25.0%	75.0%	40.0%		71.0%	37.5%	42.9%	50.0%	
				d	c					B	A			
														
Currency risk		14	16	7	0	0	0	2		12	22	3	5	
		40.0%	59.3%	70.0%	0.0%	0.0%	0.0%	40.0%		38.7%	55.0%	42.9%	50.0%	
			def	def	bc	bc	bc							
														
Government policies		15	10	6	2	1	2	2		15	13	3	6	
		42.9%	37.0%	60.0%	50.0%	25.0%	50.0%	40.0%		48.4%	32.5%	42.9%	60.0%	
														
Access to capital		11	3	1	0	1	2	0		6	11	1	1	
		31.4%	11.1%	10.0%	0.0%	25.0%	50.0%	0.0%		19.4%	27.5%	14.3%	10.0%	
														
Inflation		7	5	2	2	1	1	1		6	10	2	0	
		20.0%	18.5%	20.0%	50.0%	25.0%	25.0%	20.0%		19.4%	25.0%	28.6%	0.0%	
														
Volatility of political		6	7	0	1	1	1	4		5	9	5	1	
situation		17.1%	25.9%	0.0%	25.0%	25.0%	25.0%	80.0%		16.1%	22.5%	71.4%	10.0%	
		G	g	G				AbC		C	c	Abd	c	
														
Difficulty attracting /
retaining qualified		
12	
6	
0	
0	
0	
0	
1		
8	
11	
0	
0	
employees		34.3%	22.2%	0.0%	0.0%	0.0%	0.0%	20.0%		25.8%	27.5%	0.0%	0.0%	
		c		a										

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

16 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		37	44	7	5	
		39.4%	46.8%	7.4%	5.3%	
						
Economic uncertainty		20	21	4	2	
		54.1%	47.7%	57.1%	40.0%	
						
Currency risk		15	21	4	1	
		40.5%	47.7%	57.1%	20.0%	
						
Government policies		18	18	1	3	
		48.6%	40.9%	14.3%	60.0%	
						
Access to capital		10	6	3	0	
		27.0%	13.6%	42.9%	0.0%	
						
Inflation		13	4	2	0	
		35.1%	9.1%	28.6%	0.0%	
		B	A			
						
Volatility of political		2	16	1	1	
situation		5.4%	36.4%	14.3%	20.0%	
		B	A			
						
Difficulty attracting /
retaining qualified		
5	
10	
1	
3	
employees		13.5%	22.7%	14.3%	60.0%	
		d			a	

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

17 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Cost of borrowing		18		2	4	2	0	2	2	0	0	3	2	1	0	
		19.1%		33.3%	20.0%	50.0%	0.0%	40.0%	25.0%	0.0%	0.0%	30.0%	33.3%	9.1%	0.0%	
						l									c	
																
Weak demand for your		17		0	2	1	1	1	2	1	0	4	0	2	3	
products/services		18.1%		0.0%	10.0%	25.0%	50.0%	20.0%	25.0%	20.0%	0.0%	40.0%	0.0%	18.2%	30.0%	
																
Regulatory requirements		16		1	6	1	0	1	1	2	0	1	1	0	2	
		17.0%		16.7%	30.0%	25.0%	0.0%	20.0%	12.5%	40.0%	0.0%	10.0%	16.7%	0.0%	20.0%	
										k				g		
																
Employee morale		13		0	3	1	1	1	0	1	0	0	0	3	3	
		13.8%		0.0%	15.0%	25.0%	50.0%	20.0%	0.0%	20.0%	0.0%	0.0%	0.0%	27.3%	30.0%	
							i					d				
																
Employee productivity		12		1	3	1	0	0	1	1	0	2	0	2	1	
		12.8%		16.7%	15.0%	25.0%	0.0%	0.0%	12.5%	20.0%	0.0%	20.0%	0.0%	18.2%	10.0%	
																
Rising wages and salaries		11		1	0	1	0	0	1	2	0	2	1	0	2	
		11.7%		16.7%	0.0%	25.0%	0.0%	0.0%	12.5%	40.0%	0.0%	20.0%	16.7%	0.0%	20.0%	
					cGil	b				Bk		b		g	b	
																
Rising input or		10		0	1	1	0	0	1	0	2	2	1	1	1	
commodity costs		10.6%		0.0%	5.0%	25.0%	0.0%	0.0%	12.5%	0.0%	33.3%	20.0%	16.7%	9.1%	10.0%	

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

18 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Cost of borrowing		9	4	0	1	0	3	0		3	15	0	0	
		19.6%	26.7%	0.0%	14.3%	0.0%	60.0%	0.0%		20.0%	23.8%	0.0%	0.0%	
		f		f			ac							
														
Weak demand for your		6	4	2	4	0	0	0		2	13	1	0	
products/services		13.0%	26.7%	22.2%	57.1%	0.0%	0.0%	0.0%		13.3%	20.6%	11.1%	0.0%	
		D			A									
														
Regulatory requirements		7	2	3	0	1	0	1		5	10	0	0	
		15.2%	13.3%	33.3%	0.0%	33.3%	0.0%	50.0%		33.3%	15.9%	0.0%	0.0%	
														
Employee morale		4	2	2	1	1	2	0		5	3	5	0	
		8.7%	13.3%	22.2%	14.3%	33.3%	40.0%	0.0%		33.3%	4.8%	55.6%	0.0%	
		f					a			B	AC	B		
														
Employee productivity		6	2	1	1	0	0	1		3	7	2	0	
		13.0%	13.3%	11.1%	14.3%	0.0%	0.0%	50.0%		20.0%	11.1%	22.2%	0.0%	
														
Rising wages and salaries		4	4	2	0	1	0	0		1	7	2	1	
		8.7%	26.7%	22.2%	0.0%	33.3%	0.0%	0.0%		6.7%	11.1%	22.2%	33.3%	
														
Rising input or		6	1	1	2	0	0	0		1	7	0	0	
commodity costs		13.0%	6.7%	11.1%	28.6%	0.0%	0.0%	0.0%		6.7%	11.1%	0.0%	0.0%	

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

19 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Cost of borrowing		7	4	1	1	1	0	2		4	10	1	2	
		20.0%	14.8%	10.0%	25.0%	25.0%	0.0%	40.0%		12.9%	25.0%	14.3%	20.0%	
														
Weak demand for your		3	5	4	1	3	0	0		4	8	2	2	
products/services		8.6%	18.5%	40.0%	25.0%	75.0%	0.0%	0.0%		12.9%	20.0%	28.6%	20.0%	
		cE	e	a		Abg		e						
														
Regulatory requirements		4	7	2	0	2	1	0		1	9	0	4	
		11.4%	25.9%	20.0%	0.0%	50.0%	25.0%	0.0%		3.2%	22.5%	0.0%	40.0%	
										bD	a		A	
														
Employee morale		4	3	2	1	0	1	2		6	5	0	1	
		11.4%	11.1%	20.0%	25.0%	0.0%	25.0%	40.0%		19.4%	12.5%	0.0%	10.0%	
														
Employee productivity		4	3	1	1	1	2	0		1	8	0	1	
		11.4%	11.1%	10.0%	25.0%	25.0%	50.0%	0.0%		3.2%	20.0%	0.0%	10.0%	
										b	a			
														
Rising wages and salaries		1	6	3	1	0	0	0		4	4	1	2	
		2.9%	22.2%	30.0%	25.0%	0.0%	0.0%	0.0%		12.9%	10.0%	14.3%	20.0%	
		bc	a	a										
														
Rising input or		4	3	0	1	2	0	0		3	6	1	0	
commodity costs		11.4%	11.1%	0.0%	25.0%	50.0%	0.0%	0.0%		9.7%	15.0%	14.3%	0.0%	
				e		c								

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

20 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Cost of borrowing		13	5	0	0	
		35.1%	11.4%	0.0%	0.0%	
		b	a			
						
Weak demand for your		7	8	1	1	
products/services		18.9%	18.2%	14.3%	20.0%	
						
Regulatory requirements		2	11	1	2	
		5.4%	25.0%	14.3%	40.0%	
		bd	a		a	
						
Employee morale		3	8	0	2	
		8.1%	18.2%	0.0%	40.0%	
		d			a	
						
Employee productivity		3	8	0	1	
		8.1%	18.2%	0.0%	20.0%	
						
Rising wages and salaries		0	9	1	1	
		0.0%	20.5%	14.3%	20.0%	
		BcD	A	a	A	
						
Rising input or		6	3	0	0	
commodity costs		16.2%	6.8%	0.0%	0.0%	

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

21 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Reliability and cost of		8		1	2	0	0	0	1	1	0	1	1	1	0	
electricity		8.5%		16.7%	10.0%	0.0%	0.0%	0.0%	12.5%	20.0%	0.0%	10.0%	16.7%	9.1%	0.0%	
																
Corporate tax code		6		1	1	0	0	1	0	1	0	0	0	0	2	
		6.4%		16.7%	5.0%	0.0%	0.0%	20.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	20.0%	
																
Unrest in the general		6		0	0	1	0	1	0	0	0	1	0	2	0	
population		6.4%		0.0%	0.0%	25.0%	0.0%	20.0%	0.0%	0.0%	0.0%	10.0%	0.0%	18.2%	0.0%	
					c	b										
																
Corruption and white		6		0	3	1	0	0	1	0	1	0	0	0	0	
collar crime		6.4%		0.0%	15.0%	25.0%	0.0%	0.0%	12.5%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	
																
Imbalance between
transformation and
service delivery		

5		

0	

1	

0	

1	

0	

0	

0	

0	

0	

0	

1	

2	
imperatives		5.3%		0.0%	5.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	9.1%	20.0%	
					d		bi					d				
																
Government policies
encouraging cross-border		
4		
0	
1	
0	
0	
0	
0	
1	
1	
0	
0	
1	
0	
business operations		4.3%		0.0%	5.0%	0.0%	0.0%	0.0%	0.0%	20.0%	16.7%	0.0%	0.0%	9.1%	0.0%	

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

22 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Reliability and cost of		4	2	0	0	0	0	1		0	6	1	1	
electricity		8.7%	13.3%	0.0%	0.0%	0.0%	0.0%	50.0%		0.0%	9.5%	11.1%	33.3%	
										d			a	
														
Corporate tax code		2	0	1	0	0	1	1		0	5	0	1	
		4.3%	0.0%	11.1%	0.0%	0.0%	20.0%	50.0%		0.0%	7.9%	0.0%	33.3%	
		g	g					ab		d			a	
														
Unrest in the general		3	2	0	0	1	0	0		2	1	2	1	
population		6.5%	13.3%	0.0%	0.0%	33.3%	0.0%	0.0%		13.3%	1.6%	22.2%	33.3%	
										b	aCD	B	B	
														
Corruption and white		3	1	0	0	1	1	0		1	5	0	0	
collar crime		6.5%	6.7%	0.0%	0.0%	33.3%	20.0%	0.0%		6.7%	7.9%	0.0%	0.0%	
														
Imbalance between
transformation and
service delivery		

3	

0	

1	

1	

0	

0	

0		

0	

4	

1	

0	
imperatives		6.5%	0.0%	11.1%	14.3%	0.0%	0.0%	0.0%		0.0%	6.3%	11.1%	0.0%	
														
Government policies
encouraging cross-border		
2	
1	
0	
1	
0	
0	
0		
0	
3	
0	
1	
business operations		4.3%	6.7%	0.0%	14.3%	0.0%	0.0%	0.0%		0.0%	4.8%	0.0%	33.3%	
										d	d		ab	

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

23 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Reliability and cost of		4	1	1	0	1	0	0		3	3	0	1	
electricity		11.4%	3.7%	10.0%	0.0%	25.0%	0.0%	0.0%		9.7%	7.5%	0.0%	10.0%	
														
Corporate tax code		1	3	0	0	1	0	0		1	1	0	2	
		2.9%	11.1%	0.0%	0.0%	25.0%	0.0%	0.0%		3.2%	2.5%	0.0%	20.0%	
											d		b	
														
Unrest in the general		2	2	1	0	0	1	0		3	2	0	1	
population		5.7%	7.4%	10.0%	0.0%	0.0%	25.0%	0.0%		9.7%	5.0%	0.0%	10.0%	
														
Corruption and white		2	1	0	0	0	1	1		1	3	1	1	
collar crime		5.7%	3.7%	0.0%	0.0%	0.0%	25.0%	20.0%		3.2%	7.5%	14.3%	10.0%	
														
Imbalance between
transformation and
service delivery		

1	

2	

1	

1	

0	

0	

0		

2	

2	

0	

0	
imperatives		2.9%	7.4%	10.0%	25.0%	0.0%	0.0%	0.0%		6.5%	5.0%	0.0%	0.0%	
														
Government policies
encouraging cross-border		
1	
2	
0	
0	
0	
0	
1		
1	
1	
1	
1	
business operations		2.9%	7.4%	0.0%	0.0%	0.0%	0.0%	20.0%		3.2%	2.5%	14.3%	10.0%	

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

24 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Reliability and cost of		5	2	1	0	
electricity		13.5%	4.5%	14.3%	0.0%	
						
Corporate tax code		3	2	0	1	
		8.1%	4.5%	0.0%	20.0%	
						
Unrest in the general		1	4	1	0	
population		2.7%	9.1%	14.3%	0.0%	
						
Corruption and white		3	3	0	0	
collar crime		8.1%	6.8%	0.0%	0.0%	
						
Imbalance between
transformation and
service delivery		

1	

4	

0	

0	
imperatives		2.7%	9.1%	0.0%	0.0%	
						
Government policies
encouraging cross-border		
3	
1	
0	
0	
business operations		8.1%	2.3%	0.0%	0.0%	

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

25 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Violent crime		3		1	0	0	1	0	0	0	0	0	0	0	1	
		3.2%		16.7%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%	
					D		Bik					d		d		
																
Cost of benefits		2		0	0	0	0	0	0	0	1	0	0	0	1	
		2.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	10.0%	
																
Data security		2		0	0	0	0	0	0	0	0	0	0	2	0	
		2.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.2%	0.0%	
																
Geopolitical / health		1		0	0	0	0	0	0	0	0	0	0	0	1	
crises		1.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%	
																
Deflation		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Property rights		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Other		1		0	0	0	0	0	0	0	0	0	0	1	0	
		1.1%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	9.1%	0.0%	

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

26 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Violent crime		1	0	0	0	0	1	0		1	1	0	1	
		2.2%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%		6.7%	1.6%	0.0%	33.3%	
											D		B	
														
Cost of benefits		1	1	0	0	0	0	0		0	1	0	0	
		2.2%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	1.6%	0.0%	0.0%	
														
Data security		1	1	0	0	0	0	0		0	0	2	0	
		2.2%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	22.2%	0.0%	
											C	B		
														
Geopolitical / health		0	0	0	0	0	0	0		0	0	1	0	
crises		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	11.1%	0.0%	
											C	B		
														
Deflation		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Property rights		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		0	0	0	0	0	0	0		0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	1.6%	0.0%	0.0%	

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

27 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Violent crime		0	2	0	0	0	0	1		1	1	0	1	
		0.0%	7.4%	0.0%	0.0%	0.0%	0.0%	20.0%		3.2%	2.5%	0.0%	10.0%	
		g						a						
														
Cost of benefits		1	1	0	0	0	0	0		0	2	0	0	
		2.9%	3.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.0%	0.0%	0.0%	
														
Data security		1	1	0	0	0	0	0		2	0	0	0	
		2.9%	3.7%	0.0%	0.0%	0.0%	0.0%	0.0%		6.5%	0.0%	0.0%	0.0%	
														
Geopolitical / health		0	0	0	0	0	1	0		0	0	0	0	
crises		0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
		F	f				Ab							
														
Deflation		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Property rights		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		1	0	0	0	0	0	0		1	0	0	0	
		2.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		3.2%	0.0%	0.0%	0.0%	

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

28 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=94		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Violent crime		0	3	0	0	
		0.0%	6.8%	0.0%	0.0%	
						
Cost of benefits		1	1	0	0	
		2.7%	2.3%	0.0%	0.0%	
						
Data security		0	2	0	0	
		0.0%	4.5%	0.0%	0.0%	
						
Geopolitical / health		1	0	0	0	
crises		2.7%	0.0%	0.0%	0.0%	
						
Deflation		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	
						
Property rights		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	
						
Other		0	0	1	0	
		0.0%	0.0%	14.3%	0.0%	
		c	c	ab		

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

29 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Totals		Industry	
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Revenue		11.0		10.0	11.7	6.7	4.5	2.5	-1.3	13.0	15.0	6.1	21.0	5.4	27.6	
		17.0		11.7	12.9	4.2	7.8	31.8	17.8	9.9	17.0	11.4	19.4	21.6	21.8	
																
Earnings		8.7		17.6	10.7	8.0	-18.6	5.0	-0.7	-5.0	15.0	4.3	19.0	-0.7	22.8	
		18.1		31.4	18.3	10.4	19.2	14.1	8.1	28.3	4.1	12.4	11.5	13.4	22.0	
																
Wages/Salaries		7.8		13.7	7.5	5.3	5.5	0.0	1.7	7.8	11.3	6.6	11.5	9.6	8.8	
		7.8		17.3	7.6	2.5	7.8	---	10.1	0.4	10.3	3.8	7.2	9.7	6.3	
																
Technology		7.1		3.0	4.6	0.5	5.0	2.0	0.0	10.0	23.3	-1.8	6.0	11.9	9.1	
spending		10.3		2.8	5.2	0.7	7.1	---	0.0	7.1	9.7	13.3	1.4	11.5	13.6	
																
Health care		6.7		0.0	2.5	9.0	20.0	0.0	15.0	12.5	---	9.0	10.0	4.5	6.3	
costs		8.3		0.1	3.6	1.4	14.1	---	18.8	3.5	---	1.4	14.1	4.7	5.5	
																
Marketing/		6.6		1.9	7.8	-5.0	-10.0	-14.9	4.0	2.5	7.5	6.8	12.5	4.3	19.4	
advertising
spending		15.5		1.0	17.5	21.2	14.1	21.0	3.6	3.5	2.9	8.7	9.7	17.7	18.4	
																
Prices of your		5.6		12.1	4.8	5.0	-2.5	-13.7	2.8	5.6	10.0	5.8	9.8	9.1	3.2	
products		7.3		13.3	3.9	2.0	3.5	---	2.6	1.3	5.0	4.9	11.1	6.3	12.5	
																
Productivity		5.6		0.5	3.7	9.3	0.0	5.0	3.8	0.0	37.8	4.0	16.5	4.7	9.0	
(output per
hour worked)		12.1		0.7	5.7	25.2	0.0	---	9.5	0.0	---	4.2	19.1	6.4	26.2	
																
Capital spending		5.4		5.0	5.3	7.3	-4.5	9.0	0.8	25.4	12.0	4.0	5.6	-7.2	13.1	
		23.1		0.0	20.9	4.6	6.4	38.0	3.0	50.0	14.8	37.1	7.5	31.4	25.3	
																
Dividends		4.1		---	5.8	18.8	-9.0	5.0	---	0.0	---	---	---	---	0.0	
		8.5		---	8.5	---	---	7.1	---	---	---	---	---	---	0.0	
																
Research and		3.4		1.0	1.8	-17.8	0.0	5.0	6.7	16.1	27.3	2.5	3.5	3.0	2.7	
development
spending		7.7		1.4	3.4	---	0.0	---	11.5	15.7	---	3.6	4.9	3.6	2.5	

30 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Sales Revenue		Ownership	
Mean
SD		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Revenue		13.4	4.0	12.9	2.3	13.3	15.0	-5.0		8.0	11.9	-3.8	10.0	
		16.5	18.5	16.8	19.7	5.8	24.6	14.1		11.9	16.8	11.4	7.1	
														
