Q1-11-Asia-Topline

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1a. Are you more or less optimistic about the economy of the country where you are based compared to last quarter?   1
1b. Rate your optimism about the economy of the country where you are based on a scale from 0-100, with
0 being the least optimistic and 100 being the most optimistic.                                                      2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?     3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0
being the least optimistic and 100 being the most optimistic.                                                        4
3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)                               5
3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)                                                  6
3. What are the top three external concerns facing your corporation? - Other specified                               7
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)                8
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale &
weighted by the number of respondents (Higher number = greater weighted importance)                                   9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified              10
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]                                               11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months for: [Unweighted - Sorted]                                                                            12
5. 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]                                             13
5. 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]                                            14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months? [Public Companies - Winsorized - Revenue Weighted]                                                   15
6a. During 2011, does your company plan to:                                                                          16
6b. During 2011, does your company plan to:                                                                          17
7. Compared to Fall 2009 (Q4 2009), does your company find borrowing now:                                            18
8. What job functions/titles are most needed at your company right now? (Choose up to three)                         19
8. What job functions/titles are most needed at your company right now? - Other specified                            20
8. Jobs most needed for companies that plan to increase domestic employment                                          21
9. How satisfied are you in your job compared to two years ago?                                                      22
10. Which are the most crucial accounting issues your company faces in 2011? (Choose all that apply)                 23
11. Which are the most crucial accounting issues your company faces in 2011? - Other specified                       24
11a. Has the hurdle rate your company uses to evaluate investment projects changed since 2007 (before
the recent recession)?                                                                                               25
11a. Has the hurdle rate your company uses to evaluate investment projects changed since 2007 (before
the recent recession)?                                                                                               26
11b. Does your company pursue all projects that are expected to earn a return higher than the hurdle rate?
(e.g., if your company's overall hurdle rate is 15%, among projects with similar risk to your company's
overall risk, would you pursue all projects that are expected to earn 16%)?                                          27
11b. Does your company pursue all projects that are expected to earn a return higher than the hurdle rate?
- Why not?                                                                                                           28
11b. If hurdle rate has remained the same: Why doesn't your company pursue all projects that are expected
to earn a return higher than the hurdle rate?                                                                        30
11b. If hurdle rate has decreased: Why doesn't your company pursue all projects that are expected to earn
a return higher than the hurdle rate?                                                                                31
11b. Small companies (<= 100 million): Why doesn't your company pursue all projects that are expected to
earn a return higher than the hurdle rate?                                                                           32
11b. Medium companies (100 million - <= 1 billion): Why doesn't your company pursue all projects that are
expected to earn a return higher than the hurdle rate?                                                               33
Manufacturing capacity utilized                                                                                      35
What do you estimate is your firm's overall weighted average cost of capital for 2011? (e.g., 11.2%)                 36
Industry                                                                                                             37
Industry (Other specified)                                                                                           38
Sales Revenue                                                                                                        39
Weighted Sales Revenue (Millions)                                                                                    40
Number of Employees                                                                                                  41
Weighted Number of Employees                                                                                         42
Headquarters                                                                      43
Headquarters Asia (Other Specified)                                               44
If your company headquarters is another country, please indicate which country.   45
Ownership                                                                         46
Foreign Sales                                                                     47
What is your company's credit rating?                                             48
What is your company's credit rating?                                             49
What is your company's credit rating?                                             50
                                                                                                    1

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

                                                          Number        Percent      95% CI
      1=More optimistic                                       86        65.2 %       ± 8.2 %
      0=No change                                             20        15.2 %       ± 6.2 %
      -1=Less optimistic                                      26        19.7 %       ± 6.9 %
      Total                                                  132       100.0 %

      Mean = 0.5
      SD = 0.8

      Missing Cases = 0
      Response Percent = 100.0 %
                                                                                                 2

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

            Minimum = 0

            Maximum = 100

            Mean = 71.5

            Median = 75

            Standard Deviation (Unbiased) = 15.9

            95 Percent Confidence Interval Around The Mean = 68.4 - 74.6

Quartiles

            1 = 61.3
            2 = 75
            3 = 80

Valid Cases = 101
Missing Cases = 31
Response Percent = 76.5%
                                                                                                     3

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

                                                           Number        Percent      95% CI
      1=More optimistic                                        87        66.4 %       ± 8.2 %
      0=No change                                              23        17.6 %       ± 6.6 %
      -1=Less optimistic                                       21        16.0 %       ± 6.3 %
      Total                                                   131       100.0 %

      Mean = 0.5
      SD = 0.8

      Missing Cases = 1
      Response Percent = 99.2 %
                                                                                                   4

