Tilburg University - CFO - Duke University
Global Business Outlook Survey
Second Quarter 2009

No individual firms are identified and only aggregate data are made public. Please respond by May 28. If you have any questions about this survey, please contact us.

1. Are you more or less optimistic about your country's economy compared to last quarter?
More optimistic
Less optimistic
No change		 Rate your optimism about the your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

2. Are you more or less optimistic about the financial prospects for your company compared to last quarter?
More optimistic
Less optimistic
No change		 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.

3. What are the top three external concerns facing your corporation? (rank #1, #2, #3)
   Consumer demand
   Cost of fuel
   Cost of non-fuel commodities
   Credit markets/interest rates
   Environmental regulation
   Financial regulation
   Foreign competition		    Housing market fallout
   Trade policies and trade agreements
   Volatility of foreign currencies
   The financial/banking system
    Stability of local and central government
   Government policy
    Other:  

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)
   Ability to forecast results
   Attracting and retaining qualified employees
   Balance sheet weakness
   Cost of health care
   Data security
   Maintaining morale/productivity during economic downturn
   Managing IT systems		    Pension obligations
   Protection of intellectual property
   Supply chain risk
   Working capital management
   Counterparty risk
   Other:    

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.]
   Prices of your products
   Productivity (output per hour worked)
   Technology spending
   Research and development spending
   Capital spending
   Marketing/advertising spending
   Number of domestic employees overall
   Number of foreign/off-shore outsourced employees		    Wages/Salaries
   Health care costs
   Earnings
   Cash on the balance sheet
   Dividends
   Share repurchases

6a. Has your company been affected by the cost or availability of credit?
  No
  Yes, somewhat   
  Yes, very much   		6b. If yes, in what ways has your company been affected by the credit market turmoil?
[check all that apply]
    Decreased availability of credit
           Check here if you experienced difficulty initiating or renewing a bank credit line
  Increased cost of credit     How many basis points increase since summer 2007?   bps
  Other:   

6c. How concerned are you about the financial health of the financial institutions your firm deals with?
  I have no concerns
  I have moderate concerns
  I have significant concerns

7. For your company, relative to Q4 of 2008, have credit market conditions changed?
  Yes, much worse
  Yes, somewhat worse
  No change
  Yes, somewhat improved
  Yes, much improved

8. How much does your firm hold in cash and marketable securities? (Express as a percentage of total assets.)
            Today %               One year ago %

9. Does your company have a bank line of credit?
  Yes
  No

10a. Have you tried to renegotiate with your lenders or suppliers for terms that are more favorable for your company?
               Suppliers               Lenders
  Yes, successfully renegotiated
  Yes, but unsuccessfully
  No, we haven't tried		   Yes, successfully renegotiated
  Yes, but unsuccessfully
  No, we haven't tried

10b. Are you granting your customers more favorable terms? (Check all that apply)
  No
  Yes, lower prices
  Yes, longer payment terms
  Yes, lower financing rates
  Yes, other (please specify)      
10c. If you are granting more favorable terms, is this creating financial stress for your company?
  No
  Yes, some stress
  Yes, great stress

11. When do you expect your national economy to begin recovery?
  Already begun
  2009, Q3
  2009, Q4
  2010, Q1
  2010, Q2
  Second half of 2010
  2011 or later

12. What is your company's strategic focus for the next 12 months? To answer this question, distribute 100 points among the various choices. For example, if half of your strategic focus is revenue growth, enter 50 in the top box and distribute the remaining 50 points to reflect the relative importance of the other categories. (should add up to 100)
   Revenue Growth (Pursue new customers, increase business with existing customers, etc.)
   Direct Cost Reduction (Improve cost efficiency of sourcing, manufacturing, distribution, service delivery, etc.)
   Overhead Cost Reduction (Improve efficiency of shared services, SG&A, etc.)
   Asset Efficiency (Improve management of inventory, PP&E, receivables/payables, etc.)
   Capability Development (Strengthen managerial and operational competencies)
   Other strategic focus:   
   Total

13a. Compared with last quarter, are you seeing an increase in new orders for your business?
  No
  Yes, a small increase
  Yes, a large increase
 
13b. If yes, what are the major sources of those orders? (Choose all that apply)
  Country where we are located
  Other European countries
  North America
  South America		   Africa
  China
  Asia
  Other (please specify)    

14. Rate your company's long-term growth and investment opportunities on a scale of 0-100, with 100 being excellent growth and investment opportunities.
   (0-100)

15. Please check one from each category that best describes your company:

     a. Industry
       Retail/Wholesale
       Mining/Construction
       Manufacturing
       Transportation/Energy
       Communications/Media		       Tech [Software/Biotech]
      Banking/Finance/Insurance
      Service/Consulting
      Healthcare/Pharmaceutical
      Other:  
  b. Sales Revenue  c. Number of Employees
       Less than $25 million
       $25-$99 million
       $100-$499 million
       $500-$999 million
       $1-$4.9 billion
       $5-$9.9 billion
       More than $10 billion		       Fewer than 100
      100-499
      500-999
      1,000-2,499
      2,500-4,999
      5,000-9,999
      More than 10,000
  d. Headquarters   e. Ownership
 (Other specified)
 
If you are located in another country than your headquarters, please indicate which country.

      Public
      Private
      Government
      Nonprofit
  f. Foreign Sales   g. Does your company pay a dividend?
       0%
       1-24%
       25-50%
       More than 50%

     Yes
     No
  h. What is your company's ratio of total debt to assets?
  (e.g., 33% if total debt is one-third of total assets)		   i. What was your company's return on assets (ROA) in fiscal
  2008?  (e.g., +5%, -12%, etc.)
   %    %
  j. What is your company's credit rating?   k. Your job title (e.g., CFO, Asst. Treasurer, etc)
  Check here if you do not have a rating, and please estimate what your rating would be.

      



� Duke University, 2009