Earnings		11.7	6.3	1.7	3.3	15.0	7.7	2.0		6.2	11.1	-10.0	5.0	
		16.5	18.8	19.7	14.4	5.0	35.6	---		20.7	16.1	14.7	0.0	
														
Wages/Salaries		9.1	8.1	7.0	5.3	3.7	4.0	5.0		3.6	8.5	11.3	10.7	
		7.9	10.6	4.4	4.8	5.1	4.9	---		3.2	8.4	10.7	9.0	
														
Technology		6.5	13.4	-1.9	6.0	6.7	4.3	5.0		3.9	6.9	10.7	7.5	
spending		7.8	14.1	10.7	5.7	7.6	5.1	---		5.0	11.6	13.2	7.8	
														
Health care		6.0	6.2	6.2	6.3	12.5	15.0	0.0		6.7	7.0	3.7	8.0	
costs		9.4	4.8	3.9	5.5	3.5	21.2	---		9.7	8.5	5.5	---	
														
Marketing/		5.9	14.7	5.9	2.3	-5.0	8.6	0.0		-3.3	8.9	1.7	10.0	
advertising
spending		16.2	13.0	9.3	4.0	13.2	33.7	---		14.1	13.6	21.4	0.0	
														
Prices of your		8.4	1.0	3.6	-5.2	4.8	5.0	6.5		2.4	5.5	6.4	12.5	
products		7.1	6.4	3.8	8.4	1.8	5.0	4.9		5.9	7.4	6.3	3.5	
														
Productivity		6.0	4.2	6.3	2.5	1.7	12.6	2.0		1.3	7.1	0.7	16.0	
(output per
hour worked)		8.2	20.0	15.4	3.5	2.9	21.8	---		2.0	14.9	1.2	5.7	
														
Capital spending		4.2	5.8	18.1	-14.2	15.0	-2.0	5.0		8.2	2.9	3.7	-15.0	
		22.7	20.3	29.5	26.3	31.2	6.2	---		22.6	19.9	40.6	7.1	
														
Dividends		0.0	---	6.3	0.0	9.6	0.5	0.0		4.4	---	---	---	
		0.0	---	10.9	---	9.4	13.4	---		8.8	---	---	---	
														
Research and		2.6	5.7	7.8	4.0	-4.3	0.0	5.0		0.2	4.2	9.1	5.0	
development
spending		5.3	9.4	11.3	3.6	12.0	0.0	---		6.5	7.0	15.7	---	

31 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Revenue		15.0	6.6	13.7	35.5	6.0	13.5	-0.2		10.3	15.1	3.4	5.1	
		20.4	14.9	9.2	22.0	5.7	4.9	9.4		18.9	16.9	3.1	15.4	
														
Earnings		14.3	4.0	4.8	23.6	6.0	20.0	-5.3		9.8	9.6	2.0	6.2	
		23.0	11.7	19.6	27.0	5.7	0.0	18.5		21.3	17.6	2.4	18.5	
														
Wages/Salaries		10.2	7.9	7.6	3.0	2.8	6.0	5.3		11.0	6.4	6.7	5.8	
		10.4	7.7	2.1	4.4	4.8	1.4	4.1		10.2	6.8	3.8	3.9	
														
Technology		6.3	9.2	12.6	9.0	-7.7	0.0	5.0		5.2	10.7	-3.8	3.7	
spending		7.9	11.3	14.2	8.5	17.9	---	5.0		5.4	11.2	11.2	3.8	
														
Health care		6.9	5.1	10.0	15.0	9.0	9.5	10.0		3.3	8.9	4.5	8.0	
costs		10.7	4.2	0.0	---	---	0.7	17.3		4.2	9.4	5.2	10.7	
														
Marketing/		7.1	5.6	7.8	25.4	3.0	-6.5	-6.7		6.4	9.9	3.3	-1.5	
advertising
spending		18.2	11.8	10.4	28.8	4.2	19.1	11.5		18.6	14.4	3.8	11.9	
														
Prices of your		8.6	3.8	2.5	3.8	5.0	4.0	5.6		8.6	5.6	4.2	0.4	
products		8.0	7.7	7.6	3.9	2.8	1.4	4.4		6.9	7.5	2.3	6.4	
														
Productivity		5.7	3.5	12.6	18.9	2.5	0.0	0.7		5.7	6.9	4.3	2.2	
(output per
hour worked)		9.1	12.9	21.8	26.7	3.5	---	1.2		11.9	15.0	4.3	2.5	
														
Capital spending		9.3	-2.3	18.6	-10.0	32.9	-20.8	-1.3		2.6	9.6	13.8	-3.3	
		22.6	19.7	25.2	---	39.4	33.7	7.1		24.2	21.6	26.4	22.1	
														
Dividends		0.0	4.7	10.0	0.0	---	18.8	0.3		3.3	5.8	0.0	3.3	
		0.0	9.4	---	---	---	---	9.5		5.8	8.5	---	14.2	
														
Research and		2.3	3.6	8.8	5.0	3.5	-5.4	1.7		0.3	6.4	3.0	2.1	
development
spending		6.1	7.5	12.5	---	4.9	17.5	2.9		1.8	10.1	3.6	7.8	

32 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Where are you personally located?	
Mean
SD		
Nigeria	South
Africa	West
Africa	
Other	
						
Revenue		14.0	9.0	30.5	10.0	
		22.1	13.4	29.1	22.7	
						
Earnings		9.6	7.1	53.8	5.0	
		13.5	19.5	---	18.7	
						
Wages/Salaries		7.9	8.2	7.5	5.3	
		11.5	6.2	10.6	5.3	
						
Technology		9.8	6.0	3.0	0.5	
spending		12.2	9.5	---	1.0	
						
Health care		4.8	8.4	---	0.0	
costs		7.4	8.6	---	0.0	
						
Marketing/		9.7	4.4	45.8	3.2	
advertising
spending		18.5	14.1	---	4.0	
						
Prices of your		8.2	4.6	---	1.2	
products		9.8	5.3	---	5.4	
						
Productivity		16.1	1.3	37.8	1.7	
(output per
hour worked)		14.4	7.6	---	2.9	
						
Capital spending		9.7	2.0	10.0	1.6	
		20.8	26.9	---	4.8	
						
Dividends		3.3	4.8	---	0.0	
		5.8	10.0	---	---	
						
Research and		5.3	3.1	---	0.8	
development
spending		9.0	8.0	---	1.5	

33 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Totals		Industry	
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Number of		3.1		1.0	-1.8	-1.8	-8.5	2.0	-7.8	15.5	7.5	-0.4	8.3	11.9	14.1	
domestic
temporary
employees		15.5		1.4	7.7	44.9	16.3	---	22.8	22.6	3.5	7.1	10.4	18.8	23.6	
																
Share		1.7		0.0	4.6	0.0	0.0	0.0	0.0	0.0	---	0.0	2.5	0.0	0.0	
repurchases		7.4		---	13.1	---	0.0	---	0.0	0.0	---	0.0	3.5	0.0	0.0	
																
Number of		1.3		-6.8	1.5	-8.0	-14.0	-13.4	-0.4	7.0	12.9	0.7	3.6	7.4	6.2	
domestic full-
time employees		11.8		10.4	5.9	17.0	8.5	19.0	19.5	4.2	14.6	3.2	3.3	17.6	11.7	
																
Number of		-0.1		2.5	-0.3	0.0	-5.0	0.0	0.0	0.0	---	0.0	1.7	0.0	0.0	
offshore
outsourced
employees		3.1		3.5	4.0	---	7.0	---	0.0	0.0	---	0.0	2.9	0.0	0.0	
																
Cash on the		-1.2		8.3	-2.9	35.0	-28.1	5.0	1.7	-17.5	6.0	-10.7	13.8	5.7	-18.1	
balance sheet		22.1		20.2	18.6	7.1	27.1	---	10.4	31.8	5.7	20.9	7.5	29.6	19.6	

34 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Sales Revenue		Ownership	
Mean
SD		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Number of		6.1	3.8	2.1	15.5	-9.8	-15.7	0.0		-4.5	3.1	9.3	0.0	
domestic
temporary
employees		11.6	19.2	12.9	22.5	20.7	12.1	---		11.0	14.6	18.1	---	
														
Share		3.5	0.0	0.0	0.0	0.0	0.0	0.0		4.1	0.4	0.0	---	
repurchases		10.7	0.0	0.0	0.0	0.0	---	---		12.4	1.4	0.0	---	
														
Number of		2.7	2.1	1.1	-4.0	-4.0	-8.0	-2.0		-4.6	1.4	8.4	0.5	
domestic full-
time employees		11.7	15.6	4.7	5.7	15.1	17.0	---		10.8	10.4	17.1	0.7	
														
Number of		1.2	0.0	0.4	0.0	0.0	-9.9	0.0		-0.8	0.3	0.0	---	
offshore
outsourced
employees		2.2	0.0	0.9	0.0	0.0	0.0	---		3.3	3.4	0.0	---	
														
Cash on the		-0.8	-5.5	-4.6	-7.4	16.7	0.5	-5.0		1.6	0.3	-16.8	-10.0	
balance sheet		19.2	28.7	30.9	35.3	12.6	13.4	---		19.1	20.0	31.1	---	

35 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Number of		9.5	-0.7	7.6	5.0	-5.5	-33.5	-1.1		8.5	0.9	2.7	-6.1	
domestic
temporary
employees		15.8	9.9	12.7	---	6.4	---	26.2		15.9	10.6	22.4	16.9	
														
Share		5.3	0.0	0.0	0.0	---	0.0	0.0		0.0	4.1	0.0	0.8	
repurchases		14.0	0.0	0.0	---	---	---	0.0		0.0	12.4	0.0	2.0	
														
Number of		4.3	1.3	-0.4	10.0	-1.5	-20.0	-6.0		4.2	-0.7	4.3	-3.0	
domestic full-
time employees		14.6	10.4	4.6	---	0.7	---	12.5		11.2	12.5	10.5	12.2	
														
Number of		0.6	1.1	0.0	0.0	---	0.0	-6.6		0.6	0.6	-2.5	-1.0	
offshore
outsourced
employees		1.7	2.0	0.0	---	---	---	5.7		1.8	1.5	5.0	5.4	
														
Cash on the		-1.9	-1.6	-6.8	5.0	-16.1	25.0	-1.3		2.2	-6.0	-9.3	5.9	
balance sheet		25.2	10.8	43.4	---	44.1	7.1	10.0		24.0	21.2	26.1	16.8	

36 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=113		Where are you personally located?	
Mean
SD		
Nigeria	South
Africa	West
Africa	
Other	
						
Number of		13.5	-2.2	---	1.3	
domestic
temporary
employees		16.0	14.0	---	6.3	
						
Share		0.0	2.1	---	0.0	
repurchases		0.0	8.7	---	0.0	
						
Number of		3.9	-0.5	-10.9	10.7	
domestic full-
time employees		11.6	10.6	22.5	13.9	
						
Number of		0.8	-0.7	5.0	0.0	
offshore
outsourced
employees		2.0	3.5	---	0.0	
						
Cash on the		7.2	-5.7	5.0	5.0	
balance sheet		24.2	22.6	---	5.8	

37 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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] 

N=113		Totals		Industry	
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Revenue		10.5		9.3	6.8	9.4	0.1	-10.7	0.2	18.0	-9.6	4.8	19.0	9.2	31.9	
		18.5		---	7.1	2.2	3.6	127.0	510.5	5.8	14.4	14.0	36.3	23.9	23.3	
																
Earnings		8.2		13.9	5.8	18.2	-29.4	-0.8	0.3	9.1	15.0	4.1	19.4	6.1	31.2	
		23.7		---	9.8	6.4	8.9	56.4	---	16.5	---	15.7	---	19.6	25.9	
																
Technology		5.0		2.7	7.3	0.1	1.0	2.0	0.0	13.5	22.6	-8.0	6.0	7.5	4.2	
spending		6.2		---	3.8	0.3	3.3	---	---	4.1	---	36.7	---	157.9	3.5	
																
Prices of your		5.0		13.4	6.1	5.0	-0.5	-13.7	2.8	6.2	10.0	6.1	8.5	7.4	3.3	
products		5.1		---	3.4	0.7	1.6	---	---	0.7	1.5	6.3	20.9	7.8	4.9	
																
Marketing/		4.4		1.7	1.6	-18.6	-17.9	-6.2	4.0	4.3	7.5	7.0	16.1	4.4	25.4	
advertising
spending		20.5		---	9.0	7.4	6.6	83.8	---	2.1	---	12.0	22.7	18.9	22.9	
																
Capital spending		4.0		5.0	2.5	8.2	-8.1	37.1	0.8	0.4	11.5	18.7	3.0	-18.0	6.7	
		19.3		---	8.4	---	2.9	26.9	---	29.2	455.5	68.9	13.9	41.4	12.1	
																
Dividends		3.5		---	9.1	18.8	-9.0	8.0	---	0.0	---	---	---	---	0.0	
		9.1		---	4.6	4.6	4.6	4.6	---	0.0	---	---	---	---	0.0	
																
Cash on the		2.4		6.1	7.8	31.5	-13.0	5.0	1.7	-1.6	6.0	-19.9	15.5	12.2	-6.9	
balance sheet		17.8		---	10.6	4.1	12.6	---	---	18.5	---	39.3	15.4	31.6	8.9	
																
Research and		0.8		1.2	0.4	-17.8	0.0	5.0	6.7	8.3	27.3	3.7	3.5	4.7	4.8	
development
spending		7.2		---	1.6	1.6	0.0	---	---	9.2	---	6.4	---	5.5	1.0	
																
Share		0.4		0.0	2.9	0.0	0.0	0.0	0.0	0.0	---	0.0	2.5	0.0	0.0	
repurchases		3.5		---	12.5	0.0	0.0	---	---	0.0	---	---	---	---	0.0	

38 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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] 

N=113		Sales Revenue		Ownership	
Mean
SD		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Revenue		13.4	4.0	12.9	2.3	13.3	15.0	-5.0		7.1	14.2	-0.6	10.0	
		17.4	33.3	18.0	20.9	5.0	21.7	10.5		7.8	25.2	18.1	---	
														
Earnings		11.7	6.3	1.7	3.3	15.0	7.7	2.0		0.4	20.2	-14.0	5.0	
		17.7	25.6	21.2	15.4	4.3	31.4	0.0		19.1	25.0	38.1	---	
														
Technology		6.5	13.4	-1.9	6.0	6.7	4.3	5.0		5.2	3.9	4.7	7.5	
spending		8.6	51.1	11.9	6.5	6.6	4.3	0.0		5.1	8.4	8.3	---	
														
Prices of your		8.4	1.0	3.6	-5.2	4.8	5.0	6.5		4.0	6.2	5.9	12.5	
products		7.6	11.5	4.1	8.9	1.5	4.2	3.7		4.7	5.3	11.6	---	
														
Marketing/		5.9	14.7	5.9	2.3	-5.0	8.6	0.0		-5.6	24.0	0.0	10.0	
advertising
spending		17.3	20.9	10.0	4.3	11.4	28.2	0.0		10.9	21.6	31.4	---	
														
Capital spending		4.2	5.8	18.1	-14.2	15.0	-2.0	5.0		3.8	2.3	20.1	-15.0	
		24.1	32.7	31.7	28.1	26.9	5.2	0.0		17.6	18.9	98.3	---	
														
Dividends		0.0	---	6.3	0.0	9.6	0.5	0.0		3.5	---	---	---	
		---	---	14.0	---	8.1	9.9	0.0		9.1	---	---	---	
														
Cash on the		-0.8	-5.5	-4.6	-7.4	16.7	0.5	-5.0		4.6	-2.5	-22.3	-10.0	
balance sheet		20.8	---	33.2	37.6	10.8	9.9	0.0		12.9	28.0	73.5	---	
														
Research and		2.6	5.7	7.9	4.0	-4.3	0.0	5.0		-0.3	4.1	15.4	5.0	
development
spending		6.1	20.6	12.6	3.8	10.3	0.0	0.0		6.5	6.5	---	---	
														
Share		3.5	0.0	0.0	0.0	0.0	0.0	0.0		0.4	0.3	0.0	---	
repurchases		13.1	---	0.0	0.0	0.0	0.0	0.0		3.8	1.5	---	---	

39 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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] 

N=113		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Revenue		15.4	6.7	11.3	41.2	8.8	11.4	0.4		10.2	24.5	2.2	-2.5	
		22.1	19.3	7.8	15.2	3.3	3.2	8.1		15.0	19.5	2.6	11.3	
														
Earnings		14.3	3.4	-0.7	40.9	8.8	20.0	-5.8		9.3	21.8	0.4	-10.9	
		25.3	14.2	23.5	19.5	3.3	0.0	16.8		15.7	23.0	1.7	25.4	
														
Technology		6.3	6.2	7.4	6.8	1.3	0.0	5.0		4.8	8.3	2.3	0.6	
spending		9.9	10.0	5.0	5.9	10.4	0.0	4.4		4.0	6.1	8.0	1.9	
														
Prices of your		8.7	1.4	1.5	6.3	3.6	4.6	5.5		6.4	7.0	4.2	3.3	
products		8.9	9.4	8.0	1.4	1.6	0.9	4.0		6.1	5.4	1.2	5.8	
														
Marketing/		6.9	4.1	7.2	32.8	0.9	-14.6	-7.3		3.5	16.0	0.8	-15.4	
advertising
spending		20.2	10.6	14.3	20.0	2.5	12.4	9.9		15.0	20.6	2.3	10.0	
														
Capital spending		9.3	-1.7	33.0	-10.0	13.2	-2.0	-2.0		15.5	2.1	6.2	-9.8	
		25.2	17.6	26.6	26.6	23.0	15.6	5.9		26.8	16.1	12.1	13.3	
														
Dividends		0.0	4.2	10.0	0.0	---	18.8	0.4		8.1	6.9	0.0	-0.1	
		---	10.2	10.2	0.0	---	0.0	8.4		4.5	5.7	0.0	13.1	
														
Cash on the		-1.6	-0.7	-11.0	5.0	5.9	28.0	-1.0		9.1	1.6	-8.0	4.3	
balance sheet		27.9	9.9	48.8	48.8	25.7	4.6	8.7		19.9	17.6	14.1	18.0	
														
Research and		2.3	3.2	9.8	5.0	1.0	-12.8	1.3		0.1	3.1	4.8	-3.4	
development
spending		7.9	6.1	19.6	19.6	2.9	11.4	2.3		1.2	6.6	1.6	9.1	
														
Share		5.5	0.0	0.0	0.0	---	0.0	0.0		0.0	1.2	0.0	0.1	
repurchases		24.2	0.0	0.0	0.0	---	0.0	0.0		0.0	7.2	0.0	0.7	

40 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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] 

N=113		Where are you personally located?	
Mean
SD		
Nigeria	South
Africa	West
Africa	
Other	
						
Revenue		-0.6	6.6	49.9	16.9	
		18.8	8.3	7.5	35.0	
						
Earnings		8.6	0.3	53.8	10.6	
		11.1	18.2	18.2	27.0	
						
Technology		5.8	5.3	3.0	0.3	
spending		7.1	6.6	6.6	2.0	
						
Prices of your		6.6	4.6	---	1.2	
products		7.9	3.9	---	8.3	
						
Marketing/		4.5	-4.1	45.8	3.8	
advertising
spending		14.6	12.4	12.4	6.3	
						
Capital spending		12.8	-1.4	10.0	1.3	
		20.2	17.5	---	7.6	
						
Dividends		7.6	2.9	---	0.0	
		4.9	9.6	---	---	
						
Cash on the		12.5	0.4	5.0	3.6	
balance sheet		17.5	17.9	---	12.0	
						
Research and		2.0	0.6	---	0.4	
development
spending		5.5	7.7	---	3.0	
						
Share		0.0	0.3	---	0.0	
repurchases		0.0	3.6	---	---	

41 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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]