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

            Minimum = 0

            Maximum = 601

            Mean = 77.0

            Median = 75

            Standard Deviation (Unbiased) = 55.9

            95 Percent Confidence Interval Around The Mean = 66.1 - 88.0

Quartiles

            1 = 60
            2 = 75
            3 = 85

Valid Cases = 100
Missing Cases = 32
Response Percent = 75.8%
                                                                                             5

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)

(N=132)

                                             Mean & SD   1st      2nd      3rd      Total
                                                  1.6        37       8       12        57
Consumer demand                                   0.8    28.0%     6.1%    9.1%     43.2%

                                                  1.8        5        6        2        13
Cost of non-fuel commodities                      0.7     3.8%     4.5%     1.5%     9.8%

                                                  1.9        3        2        2        7
Financial regulation                              0.9     2.3%     1.5%     1.5%     5.3%

                                                  1.9        8        8        5        21
Credit markets/interest rates                     0.8     6.1%     6.1%     3.8%    15.9%

                                                  1.9        7        10       5        22
Foreign competition                               0.8     5.3%     7.6%     3.8%    16.7%

                                                  1.9        12       14       9        35
Cost of fuel                                      0.8     9.1%    10.6%     6.8%    26.5%

                                                  1.9        23       26       18       67
Price pressure                                    0.8    17.4%    19.7%    13.6%    50.8%

                                                  2.0        12       18       12       42
Domestic competition                              0.8     9.1%    13.6%     9.1%    31.8%

                                                  2.1        8        12       12       32
Government policy                                 0.8     6.1%     9.1%     9.1%    24.2%

                                                  2.2        2        3        4        9
Environmental regulation                          0.8     1.5%     2.3%     3.0%     6.8%

                                                  2.3        2        6        6        14
Financial/banking system                          0.7     1.5%     4.5%     4.5%    10.6%

                                                  2.3        2        5        6        13
Stability of local and central governments        0.8     1.5%     3.8%     4.5%     9.8%

                                                  2.5        0        2        2        4
Housing market fallout                            0.6     0.0%     1.5%     1.5%     3.0%

                                                  2.8        1        0        7        8
Trade policies and trade agreements               0.7     0.8%     0.0%     5.3%     6.1%
                                                                                                   6

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the
number of respondents (Higher number = greater weighted importance)

                                             Mean   SD    Total

Consumer demand                              1.1    1.3   132

Price pressure                               1.1    1.2   132

Domestic competition                         0.6    1.0   132

Cost of fuel                                 0.6    1.0   132

Government policy                            0.5    0.9   132

Credit markets/interest rates                0.3    0.8   132

Foreign competition                          0.3    0.8   132

Financial/banking system                     0.2    0.6   132

Cost of non-fuel commodities                 0.2    0.7   132

Stability of local and central governments   0.2    0.6   132

Financial regulation                         0.1    0.5   132

Trade policies and trade agreements          0.1    0.3   132

Environmental regulation                     0.1    0.5   132

Housing market fallout                       0.0    0.3   132
                                                                                           7

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

3. What are the top three external concerns facing your corporation? - Other specified

Banking/Finance/Insurance           stability in Europe, China and Middle East
Communications/Media                Lack of talent
Communications/Media                Predatory pricing policies of competition
Communications/Media                volatile capital markets
Manufacturing                       currency
Manufacturing                       local competition
Other                               Confidence in the govt.
Other                               Stability in Middle East & Northern Africa countries
Retail/Wholesale                    Share prices
Service/Consulting                  Global Economy
Service/Consulting                  Lack of Financial Transparency on Wall Street
Service/Consulting                  Technology
Service/Consulting                  Time delays in completion of projects
Transportation/Energy               stability of USD
Unspecified Industry                Revival of Global economy
                                                                                                    8

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)

(N=132)

                                      Mean & SD   1st      2nd      3rd      Total
                                           0.0        0        0        0        0
Pension obligations                        0.0     0.0%     0.0%     0.0%     0.0%

                                           1.7        4        5        1        10
Protection of intellectual property        0.7     3.0%     3.8%     0.8%     7.6%

                                           1.8        9        8        4        21
Balance sheet weakness                     0.8     6.8%     6.1%     3.0%    15.9%

Attracting and retaining qualified         1.8        39       21       20       80
employees                                  0.8    29.5%    15.9%    15.2%    60.6%

                                           1.9        8        5        6        19
Counterparty risk                          0.9     6.1%     3.8%     4.5%    14.4%

                                           1.9        24       22       19       65
Ability to forecast results                0.8    18.2%    16.7%    14.4%    49.2%

                                           2.0        3        2        3        8
Other:                                     0.9     2.3%     1.5%     2.3%     6.1%

                                           2.1        19       17       22       58
Working capital management                 0.8    14.4%    12.9%    16.7%    43.9%

                                           2.1        10       13       12       35
Supply chain risk                          0.8     7.6%     9.8%     9.1%    26.5%

