Duke University and CFO Magazine said U.S. chief financial officers fear that hiking the minimum wage to $10 an hour could lead to substantial job losses in the retail, service and manufacturing industries.

President Barack Obama called on Congress in January to increase the federal minimum wage to $10.10, but he faces fierce opposition from business groups and many Republican lawmakers, who say the increase would lead employers to hire fewer workers.

A survey from Duke and CFO Magazine revealed that, of the U.S. firms that said a minimum-wage hike would affect earnings, 47% of retail businesses and a third of service and manufacturing companies said they would cut jobs.

"While a hike in the minimum wage would help low-wage workers who retain their jobs, the unintended negative consequence of job loss would be borne by this same group of workers," said John Graham, a finance professor at Duke's Fuqua School of Business and director of the survey.

But only 10% of chief financial officers in retail, service and manufacturing companies say they would decrease hiring plans with a national minimum wage increase to $8.50. Some firms already pay above the current minimum wage of $7.25 an hour, and others say a modest hike in minimum wage would cause only modest job losses, Mr. Graham added.