N=113		Totals		Industry	
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Health care		8.7		0.0	1.2	9.6	27.8	0.0	14.0	12.6	---	9.0	20.0	6.8	1.2	
costs		10.8		0.4	2.7	1.0	6.8	---	33.1	4.1	---	1.2	---	4.2	3.4	
																
Wages/Salaries		6.4		13.7	7.0	5.2	1.2	0.0	0.9	7.8	11.4	6.5	11.9	8.4	6.4	
		6.0		130.0	5.2	1.7	3.8	---	13.7	0.4	13.3	3.3	9.1	7.5	4.6	
																
Productivity		3.3		0.5	1.5	6.4	0.0	5.0	4.6	0.0	37.8	2.4	30.0	4.2	5.2	
(output per
hour worked)		9.8		---	2.7	19.3	0.0	---	13.2	0.0	---	3.8	---	11.4	14.7	
																
Number of		-1.0		1.0	-9.3	-17.9	-17.4	2.0	-10.5	33.4	7.5	-3.4	6.1	10.8	2.1	
domestic
temporary
employees		20.6		---	11.5	33.1	7.9	---	33.6	17.0	8.4	8.3	30.3	22.5	9.6	
																
Number of		-2.4		-6.8	2.6	-15.5	-18.7	-10.2	-3.5	7.1	13.3	0.3	3.2	5.0	0.1	
domestic full-
time employees		11.5		17.8	3.9	11.6	4.1	---	25.8	4.9	23.0	2.9	4.9	20.7	6.5	
																
Number of		-3.4		2.5	-6.1	0.0	-8.8	0.0	0.0	0.0	---	0.0	1.7	0.0	0.0	
offshore
outsourced
employees		5.2		---	5.7	0.0	3.4	---	---	0.0	---	0.0	3.8	---	0.0	

42 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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]

N=113		Sales Revenue		Ownership	
Mean
SD		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Health care		5.9	8.0	7.2	7.9	11.3	15.0	0.0		9.4	8.0	5.0	8.0	
costs		9.4	4.2	3.6	3.9	2.6	15.7	0.0		12.9	6.7	7.5	---	
														
Wages/Salaries		9.2	7.6	7.1	5.6	3.0	5.1	5.0		3.5	8.6	9.7	12.3	
		7.5	10.2	3.8	3.6	4.3	4.3	4.3		2.9	6.7	9.5	17.7	
														
Productivity		6.1	1.6	5.8	2.1	1.8	2.4	2.0		1.0	7.3	0.7	17.0	
(output per
hour worked)		8.5	23.5	15.3	5.0	2.7	9.6	9.6		1.6	16.5	1.5	---	
														
Number of		5.5	1.3	0.4	34.5	-15.5	-15.7	0.0		-8.0	4.8	6.5	0.0	
domestic
temporary
employees		11.5	19.9	13.7	16.0	19.4	10.2	0.0		11.6	26.1	16.6	---	
														
Number of		2.6	2.3	0.7	-4.7	-8.6	-8.0	-2.0		-6.1	1.5	5.1	0.6	
domestic full-
time employees		11.4	15.7	4.2	8.1	13.0	12.5	12.5		10.5	10.3	16.3	---	
														
Number of		1.3	0.0	0.3	0.0	0.0	-9.9	0.0		-3.2	-4.2	0.0	---	
offshore
outsourced
employees		2.4	0.0	0.9	0.0	0.0	0.0	0.0		4.8	6.0	0.0	---	

43 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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]

N=113		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Health care		6.9	5.1	10.0	15.0	9.0	9.5	10.0		3.2	5.4	2.4	18.5	
costs		11.7	4.4	4.4	---	4.4	0.6	14.5		4.4	7.8	4.2	12.0	
														
Wages/Salaries		10.2	7.9	7.6	3.0	2.8	6.0	5.3		9.1	6.1	7.4	3.6	
		11.0	7.8	2.1	4.6	4.3	1.1	3.6		10.0	5.7	2.6	3.9	
														
Productivity		5.7	3.5	12.6	18.9	2.5	0.0	0.7		7.4	3.9	2.2	0.5	
(output per
hour worked)		9.9	13.3	23.7	30.1	3.0	0.0	1.0		12.9	13.2	2.4	1.6	
														
Number of		9.5	-0.7	7.6	5.0	-5.5	-33.5	-1.1		7.2	-0.7	4.1	-19.2	
domestic
temporary
employees		17.0	10.2	13.2	---	5.3	5.3	23.8		15.0	8.1	26.6	12.5	
														
Number of		4.3	1.3	-0.4	10.0	-1.5	-20.0	-6.0		2.7	1.5	-0.8	-14.7	
domestic full-
time employees		15.5	10.6	4.7	---	0.6	0.6	10.5		10.1	10.0	4.5	10.7	
														
Number of		0.6	1.1	0.0	0.0	---	0.0	-6.6		0.8	0.4	-4.6	-5.7	
offshore
outsourced
employees		1.9	2.1	0.0	---	---	0.0	4.8		2.2	1.3	5.1	5.6	

44 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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]

N=113		Where are you personally located?	
Mean
SD		
Nigeria	South
Africa	West
Africa	
Other	
						
Health care		5.0	9.3	---	0.0	
costs		9.0	11.1	---	0.0	
						
Wages/Salaries		5.6	6.5	6.0	5.6	
		10.7	4.7	14.1	6.3	
						
Productivity		15.0	0.8	37.8	1.4	
(output per
hour worked)		16.1	4.9	---	5.2	
						
Number of		24.8	-9.2	---	0.4	
domestic
temporary
employees		19.6	13.3	---	9.2	
						
Number of		3.8	-4.0	-7.1	9.1	
domestic full-
time employees		11.4	10.7	---	16.6	
						
Number of		0.9	-4.0	5.0	0.0	
offshore
outsourced
employees		2.8	5.1	---	0.0	

45 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=41		Totals		Industry	
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Revenue		7.1		---	9.8	10.0	-1.0	-20.0	---	20.0	---	---	14.0	---	5.0	
		7.8		---	3.2	3.2	3.2	---	---	3.2	---	---	---	---	0.0	
																
Cash on the		4.6		---	8.7	30.0	-9.0	5.0	---	5.0	---	---	20.0	---	-5.0	
balance sheet		12.9		---	9.5	9.5	9.5	---	---	9.5	---	---	---	---	0.0	
																
Dividends		3.5		---	9.1	18.8	-9.0	8.0	---	0.0	---	---	---	---	0.0	
		9.1		---	4.6	4.6	4.6	4.6	---	0.0	---	---	---	---	0.0	
																
Earnings		0.4		---	8.6	20.0	-32.2	-5.0	---	15.0	---	---	20.0	---	2.0	
		19.1		---	9.3	9.3	9.3	---	---	9.3	---	---	---	---	0.0	
																
Share		0.4		---	4.2	0.0	0.0	0.0	---	0.0	---	---	---	---	0.0	
repurchases		3.8		---	17.2	0.0	0.0	---	---	0.0	---	---	---	---	0.0	

46 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=41		Sales Revenue		Ownership	
Mean
SD		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
														
Revenue		30.0	---	8.0	-20.0	13.3	4.5	5.0		7.1	---	---	---	
		---	---	4.8	---	5.0	5.7	0.0		7.8	---	---	---	
														
Cash on the		-47.3	---	3.8	5.0	16.7	0.5	-5.0		4.6	---	---	---	
balance sheet		---	---	13.0	---	10.8	9.9	0.0		12.9	---	---	---	
														
Dividends		0.0	---	6.3	0.0	9.6	0.5	0.0		3.5	---	---	---	
		---	---	14.0	---	8.1	9.9	0.0		9.1	---	---	---	
														
Earnings		53.8	2.0	1.3	-5.0	15.0	-11.1	2.0		0.4	---	---	---	
		---	---	19.3	---	4.3	21.9	0.0		19.1	---	---	---	
														
Share		37.1	---	0.0	0.0	0.0	0.0	0.0		0.4	---	---	---	
repurchases		---	---	0.0	---	0.0	0.0	0.0		3.8	---	---	---	

47 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=41		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Revenue		30.0	-2.5	14.0	20.0	10.0	10.0	4.6		9.6	12.8	5.0	0.8	
		---	15.8	---	15.8	15.8	15.8	4.8		1.2	5.6	0.0	8.0	
														
Cash on the		-47.3	0.5	20.0	5.0	15.0	30.0	-1.0		12.8	7.0	-5.0	3.5	
balance sheet		---	4.8	---	4.8	4.8	4.8	8.7		6.2	9.0	0.0	18.3	
														
Dividends		0.0	4.2	10.0	0.0	---	18.8	0.4		8.5	6.9	0.0	-0.1	
		---	10.2	10.2	0.0	---	0.0	8.4		4.1	5.7	0.0	13.1	
														
Earnings		53.8	-5.0	20.0	14.4	10.0	20.0	-7.6		8.5	10.9	2.0	-14.8	
		---	11.5	---	3.2	3.2	3.2	19.5		4.1	9.7	0.0	24.7	
														
Share		37.1	0.0	---	0.0	---	0.0	0.0		0.0	1.7	0.0	0.0	
repurchases		---	0.0	---	0.0	---	0.0	0.0		---	8.8	0.0	0.0	

48 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

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

N=41		Where are you personally located?	
Mean
SD		
Nigeria	South
Africa	West
Africa	
Other	
						
Revenue		4.0	7.6	---	5.0	
		13.8	6.8	---	---	
						
Cash on the		13.0	3.4	---	0.0	
balance sheet		4.6	13.5	---	---	
						
Dividends		8.0	2.9	---	0.0	
		4.6	9.6	---	---	
						
Earnings		6.8	-0.7	---	5.0	
		6.8	20.4	---	---	
						
Share		0.0	0.4	---	0.0	
repurchases		---	3.9	---	---	

49 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		113		7	23	5	2	6	10	5	9	11	8	14	12	
Percent		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
% today	
																
N		75		4	17	4	2	4	6	2	6	6	3	12	9	
Mean		22.5		35.3	28.5	17.5	17.5	14.0	16.8	30.0	33.7	0.2	14.0	29.5	15.9	
SD		23.1		29.8	29.4	20.6	17.7	4.3	12.5	28.3	24.6	0.4	11.5	27.8	10.7	
Median		15.0		20.5	10.0	15.0	17.5	13.0	11.5	30.0	35.0	0.0	8.5	20.0	15.0	
				i	i		i	I	I	i	I	abdEFgHjkL	i	i	I	
																
% one year ago	
																
N		70		3	16	3	2	4	6	2	6	6	3	10	9	
Mean		21.6		28.3	27.9	13.3	19.5	18.8	16.0	32.5	25.9	1.3	15.3	31.3	15.7	
SD		21.2		28.4	29.2	15.3	14.8	7.6	6.4	38.9	20.8	2.2	12.7	24.1	10.4	
Median		15.0		12.5	12.5	5.0	19.5	16.0	15.0	32.5	22.5	0.0	10.5	25.0	15.0	
				i	i		i	I	I		i	abdEFhjKL	i	I	I	
																
% held outside of headquarter country	
																
N		56		2	13	2	2	3	6	2	4	6	3	7	6	
Mean		11.6		40.0	10.1	30.0	19.0	4.3	0.5	0.0	1.3	12.5	15.0	27.1	1.7	
SD		25.7		56.6	23.1	42.4	15.6	5.1	1.2	0.0	2.5	30.6	21.8	45.5	4.1	
Median		0.0		40.0	0.0	30.0	19.0	1.5	0.0	0.0	0.0	0.0	2.5	0.0	0.0	
							fl		d						d	

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

50 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	16	12	7	7	6	3		19	75	10	4	
Percent		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
% today	
														
N		39	13	8	3	5	3	2		14	49	5	3	
Mean		19.3	20.2	34.3	21.3	17.2	25.0	27.5		22.2	20.0	34.0	26.7	
SD		21.5	24.3	30.1	8.1	13.8	30.4	17.7		24.3	21.6	27.0	5.8	
Median		12.5	8.5	30.0	17.0	10.0	7.5	27.5		12.0	12.0	25.0	25.0	
														
% one year ago	
														
N		38	12	8	3	4	3	2		13	45	5	3	
Mean		22.9	13.2	32.6	19.3	14.0	23.0	19.0		23.2	17.9	33.6	35.0	
SD		21.5	17.3	30.8	9.3	11.9	23.4	8.5		23.7	18.9	26.8	10.0	
Median		15.5	10.0	21.0	14.0	10.5	9.5	19.0		13.0	15.0	24.0	30.0	
														
% held outside of headquarter country	
														
N		30	8	6	3	4	3	1		11	35	4	3	
Mean		9.9	1.9	12.5	44.3	17.8	19.3	0.0		9.3	13.1	0.0	29.0	
SD		25.6	3.7	30.6	50.1	28.5	11.0	---		18.0	27.6	0.0	50.2	
Median		0.0	0.0	0.0	16.5	5.5	14.0	0.0		0.5	0.0	0.0	0.0	
			dF		b		B							

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

51 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		43	28	13	6	6	4	7		41	45	8	13	
Percent		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
% today	
														
N		27	24	8	2	2	3	5		28	31	5	10	
Mean		23.9	20.5	20.6	20.0	3.5	40.0	16.0		23.1	20.3	19.8	23.4	
SD		22.7	26.5	16.6	14.1	3.5	20.0	13.9		23.3	21.4	23.1	24.4	
Median		18.5	11.0	20.0	20.0	3.5	30.0	10.0		20.0	12.0	11.5	17.5	
														
% one year ago	
														
N		26	23	8	2	2	3	4		27	28	5	10	
Mean		25.0	21.2	19.0	15.0	4.0	31.7	14.3		21.1	22.7	18.0	21.5	
SD		21.4	25.4	19.3	14.1	1.4	17.6	7.4		21.4	22.0	18.5	22.4	
Median		18.0	14.0	17.0	15.0	4.0	22.5	11.5		12.5	17.5	11.0	16.5	
														
% held outside of headquarter country	
														
N		18	20	7	1	2	3	3		20	21	5	9	
Mean		9.7	4.6	7.1	0.0	38.0	63.3	9.3		5.1	6.7	21.6	33.4	
SD		26.9	17.8	11.1	---	52.3	35.1	10.1		19.4	18.5	32.4	38.3	
Median		0.0	0.0	0.0	0.0	38.0	45.0	4.0		0.0	0.0	1.5	9.0	
		F	eF	F		b	ABC			d	d		ab	

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

52 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. How much cash and marketable securities does your firm hold (as a percentage of total assets)?

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Number		47	47	10	7	
Percent		42.3%	42.3%	9.0%	6.3%	
						
% today	
						
N		26	38	4	6	
Mean		28.1	18.5	28.0	21.5	
SD		25.0	21.4	26.9	24.7	
Median		20.5	11.0	25.0	14.5	
						
% one year ago	
						
N		23	37	3	6	
Mean		25.4	17.9	32.0	24.2	
SD		20.6	20.8	32.0	23.9	
Median		18.0	10.0	15.5	17.5	
						
% held outside of headquarter country	
						
N		18	31	1	5	
Mean		12.4	12.1	0.0	2.0	
SD		26.8	27.3	---	4.5	
Median		0.5	0.0	0.0	0.0	

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

53 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. Cash & marketable securities held - Comparison of today to one year ago

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
+1=More today		27		2	4	2	0	2	3	1	4	0	1	4	4	
		38.6%		66.7%	25.0%	66.7%	0.0%	50.0%	50.0%	50.0%	66.7%	0.0%	33.3%	40.0%	44.4%	
											i	h				
																
0=No difference		18		0	8	1	1	0	0	0	1	4	1	1	1	
		25.7%		0.0%	50.0%	33.3%	50.0%	0.0%	0.0%	0.0%	16.7%	66.7%	33.3%	10.0%	11.1%	
					fk				bi			fkl		bi	i	
																
-1=More last year		25		1	4	0	1	2	3	1	1	2	1	5	4	
		35.7%		33.3%	25.0%	0.0%	50.0%	50.0%	50.0%	50.0%	16.7%	33.3%	33.3%	50.0%	44.4%	
																
Mean		0.0		0.3	0.0	0.7	-0.5	0.0	0.0	0.0	0.5	-0.3	0.0	-0.1	0.0	
SD		0.9		1.2	0.7	0.6	0.7	1.2	1.1	1.4	0.8	0.5	1.0	1.0	1.0	
						i						c				

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

54 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. Cash & marketable securities held - Comparison of today to one year ago

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
+1=More today		10	5	3	2	4	1	2		7	16	2	0	
		26.3%	41.7%	37.5%	66.7%	100.0%	33.3%	100.0%		53.8%	35.6%	40.0%	0.0%	
		Eg				A		a						
														
0=No difference		9	5	2	1	0	1	0		3	13	1	0	
		23.7%	41.7%	25.0%	33.3%	0.0%	33.3%	0.0%		23.1%	28.9%	20.0%	0.0%	
														
-1=More last year		19	2	3	0	0	1	0		3	16	2	3	
		50.0%	16.7%	37.5%	0.0%	0.0%	33.3%	0.0%		23.1%	35.6%	40.0%	100.0%	
		b	a							d	d		ab	
														
Mean		-0.2	0.3	0.0	0.7	1.0	0.0	1.0		0.3	0.0	0.0	-1.0	
SD		0.9	0.8	0.9	0.6	0.0	1.0	0.0		0.9	0.9	1.0	0.0	

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

55 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. Cash & marketable securities held - Comparison of today to one year ago

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
+1=More today		9	7	3	2	1	3	2		12	7	3	5	
		34.6%	30.4%	37.5%	100.0%	50.0%	100.0%	50.0%		44.4%	25.0%	60.0%	50.0%	
		f	f				ab							
														
0=No difference		5	9	3	0	0	0	1		5	11	0	2	
		19.2%	39.1%	37.5%	0.0%	0.0%	0.0%	25.0%		18.5%	39.3%	0.0%	20.0%	
														
-1=More last year		12	7	2	0	1	0	1		10	10	2	3	
		46.2%	30.4%	25.0%	0.0%	50.0%	0.0%	25.0%		37.0%	35.7%	40.0%	30.0%	
														
Mean		-0.1	0.0	0.1	1.0	0.0	1.0	0.3		0.1	-0.1	0.2	0.2	
SD		0.9	0.8	0.8	0.0	1.4	0.0	1.0		0.9	0.8	1.1	0.9	

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

56 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5a. Cash & marketable securities held - Comparison of today to one year ago

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
+1=More today		12	13	1	1	
		52.2%	35.1%	33.3%	16.7%	
						
0=No difference		3	13	0	2	
		13.0%	35.1%	0.0%	33.3%	
						
-1=More last year		8	11	2	3	
		34.8%	29.7%	66.7%	50.0%	
						
Mean		0.2	0.1	-0.3	-0.3	
SD		0.9	0.8	1.2	0.8	

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

57 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
No		30		1	8	1	2	2	1	0	1	5	3	2	4	
		27.8%		14.3%	34.8%	20.0%	100.0%	33.3%	10.0%	0.0%	12.5%	45.5%	42.9%	15.4%	36.4%	
							fhk		d		d			d		
																
Yes		45		5	8	2	0	2	4	2	4	3	1	8	5	
		41.7%		71.4%	34.8%	40.0%	0.0%	33.3%	40.0%	50.0%	50.0%	27.3%	14.3%	61.5%	45.5%	
																
Not sure		33		1	7	2	0	2	5	2	3	3	3	3	2	
		30.6%		14.3%	30.4%	40.0%	0.0%	33.3%	50.0%	50.0%	37.5%	27.3%	42.9%	23.1%	18.2%	