                                           2.2        11       28       23       62
Maintaining morale/productivity            0.7     8.3%    21.2%    17.4%    47.0%

                                           2.3        1        4        4        9
Data security                              0.7     0.8%     3.0%     3.0%     6.8%

                                           2.5        2        4        10       16
Managing IT systems                        0.7     1.5%     3.0%     7.6%    12.1%

                                           3.0        0        0        2        2
Cost of health care                        0.0     0.0%     0.0%     1.5%     1.5%

                                           3.0        0        0        2        2
Illness                                    0.0     0.0%     0.0%     1.5%     1.5%
                                                                                                      9

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

4. What are the top three internal, company-specific concerns for your corporation? Reverse scale &
weighted by the number of respondents (Higher number = greater weighted importance)

                                               Mean   SD    Total

Attracting and retaining qualified employees   1.4    1.3   131

Ability to forecast results                    1.0    1.2   131

Working capital management                     0.9    1.1   131

Maintaining morale/productivity                0.9    1.0   131

Supply chain risk                              0.5    1.0   131

Balance sheet weakness                         0.4    0.9   131

Counterparty risk                              0.3    0.8   131

Protection of intellectual property            0.2    0.6   131

Managing IT systems                            0.2    0.6   131

Other:                                         0.1    0.5   131

Data security                                  0.1    0.5   131

Cost of health care                            0.0    0.1   131

Pension obligations                            0.0    0.0   131

Illness                                        0.0    0.1   131
                                                                                                10

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

4. What are the top three internal, company-specific concerns your corporation faces? - Other
specified

Banking/Finance/Insurance           Cost of Capital
Banking/Finance/Insurance           Resource allocation
Communications/Media                Funding and Borrowings
Communications/Media                High Overhead - Management Cost
Manufacturing                       Productivity, Skills, Security
Service/Consulting                  Higher Manpower Cost
Service/Consulting                  rising operating costs
Service/Consulting                  Vendor payment delinquencies
Unspecified Industry                Keeping Quality levels despite 100% capa utilization
Unspecified Industry                vigorous marketing capabilities
                                                                                                           11

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during
the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

                                          Mean   SD      95% CI       Median   Minimum   Maximum   Total

Capital spending                          19.4   39.9   10.9 - 28.0     10       -60       300      84

Number of domestic full-time employees    15.4   34.5    7.6 - 23.1      5       -20       200      76

Earnings                                  13.7   24.9    8.3 - 19.2     10       -80       100      81

Marketing/advertising spending            13.3   21.3    8.1 - 18.4      5        -5       100      66

Wages/Salaries                            10.9   10.5    8.8 - 12.9      9        -5        60     103

Technology spending                        9.2   13.6    5.8 - 12.6      5       -40        50      60

Research and development spending          8.4    9.8    5.6 - 11.2      5        0         50      47

Productivity (output per hour worked)      8.3    8.1    6.2 - 10.3      5        -5        25      58

Dividends                                  7.3   13.9    0.5 - 14.1      0        0         50      16

Prices of your products                    7.1   23.8    1.9 - 12.3      5       -15       200      79

Health care costs                          5.9    7.0     3.8 - 8.0      5        0         40      43

Number of domestic temporary employees     5.3   15.1     1.1 - 9.6      2       -50        50      49

Cash on the balance sheet                  4.4   17.1     0.3 - 8.5      5       -50        50      67

Number of offshore outsourced employees    2.7    5.7     0.7 - 4.7      0        -5        20      31

Share repurchases                          0.2    1.0    -0.2 - 0.6      0        0         5       23
                                                                                              12

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

(N=132)

                                         Mean & SD   Positive   Zero     Negative   Total
                                                        1        0         -1
                                              1.0        100        2           1      103
Wages/Salaries                                0.2     97.1%      1.9%      1.0%     100.0%

                                              0.8         75        3         6          84
Capital spending                              0.5     89.3%      3.6%      7.1%     100.0%

                                              0.8         50        8         2          60
Technology spending                           0.5     83.3%     13.3%      3.3%     100.0%

                                              0.8         49        6         3          58
Productivity (output per hour worked)         0.5     84.5%     10.3%      5.2%     100.0%

                                              0.8         37        10        0          47
Research and development spending             0.4     78.7%     21.3%      0.0%     100.0%

                                              0.8         54        9         3          66
Marketing/advertising spending                0.5     81.8%     13.6%      4.5%     100.0%

                                              0.8         33        10        0          43
Health care costs                             0.4     76.7%     23.3%      0.0%     100.0%

                                              0.7         62        7         7          76
Number of domestic full-time employees        0.6     81.6%      9.2%      9.2%     100.0%

                                              0.7         68        3         11         82
Earnings                                      0.7     82.9%      3.7%     13.4%     100.0%

