Tilburg University - CFO - Duke University
Global Business Outlook Survey
Fourth Quarter 2013

No individual firms are identified and only aggregate data are made public. Please respond by December 4. 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
   Corporate tax rates
   Cost of fuel
   Cost of non-fuel commodities
   Credit markets/interest rates
   Currency risk
   Environmental regulation
   National budget deficit
   National government policies
   Financial regulation 		   Foreign competition
   Global financial instability
   Global political instability
   Inflation
   National employment outlook
   Potential for stock market correction
   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)
   Research and development spending
   Revenue
   Share repurchases
   Technology spending
   Wages/Salaries

6. Have economic conditions for your company or industry changed or do you expect them to change? (Select one per column.)
  During the last year Expected for 2014
  For your firm For your industry For your firm For your industry
  Significantly worse
  Somewhat worse
  No change
  Somewhat better
  Significantly better

7. Does your company have a corporate budget for charitable donations?
  Yes 
  No 

8a. Compared to 2012, have your company's bad debts (the unpaid and uncollectible portion of accounts receivable) increased, decreased or stayed the same in 2013?
  Increased
  Stayed about the same
  Decreased

8b. During 2014, do you expect the probability of counterparty default risk to increase, decrease, or stay about the same?
  Increase
significantly		 Increase
somewhat		 Stay about
the same		 Decrease
somewhat		 Decrease
 significantly		 Does not apply
or do not know		  
   

9a. Do you expect stock valuation of your sector or industry to outperform the overall stock market in your country in 2014?
  Yes
  No
  Don't know

9b. Compared to 2012, has the purchase price (based on the multiple Enterprise Value/EBITDA), for companies in your industry increased, decreased or stayed the same in 2013?
  Increased Stayed the same Decreased Don't know  
   

9c. In your opinion, will the purchase price (based on the multiple EV/EBITDA), for companies in your industry increase, decrease or stay the same in 2014?
  Increase Stay the same Decrease Don't know  
   

 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.

   

      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. Return on assets (ROA=operating earnings/assets)
      (e.g., -5%, 6.2%)		     i. Your job title (e.g., CFO, Asst. Treasurer, etc.)
   % Approximate ROA in 2013?
   % Expected ROA in 2014?


     


 



 � Duke University, 2013