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

58 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
No		13	5	3	2	2	2	1		7	18	2	1	
		24.1%	31.3%	27.3%	33.3%	28.6%	33.3%	33.3%		36.8%	24.7%	25.0%	33.3%	
														
Yes		25	6	7	3	3	0	0		8	28	6	1	
		46.3%	37.5%	63.6%	50.0%	42.9%	0.0%	0.0%		42.1%	38.4%	75.0%	33.3%	
		f		f			ac				c	b		
														
Not sure		16	5	1	1	2	4	2		4	27	0	1	
		29.6%	31.3%	9.1%	16.7%	28.6%	66.7%	66.7%		21.1%	37.0%	0.0%	33.3%	
				f			c				c	b		

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

59 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
No		9	6	5	3	0	1	3		11	12	3	3	
		22.0%	22.2%	38.5%	50.0%	0.0%	33.3%	50.0%		27.5%	27.3%	42.9%	25.0%	
														
Yes		20	11	6	2	2	1	1		18	20	2	3	
		48.8%	40.7%	46.2%	33.3%	33.3%	33.3%	16.7%		45.0%	45.5%	28.6%	25.0%	
														
Not sure		12	10	2	1	4	1	2		11	12	2	6	
		29.3%	37.0%	15.4%	16.7%	66.7%	33.3%	33.3%		27.5%	27.3%	28.6%	50.0%	
				e		c								

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

60 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses included)

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
No		9	15	5	1	
		20.9%	31.9%	50.0%	14.3%	
						
Yes		17	22	2	4	
		39.5%	46.8%	20.0%	57.1%	
						
Not sure		17	10	3	2	
		39.5%	21.3%	30.0%	28.6%	

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

61 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)

N=80		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		79		6	16	3	2	4	5	3	6	8	5	11	10	
		100.0%		7.6%	20.3%	3.8%	2.5%	5.1%	6.3%	3.8%	7.6%	10.1%	6.3%	13.9%	12.7%	
																
No		30		1	8	1	2	2	1	0	1	5	3	2	4	
		40.0%		16.7%	50.0%	33.3%	100.0%	50.0%	20.0%	0.0%	20.0%	62.5%	75.0%	20.0%	44.4%	
																
Yes		45		5	8	2	0	2	4	2	4	3	1	8	5	
		60.0%		83.3%	50.0%	66.7%	0.0%	50.0%	80.0%	100.0%	80.0%	37.5%	25.0%	80.0%	55.6%	

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

62 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)

N=80		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		39	11	11	6	5	2	1		15	48	10	3	
		52.0%	14.7%	14.7%	8.0%	6.7%	2.7%	1.3%		19.7%	63.2%	13.2%	3.9%	
														
No		13	5	3	2	2	2	1		7	18	2	1	
		34.2%	45.5%	30.0%	40.0%	40.0%	100.0%	100.0%		46.7%	39.1%	25.0%	50.0%	
														
Yes		25	6	7	3	3	0	0		8	28	6	1	
		65.8%	54.5%	70.0%	60.0%	60.0%	0.0%	0.0%		53.3%	60.9%	75.0%	50.0%	

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

63 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)

N=80		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		31	18	11	5	2	3	5		30	33	6	7	
		41.3%	24.0%	14.7%	6.7%	2.7%	4.0%	6.7%		39.5%	43.4%	7.9%	9.2%	
														
No		9	6	5	3	0	1	3		11	12	3	3	
		31.0%	35.3%	45.5%	60.0%	0.0%	50.0%	75.0%		37.9%	37.5%	60.0%	50.0%	
														
Yes		20	11	6	2	2	1	1		18	20	2	3	
		69.0%	64.7%	54.5%	40.0%	100.0%	50.0%	25.0%		62.1%	62.5%	40.0%	50.0%	

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

64 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? (uncertain responses excluded)

N=80		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		30	37	7	5	
		38.0%	46.8%	8.9%	6.3%	
						
No		9	15	5	1	
		34.6%	40.5%	71.4%	20.0%	
						
Yes		17	22	2	4	
		65.4%	59.5%	28.6%	80.0%	

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

65 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		30		1	8	1	2	2	1	0	1	5	3	2	4	
		100.0%		3.3%	26.7%	3.3%	6.7%	6.7%	3.3%	0.0%	3.3%	16.7%	10.0%	6.7%	13.3%	
																
Lack excess cash to		10		0	2	0	0	0	0	0	0	3	2	1	2	
deploy		33.3%		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	60.0%	66.7%	50.0%	50.0%	
																
Need cash as liquidity
buffer (e.g., in case		
10		
0	
5	
1	
0	
1	
0	
0	
0	
0	
1	
0	
2	
credit markets tighten)		33.3%		0.0%	62.5%	100.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	50.0%	
					i							b				
																
Holding cash to save for		6		0	2	0	0	1	0	0	0	0	3	0	0	
potential future liabilities		20.0%		0.0%	25.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
												j	il		j	
																
Currently have few
attractive investment		
6		
1	
1	
1	
0	
1	
1	
0	
0	
0	
1	
0	
0	
opportunities		20.0%		100.0%	12.5%	100.0%	0.0%	50.0%	100.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	
																
Do not need cash
reserves as a source of		
5		
0	
2	
0	
0	
0	
0	
0	
1	
1	
0	
1	
0	
funds		16.7%		0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	20.0%	0.0%	50.0%	0.0%	
																
We are borrowing
instead of using our cash		
5		
0	
0	
0	
1	
0	
0	
0	
0	
1	
1	
0	
2	
on hand		16.7%		0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	20.0%	33.3%	0.0%	50.0%	

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

66 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		13	5	3	2	2	2	1		7	18	2	1	
		43.3%	16.7%	10.0%	6.7%	6.7%	6.7%	3.3%		23.3%	60.0%	6.7%	3.3%	
														
Lack excess cash to		8	2	0	0	0	0	0		0	8	0	1	
deploy		61.5%	40.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	44.4%	0.0%	100.0%	
										bd	a		a	
														
Need cash as liquidity
buffer (e.g., in case		
4	
1	
2	
0	
2	
1	
0		
2	
6	
1	
1	
credit markets tighten)		30.8%	20.0%	66.7%	0.0%	100.0%	50.0%	0.0%		28.6%	33.3%	50.0%	100.0%	
														
Holding cash to save for		5	1	0	0	0	0	0		1	5	0	0	
potential future liabilities		38.5%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%		14.3%	27.8%	0.0%	0.0%	
														
Currently have few
attractive investment		
2	
0	
0	
0	
2	
1	
0		
1	
4	
1	
0	
opportunities		15.4%	0.0%	0.0%	0.0%	100.0%	50.0%	0.0%		14.3%	22.2%	50.0%	0.0%	
		e	e			ab								
														
Do not need cash
reserves as a source of		
1	
0	
1	
1	
0	
1	
0		
2	
1	
1	
0	
funds		7.7%	0.0%	33.3%	50.0%	0.0%	50.0%	0.0%		28.6%	5.6%	50.0%	0.0%	
														
We are borrowing
instead of using our cash		
2	
1	
0	
1	
0	
0	
1		
1	
4	
0	
0	
on hand		15.4%	20.0%	0.0%	50.0%	0.0%	0.0%	100.0%		14.3%	22.2%	0.0%	0.0%	

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

67 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		9	6	5	3	0	1	3		11	12	3	3	
		30.0%	20.0%	16.7%	10.0%	0.0%	3.3%	10.0%		36.7%	40.0%	10.0%	10.0%	
														
Lack excess cash to		5	4	1	0	0	0	0		6	4	0	0	
deploy		55.6%	66.7%	20.0%	0.0%	0.0%	0.0%	0.0%		54.5%	33.3%	0.0%	0.0%	
														
Need cash as liquidity
buffer (e.g., in case		
3	
2	
0	
2	
0	
1	
1		
5	
3	
1	
1	
credit markets tighten)		33.3%	33.3%	0.0%	66.7%	0.0%	100.0%	33.3%		45.5%	25.0%	33.3%	33.3%	
														
Holding cash to save for		4	1	0	0	0	0	0		3	3	0	0	
potential future liabilities		44.4%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%		27.3%	25.0%	0.0%	0.0%	
														
Currently have few
attractive investment		
1	
1	
0	
1	
0	
1	
1		
2	
2	
1	
1	
opportunities		11.1%	16.7%	0.0%	33.3%	0.0%	100.0%	33.3%		18.2%	16.7%	33.3%	33.3%	
														
Do not need cash
reserves as a source of		
1	
1	
1	
0	
0	
0	
1		
1	
1	
2	
0	
funds		11.1%	16.7%	20.0%	0.0%	0.0%	0.0%	33.3%		9.1%	8.3%	66.7%	0.0%	
											c	b		
														
We are borrowing
instead of using our cash		
2	
0	
2	
0	
0	
0	
1		
1	
2	
1	
1	
on hand		22.2%	0.0%	40.0%	0.0%	0.0%	0.0%	33.3%		9.1%	16.7%	33.3%	33.3%	

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

68 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		9	15	5	1	
		30.0%	50.0%	16.7%	3.3%	
						
Lack excess cash to		3	5	2	0	
deploy		33.3%	33.3%	40.0%	0.0%	
						
Need cash as liquidity
buffer (e.g., in case		
2	
7	
0	
1	
credit markets tighten)		22.2%	46.7%	0.0%	100.0%	
						
Holding cash to save for		3	1	2	0	
potential future liabilities		33.3%	6.7%	40.0%	0.0%	
						
Currently have few
attractive investment		
2	
3	
0	
1	
opportunities		22.2%	20.0%	0.0%	100.0%	
						
Do not need cash
reserves as a source of		
2	
2	
1	
0	
funds		22.2%	13.3%	20.0%	0.0%	
						
We are borrowing
instead of using our cash		
2	
3	
0	
0	
on hand		22.2%	20.0%	0.0%	0.0%	

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

69 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Holding cash until
economic uncertainty		
4		
0	
0	
0	
1	
1	
0	
0	
0	
0	
0	
0	
2	
declines		13.3%		0.0%	0.0%	0.0%	50.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	
																
Save cash as dry powder
for future investment		
3		
0	
0	
1	
0	
0	
0	
0	
0	
0	
1	
0	
1	
opportunities		10.0%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	25.0%	
					c	b										
																
Want to avoid
repatriation tax on cash		
1		
0	
0	
0	
1	
0	
0	
0	
0	
0	
0	
0	
0	
held overseas		3.3%		0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Currently unfavorable		0		0	0	0	0	0	0	0	0	0	0	0	0	
tax ramifications		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Other		1		0	0	0	0	0	0	0	0	0	0	1	0	
		3.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	

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

70 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Holding cash until
economic uncertainty		
1	
0	
1	
1	
1	
0	
0		
0	
2	
1	
1	
declines		7.7%	0.0%	33.3%	50.0%	50.0%	0.0%	0.0%		0.0%	11.1%	50.0%	100.0%	
										d	d		ab	
														
Save cash as dry powder
for future investment		
2	
0	
0	
0	
1	
0	
0		
1	
2	
0	
0	
opportunities		15.4%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%		14.3%	11.1%	0.0%	0.0%	
														
Want to avoid
repatriation tax on cash		
0	
0	
0	
0	
0	
1	
0		
1	
0	
0	
0	
held overseas		0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%		14.3%	0.0%	0.0%	0.0%	
		f					a							
														
Currently unfavorable		0	0	0	0	0	0	0		0	0	0	0	
tax ramifications		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		1	0	0	0	0	0	0		0	0	0	0	
		7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

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

71 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Holding cash until
economic uncertainty		
0	
1	
1	
2	
0	
0	
0		
2	
2	
0	
0	
declines		0.0%	16.7%	20.0%	66.7%	0.0%	0.0%	0.0%		18.2%	16.7%	0.0%	0.0%	
		d			a									
														
Save cash as dry powder
for future investment		
2	
0	
0	
0	
0	
1	
0		
1	
1	
0	
1	
opportunities		22.2%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%		9.1%	8.3%	0.0%	33.3%	
			f				b							
														
Want to avoid
repatriation tax on cash		
0	
0	
0	
0	
0	
0	
1		
0	
0	
0	
1	
held overseas		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	33.3%		0.0%	0.0%	0.0%	33.3%	
														
Currently unfavorable		0	0	0	0	0	0	0		0	0	0	0	
tax ramifications		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Other		1	0	0	0	0	0	0		1	0	0	0	
		11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		9.1%	0.0%	0.0%	0.0%	

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

72 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - NO - Why not? (Check all that apply)

N=30		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Holding cash until
economic uncertainty		
0	
3	
0	
1	
declines		0.0%	20.0%	0.0%	100.0%	
		d			a	
						
Save cash as dry powder
for future investment		
2	
1	
0	
0	
opportunities		22.2%	6.7%	0.0%	0.0%	
						
Want to avoid
repatriation tax on cash		
0	
1	
0	
0	
held overseas		0.0%	6.7%	0.0%	0.0%	
						
Currently unfavorable		0	0	0	0	
tax ramifications		0.0%	0.0%	0.0%	0.0%	
						
Other		1	0	0	0	
		11.1%	0.0%	0.0%	0.0%	

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

73 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		45		5	8	2	0	2	4	2	4	3	1	8	5	
		100.0%		11.1%	17.8%	4.4%	0.0%	4.4%	8.9%	4.4%	8.9%	6.7%	2.2%	17.8%	11.1%	
																
Allow more lenient
payment terms by		
3		
0	
0	
0	
0	
0	
1	
0	
2	
0	
0	
0	
0	
customers		6.7%		0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	
																
Acquisitions		10		1	1	0	0	1	0	1	0	1	1	2	2	
		22.2%		20.0%	12.5%	0.0%	0.0%	50.0%	0.0%	50.0%	0.0%	33.3%	100.0%	25.0%	40.0%	
																
Capital spending or		23		2	5	1	0	2	0	1	2	2	0	3	5	
investment		51.1%		40.0%	62.5%	50.0%	0.0%	100.0%	0.0%	50.0%	50.0%	66.7%	0.0%	37.5%	100.0%	
									l					l	fk	
																
Cover operating losses		11		0	1	1	0	0	1	0	1	3	0	3	0	
		24.4%		0.0%	12.5%	50.0%	0.0%	0.0%	25.0%	0.0%	25.0%	100.0%	0.0%	37.5%	0.0%	
				i	i							abl			i	
																
Dividends or share		5		1	1	0	0	0	1	0	1	0	0	0	1	
repurchases		11.1%		20.0%	12.5%	0.0%	0.0%	0.0%	25.0%	0.0%	25.0%	0.0%	0.0%	0.0%	20.0%	
																
Increase employee		13		1	1	0	0	0	2	0	2	0	0	5	1	
benefits/pay		28.9%		20.0%	12.5%	0.0%	0.0%	0.0%	50.0%	0.0%	50.0%	0.0%	0.0%	62.5%	20.0%	
																
Increase hiring		10		1	3	1	0	0	1	0	1	0	0	2	0	
		22.2%		20.0%	37.5%	50.0%	0.0%	0.0%	25.0%	0.0%	25.0%	0.0%	0.0%	25.0%	0.0%	

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

74 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	6	7	3	3	0	0		8	28	6	1	
		55.6%	13.3%	15.6%	6.7%	6.7%	0.0%	0.0%		17.8%	62.2%	13.3%	2.2%	
														
Allow more lenient
payment terms by		
2	
1	
0	
0	
0	
0	
0		
0	
3	
0	
0	
customers		8.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	10.7%	0.0%	0.0%	
														
Acquisitions		2	1	2	2	2	0	0		5	5	0	0	
		8.0%	16.7%	28.6%	66.7%	66.7%	0.0%	0.0%		62.5%	17.9%	0.0%	0.0%	
		de			a	a				bc	a	a		
														
Capital spending or		11	4	4	2	2	0	0		4	16	2	0	
investment		44.0%	66.7%	57.1%	66.7%	66.7%	0.0%	0.0%		50.0%	57.1%	33.3%	0.0%	
														
Cover operating losses		7	1	2	1	0	0	0		1	6	3	0	
		28.0%	16.7%	28.6%	33.3%	0.0%	0.0%	0.0%		12.5%	21.4%	50.0%	0.0%	
														
Dividends or share		3	1	1	0	0	0	0		1	4	0	0	
repurchases		12.0%	16.7%	14.3%	0.0%	0.0%	0.0%	0.0%		12.5%	14.3%	0.0%	0.0%	
														
Increase employee		8	3	1	0	1	0	0		1	7	4	1	
benefits/pay		32.0%	50.0%	14.3%	0.0%	33.3%	0.0%	0.0%		12.5%	25.0%	66.7%	100.0%	
														
Increase hiring		6	3	1	0	0	0	0		0	7	3	0	
		24.0%	50.0%	14.3%	0.0%	0.0%	0.0%	0.0%		0.0%	25.0%	50.0%	0.0%	
										c		a		

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

75 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		20	11	6	2	2	1	1		18	20	2	3	
		44.4%	24.4%	13.3%	4.4%	4.4%	2.2%	2.2%		40.0%	44.4%	4.4%	6.7%	
														
Allow more lenient
payment terms by		
2	
1	
0	
0	
0	
0	
0		
1	
1	
1	
0	
customers		10.0%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%		5.6%	5.0%	50.0%	0.0%	
											c	b		
														
Acquisitions		2	3	1	1	0	1	1		1	6	0	2	
		10.0%	27.3%	16.7%	50.0%	0.0%	100.0%	100.0%		5.6%	30.0%	0.0%	66.7%	
		fg					a	a		d			a	
														
Capital spending or		9	6	4	0	1	1	1		8	10	1	3	
investment		45.0%	54.5%	66.7%	0.0%	50.0%	100.0%	100.0%		44.4%	50.0%	50.0%	100.0%	
														
Cover operating losses		5	2	1	1	2	0	0		8	2	1	0	
		25.0%	18.2%	16.7%	50.0%	100.0%	0.0%	0.0%		44.4%	10.0%	50.0%	0.0%	
		e	e			ab				b	a			
														
Dividends or share		3	1	1	0	0	0	0		1	4	0	0	
repurchases		15.0%	9.1%	16.7%	0.0%	0.0%	0.0%	0.0%		5.6%	20.0%	0.0%	0.0%	
														
Increase employee		6	5	1	0	0	0	1		6	6	0	1	
benefits/pay		30.0%	45.5%	16.7%	0.0%	0.0%	0.0%	100.0%		33.3%	30.0%	0.0%	33.3%	
														
Increase hiring		5	3	2	0	0	0	0		6	3	0	1	
		25.0%	27.3%	33.3%	0.0%	0.0%	0.0%	0.0%		33.3%	15.0%	0.0%	33.3%	

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

76 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		17	22	2	4	
		37.8%	48.9%	4.4%	8.9%	
						
Allow more lenient
payment terms by		
1	
0	
1	
1	
customers		5.9%	0.0%	50.0%	25.0%	
			Cd	B	b	
						
Acquisitions		3	6	0	1	
		17.6%	27.3%	0.0%	25.0%	
						
Capital spending or		11	10	1	1	
investment		64.7%	45.5%	50.0%	25.0%	
						
Cover operating losses		2	6	1	2	
		11.8%	27.3%	50.0%	50.0%	
						
Dividends or share		0	4	1	0	
repurchases		0.0%	18.2%	50.0%	0.0%	
		C		A		
						
Increase employee		4	8	0	1	
benefits/pay		23.5%	36.4%	0.0%	25.0%	
						
Increase hiring		4	6	0	0	
		23.5%	27.3%	0.0%	0.0%	

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

77 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Lending		1		0	1	0	0	0	0	0	0	0	0	0	0	
		2.2%		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Marketing and		15		3	4	0	0	0	1	0	2	1	1	2	1	
advertising		33.3%		60.0%	50.0%	0.0%	0.0%	0.0%	25.0%	0.0%	50.0%	33.3%	100.0%	25.0%	20.0%	
																