                                              0.6         60        5         14         79
Prices of your products                       0.8     75.9%      6.3%     17.7%     100.0%

Number of domestic temporary                  0.4         28        14        7          49
employees                                     0.7     57.1%     28.6%     14.3%     100.0%

                                              0.4         46        1         20         67
Cash on the balance sheet                     0.9     68.7%      1.5%     29.9%     100.0%

Number of offshore outsourced                 0.3         11        18        2          31
employees                                     0.6     35.5%     58.1%      6.5%     100.0%

                                              0.2         5         11        1          17
Dividends                                     0.6     29.4%     64.7%      5.9%     100.0%

                                              0.0         1         22        0          23
Share repurchases                             0.2      4.3%     95.7%      0.0%     100.0%
                                                                                             13

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

                                    Mean   SD      95% CI       Median   Minimum   Maximum

Capital spending                    14.6   23.5   12.9 - 16.3      5      -58.8      97.6

Marketing/advertising spending       8.8   15.2    7.5 - 10.1      2         -5      55.1

Earnings                             7.9   15.9     6.7 - 9.1     10      -35.1      62.5

Technology spending                  6.7    8.5     6.0 - 7.4      5      -17.5      35.9

Research and development spending    6.1    6.6     5.4 - 6.7      5         0       27.6

Dividends                            4.5    7.8     3.5 - 5.5      0         0       34.5

Prices of your products              3.8    6.6     3.3 - 4.3      4        -15      53.8

Cash on the balance sheet            3.4   13.6     2.3 - 4.5      5      -29.1      37.9

Share repurchases                    0.0    0.2     0.0 - 0.1      0         0        2.2
                                                                                                  14

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during
the next 12 months? [All Companies - Winsorized - Employee Weighted - Sorted]

                                          Mean   SD     95% CI       Median   Minimum   Maximum

Number of domestic full-time employees    9.3    13.2   8.2 - 10.5     5         -20       83

Wages/Salaries                            8.0     5.6    7.6 - 8.4     8          0       31.5

Productivity (output per hour worked)     6.8     7.3    6.1 - 7.5     5          -5      24.2

Number of domestic temporary employees    4.2     8.3    3.2 - 5.2     5       -24.3      34.9

Health care costs                         3.8     4.9    3.2 - 4.4     2          0        15

Number of offshore outsourced employees   3.0     5.0    2.3 - 3.6     0          -5      13.9
                                                                                         15

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

                            Mean   SD      95% CI       Median   Minimum   Maximum

Earnings                     8.8   16.1   7.1 - 10.4      10      -35.1       50

Dividends                    4.5    7.8    3.5 - 5.6       0         0       34.5

Share repurchases            0.0    0.0    0.0 - 0.0       0         0         0

Cash on the balance sheet   -2.1    9.7   -3.2 - -1.0      0      -29.1       20
                                                                                           16

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

6a. During 2011, does your company plan to:

                                                         Number        Percent   95% CI
      Acquire another company or companies?                  15        12.3 %    ± 5.5 %
      Acquire part of another company or companies?          12         9.8 %    ± 5.0 %
      Both                                                   15        12.3 %    ± 5.5 %
      Neither                                                80        65.6 %    ± 8.5 %
      Total                                                 122       100.0 %

      Missing Cases = 10
      Response Percent = 92.4 %
                                                                                           17

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

6b. During 2011, does your company plan to:

                                                         Number        Percent   95% CI
      Sell your company?                                      3         3.2 %    ± 2.6 %
      Sell part of your company?                             11        11.8 %    ± 4.8 %
      Neither                                                79        84.9 %    ± 8.5 %
      Total                                                  93       100.0 %

      Missing Cases = 39
      Response Percent = 70.5 %
                                                                                            18

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

7. Compared to Fall 2009 (Q4 2009), does your company find borrowing now:

                                                         Number        Percent    95% CI
      -2=Much more difficult                                  5         5.2 %     ± 4.5 %
      -1=A little more difficult                             15        15.6 %     ± 7.3 %
      0=About the same                                       45        46.9 %    ± 10.1 %
      +1=A little easier                                     20        20.8 %     ± 8.2 %
      +2=Much easier                                         11        11.5 %     ± 6.4 %
      Total                                                  96       100.0 %

      Mean = 0.2
      SD = 1.0

      Missing Cases = 1
      Response Percent = 99.0 %
                                                                                                 19

