Duke University/CFO Magazine Business Outlook Survey

No individual firms are identified and only aggregate data are made public. Please respond by February 25. 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.

   Domestic competition
   Consumer demand
   Cost of fuel
   Cost of non-fuel commodities
   Credit markets/interest rates
   Environmental regulation
   Financial regulation
   Foreign competition

   Housing market fallout
   Price pressure from competitors
   Trade policies and trade agreements
   Volatility of foreign currencies
   The financial/banking system
   Stability of local and central government
   Government policy
   Other:

   Ability to forecast results
   Ability to maintain margins
   Attracting and retaining qualified employees
   Balance sheet weakness
   Cost of health care
   Counterparty risk
   Data security
   Illness

   Maintaining morale/productivity
   Managing IT systems
   Pension obligations
   Protection of intellectual property
   Supply chain risk
   Working capital management
   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.]

   Capital spending
   Cash on the balance sheet
   Dividends
   Earnings
   Health care costs
   Marketing/advertising spending
   Number of domestic full-time employees
   Number of domestic temporary employees

   Number of off-shore/outsourced employees
   Prices of your products
   Productivity (output per hour worked)
   Technology spending
   Research and development spending
   Share repurchases
   Wages/Salaries

6a. During 2010, does your company plan to:

  Acquire another company or companies?
  Acquire part of another company or companies?
  Both
  Neither

7. How will your level of inventory per unit of sales in the first half of 2010 compare to the first half of 2009?

  Less than 2009
  Same as 2009
  Greater than 2009
  Don't know
  N/A

7b. If less inventory in 2010, why? (Check all that apply)

  Too much inventory relative to expected demand, need to reduce
  Inventory carrying cost too high
  Supply chain improvements that require less inventory
  Downsizing company
  Other

7b. If more inventory in 2010, why? (Check all that apply)

  Not enough inventory to meet expected demand, need to increase
  Demand is weak for some products so inventory is building up
  Inventory carrying costs have fallen
  Company is adding new product lines, increasing inventory needs
  Building inventory due to concerns about suppliers
  Other

8a. Do you regularly (at least every two years) benchmark what your company pays its external auditor for audit-related fees against what your peer companies pay?

Yes
No

8b. Do you feel you have enough information about what auditors charge other companies to accurately benchmark your own company's fees?

Yes
No

8d. If you changed your external auditor, why? (check all that apply)

  Our external auditor was too expensive
  The quality of the audit was too low
  Our external auditor was too critical
  The external auditor did not give the advice we asked for
  We prefer to have a big four auditor
  We wanted a new auditor with a fresh view
  Because of regulation
  Other

8d. If you did not change your auditor, why not? (check all that apply)

  It is time-consuming to find a new auditor
  The quality of the audit is (very) good
  The quality of the audit is acceptable
  Our auditor has intimate knowledge of our company
  Our auditor is not critical
  Our auditor is easy to convince
  Other

9. When do you anticipate domestic employment at your firm to return to year-end 2007 (pre-recession) levels?

  Already at or exceeding year-end 2007 levels
  Later in 2010
  In 2011
  In 2012
  In 2013
  In 2014 or later
  Possibly never

9b. If you do not anticipate domestic employment at your firm returning to 2007 within three years, why not? (Check all that apply)

  We plan to increase output per employee enough that we need fewer employees
  We have increased the efficiency of the production process
  We've exited certain lines of business permanently
  We've exited certain regions permanently
  We anticipate the demand for our product will not be strong enough to return to previous employment levels
  Other

10a. Is your company seriously considering establishing operations in one or more emerging markets outside your home country in the next two years?

Yes
No

10b. If yes, where? (Choose all that apply)

11a. Compared to Summer 2008 (pre-crisis), does your company find borrowing now:

  Much more difficult
  A little more difficult
  About the same
  A little easier
  Much easier
  N/A

11b. Compared to Fall 2009, does your company find borrowing now:

  Much more difficult
  A little more difficult
  About the same
  A little easier
  Much easier
  N/A

11c. Over the past 18 months, did your company pass up attractive investment projects specifically because of the availability or cost of credit? (Check all that apply)

  Yes, we passed up attractive projects because the amount of credit available was inadequate
  Yes, we passed up attractive projects because the cost of credit was too high
  Yes, we passed up attractive projects because credit terms were too onerous
  We passed up attractive projects, but not primarily due to credit conditions
  No, we did not pass up attractive projects because we had internal funding
  No, we did not pass up any attractive projects because we had sufficient access to credit
  Other

d. Where are you personally located?

e. Ownership

	(Other specified)

If your company headquarters is located in another country, please indicate which country.	(Other specified)

      Public
      Private
      Government
      Nonprofit

Tilburg University - CFO - Duke University Global Business Outlook Survey First Quarter 2010

Tilburg University - CFO - Duke University
Global Business Outlook Survey
First Quarter 2010