Pay down debt/line of		8		1	1	1	0	2	2	0	0	0	1	0	0	
credit		17.8%		20.0%	12.5%	50.0%	0.0%	100.0%	50.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
					e			bkl					k	ej	e	
																
Pension plan funding		1		0	0	0	0	0	0	0	1	0	0	0	0	
		2.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	
																
Purchase inventory		8		0	0	1	0	2	1	0	0	0	0	2	2	
		17.8%		0.0%	0.0%	50.0%	0.0%	100.0%	25.0%	0.0%	0.0%	0.0%	0.0%	25.0%	40.0%	
				e	e			ab								
																
Purchase raw materials		7		0	1	1	0	0	0	0	0	2	0	2	1	
		15.6%		0.0%	12.5%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	66.7%	0.0%	25.0%	20.0%	
																
Research and		4		1	1	0	0	0	0	0	1	0	0	0	1	
development		8.9%		20.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	20.0%	
																
Other		1		0	1	0	0	0	0	0	0	0	0	0	0	
		2.2%		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

78 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Lending		1	0	0	0	0	0	0		0	1	0	0	
		4.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	3.6%	0.0%	0.0%	
														
Marketing and		8	4	2	0	0	0	0		2	11	2	0	
advertising		32.0%	66.7%	28.6%	0.0%	0.0%	0.0%	0.0%		25.0%	39.3%	33.3%	0.0%	
														
Pay down debt/line of		4	0	2	1	1	0	0		3	5	0	0	
credit		16.0%	0.0%	28.6%	33.3%	33.3%	0.0%	0.0%		37.5%	17.9%	0.0%	0.0%	
														
Pension plan funding		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	3.6%	0.0%	0.0%	
		b	a											
														
Purchase inventory		3	0	2	1	2	0	0		3	4	1	0	
		12.0%	0.0%	28.6%	33.3%	66.7%	0.0%	0.0%		37.5%	14.3%	16.7%	0.0%	
		e				a								
														
Purchase raw materials		3	0	2	1	1	0	0		2	5	0	0	
		12.0%	0.0%	28.6%	33.3%	33.3%	0.0%	0.0%		25.0%	17.9%	0.0%	0.0%	
														
Research and		3	1	0	0	0	0	0		0	4	0	0	
development		12.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	14.3%	0.0%	0.0%	
														
Other		0	0	1	0	0	0	0		1	0	0	0	
		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%		12.5%	0.0%	0.0%	0.0%	

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

79 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Lending		1	0	0	0	0	0	0		1	0	0	0	
		5.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		5.6%	0.0%	0.0%	0.0%	
														
Marketing and		5	5	2	0	1	0	0		6	7	0	1	
advertising		25.0%	45.5%	33.3%	0.0%	50.0%	0.0%	0.0%		33.3%	35.0%	0.0%	33.3%	
														
Pay down debt/line of		4	1	3	0	0	0	0		3	3	1	1	
credit		20.0%	9.1%	50.0%	0.0%	0.0%	0.0%	0.0%		16.7%	15.0%	50.0%	33.3%	
														
Pension plan funding		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.0%	0.0%	0.0%	
														
Purchase inventory		1	4	2	0	0	0	1		4	2	0	1	
		5.0%	36.4%	33.3%	0.0%	0.0%	0.0%	100.0%		22.2%	10.0%	0.0%	33.3%	
		bG	a					A						
														
Purchase raw materials		2	1	1	0	1	1	1		3	2	0	1	
		10.0%	9.1%	16.7%	0.0%	50.0%	100.0%	100.0%		16.7%	10.0%	0.0%	33.3%	
		fg	fg				ab	ab						
														
Research and		1	3	0	0	0	0	0		0	2	0	1	
development		5.0%	27.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	10.0%	0.0%	33.3%	
										d			a	
														
Other		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.0%	0.0%	0.0%	

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

80 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5b. Is it likely that your firm will begin to deploy its cash reserves during the next 12 months? - YES - On what would accumulated cash reserves be deployed? (Check all that apply)

N=45		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Lending		1	0	0	0	
		5.9%	0.0%	0.0%	0.0%	
						
Marketing and		7	7	1	0	
advertising		41.2%	31.8%	50.0%	0.0%	
						
Pay down debt/line of		5	2	0	1	
credit		29.4%	9.1%	0.0%	25.0%	
						
Pension plan funding		1	0	0	0	
		5.9%	0.0%	0.0%	0.0%	
						
Purchase inventory		4	2	1	1	
		23.5%	9.1%	50.0%	25.0%	
						
Purchase raw materials		5	2	0	0	
		29.4%	9.1%	0.0%	0.0%	
						
Research and		3	1	0	0	
development		17.6%	4.5%	0.0%	0.0%	
						
Other		0	1	0	0	
		0.0%	4.5%	0.0%	0.0%	

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

81 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?

N=99		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		98		6	21	5	2	6	10	3	9	5	7	13	11	
		100.0%		6.1%	21.4%	5.1%	2.0%	6.1%	10.2%	3.1%	9.2%	5.1%	7.1%	13.3%	11.2%	
																
No target		43		4	6	2	2	3	2	1	4	5	2	5	6	
		45.7%		66.7%	31.6%	40.0%	100.0%	50.0%	20.0%	33.3%	50.0%	100.0%	33.3%	38.5%	60.0%	
					i				i			bfjk	i	i		
																
Yes, flexible target/range		30		2	6	2	0	2	5	1	2	0	2	5	3	
		31.9%		33.3%	31.6%	40.0%	0.0%	33.3%	50.0%	33.3%	25.0%	0.0%	33.3%	38.5%	30.0%	
																
Yes, somewhat tight		10		0	5	0	0	0	1	1	1	0	1	1	0	
target/range		10.6%		0.0%	26.3%	0.0%	0.0%	0.0%	10.0%	33.3%	12.5%	0.0%	16.7%	7.7%	0.0%	
																
Yes, strict target/range		11		0	2	1	0	1	2	0	1	0	1	2	1	
		11.7%		0.0%	10.5%	20.0%	0.0%	16.7%	20.0%	0.0%	12.5%	0.0%	16.7%	15.4%	10.0%	

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

82 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?

N=99		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		50	13	11	6	6	6	2		16	64	10	4	
		53.2%	13.8%	11.7%	6.4%	6.4%	6.4%	2.1%		17.0%	68.1%	10.6%	4.3%	
														
No target		23	5	4	5	3	1	0		6	28	4	1	
		46.9%	41.7%	40.0%	83.3%	50.0%	16.7%	0.0%		37.5%	45.9%	44.4%	33.3%	
					f		d							
														
Yes, flexible target/range		17	5	2	1	2	2	0		7	19	2	1	
		34.7%	41.7%	20.0%	16.7%	33.3%	33.3%	0.0%		43.8%	31.1%	22.2%	33.3%	
														
Yes, somewhat tight		4	1	2	0	0	2	1		1	7	2	0	
target/range		8.2%	8.3%	20.0%	0.0%	0.0%	33.3%	50.0%		6.3%	11.5%	22.2%	0.0%	
														
Yes, strict target/range		5	1	2	0	1	1	1		2	7	1	1	
		10.2%	8.3%	20.0%	0.0%	16.7%	16.7%	50.0%		12.5%	11.5%	11.1%	33.3%	

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

83 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?

N=99		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		40	25	11	6	1	4	7		36	40	8	12	
		42.6%	26.6%	11.7%	6.4%	1.1%	4.3%	7.4%		37.5%	41.7%	8.3%	12.5%	
														
No target		17	11	5	3	1	2	3		15	18	4	4	
		43.6%	45.8%	50.0%	50.0%	100.0%	66.7%	42.9%		42.9%	48.6%	50.0%	33.3%	
														
Yes, flexible target/range		16	6	3	3	0	0	1		15	12	0	3	
		41.0%	25.0%	30.0%	50.0%	0.0%	0.0%	14.3%		42.9%	32.4%	0.0%	25.0%	
										c		a		
														
Yes, somewhat tight		2	3	1	0	0	1	2		2	4	3	1	
target/range		5.1%	12.5%	10.0%	0.0%	0.0%	33.3%	28.6%		5.7%	10.8%	37.5%	8.3%	
		g						a		c		a		
														
Yes, strict target/range		4	4	1	0	0	0	1		3	3	1	4	
		10.3%	16.7%	10.0%	0.0%	0.0%	0.0%	14.3%		8.6%	8.1%	12.5%	33.3%	
										d	d		ab	

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

84 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. As your firm decides how much cash to hold, do you have an explicit "target" or "range" for the amount of cash and marketable securities to hold?

N=99		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		37	44	9	7	
		38.1%	45.4%	9.3%	7.2%	
						
No target		12	25	4	2	
		35.3%	56.8%	50.0%	28.6%	
						
Yes, flexible target/range		12	11	3	3	
		35.3%	25.0%	37.5%	42.9%	
						
Yes, somewhat tight		4	5	0	1	
target/range		11.8%	11.4%	0.0%	14.3%	
						
Yes, strict target/range		6	3	1	1	
		17.6%	6.8%	12.5%	14.3%	

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

85 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you fall below your target or range:

N=49		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		2	13	3	0	3	8	1	4	0	4	7	4	
		100.0%		4.1%	26.5%	6.1%	0.0%	6.1%	16.3%	2.0%	8.2%	0.0%	8.2%	14.3%	8.2%	
																
1=Slowly		5		0	1	0	0	1	0	0	1	0	0	1	1	
		11.1%		0.0%	8.3%	0.0%	0.0%	33.3%	0.0%	0.0%	25.0%	0.0%	0.0%	16.7%	25.0%	
																
2=Moderate speed		22		2	4	3	0	0	5	0	2	0	3	2	1	
		48.9%		100.0%	33.3%	100.0%	0.0%	0.0%	83.3%	0.0%	50.0%	0.0%	75.0%	33.3%	25.0%	
								f	e							
																
3=Fast		13		0	6	0	0	1	1	1	0	0	0	2	2	
		28.9%		0.0%	50.0%	0.0%	0.0%	33.3%	16.7%	100.0%	0.0%	0.0%	0.0%	33.3%	50.0%	
																
4=Very fast		5		0	1	0	0	1	0	0	1	0	1	1	0	
		11.1%		0.0%	8.3%	0.0%	0.0%	33.3%	0.0%	0.0%	25.0%	0.0%	25.0%	16.7%	0.0%	
																
Mean		2.4		2.0	2.6	2.0	---	2.7	2.2	3.0	2.3	---	2.5	2.5	2.3	
SD		0.8		0.0	0.8	0.0	---	1.5	0.4	0.0	1.3	---	1.0	1.0	1.0	

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

86 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you fall below your target or range:

N=49		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	7	5	1	3	5	2		10	33	4	1	
		52.1%	14.6%	10.4%	2.1%	6.3%	10.4%	4.2%		20.8%	68.8%	8.3%	2.1%	
														
1=Slowly		3	1	0	0	1	0	0		1	3	0	1	
		13.6%	16.7%	0.0%	0.0%	33.3%	0.0%	0.0%		10.0%	10.0%	0.0%	100.0%	
											d		b	
														
2=Moderate speed		13	2	1	0	1	4	0		1	20	1	0	
		59.1%	33.3%	20.0%	0.0%	33.3%	80.0%	0.0%		10.0%	66.7%	33.3%	0.0%	
										B	A			
														
3=Fast		5	3	2	1	1	0	1		7	4	1	0	
		22.7%	50.0%	40.0%	100.0%	33.3%	0.0%	50.0%		70.0%	13.3%	33.3%	0.0%	
										B	A			
														
4=Very fast		1	0	2	0	0	1	1		1	3	1	0	
		4.5%	0.0%	40.0%	0.0%	0.0%	20.0%	50.0%		10.0%	10.0%	33.3%	0.0%	
		cg		a				a						
														
Mean		2.2	2.3	3.2	3.0	2.0	2.4	3.5		2.8	2.2	3.0	1.0	
SD		0.7	0.8	0.8	0.0	1.0	0.9	0.7		0.8	0.8	1.0	0.0	
		cg		a				a						

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

87 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you fall below your target or range:

N=49		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		21	13	4	3	0	1	4		19	18	4	8	
		45.7%	28.3%	8.7%	6.5%	0.0%	2.2%	8.7%		38.8%	36.7%	8.2%	16.3%	
														
1=Slowly		2	2	1	0	0	0	0		3	2	0	0	
		10.0%	16.7%	25.0%	0.0%	0.0%	0.0%	0.0%		18.8%	11.8%	0.0%	0.0%	
														
2=Moderate speed		11	4	2	1	0	1	2		8	10	2	2	
		55.0%	33.3%	50.0%	33.3%	0.0%	100.0%	50.0%		50.0%	58.8%	50.0%	25.0%	
														
3=Fast		4	5	1	2	0	0	1		3	5	2	3	
		20.0%	41.7%	25.0%	66.7%	0.0%	0.0%	25.0%		18.8%	29.4%	50.0%	37.5%	
														
4=Very fast		3	1	0	0	0	0	1		2	0	0	3	
		15.0%	8.3%	0.0%	0.0%	0.0%	0.0%	25.0%		12.5%	0.0%	0.0%	37.5%	
											d		b	
														
Mean		2.4	2.4	2.0	2.7	---	2.0	2.8		2.3	2.2	2.5	3.1	
SD		0.9	0.9	0.8	0.6	---	0.0	1.0		0.9	0.6	0.6	0.8	
										d	D		aB	

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

88 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you fall below your target or range:

N=49		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		21	18	4	5	
		43.8%	37.5%	8.3%	10.4%	
						
1=Slowly		3	2	0	0	
		15.8%	11.8%	0.0%	0.0%	
						
2=Moderate speed		10	7	3	1	
		52.6%	41.2%	100.0%	20.0%	
						
3=Fast		2	7	0	4	
		10.5%	41.2%	0.0%	80.0%	
		bD	a		A	
						
4=Very fast		4	1	0	0	
		21.1%	5.9%	0.0%	0.0%	
						
Mean		2.4	2.4	2.0	2.8	
SD		1.0	0.8	0.0	0.4	

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

89 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you drift above your target or range:

N=49		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		49		2	13	3	0	3	8	1	4	0	4	7	4	
		100.0%		4.1%	26.5%	6.1%	0.0%	6.1%	16.3%	2.0%	8.2%	0.0%	8.2%	14.3%	8.2%	
																
1=Slowly		11		0	4	2	0	0	2	0	1	0	1	1	0	
		29.7%		0.0%	36.4%	66.7%	0.0%	0.0%	33.3%	0.0%	25.0%	0.0%	33.3%	50.0%	0.0%	
																
2=Moderate speed		16		0	4	0	0	2	2	1	2	0	2	1	2	
		43.2%		0.0%	36.4%	0.0%	0.0%	100.0%	33.3%	100.0%	50.0%	0.0%	66.7%	50.0%	50.0%	
																
3=Fast		7		1	2	1	0	0	2	0	0	0	0	0	1	
		18.9%		100.0%	18.2%	33.3%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
																
4=Very fast		3		0	1	0	0	0	0	0	1	0	0	0	1	
		8.1%		0.0%	9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	25.0%	
																
Mean		2.1		3.0	2.0	1.7	---	2.0	2.0	2.0	2.3	---	1.7	1.5	2.8	
SD		0.9		0.0	1.0	1.2	---	0.0	0.9	0.0	1.3	---	0.6	0.7	1.0	

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

90 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you drift above your target or range:

N=49		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		25	7	5	1	3	5	2		10	33	4	1	
		52.1%	14.6%	10.4%	2.1%	6.3%	10.4%	4.2%		20.8%	68.8%	8.3%	2.1%	
														
1=Slowly		8	1	1	0	0	1	0		2	8	1	0	
		47.1%	16.7%	25.0%	0.0%	0.0%	20.0%	0.0%		22.2%	30.8%	50.0%	0.0%	
														
2=Moderate speed		6	2	0	1	2	4	1		3	12	1	0	
		35.3%	33.3%	0.0%	100.0%	100.0%	80.0%	50.0%		33.3%	46.2%	50.0%	0.0%	
				f			c							
														
3=Fast		2	2	2	0	0	0	1		3	4	0	0	
		11.8%	33.3%	50.0%	0.0%	0.0%	0.0%	50.0%		33.3%	15.4%	0.0%	0.0%	
														
4=Very fast		1	1	1	0	0	0	0		1	2	0	0	
		5.9%	16.7%	25.0%	0.0%	0.0%	0.0%	0.0%		11.1%	7.7%	0.0%	0.0%	
														
Mean		1.8	2.5	2.8	2.0	2.0	1.8	2.5		2.3	2.0	1.5	---	
SD		0.9	1.0	1.3	0.0	0.0	0.4	0.7		1.0	0.9	0.7	---	

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

91 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you drift above your target or range:

N=49		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		21	13	4	3	0	1	4		19	18	4	8	
		45.7%	28.3%	8.7%	6.5%	0.0%	2.2%	8.7%		38.8%	36.7%	8.2%	16.3%	
														
1=Slowly		7	2	1	0	0	0	1		6	3	1	1	
		46.7%	18.2%	33.3%	0.0%	0.0%	0.0%	25.0%		54.5%	18.8%	25.0%	16.7%	
														
2=Moderate speed		6	2	2	3	0	1	2		2	7	2	5	
		40.0%	18.2%	66.7%	100.0%	0.0%	100.0%	50.0%		18.2%	43.8%	50.0%	83.3%	
			d		b					d			a	
														
3=Fast		2	4	0	0	0	0	1		3	3	1	0	
		13.3%	36.4%	0.0%	0.0%	0.0%	0.0%	25.0%		27.3%	18.8%	25.0%	0.0%	
														
4=Very fast		0	3	0	0	0	0	0		0	3	0	0	
		0.0%	27.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	18.8%	0.0%	0.0%	
		b	a											
														
Mean		1.7	2.7	1.7	2.0	---	2.0	2.0		1.7	2.4	2.0	1.8	
SD		0.7	1.1	0.6	0.0	---	0.0	0.8		0.9	1.0	0.8	0.4	
		B	A											

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

92 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. Firm has an explicit "target" or "range".  How quickly do you alter your cash holdings to hit the target/range? - ... if you drift above your target or range:

N=49		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		21	18	4	5	
		43.8%	37.5%	8.3%	10.4%	
						
1=Slowly		4	5	1	1	
		26.7%	31.3%	50.0%	25.0%	
						
2=Moderate speed		9	4	1	2	
		60.0%	25.0%	50.0%	50.0%	
						
3=Fast		1	5	0	1	
		6.7%	31.3%	0.0%	25.0%	
						
4=Very fast		1	2	0	0	
		6.7%	12.5%	0.0%	0.0%	
						
Mean		1.9	2.3	1.5	2.0	
SD		0.8	1.1	0.7	0.8	

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

93 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		53		2	15	3	0	3	7	2	4	1	4	8	4	
		100.0%		3.8%	28.3%	5.7%	0.0%	5.7%	13.2%	3.8%	7.5%	1.9%	7.5%	15.1%	7.5%	
																
Cash/total assets		17		0	7	0	0	1	0	0	3	0	1	4	1	
		32.1%		0.0%	46.7%	0.0%	0.0%	33.3%	0.0%	0.0%	75.0%	0.0%	25.0%	50.0%	25.0%	
					f				bhk		f			f		
																
Cash/current assets		10		1	1	2	0	0	1	0	3	0	0	0	2	
		18.9%		50.0%	6.7%	66.7%	0.0%	0.0%	14.3%	0.0%	75.0%	0.0%	0.0%	0.0%	50.0%	
					cHl	bk					Bk			ch	b	
																
Cash/sales revenue		11		1	1	1	0	1	0	0	1	1	3	0	2	
		20.8%		50.0%	6.7%	33.3%	0.0%	33.3%	0.0%	0.0%	25.0%	100.0%	75.0%	0.0%	50.0%	
					iJl				ij			bfk	Bfk	ij	b	
																