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

8. What job functions/titles are most needed at your company right now? (Choose up to three)

                                                           Number        Percent       95% CI
      Skilled labor/professional staff                         37        28.2 %        ± 7.8 %
      Marketing staff                                          35        26.7 %        ± 7.7 %
      Sales staff                                              33        25.2 %        ± 7.5 %
      Engineers/product development staff                      33        25.2 %        ± 7.5 %
      Finance staff                                            29        22.1 %        ± 7.2 %
      Information technology staff                             28        21.4 %        ± 7.1 %
      Mid-level managers                                       24        18.3 %        ± 6.7 %
      Senior managers                                          24        18.3 %        ± 6.7 %
      Customer service staff                                   17        13.0 %        ± 5.8 %
      Human resources staff                                    16        12.2 %        ± 5.7 %
      Line workers                                             12         9.2 %        ± 5.0 %
      Manual laborers                                           7         5.3 %        ± 3.9 %
      Administrative/clerical staff                             7         5.3 %        ± 3.9 %
      Other                                                     5         3.8 %        ± 3.3 %
      Total                                                   307

      Number of Cases =131
      Number of Responses =307
      Average Number Of Responses Per Case = 2.3
      Number Of Cases With At Least One Response =131
      Response Percent = 100.0 %
                                                                                            20

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

8. What job functions/titles are most needed at your company right now? - Other specified

Manufacturing                       ceo
Manufacturing                       no
Manufacturing                       R &D executives
Unspecified Industry                Faculty
                                                                                             21

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

8. Jobs most needed for companies that plan to increase domestic employment

                                                          Number        Percent    95% CI
      Marketing staff                                         21        31.8 %    ± 11.6 %
      Skilled labor/professional staff                        19        28.8 %    ± 11.2 %
      Engineers/product development staff                     18        27.3 %    ± 11.0 %
      Sales staff                                             17        25.8 %    ± 10.8 %
      Information technology staff                            17        25.8 %    ± 10.8 %
      Mid-level managers                                      16        24.2 %    ± 10.6 %
      Finance staff                                           15        22.7 %    ± 10.4 %
      Senior managers                                         10        15.2 %     ± 8.9 %
      Line workers                                             8        12.1 %     ± 8.1 %
      Customer service staff                                   6         9.1 %     ± 7.1 %
      Human resources staff                                    6         9.1 %     ± 7.1 %
      Other                                                    3         4.5 %     ± 5.2 %
      Manual laborers                                          3         4.5 %     ± 5.2 %
      Administrative/clerical staff                            1         1.5 %     ± 3.0 %
      Total                                                  160

      Number of Cases =66
      Number of Responses =160
      Average Number Of Responses Per Case = 2.4
      Number Of Cases With At Least One Response =66
      Response Percent = 100.0 %
                                                                                           22

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

9. How satisfied are you in your job compared to two years ago?

                                                          Number       Percent   95% CI
      -1=Less satisfied                                       23       17.6 %    ± 6.6 %
      0=About the same                                        71       54.2 %    ± 8.6 %
      +1=More satisfied                                       37       28.2 %    ± 7.8 %
      Total                                                  131      100.0 %

      Mean = 0.1
      SD = 0.7

      Missing Cases = 1
      Response Percent = 99.2 %
                                                                                                 23

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

10. Which are the most crucial accounting issues your company faces in 2011? (Choose all that apply)

                                                                    Number   Percent   95% CI
      Fair value measurement                                            64   52.9 %    ± 9.0 %
      Revenue recognition                                               57   47.1 %    ± 9.0 %
      Accounting for income taxes                                       32   26.4 %    ± 8.0 %
      Accounting for legal/environmental liability contingencies        26   21.5 %    ± 7.4 %
      Accounting for post-retirement benefits, including pensions       16   13.2 %    ± 6.1 %
      Accounting for executive compensation                             16   13.2 %    ± 6.1 %
      Other                                                             11    9.1 %    ± 5.2 %
      Lease accounting                                                   8    6.6 %    ± 4.5 %
      Total                                                            230

      Number of Cases =121
      Number of Responses =230
      Average Number Of Responses Per Case = 1.9
      Number Of Cases With At Least One Response =121
      Response Percent = 100.0 %
                                                                                                 24

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11. Which are the most crucial accounting issues your company faces in 2011? - Other specified

Banking/Finance/Insurance           cost allocation
Banking/Finance/Insurance           reserving
Communications/Media                Billing and Collection
Communications/Media                Transition to IFRS
Manufacturing                       Accounting Std FRS
Manufacturing                       cost accounting
Manufacturing                       foreign exchange risk
Manufacturing                       IFRS
Manufacturing                       no
Manufacturing                       none
Manufacturing                       pro/kmark dev cost
Service/Consulting                  Credit availability
Service/Consulting                  IFRS
Unspecified Industry                None
Unspecified Industry                None
                                                                                                 25

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11a. Has the hurdle rate your company uses to evaluate investment projects changed since 2007
(before the recent recession)?

