Duke University/CFO Magazine Business Outlook Survey

No individual firms are identified and only aggregate data are made public. Please respond by December 8. 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
   Global political 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. Relative to Fall 2010, does your company find borrowing now:

  Much more difficult
  A little bit more difficult
  About the same
  A little easier
  Much easier
  Not applicable

8. What do you think is the probability that your country's economy will enter a recession in the next 6 months? (e.g., 40 means a 40% chance of entering recession)

9. If a recession were to begin in the next 6 months, do you have a plan in place for actions your firm would take in response?

Yes
No

If a recession were to occur…

What percentage of your workforce would you let go through layoff or voluntary separation?	%
What percentage would you cut of your total dollars spent on capital expenditures?	%
	Yes	No
Would you cut discretionary spending such as research and development?
Would you dip into cash stores to avoid having to make layoffs/cut expenses?

10. What effect is the European debt crisis having on your business?

	A Significant Effect	A Minor Effect	No Effect

11. Over the last 12 months, have the economic conditions of the industry that you operate in improved or deteriorated?

	Significantly Deteriorated	Somewhat Deteriorated	Stayed the Same	Somewhat Improved	Significantly Improved

12. Compared to one year ago, has demand for your product increased, decreased, or stayed the same?

	Significantly Decreased	Somewhat Decreased	Stayed the Same	Somewhat Increased	Significantly Increased

13. Please indicate how much of your revenue is originated from the following geographic regions:

For manufacturing firms only:

% of capacity utilized in the second half of 2011
% of capacity utilization planned for the first half of 2012

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

Public companies: Do you think that your company's stock is currently:

	Undervalued	Correctly valued	Overvalued

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.)
%

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

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