Cash / short-term		13		1	4	1	0	1	3	1	1	0	0	1	0	
liabilities,		24.5%		50.0%	26.7%	33.3%	0.0%	33.3%	42.9%	50.0%	25.0%	0.0%	0.0%	12.5%	0.0%	
																
Cash / operating		20		0	5	2	0	1	3	1	1	1	1	5	0	
expenses		37.7%		0.0%	33.3%	66.7%	0.0%	33.3%	42.9%	50.0%	25.0%	100.0%	25.0%	62.5%	0.0%	
																
Cash / market value of		2		0	0	1	0	0	0	0	1	0	0	0	0	
firm  		3.8%		0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	
					c	b										
																
Cash to cover a specific
number of days/months -		
6		
0	
2	
0	
0	
0	
2	
0	
1	
0	
0	
1	
0	
Explain:		11.3%		0.0%	13.3%	0.0%	0.0%	0.0%	28.6%	0.0%	25.0%	0.0%	0.0%	12.5%	0.0%	
																
Specific dollar (or other
currency) amount of		
2		
0	
0	
0	
0	
0	
1	
0	
1	
0	
0	
0	
0	
Cash - Explain:		3.8%		0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	

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

94 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		26	7	7	1	4	5	2		12	33	5	2	
		49.1%	13.2%	13.2%	1.9%	7.5%	9.4%	3.8%		22.6%	62.3%	9.4%	3.8%	
														
Cash/total assets		5	3	2	0	1	5	0		4	10	2	0	
		19.2%	42.9%	28.6%	0.0%	25.0%	100.0%	0.0%		33.3%	30.3%	40.0%	0.0%	
		F		f		f	Aceg	f						
														
Cash/current assets		5	1	1	0	0	2	1		0	10	0	0	
		19.2%	14.3%	14.3%	0.0%	0.0%	40.0%	50.0%		0.0%	30.3%	0.0%	0.0%	
										b	a			
														
Cash/sales revenue		5	1	1	0	2	2	0		2	9	0	0	
		19.2%	14.3%	14.3%	0.0%	50.0%	40.0%	0.0%		16.7%	27.3%	0.0%	0.0%	
														
Cash / short-term		7	2	1	1	2	0	0		5	7	0	1	
liabilities,		26.9%	28.6%	14.3%	100.0%	50.0%	0.0%	0.0%		41.7%	21.2%	0.0%	50.0%	
														
Cash / operating		12	2	3	0	1	1	1		3	12	3	2	
expenses		46.2%	28.6%	42.9%	0.0%	25.0%	20.0%	50.0%		25.0%	36.4%	60.0%	100.0%	
														
Cash / market value of		2	0	0	0	0	0	0		0	2	0	0	
firm  		7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.1%	0.0%	0.0%	
														
Cash to cover a specific
number of days/months -		
5	
0	
0	
0	
1	
0	
0		
1	
4	
1	
0	
Explain:		19.2%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%		8.3%	12.1%	20.0%	0.0%	
														
Specific dollar (or other
currency) amount of		
2	
0	
0	
0	
0	
0	
0		
0	
2	
0	
0	
Cash - Explain:		7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	6.1%	0.0%	0.0%	

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

95 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		22	13	5	3	2	1	4		21	20	4	8	
		41.5%	24.5%	9.4%	5.7%	3.8%	1.9%	7.5%		39.6%	37.7%	7.5%	15.1%	
														
Cash/total assets		7	3	0	2	1	1	2		6	7	2	2	
		31.8%	23.1%	0.0%	66.7%	50.0%	100.0%	50.0%		28.6%	35.0%	50.0%	25.0%	
														
Cash/current assets		2	3	1	1	0	0	2		4	4	1	1	
		9.1%	23.1%	20.0%	33.3%	0.0%	0.0%	50.0%		19.0%	20.0%	25.0%	12.5%	
		g						a						
														
Cash/sales revenue		2	2	3	1	1	1	0		1	6	1	3	
		9.1%	15.4%	60.0%	33.3%	50.0%	100.0%	0.0%		4.8%	30.0%	25.0%	37.5%	
		cf		a			a			bd	a		a	
														
Cash / short-term		6	5	0	1	1	0	0		4	7	1	1	
liabilities,		27.3%	38.5%	0.0%	33.3%	50.0%	0.0%	0.0%		19.0%	35.0%	25.0%	12.5%	
														
Cash / operating		12	4	1	1	1	0	1		14	4	0	2	
expenses		54.5%	30.8%	20.0%	33.3%	50.0%	0.0%	25.0%		66.7%	20.0%	0.0%	25.0%	
										Bc	A	a		
														
Cash / market value of		1	1	0	0	0	0	0		1	1	0	0	
firm  		4.5%	7.7%	0.0%	0.0%	0.0%	0.0%	0.0%		4.8%	5.0%	0.0%	0.0%	
														
Cash to cover a specific
number of days/months -		
2	
3	
0	
0	
1	
0	
0		
3	
2	
0	
1	
Explain:		9.1%	23.1%	0.0%	0.0%	50.0%	0.0%	0.0%		14.3%	10.0%	0.0%	12.5%	
														
Specific dollar (or other
currency) amount of		
0	
1	
0	
0	
0	
0	
0		
1	
1	
0	
0	
Cash - Explain:		0.0%	7.7%	0.0%	0.0%	0.0%	0.0%	0.0%		4.8%	5.0%	0.0%	0.0%	

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

96 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		25	19	3	5	
		47.2%	35.8%	5.7%	9.4%	
						
Cash/total assets		10	3	2	2	
		40.0%	15.8%	66.7%	40.0%	
						
Cash/current assets		7	2	1	0	
		28.0%	10.5%	33.3%	0.0%	
						
Cash/sales revenue		8	0	1	1	
		32.0%	0.0%	33.3%	20.0%	
		B	Ac	b		
						
Cash / short-term		7	5	0	1	
liabilities,		28.0%	26.3%	0.0%	20.0%	
						
Cash / operating		9	9	1	1	
expenses		36.0%	47.4%	33.3%	20.0%	
						
Cash / market value of		2	0	0	0	
firm  		8.0%	0.0%	0.0%	0.0%	
						
Cash to cover a specific
number of days/months -		
2	
4	
0	
0	
Explain:		8.0%	21.1%	0.0%	0.0%	
						
Specific dollar (or other
currency) amount of		
2	
0	
0	
0	
Cash - Explain:		8.0%	0.0%	0.0%	0.0%	

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

97 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Other target		5		0	1	0	0	0	1	1	1	0	0	0	1	
		9.4%		0.0%	6.7%	0.0%	0.0%	0.0%	14.3%	50.0%	25.0%	0.0%	0.0%	0.0%	25.0%	

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

98 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Other target		2	0	2	0	0	0	1		2	2	1	0	
		7.7%	0.0%	28.6%	0.0%	0.0%	0.0%	50.0%		16.7%	6.1%	20.0%	0.0%	

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

99 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Other target		0	2	1	0	0	0	1		1	3	1	0	
		0.0%	15.4%	20.0%	0.0%	0.0%	0.0%	25.0%		4.8%	15.0%	25.0%	0.0%	
		cg		a				a						

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

100 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5c. What best describes your cash target? (choose best one or two)

N=53		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Other target		2	3	0	0	
		8.0%	15.8%	0.0%	0.0%	

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

101 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5d. What portion of your balance sheet cash is held in risk-free versus risky assets?

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		113		7	23	5	2	6	10	5	9	11	8	14	12	
Percent		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
% of cash held in risk-free assets	
																
N		87		4	19	4	2	5	8	2	9	6	5	12	10	
Mean		63.1		80.0	64.8	61.8	52.5	46.6	65.6	60.0	57.8	66.2	62.0	66.0	59.6	
SD		35.6		28.3	39.2	41.9	67.2	38.0	28.1	14.1	35.1	51.3	26.6	38.9	34.3	
																
% in risky assets	
																
N		87		4	19	4	2	5	8	2	9	6	5	12	10	
Mean		36.9		20.0	35.2	38.3	47.5	53.4	34.4	40.0	42.2	33.8	38.0	34.0	40.4	
SD		35.6		28.3	39.2	41.9	67.2	38.0	28.1	14.1	35.1	51.3	26.6	38.9	34.3	

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

102 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5d. What portion of your balance sheet cash is held in risk-free versus risky assets?

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	16	12	7	7	6	3		19	75	10	4	
Percent		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
% of cash held in risk-free assets	
														
N		47	11	10	3	5	6	2		17	55	7	3	
Mean		62.0	75.7	62.9	95.0	54.0	32.5	62.5		59.6	62.8	95.4	35.0	
SD		35.9	32.2	37.7	8.7	40.4	25.2	53.0		39.1	34.8	11.2	15.0	
			f		F		bD			c	c	abD	C	
														
% in risky assets	
														
N		47	11	10	3	5	6	2		17	55	7	3	
Mean		38.0	24.3	37.1	5.0	46.0	67.5	37.5		40.4	37.2	4.6	65.0	
SD		35.9	32.2	37.7	8.7	40.4	25.2	53.0		39.1	34.8	11.2	15.0	
			f		F		bD			c	c	abD	C	

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

103 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5d. What portion of your balance sheet cash is held in risk-free versus risky assets?

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		43	28	13	6	6	4	7		41	45	8	13	
Percent		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
% of cash held in risk-free assets	
														
N		34	24	11	4	3	3	6		34	35	6	11	
Mean		58.8	74.5	79.8	40.0	35.7	86.7	41.7		58.1	68.7	58.3	60.5	
SD		34.4	34.1	28.9	33.7	53.4	23.1	33.6		37.6	32.1	38.2	40.7	
			g	dg	c			bc						
														
% in risky assets	
														
N		34	24	11	4	3	3	6		34	35	6	11	
Mean		41.2	25.5	20.2	60.0	64.3	13.3	58.3		41.9	31.3	41.7	39.5	
SD		34.4	34.1	28.9	33.7	53.4	23.1	33.6		37.6	32.1	38.2	40.7	
			g	dg	c			bc						

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

104 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

5d. What portion of your balance sheet cash is held in risk-free versus risky assets?

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Number		47	47	10	7	
Percent		42.3%	42.3%	9.0%	6.3%	
						
% of cash held in risk-free assets	
						
N		31	41	7	6	
Mean		53.0	76.6	33.6	59.7	
SD		30.7	34.2	37.8	39.8	
		B	AC	B		
						
% in risky assets	
						
N		31	41	7	6	
Mean		47.0	23.4	66.4	40.3	
SD		30.7	34.2	37.8	39.8	
		B	AC	B		

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

105 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6a. How would you rate the degree of political uncertainty or political risk in your country?

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
1=Small		8		0	2	0	0	1	0	0	1	0	2	1	1	
		7.1%		0.0%	8.7%	0.0%	0.0%	16.7%	0.0%	0.0%	11.1%	0.0%	25.0%	7.1%	8.3%	
																
2=Moderate		37		1	8	2	0	3	4	3	5	2	2	3	3	
		33.0%		16.7%	34.8%	40.0%	0.0%	50.0%	40.0%	60.0%	55.6%	18.2%	25.0%	21.4%	25.0%	
																
3=Large		67		5	13	3	2	2	6	2	3	9	4	10	8	
		59.8%		83.3%	56.5%	60.0%	100.0%	33.3%	60.0%	40.0%	33.3%	81.8%	50.0%	71.4%	66.7%	
											i	h				
																
Mean		2.5		2.8	2.5	2.6	3.0	2.2	2.6	2.4	2.2	2.8	2.3	2.6	2.6	
SD		0.6		0.4	0.7	0.5	0.0	0.8	0.5	0.5	0.7	0.4	0.9	0.6	0.7	
								i			i	eh				

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

106 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6a. How would you rate the degree of political uncertainty or political risk in your country?

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
1=Small		5	0	2	0	1	0	0		0	6	1	0	
		9.3%	0.0%	16.7%	0.0%	14.3%	0.0%	0.0%		0.0%	8.1%	10.0%	0.0%	
														
2=Moderate		18	6	7	2	1	2	1		7	25	3	0	
		33.3%	37.5%	58.3%	28.6%	14.3%	33.3%	33.3%		36.8%	33.8%	30.0%	0.0%	
														
3=Large		31	10	3	5	5	4	2		12	43	6	4	
		57.4%	62.5%	25.0%	71.4%	71.4%	66.7%	66.7%		63.2%	58.1%	60.0%	100.0%	
		c		a										
														
Mean		2.5	2.6	2.1	2.7	2.6	2.7	2.7		2.6	2.5	2.5	3.0	
SD		0.7	0.5	0.7	0.5	0.8	0.5	0.6		0.5	0.6	0.7	0.0	
			c	bd	c									

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

107 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6a. How would you rate the degree of political uncertainty or political risk in your country?

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
1=Small		4	1	1	1	0	0	0		5	2	0	1	
		9.5%	3.6%	7.7%	16.7%	0.0%	0.0%	0.0%		12.2%	4.5%	0.0%	7.7%	
														
2=Moderate		15	10	4	2	3	0	1		14	18	2	2	
		35.7%	35.7%	30.8%	33.3%	50.0%	0.0%	14.3%		34.1%	40.9%	25.0%	15.4%	
														
3=Large		23	17	8	3	3	4	6		22	24	6	10	
		54.8%	60.7%	61.5%	50.0%	50.0%	100.0%	85.7%		53.7%	54.5%	75.0%	76.9%	
														
Mean		2.5	2.6	2.5	2.3	2.5	3.0	2.9		2.4	2.5	2.8	2.7	
SD		0.7	0.6	0.7	0.8	0.5	0.0	0.4		0.7	0.6	0.5	0.6	

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

108 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6a. How would you rate the degree of political uncertainty or political risk in your country?

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
1=Small		2	0	3	2	
		4.3%	0.0%	30.0%	28.6%	
		cd	CD	aB	aB	
						
2=Moderate		21	7	5	3	
		45.7%	14.9%	50.0%	42.9%	
		B	Ac	b		
						
3=Large		23	40	2	2	
		50.0%	85.1%	20.0%	28.6%	
		B	ACD	B	B	
						
Mean		2.5	2.9	1.9	2.0	
SD		0.6	0.4	0.7	0.8	
		Bc	ACD	aB	B	

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

109 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending or Hiring

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
Yes		80		4	17	5	2	4	8	2	4	7	5	11	10	
		72.1%		57.1%	73.9%	100.0%	100.0%	66.7%	80.0%	50.0%	44.4%	63.6%	62.5%	78.6%	90.9%	
											l				h	
																
No		31		3	6	0	0	2	2	2	5	4	3	3	1	
		27.9%		42.9%	26.1%	0.0%	0.0%	33.3%	20.0%	50.0%	55.6%	36.4%	37.5%	21.4%	9.1%	
											l				h	

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

110 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending or Hiring

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
Yes		37	14	8	5	5	5	2		16	52	6	3	
		67.3%	87.5%	66.7%	71.4%	71.4%	83.3%	66.7%		84.2%	70.3%	66.7%	75.0%	
														
No		18	2	4	2	2	1	1		3	22	3	1	
		32.7%	12.5%	33.3%	28.6%	28.6%	16.7%	33.3%		15.8%	29.7%	33.3%	25.0%	

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

111 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending or Hiring

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
Yes		28	23	9	4	3	2	7		28	33	6	10	
		65.1%	82.1%	69.2%	66.7%	60.0%	66.7%	100.0%		68.3%	73.3%	75.0%	76.9%	
														
No		15	5	4	2	2	1	0		13	12	2	3	
		34.9%	17.9%	30.8%	33.3%	40.0%	33.3%	0.0%		31.7%	26.7%	25.0%	23.1%	

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

112 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending or Hiring

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
Yes		34	35	5	5	
		75.6%	74.5%	50.0%	71.4%	
						
No		11	12	5	2	
		24.4%	25.5%	50.0%	28.6%	

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

113 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Hiring

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
Yes		60		2	13	5	2	3	6	2	2	4	1	10	9	
		57.1%		28.6%	59.1%	100.0%	100.0%	50.0%	66.7%	50.0%	25.0%	36.4%	16.7%	76.9%	81.8%	
				ckl		ahij					ckl	cl	ckl	ahj	ahij	
																
No		45		5	9	0	0	3	3	2	6	7	5	3	2	
		42.9%		71.4%	40.9%	0.0%	0.0%	50.0%	33.3%	50.0%	75.0%	63.6%	83.3%	23.1%	18.2%	
				ckl		ahij					ckl	cl	ckl	ahj	ahij	

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

114 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Hiring

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
Yes		26	11	6	4	5	4	2		12	37	6	2	
		51.0%	73.3%	50.0%	57.1%	71.4%	66.7%	66.7%		63.2%	54.4%	66.7%	50.0%	
														
No		25	4	6	3	2	2	1		7	31	3	2	
		49.0%	26.7%	50.0%	42.9%	28.6%	33.3%	33.3%		36.8%	45.6%	33.3%	50.0%	

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

115 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Hiring

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
Yes		20	16	8	3	1	2	7		19	23	6	9	
		51.3%	57.1%	61.5%	50.0%	20.0%	66.7%	100.0%		51.4%	52.3%	75.0%	75.0%	
		g	g			g		abe						
														
No		19	12	5	3	4	1	0		18	21	2	3	
		48.7%	42.9%	38.5%	50.0%	80.0%	33.3%	0.0%		48.6%	47.7%	25.0%	25.0%	
		g	g			g		abe						

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

116 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Hiring

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
Yes		24	29	1	5	
		57.1%	61.7%	12.5%	71.4%	
		c	c	abd	c	
						
No		18	18	7	2	
		42.9%	38.3%	87.5%	28.6%	
		c	c	abd	c	

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

117 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
Yes		78		4	16	5	2	4	8	2	4	7	5	10	10	
		72.2%		66.7%	72.7%	100.0%	100.0%	66.7%	80.0%	50.0%	44.4%	63.6%	62.5%	76.9%	90.9%	
											l				h	
																
No		30		2	6	0	0	2	2	2	5	4	3	3	1	
		27.8%		33.3%	27.3%	0.0%	0.0%	33.3%	20.0%	50.0%	55.6%	36.4%	37.5%	23.1%	9.1%	
											l				h	

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

118 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
Yes		36	14	7	5	5	5	2		15	52	5	3	
		67.9%	87.5%	63.6%	71.4%	71.4%	83.3%	66.7%		83.3%	71.2%	62.5%	75.0%	
														
No		17	2	4	2	2	1	1		3	21	3	1	
		32.1%	12.5%	36.4%	28.6%	28.6%	16.7%	33.3%		16.7%	28.8%	37.5%	25.0%	

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

119 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
Yes		26	23	9	4	3	2	7		28	32	6	9	
		65.0%	82.1%	69.2%	66.7%	60.0%	66.7%	100.0%		68.3%	74.4%	75.0%	75.0%	
														
No		14	5	4	2	2	1	0		13	11	2	3	
		35.0%	17.9%	30.8%	33.3%	40.0%	33.3%	0.0%		31.7%	25.6%	25.0%	25.0%	

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

120 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Spending

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
Yes		33	34	5	5	
		76.7%	73.9%	50.0%	71.4%	
						
No		10	12	5	2	
		23.3%	26.1%	50.0%	28.6%	

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

121 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Making acquisitions

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
Yes		66		3	14	5	2	5	8	2	3	4	3	7	9	
		68.0%		50.0%	66.7%	100.0%	100.0%	83.3%	80.0%	50.0%	42.9%	44.4%	60.0%	70.0%	81.8%	
																
No		31		3	7	0	0	1	2	2	4	5	2	3	2	
		32.0%		50.0%	33.3%	0.0%	0.0%	16.7%	20.0%	50.0%	57.1%	55.6%	40.0%	30.0%	18.2%	