                                                           Number        Percent       95% CI
      Yes, we use a hurdle rate                                31        37.3 %       ± 10.3 %
      We do not use a hurdle rate                              52        62.7 %       ± 10.5 %
      Total                                                    83       100.0 %

      Missing Cases = 4
      Response Percent = 95.4 %
                                                                                                      26

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11a. Has the hurdle rate your company uses to evaluate investment projects changed since 2007
(before the recent recession)?

                                      Mean   SD     95% CI       Median   Minimum   Maximum   Total

% 2007 hurdle rate (e.g., 10%, 15%)   15.0   6.1   12.6 - 17.4     15        8        35       24

% Current hurdle rate                 15.8   7.2   13.1 - 18.6     15        2        35       26
                                                                                                  27

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. Does your company pursue all projects that are expected to earn a return higher than the hurdle
rate? (e.g., if your company's overall hurdle rate is 15%, among projects with similar risk to your
company's overall risk, would you pursue all projects that are expected to earn 16%)?

                                                           Number         Percent      95% CI
      Yes                                                      58         55.2 %       ± 8.6 %
      No - Why not?                                            47         44.8 %       ± 8.3 %
      Total                                                   105        100.0 %

      Missing Cases = 27
      Response Percent = 79.5 %
                                                                                                                                   28

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. Does your company pursue all projects that are expected to earn a return higher than the hurdle
rate? - Why not?

Credit availability
Regulated operating conditions
we do not use hurdle rate
strategic fit is most important
subject to fund availability
We do not use hurdle rate as measurement, it is evaluated based more fit to strategy which is in pursuit of sustainability model
Credit Risk
not applicable
Projects are customer-driven, especially customers with long association.
Projects are dependant on parent company priorities
there are other criteria in terms of singertic advantage to other business.
Limit on overall spending
prioritization of resources
As we go by merits of the project and why it is needed considering future demand and visioning its returns.
STABILITY & SUSTAINABLE GROWTH.
Due to financial difficulties,the company does not undertake much of capital projects.
Depends on the priorities and available resoources
other considerations
No hurdle rate, investment parameters are different
We dont have the resources
We will rank investments based on funding availability.
hurdle rate not used for investment study
Only pursue those related to existing core businesses & manageable counter party risks
Resources limitation
Projects must fit into overall strategy of company
The projects have to be within company's business domain
we priorities and take up the projects one after the other
we do not use hurdle rate
We have to choose those that match our strategy
We do not use a hurdle rate to evaluate investment projects
Focus on core businesses
Not applicable
Not enough funding
We do not use hurdle rate.
                                                                                                  29

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. If hurdle rate has increased: Why doesn't your company pursue all projects that are expected to
earn a return higher than the hurdle rate?

--- No Response ---
                                                                                                   30

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. If hurdle rate has remained the same: Why doesn't your company pursue all projects that are
expected to earn a return higher than the hurdle rate?

Limit on overall spending
Only pursue those related to existing core businesses & manageable counter party risks
We have to choose those that match our strategy
                                                                                                  31

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. If hurdle rate has decreased: Why doesn't your company pursue all projects that are expected to
earn a return higher than the hurdle rate?

Credit Risk
other considerations
we priorities and take up the projects one after the other
                                                                                               32

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. Small companies (<= 100 million): Why doesn't your company pursue all projects that are
expected to earn a return higher than the hurdle rate?

Credit availability
subject to fund availability
Credit Risk
we priorities and take up the projects one after the other
We have to choose those that match our strategy
                                                                                                   33

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. Medium companies (100 million - <= 1 billion): Why doesn't your company pursue all projects
that are expected to earn a return higher than the hurdle rate?

Limit on overall spending
Depends on the priorities and available resoources
other considerations
Only pursue those related to existing core businesses & manageable counter party risks
Focus on core businesses
                                                                                                 34

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

11b. Large companies (>= 1 billion): Why doesn't your company pursue all projects that are expected
to earn a return higher than the hurdle rate?

--- No Response ---
                                                                                                             35

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Manufacturing capacity utilized

                                            Mean   SD      95% CI       Median   Minimum   Maximum   Total

% of capacity utilized in 2010              74.4   18.5   68.4 - 80.4     80       20        100      37

% of planned capacity utilization in 2011   83.2   15.8   78.1 - 88.3     85       25        120      37
                                                                                                       36

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

What do you estimate is your firm's overall weighted average cost of capital for 2011? (e.g., 11.2%)

            Minimum = 1.5

            Maximum = 40

            Mean = 11.1

            Median = 10

            Standard Deviation (Unbiased) = 6.3

            95 Percent Confidence Interval Around The Mean = 9.9 - 12.4

Quartiles

            1=8
            2 = 10
            3 = 12

Valid Cases = 99
Missing Cases = 33
Response Percent = 75.0%
                                                                                           37

