Tilburg University - CFO - Duke University
Global Business Outlook Survey
First Quarter 2011

No individual firms are identified and only aggregate data are made public. Please respond by March 2. 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
   Currency risk
   Environmental regulation
   National budget deficit
  
National government agenda/policies
   Financial regulation
   Foreign competition
   Global financial instability
   National employment outlook
   Price pressure from competitors
   State or local government budget deficits
   Other:    

4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)
   Ability to forecast results
   Ability to maintain margins
  
Attracting and retaining qualified employees
  
Balance sheet weakness
  
Cost of health care
  
Counterparty risk
  
Data security
   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 offshore outsourced employees
   Prices of your products
   Productivity (output per hour worked)
   Technology spending
   Research and development spending
   Revenue
  
Share repurchases
   Wages/Salaries

6. During 2011, does your company plan to:  (Please make a selection in each column)
  Acquire another company or companies?
  Acquire part of another company or companies?
  Both
  Neither
  Sell your company?
  Sell part of your company?
  Neither

7. Compared to Fall 2009 (Q4 2009), does your company find borrowing now:
  Much more difficult
  A little more difficult
  About the same
  A little easier
  Much easier
  Not applicable

8. What job functions/titles are most needed at your company right now? (Choose up to three)
  Administrative/clerical staff
  Customer service staff
  Engineers/product development staff
  Finance staff
  Human resources staff
  Information technology staff
  Line workers
  Manual labourers
  Marketing staff
  Mid-level managers
  Sales staff
  Senior managers
  Skilled labour/professional staff
  Other    

9. How satisfied are you in your job compared to two years ago?
  Less satisfied
  About the same
  
More satisfied
  I have not been in my job for two years

10. We are trying to get a sense of what it would take for employment to return to “normal” levels. How much revenue growth would be required for your company to expand your workforce to pre-recession (late 2007) levels?
    % increase in revenue would be required for workforce at our firm to return to pre-recession level
  We are already at pre-recession workforce level
  We do not expect to return to pre-recession workforce levels

11. Which are the most crucial accounting issues your company faces in 2011? (Choose all that apply)
  Revenue recognition
  Lease accounting
  Fair value measurement
  Accounting for post-retirement benefits, including pensions
  Accounting for income taxes
  Accounting for legal/environmental liability contingencies
  Accounting for executive compensation
  Other    

12a. The European Financial Stability Facility is mandated to “safeguard financial stability in Europe by raising funds in capital markets to finance loans for European member states. Do you think the current mandate is sufficient to regain stability in the Euro area?
  Yes
  No, the maximum of the facility should be increased from the initial Euro 440 billion
  No, the mandate should include more powers such as including the possibility to buy government bonds and recapitalize banks
  No, the facility should be expanded in size and given more powers
  No, the facility is by all means an inadequate instrument to regain stability
  Other    

12b. Do you perceive banks (in general) to be overleveraged?
  Yes
  No

12c. How likely do you think it is that risk-taking will be shifted to less regulated financial sectors and companies that are less regulated (for example, hedge funds)? Rate the likelihood on a scale of 1-7 (1 being least likely, 7 being most likely):
  Least Likely           Most Likely  
  1 2 3 4 5 6 7  
   

13. Due to the systemic risk of large banks and financial institutions, many argue that the national supervisory structures are insufficient to supervise internationally active banks. Do you consider it necessary to have a European institution fully involved in the oversight and regulation of cross-border (European) banks?
  Yes, this would contribute to a more effective and safer banking system
  No, supervision and regulation of the banking system is a national affair and should remain the responsibility of the sovereign nation
  Other
   
  Don't know

14. In your opinion, how likely is it that one or more eurozone countries will leave the monetary union within the next five years? Rate the likelihood on a scale of 1-7 (1 being the least likely, 7 being most likely):
  Least Likely           Most Likely  
  1 2 3 4 5 6 7  
   

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. 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
  f. Foreign Sales     g. What is your company's credit rating?
       0%
       1-24%
       25-50%
       More than 50%

  Check here if you do not have a rating, and please estimate what your rating would be.
  h. What do you estimate is your firm's overall weighted
      average cost of capital for 2011? (e.g., 11.2%)
  i. Your job title (e.g., CFO, Asst. Treasurer, etc.)
      %      



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