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

122 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Making acquisitions

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
Yes		28	14	5	5	6	5	1		12	46	3	2	
		59.6%	93.3%	45.5%	83.3%	85.7%	83.3%	33.3%		70.6%	69.7%	42.9%	100.0%	
		b	acg	b				b						
														
No		19	1	6	1	1	1	2		5	20	4	0	
		40.4%	6.7%	54.5%	16.7%	14.3%	16.7%	66.7%		29.4%	30.3%	57.1%	0.0%	
		b	acg	b				b						

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

123 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Making acquisitions

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
Yes		19	22	8	4	1	3	6		24	26	5	9	
		55.9%	81.5%	66.7%	66.7%	25.0%	100.0%	85.7%		66.7%	66.7%	62.5%	81.8%	
		b	ae			b								
														
No		15	5	4	2	3	0	1		12	13	3	2	
		44.1%	18.5%	33.3%	33.3%	75.0%	0.0%	14.3%		33.3%	33.3%	37.5%	18.2%	
		b	ae			b								

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

124 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6b. Has political uncertainty led your firm to be more cautious about Making acquisitions

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
Yes		28	30	4	4	
		77.8%	66.7%	44.4%	57.1%	
						
No		8	15	5	3	
		22.2%	33.3%	55.6%	42.9%	

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

125 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		113		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.2%	20.4%	4.4%	1.8%	5.3%	8.8%	4.4%	8.0%	9.7%	7.1%	12.4%	10.6%	
																
Government gridlock or		77		3	15	4	2	4	8	3	8	8	5	7	10	
dysfunction		68.1%		42.9%	65.2%	80.0%	100.0%	66.7%	80.0%	60.0%	88.9%	72.7%	62.5%	50.0%	83.3%	
																
Proposed regulations		56		4	14	3	2	3	6	2	2	3	6	5	6	
		49.6%		57.1%	60.9%	60.0%	100.0%	50.0%	60.0%	40.0%	22.2%	27.3%	75.0%	35.7%	50.0%	
											j		h			
																
Protests against current		43		2	10	5	1	2	5	1	2	6	0	4	4	
administration		38.1%		28.6%	43.5%	100.0%	50.0%	33.3%	50.0%	20.0%	22.2%	54.5%	0.0%	28.6%	33.3%	
				c	cj	abeghJkl		c	j	c	c	j	bCfi	c	c	
																
Social policies
[socioeconomic or racial		
38		
0	
10	
4	
1	
3	
5	
0	
1	
5	
2	
5	
2	
activism, etc.]		33.6%		0.0%	43.5%	80.0%	50.0%	50.0%	50.0%	0.0%	11.1%	45.5%	25.0%	35.7%	16.7%	
				bcf	a	aghl			a	c	c				c	
																
Upcoming elections		37		1	10	1	1	1	4	2	3	7	0	6	1	
		32.7%		14.3%	43.5%	20.0%	50.0%	16.7%	40.0%	40.0%	33.3%	63.6%	0.0%	42.9%	8.3%	
					jl							jl	bik	j	bi	
																
Threat of terrorism		32		2	5	2	0	1	2	1	4	4	3	4	4	
		28.3%		28.6%	21.7%	40.0%	0.0%	16.7%	20.0%	20.0%	44.4%	36.4%	37.5%	28.6%	33.3%	
																
The potential for tax		30		2	5	0	1	3	3	1	2	3	3	3	4	
reform		26.5%		28.6%	21.7%	0.0%	50.0%	50.0%	30.0%	20.0%	22.2%	27.3%	37.5%	21.4%	33.3%	

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

126 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		48.7%	14.2%	10.6%	6.2%	6.2%	5.3%	2.7%		16.8%	66.4%	8.8%	3.5%	
														
Government gridlock or		33	11	8	5	6	5	3		16	51	4	2	
dysfunction		60.0%	68.8%	66.7%	71.4%	85.7%	83.3%	100.0%		84.2%	68.0%	40.0%	50.0%	
										c		a		
														
Proposed regulations		25	6	6	7	5	3	1		13	38	1	4	
		45.5%	37.5%	50.0%	100.0%	71.4%	50.0%	33.3%		68.4%	50.7%	10.0%	100.0%	
		D	d	d	Abcg			d		C	c	AbD	C	
														
Protests against current		22	5	5	3	3	3	0		8	27	4	2	
administration		40.0%	31.3%	41.7%	42.9%	42.9%	50.0%	0.0%		42.1%	36.0%	40.0%	50.0%	
														
Social policies
[socioeconomic or racial		
16	
5	
4	
3	
4	
3	
1		
7	
27	
1	
1	
activism, etc.]		29.1%	31.3%	33.3%	42.9%	57.1%	50.0%	33.3%		36.8%	36.0%	10.0%	25.0%	
														
Upcoming elections		16	6	5	2	3	3	1		6	24	4	1	
		29.1%	37.5%	41.7%	28.6%	42.9%	50.0%	33.3%		31.6%	32.0%	40.0%	25.0%	
														
Threat of terrorism		16	3	2	2	4	1	2		6	20	3	1	
		29.1%	18.8%	16.7%	28.6%	57.1%	16.7%	66.7%		31.6%	26.7%	30.0%	25.0%	
														
The potential for tax		14	4	2	2	1	2	2		6	19	1	3	
reform		25.5%	25.0%	16.7%	28.6%	14.3%	33.3%	66.7%		31.6%	25.3%	10.0%	75.0%	
											d	d	bc	

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

127 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		38.1%	24.8%	11.5%	5.3%	5.3%	3.5%	6.2%		36.3%	39.8%	7.1%	11.5%	
														
Government gridlock or		25	22	8	5	4	3	7		25	30	8	9	
dysfunction		58.1%	78.6%	61.5%	83.3%	66.7%	75.0%	100.0%		61.0%	66.7%	100.0%	69.2%	
		g						a		c		a		
														
Proposed regulations		19	15	6	3	2	3	5		19	22	6	7	
		44.2%	53.6%	46.2%	50.0%	33.3%	75.0%	71.4%		46.3%	48.9%	75.0%	53.8%	
														
Protests against current		16	11	4	2	2	2	4		15	17	5	4	
administration		37.2%	39.3%	30.8%	33.3%	33.3%	50.0%	57.1%		36.6%	37.8%	62.5%	30.8%	
														
Social policies
[socioeconomic or racial		
15	
9	
6	
1	
1	
2	
4		
15	
12	
5	
6	
activism, etc.]		34.9%	32.1%	46.2%	16.7%	16.7%	50.0%	57.1%		36.6%	26.7%	62.5%	46.2%	
														
Upcoming elections		12	13	3	2	1	1	4		11	17	5	4	
		27.9%	46.4%	23.1%	33.3%	16.7%	25.0%	57.1%		26.8%	37.8%	62.5%	30.8%	
														
Threat of terrorism		13	5	1	3	4	2	1		11	13	1	4	
		30.2%	17.9%	7.7%	50.0%	66.7%	50.0%	14.3%		26.8%	28.9%	12.5%	30.8%	
			e	e		bc								
														
The potential for tax		11	10	1	0	3	2	2		9	12	3	3	
reform		25.6%	35.7%	7.7%	0.0%	50.0%	50.0%	28.6%		22.0%	26.7%	37.5%	23.1%	

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

128 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		41.6%	41.6%	8.8%	6.2%	
						
Government gridlock or		29	36	7	4	
dysfunction		61.7%	76.6%	70.0%	57.1%	
						
Proposed regulations		21	27	5	3	
		44.7%	57.4%	50.0%	42.9%	
						
Protests against current		15	24	2	2	
administration		31.9%	51.1%	20.0%	28.6%	
						
Social policies
[socioeconomic or racial		
8	
27	
2	
1	
activism, etc.]		17.0%	57.4%	20.0%	14.3%	
		B	Acd	b	b	
						
Upcoming elections		5	27	2	3	
		10.6%	57.4%	20.0%	42.9%	
		Bd	Ac	b	a	
						
Threat of terrorism		25	2	3	1	
		53.2%	4.3%	30.0%	14.3%	
		B	Ac	b		
						
The potential for tax		14	12	2	1	
reform		29.8%	25.5%	20.0%	14.3%	

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

129 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Minimum wage		22		2	2	0	0	0	3	3	3	3	2	3	1	
		19.5%		28.6%	8.7%	0.0%	0.0%	0.0%	30.0%	60.0%	33.3%	27.3%	25.0%	21.4%	8.3%	
					g					bl					g	
																
Environmental / climate		18		0	2	1	1	1	1	1	2	4	0	4	1	
policies		15.9%		0.0%	8.7%	20.0%	50.0%	16.7%	10.0%	20.0%	22.2%	36.4%	0.0%	28.6%	8.3%	
																
Trade alliances [e.g.,
Trans-Pacific		
9		
1	
1	
0	
0	
2	
1	
0	
0	
2	
0	
1	
1	
Partnership]		8.0%		14.3%	4.3%	0.0%	0.0%	33.3%	10.0%	0.0%	0.0%	18.2%	0.0%	7.1%	8.3%	
					e			b								
																
U.S. involvement in the		4		1	0	0	0	2	1	0	0	0	0	0	0	
Middle East		3.5%		14.3%	0.0%	0.0%	0.0%	33.3%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					E			Bkl						e	e	
																
Immigration policy		3		1	0	0	0	1	0	0	0	0	0	0	1	
		2.7%		14.3%	0.0%	0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.3%	
																
Nuclear deal with Iran		2		0	0	0	1	0	1	0	0	0	0	0	0	
		1.8%		0.0%	0.0%	0.0%	50.0%	0.0%	10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					D		Bikl					d		d	d	
																
Other		6		0	3	0	0	0	0	0	0	2	0	1	0	
		5.3%		0.0%	13.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	18.2%	0.0%	7.1%	0.0%	

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

130 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Minimum wage		13	3	1	2	2	0	1		4	15	1	1	
		23.6%	18.8%	8.3%	28.6%	28.6%	0.0%	33.3%		21.1%	20.0%	10.0%	25.0%	
														
Environmental / climate		10	1	1	3	0	1	0		2	12	1	0	
policies		18.2%	6.3%	8.3%	42.9%	0.0%	16.7%	0.0%		10.5%	16.0%	10.0%	0.0%	
			d		b									
														
Trade alliances [e.g.,
Trans-Pacific		
5	
0	
0	
0	
3	
0	
0		
2	
5	
1	
0	
Partnership]		9.1%	0.0%	0.0%	0.0%	42.9%	0.0%	0.0%		10.5%	6.7%	10.0%	0.0%	
		e	e	e		abc								
														
U.S. involvement in the		2	0	0	1	1	0	0		1	2	1	0	
Middle East		3.6%	0.0%	0.0%	14.3%	14.3%	0.0%	0.0%		5.3%	2.7%	10.0%	0.0%	
														
Immigration policy		0	1	0	0	0	1	0		0	3	0	0	
		0.0%	6.3%	0.0%	0.0%	0.0%	16.7%	0.0%		0.0%	4.0%	0.0%	0.0%	
		F					A							
														
Nuclear deal with Iran		1	0	0	0	0	1	0		1	1	0	0	
		1.8%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%		5.3%	1.3%	0.0%	0.0%	
														
Other		3	0	1	1	0	1	0		3	2	1	0	
		5.5%	0.0%	8.3%	14.3%	0.0%	16.7%	0.0%		15.8%	2.7%	10.0%	0.0%	
										b	a			

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

131 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Minimum wage		10	4	1	1	4	0	1		8	11	1	1	
		23.3%	14.3%	7.7%	16.7%	66.7%	0.0%	14.3%		19.5%	24.4%	12.5%	7.7%	
		e	E	e		aBc								
														
Environmental / climate		10	2	1	1	3	0	0		9	7	0	1	
policies		23.3%	7.1%	7.7%	16.7%	50.0%	0.0%	0.0%		22.0%	15.6%	0.0%	7.7%	
			e			b								
														
Trade alliances [e.g.,
Trans-Pacific		
5	
1	
1	
1	
1	
0	
0		
6	
3	
0	
0	
Partnership]		11.6%	3.6%	7.7%	16.7%	16.7%	0.0%	0.0%		14.6%	6.7%	0.0%	0.0%	
														
U.S. involvement in the		2	1	0	1	0	0	0		1	1	1	1	
Middle East		4.7%	3.6%	0.0%	16.7%	0.0%	0.0%	0.0%		2.4%	2.2%	12.5%	7.7%	
														
Immigration policy		1	0	1	0	0	0	0		0	0	0	2	
		2.3%	0.0%	7.7%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	15.4%	
										d	D		aB	
														
Nuclear deal with Iran		1	0	0	0	0	0	1		0	0	1	1	
		2.3%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%		0.0%	0.0%	12.5%	7.7%	
										c	c	ab		
														
Other		0	3	1	0	1	0	1		2	3	0	1	
		0.0%	10.7%	7.7%	0.0%	16.7%	0.0%	14.3%		4.9%	6.7%	0.0%	7.7%	
		bEg	a			A		a						

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

132 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

6c. Which political uncertainties are the source of your caution? (choose up to 5) 

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Minimum wage		13	5	2	0	
		27.7%	10.6%	20.0%	0.0%	
		b	a			
						
Environmental / climate		10	5	1	2	
policies		21.3%	10.6%	10.0%	28.6%	
						
Trade alliances [e.g.,
Trans-Pacific		
5	
2	
0	
2	
Partnership]		10.6%	4.3%	0.0%	28.6%	
			d		b	
						
U.S. involvement in the		1	1	0	2	
Middle East		2.1%	2.1%	0.0%	28.6%	
		D	D		AB	
						
Immigration policy		2	0	0	1	
		4.3%	0.0%	0.0%	14.3%	
			d		b	
						
Nuclear deal with Iran		0	1	0	1	
		0.0%	2.1%	0.0%	14.3%	
		d			a	
						
Other		1	5	0	0	
		2.1%	10.6%	0.0%	0.0%	

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

133 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
-1=No		76		6	15	2	2	4	6	4	6	10	5	9	7	
		67.9%		85.7%	65.2%	40.0%	100.0%	66.7%	60.0%	80.0%	66.7%	90.9%	62.5%	64.3%	63.6%	
						i						c				
																
0=Not sure		28		0	6	2	0	1	4	1	3	1	2	4	3	
		25.0%		0.0%	26.1%	40.0%	0.0%	16.7%	40.0%	20.0%	33.3%	9.1%	25.0%	28.6%	27.3%	
																
+1=Yes		8		1	2	1	0	1	0	0	0	0	1	1	1	
		7.1%		14.3%	8.7%	20.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	12.5%	7.1%	9.1%	
																
Mean		-0.6		-0.7	-0.6	-0.2	-1.0	-0.5	-0.6	-0.8	-0.7	-0.9	-0.5	-0.6	-0.5	
SD		0.6		0.8	0.7	0.8	0.0	0.8	0.5	0.4	0.5	0.3	0.8	0.6	0.7	
						i						c				

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

134 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
-1=No		36	11	9	5	4	5	2		14	51	6	2	
		66.7%	68.8%	75.0%	71.4%	57.1%	83.3%	66.7%		73.7%	68.9%	60.0%	50.0%	
														
0=Not sure		14	4	3	1	2	0	1		4	18	3	2	
		25.9%	25.0%	25.0%	14.3%	28.6%	0.0%	33.3%		21.1%	24.3%	30.0%	50.0%	
														
+1=Yes		4	1	0	1	1	1	0		1	5	1	0	
		7.4%	6.3%	0.0%	14.3%	14.3%	16.7%	0.0%		5.3%	6.8%	10.0%	0.0%	
														
Mean		-0.6	-0.6	-0.8	-0.6	-0.4	-0.7	-0.7		-0.7	-0.6	-0.5	-0.5	
SD		0.6	0.6	0.5	0.8	0.8	0.8	0.6		0.6	0.6	0.7	0.6	

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

135 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
-1=No		27	20	8	4	4	2	6		21	38	6	8	
		62.8%	74.1%	61.5%	66.7%	66.7%	50.0%	85.7%		51.2%	84.4%	75.0%	61.5%	
										B	A			
														
0=Not sure		13	5	4	2	2	1	1		18	4	1	3	
		30.2%	18.5%	30.8%	33.3%	33.3%	25.0%	14.3%		43.9%	8.9%	12.5%	23.1%	
										B	A			
														
+1=Yes		3	2	1	0	0	1	0		2	3	1	2	
		7.0%	7.4%	7.7%	0.0%	0.0%	25.0%	0.0%		4.9%	6.7%	12.5%	15.4%	
														
Mean		-0.6	-0.7	-0.5	-0.7	-0.7	-0.3	-0.9		-0.5	-0.8	-0.6	-0.5	
SD		0.6	0.6	0.7	0.5	0.5	1.0	0.4		0.6	0.6	0.7	0.8	
										b	a			

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

136 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

7. Has political uncertainty in the United States affected the willingness of companies in your country to do business in the U.S. or with U.S. companies?

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
-1=No		24	40	6	4	
		52.2%	85.1%	60.0%	57.1%	
		B	A			
						
0=Not sure		16	6	4	2	
		34.8%	12.8%	40.0%	28.6%	
		b	ac	b		
						
+1=Yes		6	1	0	1	
		13.0%	2.1%	0.0%	14.3%	
		b	a			
						
Mean		-0.4	-0.8	-0.6	-0.4	
SD		0.7	0.4	0.5	0.8	
		B	Ad		b	

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

137 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your country's economy?

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
-1=Negative		22		0	3	0	1	1	3	0	2	2	3	4	3	
		24.4%		0.0%	15.0%	0.0%	50.0%	16.7%	42.9%	0.0%	25.0%	22.2%	50.0%	36.4%	30.0%	
																
0=No effect		4		0	1	0	0	0	0	0	0	2	0	1	0	
		4.4%		0.0%	5.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	22.2%	0.0%	9.1%	0.0%	
																
+1=Positive		64		4	16	3	1	5	4	3	6	5	3	6	7	
		71.1%		100.0%	80.0%	100.0%	50.0%	83.3%	57.1%	100.0%	75.0%	55.6%	50.0%	54.5%	70.0%	
																
Mean		0.5		1.0	0.7	1.0	0.0	0.7	0.1	1.0	0.5	0.3	0.0	0.2	0.4	
SD		0.9		0.0	0.7	0.0	1.4	0.8	1.1	0.0	0.9	0.9	1.1	1.0	1.0	

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

138 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your country's economy?

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
-1=Negative		12	1	0	2	3	3	1		6	12	0	2	
		27.3%	7.7%	0.0%	33.3%	42.9%	50.0%	33.3%		33.3%	20.7%	0.0%	50.0%	
				f			c							
														
0=No effect		4	0	0	0	0	0	0		0	3	0	0	
		9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.2%	0.0%	0.0%	
														
+1=Positive		28	12	8	4	4	3	2		12	43	6	2	
		63.6%	92.3%	100.0%	66.7%	57.1%	50.0%	66.7%		66.7%	74.1%	100.0%	50.0%	
		c		af			c							
														
Mean		0.4	0.8	1.0	0.3	0.1	0.0	0.3		0.3	0.5	1.0	0.0	
SD		0.9	0.6	0.0	1.0	1.1	1.1	1.2		1.0	0.8	0.0	1.2	
			f				b							

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

139 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your country's economy?