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Industry

                                                         Number        Percent   95% CI
      Manufacturing                                          39        32.0 %    ± 7.9 %
      Service/Consulting                                     17        13.9 %    ± 5.8 %
      Banking/Finance/Insurance                              16        13.1 %    ± 5.7 %
      Communications/Media                                   11         9.0 %    ± 4.8 %
      Transportation/Energy                                  10         8.2 %    ± 4.6 %
      Other                                                  10         8.2 %    ± 4.6 %
      Retail/Wholesale                                        8         6.6 %    ± 4.1 %
      Healthcare/Pharmaceutical                               5         4.1 %    ± 3.3 %
      Tech [Software/Biotech]                                 4         3.3 %    ± 3.0 %
      Mining/Construction                                     2         1.6 %    ± 2.1 %
      Total                                                 122       100.0 %

      Missing Cases = 10
      Response Percent = 92.4 %
                                                                                38

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Industry (Other specified)

Flow Sensor Instrumentation
food
Hotel
Information services
Oil and Gas
Real Estate
Real estate
Road concessionaire, hotel & resorts, Palm oil and related activities.
shipbuilding
Trading in bulding materials
                                                                                           39

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Sales Revenue

                                                         Number        Percent   95% CI
      Less than $25 million                                  38        29.7 %    ± 7.8 %
      $25-$99 million                                        34        26.6 %    ± 7.6 %
      $100-$499 million                                      33        25.8 %    ± 7.5 %
      $500-$999 million                                       7         5.5 %    ± 3.9 %
      $1-$4.9 billion                                        10         7.8 %    ± 4.6 %
      $5-$9.9 billion                                         2         1.6 %    ± 2.1 %
      More than $10 billion                                   4         3.1 %    ± 3.0 %
      Total                                                 128       100.0 %

      Missing Cases = 4
      Response Percent = 97.0 %
                                                                                40

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Weighted Sales Revenue (Millions)

            Minimum = 25

            Maximum = 11000

            Mean = 837.6

            Median = 62

            Standard Deviation (Unbiased) = 2180.4

            95 Percent Confidence Interval Around The Mean = 459.8 - 1215.3

            99 Percent Confidence Interval Around The Mean = 341.3 - 1333.8

            Skewness = 3.7

            Kolmogorov-Smirnov Statistic For Normality = 4.8

Quartiles

            1 = 25
            2 = 62
            3 = 300

Valid Cases = 128
Missing Cases = 4
Response Percent = 97.0%
                                                                                           41

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Number of Employees

                                                         Number        Percent   95% CI
      Fewer than 100                                         28        27.7 %    ± 7.1 %
      100-499                                                31        30.7 %    ± 7.4 %
      500-999                                                17        16.8 %    ± 5.8 %
      1,000-2,499                                             7         6.9 %    ± 3.9 %
      2,500-4,999                                             5         5.0 %    ± 3.3 %
      5,000-9,999                                             5         5.0 %    ± 3.3 %
      Over 10,000                                             8         7.9 %    ± 4.1 %
      Total                                                 101       100.0 %

      Missing Cases = 31
      Response Percent = 76.5 %
                                                                                42

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Weighted Number of Employees

            Minimum = 100

            Maximum = 12000

            Mean = 1874.8

            Median = 300

            Standard Deviation (Unbiased) = 3439.0

            95 Percent Confidence Interval Around The Mean = 1204.1 - 2545.4

            99 Percent Confidence Interval Around The Mean = 993.6 - 2755.9

            Skewness = 2.2

            Kolmogorov-Smirnov Statistic For Normality = 3.9

Quartiles

            1 = 100
            2 = 300
            3 = 750

Valid Cases = 101
Missing Cases = 31
Response Percent = 76.5%
                                                                                           43

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Headquarters

                                                         Number        Percent   95% CI
      India                                                  44        33.8 %    ± 8.2 %
      Malaysia                                               26        20.0 %    ± 6.9 %
      Singapore                                              23        17.7 %    ± 6.6 %
      Philippines                                            15        11.5 %    ± 5.5 %
      Indonesia                                               7         5.4 %    ± 3.9 %
      Other (please specify)                                  4         3.1 %    ± 3.0 %
      Thailand                                                4         3.1 %    ± 3.0 %
      Taiwan                                                  3         2.3 %    ± 2.6 %
      Japan                                                   2         1.5 %    ± 2.1 %
      Korea                                                   2         1.5 %    ± 2.1 %
      Laos                                                    0         0.0 %    ± 0.0 %
      People's Republic of China                              0         0.0 %    ± 0.0 %
      Cambodia                                                0         0.0 %    ± 0.0 %
      Sri Lanka                                               0         0.0 %    ± 0.0 %
      Hong Kong                                               0         0.0 %    ± 0.0 %
      Pakistan                                                0         0.0 %    ± 0.0 %
      Vietnam                                                 0         0.0 %    ± 0.0 %
      U.S.                                                    0         0.0 %    ± 0.0 %
      Europe                                                  0         0.0 %    ± 0.0 %
      Myanmar                                                 0         0.0 %    ± 0.0 %
      Total                                                 130       100.0 %

      Missing Cases = 2
      Response Percent = 98.5 %
                                                                                44

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Headquarters Asia (Other Specified)

Australia
Delhi
Jakarta
New Delhi
new delhi
Taiwan
uganda
                                                                                  45

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

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

Australia
Canada
France
France
France
Germany
germany
Japan
japan
korea
Malaysia
mauritius
NA
Pricipality of Liescheintein
Singapore
South Korea
UK
UK
United States
USA
USA
USA
Zurich
                                                                                           46

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Ownership

                                                         Number        Percent   95% CI
      Private                                                85        68.0 %    ± 8.3 %
      Public                                                 40        32.0 %    ± 8.0 %
      Government                                              0         0.0 %    ± 0.0 %
      Nonprofit                                               0         0.0 %    ± 0.0 %
      Total                                                 125       100.0 %

      Missing Cases = 7
      Response Percent = 94.7 %
                                                                                           47

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

Foreign Sales

                                                         Number        Percent   95% CI
      0%                                                     30        23.8 %    ± 7.3 %
      1-24%                                                  37        29.4 %    ± 7.8 %
      25-50%                                                 23        18.3 %    ± 6.6 %
      More than 50%                                          36        28.6 %    ± 7.7 %
      Total                                                 126       100.0 %

      Missing Cases = 6
      Response Percent = 95.5 %
                                                                                              48

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

What is your company's credit rating?

                                                         Number        Percent   Cumulative
      AAA                                                     8        11.3 %       11.3 %
      AA+                                                    10        14.1 %       25.4 %
      AA                                                      8        11.3 %       36.6 %
      AA-                                                     5         7.0 %       43.7 %
      A+                                                     10        14.1 %       57.7 %
      A                                                       5         7.0 %       64.8 %
      A-                                                      4         5.6 %       70.4 %
      BBB+                                                    7         9.9 %       80.3 %
      BBB                                                     2         2.8 %       83.1 %
      BBB-                                                    2         2.8 %       85.9 %
      BB+                                                     3         4.2 %       90.1 %
      BB                                                      1         1.4 %       91.5 %
      BB-                                                     2         2.8 %       94.4 %
      B+                                                      2         2.8 %       97.2 %
      B                                                       1         1.4 %       98.6 %
      B-                                                      1         1.4 %      100.0 %
      CCC                                                     0         0.0 %      100.0 %
      CC                                                      0         0.0 %      100.0 %
      D                                                       0         0.0 %      100.0 %
      Total                                                  71       100.0 %      100.0 %

      Missing Cases = 0
      Response Percent = 100.0 %
                                                                                49

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

What is your company's credit rating?

N=71                           Total             Credit Rating
                                              Actual      Estimate
                                                A            B

Total                                71              42           29
                                100.0%           59.2%        40.8%

AAA                                  8               6            2
                                 11.3%           14.3%         6.9%

AA+                                  10              8            2
                                 14.1%           19.0%         6.9%

AA                                   8               3            5
                                 11.3%            7.1%        17.2%

AA-                                   5              3            2
                                   7.0%           7.1%         6.9%

A+                                   10              6            4
                                 14.1%           14.3%        13.8%

A                                     5              1            4
                                   7.0%           2.4%        13.8%

A-                                    4              3            1
                                   5.6%           7.1%         3.4%

BBB+                                  7              4            3
                                   9.9%           9.5%        10.3%

BBB                                   2              1            1
                                   2.8%           2.4%         3.4%

BBB-                                  2              2            0
                                   2.8%           4.8%         0.0%

BB+                                   3              1            2
                                   4.2%           2.4%         6.9%

BB                                    1              1            0
                                   1.4%           2.4%         0.0%

BB-                                   2              2            0
                                   2.8%           4.8%         0.0%

B+                                    2              0            2
                                   2.8%           0.0%         6.9%

B                                     1              1            0
                                   1.4%           2.4%         0.0%

Significance Tests Between Columns: Lower case: p<.05 Upper case: p<.01
                                                                                50

Duke CFO magazine Global Business Outlook survey - Asia - First Quarter, 2011

What is your company's credit rating?

N=71                           Total             Credit Rating
                                              Actual      Estimate
                                                A            B

B-                                    1              0            1
                                   1.4%           0.0%         3.4%

CCC                                   0              0            0
                                   0.0%           0.0%         0.0%

CC                                    0              0            0
                                   0.0%           0.0%         0.0%

D                                     0              0            0
                                   0.0%           0.0%         0.0%

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

				
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