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
-1=Negative		9	2	3	0	0	2	4		7	6	5	4	
		25.7%	9.5%	33.3%	0.0%	0.0%	66.7%	57.1%		22.6%	16.2%	71.4%	30.8%	
			fg				b	b		c	C	aB		
														
0=No effect		3	1	0	0	0	0	0		3	0	0	1	
		8.6%	4.8%	0.0%	0.0%	0.0%	0.0%	0.0%		9.7%	0.0%	0.0%	7.7%	
														
+1=Positive		23	18	6	5	4	1	3		21	31	2	8	
		65.7%	85.7%	66.7%	100.0%	100.0%	33.3%	42.9%		67.7%	83.8%	28.6%	61.5%	
			fg				b	b			C	B		
														
Mean		0.4	0.8	0.3	1.0	1.0	-0.3	-0.1		0.5	0.7	-0.4	0.3	
SD		0.9	0.6	1.0	0.0	0.0	1.2	1.1		0.9	0.7	1.0	0.9	
			fg				b	b		c	C	aB		

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

140 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your country's economy?

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
-1=Negative		8	11	2	0	
		20.5%	30.6%	33.3%	0.0%	
						
0=No effect		1	2	0	1	
		2.6%	5.6%	0.0%	14.3%	
						
+1=Positive		30	23	4	6	
		76.9%	63.9%	66.7%	85.7%	
						
Mean		0.6	0.3	0.3	0.9	
SD		0.8	0.9	1.0	0.4	

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

141 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your company overall?

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
-1=Negative		12		0	0	0	1	1	1	0	0	2	2	3	2	
		14.8%		0.0%	0.0%	0.0%	50.0%	20.0%	14.3%	0.0%	0.0%	28.6%	33.3%	37.5%	20.0%	
					Dijk		B					b	b	b		
																
0=No effect		22		0	8	2	0	1	3	0	2	2	2	0	2	
		27.2%		0.0%	47.1%	50.0%	0.0%	20.0%	42.9%	0.0%	25.0%	28.6%	33.3%	0.0%	20.0%	
					k									b		
																
+1=Positive		47		3	9	2	1	3	3	3	6	3	2	5	6	
		58.0%		100.0%	52.9%	50.0%	50.0%	60.0%	42.9%	100.0%	75.0%	42.9%	33.3%	62.5%	60.0%	
																
Mean		0.4		1.0	0.5	0.5	0.0	0.4	0.3	1.0	0.8	0.1	0.0	0.3	0.4	
SD		0.7		0.0	0.5	0.6	1.4	0.9	0.8	0.0	0.5	0.9	0.9	1.0	0.8	

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

142 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your company overall?

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
-1=Negative		6	1	0	2	2	1	0		4	6	0	1	
		15.8%	9.1%	0.0%	33.3%	28.6%	20.0%	0.0%		22.2%	11.5%	0.0%	33.3%	
														
0=No effect		13	3	3	0	1	1	0		3	17	1	1	
		34.2%	27.3%	37.5%	0.0%	14.3%	20.0%	0.0%		16.7%	32.7%	20.0%	33.3%	
														
+1=Positive		19	7	5	4	4	3	3		11	29	4	1	
		50.0%	63.6%	62.5%	66.7%	57.1%	60.0%	100.0%		61.1%	55.8%	80.0%	33.3%	
														
Mean		0.3	0.5	0.6	0.3	0.3	0.4	1.0		0.4	0.4	0.8	0.0	
SD		0.7	0.7	0.5	1.0	1.0	0.9	0.0		0.8	0.7	0.4	1.0	

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

143 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your company overall?

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
-1=Negative		3	3	2	0	0	1	2		5	3	2	2	
		11.1%	13.0%	20.0%	0.0%	0.0%	50.0%	28.6%		17.9%	8.8%	33.3%	18.2%	
														
0=No effect		10	9	1	1	0	0	1		11	10	0	1	
		37.0%	39.1%	10.0%	20.0%	0.0%	0.0%	14.3%		39.3%	29.4%	0.0%	9.1%	
														
+1=Positive		14	11	7	4	4	1	4		12	21	4	8	
		51.9%	47.8%	70.0%	80.0%	100.0%	50.0%	57.1%		42.9%	61.8%	66.7%	72.7%	
														
Mean		0.4	0.3	0.5	0.8	1.0	0.0	0.3		0.3	0.5	0.3	0.5	
SD		0.7	0.7	0.8	0.4	0.0	1.4	1.0		0.8	0.7	1.0	0.8	

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

144 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8a. How do you think trade alliances between countries affect your company overall?

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
-1=Negative		5	6	1	0	
		16.1%	16.7%	14.3%	0.0%	
						
0=No effect		5	14	1	2	
		16.1%	38.9%	14.3%	33.3%	
		b	a			
						
+1=Positive		21	16	5	4	
		67.7%	44.4%	71.4%	66.7%	
						
Mean		0.5	0.3	0.6	0.7	
SD		0.8	0.7	0.8	0.5	

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

145 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8b. How do you think trade alliances between countries affect number of workers your company employs?

N=113		Total		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-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		112		7	23	5	2	6	10	5	9	11	8	14	12	
		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
-1=Negative		13		1	1	0	1	1	0	1	0	2	1	2	3	
		15.3%		25.0%	5.3%	0.0%	50.0%	25.0%	0.0%	25.0%	0.0%	28.6%	16.7%	18.2%	30.0%	
																
0=No effect		45		2	14	2	1	2	4	0	4	3	3	5	5	
		52.9%		50.0%	73.7%	50.0%	50.0%	50.0%	57.1%	0.0%	66.7%	42.9%	50.0%	45.5%	50.0%	
					g					b						
																
+1=Positive		27		1	4	2	0	1	3	3	2	2	2	4	2	
		31.8%		25.0%	21.1%	50.0%	0.0%	25.0%	42.9%	75.0%	33.3%	28.6%	33.3%	36.4%	20.0%	
					g					b						
																
Mean		0.2		0.0	0.2	0.5	-0.5	0.0	0.4	0.5	0.3	0.0	0.2	0.2	-0.1	
SD		0.7		0.8	0.5	0.6	0.7	0.8	0.5	1.0	0.5	0.8	0.8	0.8	0.7	

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

146 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8b. How do you think trade alliances between countries affect number of workers your company employs?

N=113		Sales Revenue		Ownership	
		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		55	16	12	7	7	6	3		19	75	10	4	
		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
-1=Negative		6	1	1	0	1	2	1		3	7	1	1	
		14.3%	9.1%	9.1%	0.0%	14.3%	50.0%	33.3%		17.6%	13.2%	14.3%	33.3%	
														
0=No effect		20	6	9	2	2	2	1		10	29	2	2	
		47.6%	54.5%	81.8%	66.7%	28.6%	50.0%	33.3%		58.8%	54.7%	28.6%	66.7%	
		c		ae		c								
														
+1=Positive		16	4	1	1	4	0	1		4	17	4	0	
		38.1%	36.4%	9.1%	33.3%	57.1%	0.0%	33.3%		23.5%	32.1%	57.1%	0.0%	
				e		c								
														
Mean		0.2	0.3	0.0	0.3	0.4	-0.5	0.0		0.1	0.2	0.4	-0.3	
SD		0.7	0.6	0.4	0.6	0.8	0.6	1.0		0.7	0.7	0.8	0.6	
		f					a							

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

147 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8b. How do you think trade alliances between countries affect number of workers your company employs?

N=113		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		43	28	13	6	6	4	7		41	45	8	13	
		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
-1=Negative		4	2	2	0	2	1	2		5	3	3	1	
		12.1%	9.5%	18.2%	0.0%	40.0%	50.0%	33.3%		16.1%	8.3%	50.0%	10.0%	
											c	b		
														
0=No effect		17	15	4	4	1	0	3		15	25	2	3	
		51.5%	71.4%	36.4%	80.0%	20.0%	0.0%	50.0%		48.4%	69.4%	33.3%	30.0%	
			e			b					d		b	
														
+1=Positive		12	4	5	1	2	1	1		11	8	1	6	
		36.4%	19.0%	45.5%	20.0%	40.0%	50.0%	16.7%		35.5%	22.2%	16.7%	60.0%	
											d		b	
														
Mean		0.2	0.1	0.3	0.2	0.0	0.0	-0.2		0.2	0.1	-0.3	0.5	
SD		0.7	0.5	0.8	0.4	1.0	1.4	0.8		0.7	0.5	0.8	0.7	
												d	c	

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

148 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

8b. How do you think trade alliances between countries affect number of workers your company employs?

N=113		Where are you personally located?	
		
Nigeria	South
Africa	West
Africa	
Other	
		A	B	C	D	
						
Total		47	47	10	7	
		42.3%	42.3%	9.0%	6.3%	
						
-1=Negative		7	6	0	0	
		20.0%	16.7%	0.0%	0.0%	
						
0=No effect		14	23	3	5	
		40.0%	63.9%	50.0%	71.4%	
		b	a			
						
+1=Positive		14	7	3	2	
		40.0%	19.4%	50.0%	28.6%	
						
Mean		0.2	0.0	0.5	0.3	
SD		0.8	0.6	0.5	0.5	

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

149 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=113		Totals		Industry	
Number
Mean
SD
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-
Hardware
Bio	

Manufac-
turing	

Healthcare
Pharm	

Agr, Pub
Admin	

Other
Industry	
		A		A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		113		7	23	5	2	6	10	5	9	11	8	14	12	
Percent		100.0%		6.3%	20.5%	4.5%	1.8%	5.4%	8.9%	4.5%	8.0%	9.8%	7.1%	12.5%	10.7%	
																
% Approximate ROA in		78		3	18	4	2	4	5	2	8	9	5	11	7	
2015		14.4		10.7	18.5	6.1	11.4	5.5	18.4	10.8	10.7	9.2	12.4	20.0	18.2	
		15.8		11.6	20.1	7.5	5.1	5.2	21.0	1.8	12.2	12.0	10.1	20.0	15.7	
		0.0		4.0	10.0	5.5	11.4	5.0	12.5	10.8	12.5	6.0	7.0	11.5	14.0	
																
% Expected ROA in		74		2	19	3	2	4	4	2	8	8	5	11	6	
2016		16.6		0.5	21.6	9.5	8.8	4.3	8.5	13.0	13.8	11.5	19.4	22.5	24.3	
		17.0		7.8	21.8	2.3	1.8	10.2	7.0	1.4	10.1	9.2	14.9	22.5	17.4	
		2.5		0.5	11.0	8.3	8.8	6.5	10.0	13.0	15.0	7.0	11.0	12.0	20.5	

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

150 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=113		Sales Revenue		Ownership	
Number
Mean
SD
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		

Public	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		55	16	12	7	7	6	3		19	75	10	4	
Percent		51.9%	15.1%	11.3%	6.6%	6.6%	5.7%	2.8%		17.6%	69.4%	9.3%	3.7%	
														
% Approximate ROA in		43	12	10	3	5	3	2		17	51	5	2	
2015		14.4	19.3	7.3	9.3	6.9	29.0	24.8		10.1	13.7	25.7	9.5	
		17.4	17.3	5.3	3.3	4.5	20.1	7.4		13.0	14.6	21.6	12.0	
		10.0	15.3	7.0	7.4	5.5	17.5	24.8		7.0	10.0	17.3	9.5	
			c	bFG	g	fG	Ce	CdE						
														
% Expected ROA in		39	12	10	3	5	3	2		17	47	5	2	
2016		17.7	21.6	9.6	9.8	7.6	23.3	23.0		10.9	16.0	30.7	10.5	
		19.7	18.8	4.9	3.6	4.5	15.3	2.8		14.3	14.9	21.8	14.8	
		12.0	16.0	9.5	7.8	6.5	15.0	23.0		8.5	12.0	18.5	10.5	
				fG	g	G	c	CdE		c	c	ab		

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

151 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=113		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		43	28	13	6	6	4	7		41	45	8	13	
Percent		40.2%	26.2%	12.1%	5.6%	5.6%	3.7%	6.5%		38.3%	42.1%	7.5%	12.1%	
														
% Approximate ROA in		31	23	8	3	3	3	5		30	33	5	10	
2015		16.0	11.5	7.8	27.3	4.3	24.3	18.9		17.2	10.5	20.2	16.0	
		20.1	9.9	7.7	21.6	2.8	24.1	7.4		18.1	14.2	18.6	9.7	
		9.4	10.0	7.4	15.0	3.0	10.5	17.3		10.0	8.4	12.5	16.0	
			d	dg	bc	g		ce						
														
% Expected ROA in		28	22	8	3	3	3	5		28	31	5	10	
2016		19.0	13.8	11.1	28.2	5.0	21.0	16.8		22.1	11.2	17.0	17.5	
		22.9	10.3	6.6	26.4	3.6	16.6	7.4		21.6	12.2	14.3	12.5	
		12.0	12.0	8.8	13.0	3.0	11.5	15.0		14.5	10.0	10.0	17.0	
						g		e		b	a			

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

152 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=113		Where are you personally located?	
Number
Mean
SD
Median		

Nigeria	

South
Africa	

West
Africa	

Other	
		A	B	C	D	
						
Number		47	47	10	7	
Percent		42.3%	42.3%	9.0%	6.3%	
						
% Approximate ROA in		29	37	4	6	
2015		15.2	13.2	18.5	12.8	
		18.5	14.3	22.9	7.9	
		7.0	10.0	11.0	10.0	
						
% Expected ROA in		25	37	4	6	
2016		19.0	14.5	18.9	13.7	
		20.2	14.1	28.8	10.2	
		10.0	11.5	13.5	14.0	

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

153 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized

N=11		Total		Industry	
Number
Mean
SD
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-
Hardware
Bio	

Manufac-
turing	

Healthcare
Pharm	

Agr, Pub
Admin	

Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		11		0	0	0	0	0	0	0	0	11	0	0	0	
Percent		100.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
																
% of capacity utilized in		11		0	0	0	0	0	0	0	0	11	0	0	0	
last half of 2015		74.1		---	---	---	---	---	---	---	---	74.1	---	---	---	
		13.2		---	---	---	---	---	---	---	---	13.2	---	---	---	
		70.0		---	---	---	---	---	---	---	---	70.0	---	---	---	
																
% of capacity utilization		11		0	0	0	0	0	0	0	0	11	0	0	0	
planned for the first half		72.9		---	---	---	---	---	---	---	---	72.9	---	---	---	
of 2016		13.8		---	---	---	---	---	---	---	---	13.8	---	---	---	
		70.0		---	---	---	---	---	---	---	---	70.0	---	---	---	

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

154 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized

N=11		Sales Revenue		Ownership	
Number
Mean
SD
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		

Public	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		4	3	2	2	0	0	0		3	8	0	0	
Percent		36.4%	27.3%	18.2%	18.2%	0.0%	0.0%	0.0%		27.3%	72.7%	0.0%	0.0%	
														
% of capacity utilized in		4	3	2	2	0	0	0		3	8	0	0	
last half of 2015		67.5	80.9	70.0	81.3	---	---	---		75.9	73.5	---	---	
		9.6	14.7	7.1	23.1	---	---	---		18.9	12.1	---	---	
		65.0	72.5	70.0	81.3	---	---	---		65.0	72.5	---	---	
														
% of capacity utilization		4	3	2	2	0	0	0		3	8	0	0	
planned for the first half		61.3	80.6	77.5	80.0	---	---	---		80.0	70.2	---	---	
of 2016		6.3	18.8	3.5	14.1	---	---	---		10.0	14.6	---	---	
		60.0	72.5	77.5	80.0	---	---	---		75.0	65.0	---	---	
		c		a										

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

155 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized

N=11		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		2	3	2	0	3	0	0		1	6	2	2	
Percent		20.0%	30.0%	20.0%	0.0%	30.0%	0.0%	0.0%		9.1%	54.5%	18.2%	18.2%	
														
% of capacity utilized in		2	3	2	0	3	0	0		1	6	2	2	
last half of 2015		70.0	79.2	67.5	---	68.3	---	---		80.0	69.6	86.3	72.5	
		14.1	16.0	10.6	---	5.8	---	---		---	14.2	16.0	3.5	
		70.0	70.0	67.5	---	65.0	---	---		40.0	65.0	86.3	72.5	
														
% of capacity utilization		2	3	2	0	3	0	0		1	6	2	2	
planned for the first half		57.5	75.6	72.5	---	75.0	---	---		60.0	70.3	82.5	77.5	
of 2016		3.5	19.0	17.7	---	5.0	---	---		---	15.8	10.6	10.6	
		57.5	65.0	72.5	---	72.5	---	---		30.0	65.0	82.5	77.5	
		e				a								

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

156 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized

N=11		Where are you personally located?	
Number
Mean
SD
Median		

Nigeria	

South
Africa	

West
Africa	

Other	
		A	B	C	D	
						
Number		3	7	1	0	
Percent		27.3%	63.6%	9.1%	0.0%	
						
% of capacity utilized in		3	7	1	0	
last half of 2015		70.0	72.5	97.7	---	
		8.7	12.7	---	---	
		65.0	70.0	48.8	---	
						
% of capacity utilization		3	7	1	0	
planned for the first half		70.0	71.7	90.0	---	
of 2016		10.0	15.1	---	---	
		65.0	65.0	45.0	---	

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

157 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=4		Total		Industry	
Number
Mean
SD		

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

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Healthcare
Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		4		0	0	0	0	0	0	0	0	4	0	0	0	
Percent		100.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.9%	0.0%	0.0%	0.0%	
																
% of capacity utilized in		4		0	0	0	0	0	0	0	0	4	0	0	0	
last half of 2015		75.3		---	---	---	---	---	---	---	---	75.3	---	---	---	
		15.6		---	---	---	---	---	---	---	---	15.6	---	---	---	
																
% of capacity utilization		4		0	0	0	0	0	0	0	0	4	0	0	0	
planned for the first half		75.4		---	---	---	---	---	---	---	---	75.4	---	---	---	
of 2016		13.1		---	---	---	---	---	---	---	---	13.1	---	---	---	

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

158 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=4		Sales Revenue		Ownership	
Number
Mean
SD		
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		

Public	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		1	0	1	2	0	0	0		2	2	0	0	
Percent		21.2%	11.5%	27.7%	40.5%	0.0%	0.0%	0.0%		54.3%	46.5%	0.0%	0.0%	
														
% of capacity utilized in		1	0	1	2	0	0	0		2	2	0	0	
last half of 2015		67.5	80.9	70.0	81.3	---	---	---		77.2	73.0	---	---	
		---	---	15.9	26.4	---	---	---		21.5	14.5	---	---	
														
% of capacity utilization		1	0	1	2	0	0	0		2	2	0	0	
planned for the first half		61.3	80.6	77.5	80.0	---	---	---		80.0	70.1	---	---	
of 2016		---	---	8.0	16.2	---	---	---		11.7	17.5	---	---	

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

159 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=4		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		0	1	0	0	2	0	0		0	2	1	0	
Percent		14.1%	17.3%	12.2%	0.0%	64.0%	0.0%	0.0%		7.1%	69.8%	45.5%	12.2%	
														
% of capacity utilized in		0	1	0	0	2	0	0		0	2	1	0	
last half of 2015		70.0	78.2	66.3	---	67.9	---	---		80.0	66.7	88.4	72.1	
		---	---	---	---	6.6	---	---		---	12.5	21.5	---	
														
% of capacity utilization		0	1	0	0	2	0	0		0	2	1	0	
planned for the first half		57.5	75.0	70.5	---	74.3	---	---		60.0	71.3	83.9	76.3	
of 2016		---	---	---	---	6.0	---	---		---	15.0	14.3	---	

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

160 

Duke / CFO magazine Global Business Outlook survey - Africa - Second Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=4		Where are you personally located?	
Number
Mean
SD		

Nigeria	
South
Africa	
West
Africa	

Other	
		A	B	C	D	
						
Number		2	2	1	0	
Percent		31.5%	33.0%	16.2%	0.0%	
						
% of capacity utilized in		2	2	1	0	
last half of 2015		67.0	72.1	97.7	---	
		8.5	16.2	---	---	
						
% of capacity utilization		2	2	1	0	
planned for the first half		72.2	71.4	90.0	---	
of 2016		11.0	19.2	---	---	

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