Table of Contents

1. Are you more or less optimistic about the U.S. economy compared to last quarter?	1
1b. Rate your optimism about the U.S. economy on a scale from 0-100, with 0 being the least optimistic 
and 100 being the most optimistic.	2

2. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	3
2b. 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.	4

3. What are the top three concerns your corporation faces? (rank #1, #2, #3)	5
3. What are the top three concerns your corporation faces? REVERSED SCALE & WEIGHTED BY NUMBER OF
RESPONDENTS (Higher number = greater weighted importance)	6
3. What are the top three concerns your corporation faces? (rank #1, #2, #3) --- "Other" Specified	7

4. 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]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months for:   [Unweighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?  [All Companies - Windsorized - Revenue Weighted - Sorted]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?  [All Companies - Windsorized - Employee Weighted - Sorted]	13
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the 
next 12 months?  [Public Companies - Windsorized – Revenue Weighted]	14

5. In today's economy, some firms are emphasizing hiring, while others are emphasizing capital spending.  For 
your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”?	15
5. "Labor" because ...	16
5. "Capital spending" because ...	19
5. "About the same" because ...	22

6a. Compared to your level of optimism, is the CEO of your company more or less optimistic about the financial 
prospects of your own company?	23
6b. Why do you think your CEO's optimism differs from yours? (check main reasons)	24
6b. Why do you think your CEO's optimism differs from yours? --- "Other" specified	25

7. CFOs are spending less time in one job before moving on than they did a few years ago. Why do think 
they are leaving?	26
7. CFOs are spending less time in one job before moving on than they did a few years ago. Why do think 
they are leaving? --- "Other" specified	27

8. In your experience, do C-level executives avoid/change investments or projects that have payoff horizons 
that are longer than they expect to stay in their jobs?	28

9a. The SEC has adopted new disclosure rules for executive pay that take effect in the current proxy season. 
Have those new rules caused your company to change its compensation policy in any way, or do you expect 
changes in the near future?	29
9a. Will the change in compensation …(choose all that apply)	30
9b. Do you expect to increase, decrease, or leave the same, the use of the following elements related to 
executive compensation?	31
9b. Do you expect to increase, decrease, or leave the same, the use of the following elements related to 
executive compensation? --- "Other" specified	32

10. On February 19, 2007 the annual yield on 10-yr treasury bonds was 4.7%. Please complete the following:	33
Revenue Weighted: 10. On February 19, 2007 the annual yield on 10-yr treasury bonds was 4.7%. Please 
complete the following:	34
Employee Weighted: 10. On February 19, 2007 the annual yield on 10-yr treasury bonds was 4.7%. Please 
complete the following:	35

Industry	36
Industry (Other specified)	37
Sales Revenue	38
Weighted Sales Revenue (Millions)	39
Number of Employees	40
Weighted Number of Employees	41
Headquarters	42
Ownership	43
Foreign Sales	44
Our fiscal year ends in:	45

1

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

1. Are you more or less optimistic about the U.S. economy compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	158	35.0 %	± 4.5 %
	2=No change	170	37.6 %	± 4.6 %
	1=Less optimistic	124	27.4 %	± 4.3 %
	Total	452	100.0 %

	Mean = 2.08
	SD = 0.79

	Missing Cases = 1 
	Response Percent = 99.8 %

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

1b. Rate your optimism about the U.S. economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

	Minimum = 4

	Maximum = 95

	Mean = 67.32

	Median = 70

	Variance (Unbiased) = 236.71

	Standard Deviation (Unbiased) = 15.39

	Standard Error Of The Mean  = 0.75

	95 Percent Confidence Interval Around The Mean = 65.84 - 68.80

	99 Percent Confidence Interval Around The Mean = 65.38 - 69.26

Valid Cases = 417 
Missing Cases = 36 
Response Percent = 92.1%

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

2. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	219	48.5 %	± 4.7 %
	2=No change	136	30.1 %	± 4.4 %
	1=Less optimistic	97	21.5 %	± 3.9 %
	Total	452	100.0 %

	Mean = 2.27
	SD = 0.79

	Missing Cases = 1 
	Response Percent = 99.8 %

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

2b. 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.

	Minimum = 5

	Maximum = 100

	Mean = 71.53

	Median = 75

	Variance (Unbiased) = 333.54

	Standard Deviation (Unbiased) = 18.26

	Standard Error Of The Mean  = 0.89

	95 Percent Confidence Interval Around The Mean = 69.78 - 73.29

	99 Percent Confidence Interval Around The Mean = 69.23 - 73.84

Valid Cases = 417 
Missing Cases = 36 
Response Percent = 92.1%

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

3. What are the top three concerns your corporation faces? (rank #1, #2, #3)

(N=453)

	Mean & SD	1st	2nd	3rd	Total	
	1.75	77	39	38	154
Consumer demand	0.83	17.0%	8.6%	8.4%	34.0%

	1.76	35	27	16	78
Cost of non-fuel commodities	0.78	7.7%	6.0%	3.5%	17.2%

	1.77	38	22	20	80
Other:	0.83	8.4%	4.9%	4.4%	17.7%

	1.84	42	46	24	112
Interest rates	0.75	9.3%	10.2%	5.3%	24.7%

	1.96	70	74	62	206
Cost of labor (wages, salaries, bonuses)	0.80	15.5%	16.3%	13.7%	45.5%

	1.98	49	54	46	149
Skilled labor shortage	0.80	10.8%	11.9%	10.2%	32.9%

	2.00	51	43	51	145
Regulation	0.84	11.3%	9.5%	11.3%	32.0%

	2.15	21	33	34	88
Cost of fuel	0.78	4.6%	7.3%	7.5%	19.4%

	2.16	41	65	69	175
Health care costs	0.78	9.1%	14.3%	15.2%	38.6%

	2.19	15	20	27	62
Foreign competition	0.81	3.3%	4.4%	6.0%	13.7%

	2.30	9	20	25	54
Political stability	0.74	2.0%	4.4%	5.5%	11.9%

	2.49	4	10	21	35
Currency values	0.70	0.9%	2.2%	4.6%	7.7%

	2.55	2	1	8	11
Terrorism	0.82	0.4%	0.2%	1.8%	2.4%

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

3. What are the top three concerns your corporation faces? REVERSED SCALE & WEIGHTED BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)

	Mean	SD	Total

Cost of labor (wages, salaries, bonuses)	0.93	1.15	453

Consumer demand	0.77	1.17	453

Health care costs	0.71	1.02	453

Skilled labor shortage	0.66	1.05	453

Regulation	0.64	1.05	453

Interest rates	0.53	1.01	453

Other:	0.39	0.92	453

Cost of non-fuel commodities	0.39	0.91	453

Cost of fuel	0.36	0.81	453

Foreign competition	0.25	0.69	453

Political stability	0.20	0.61	453

Currency values	0.12	0.45	453

Terrorism	0.04	0.26	453

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

3. What are the top three concerns your corporation faces? (rank #1, #2, #3) --- "Other" Specified

(2) Disintermediation, (3) Technology development	
Ability to sign new contracts	
ability to price	
Accounting / stock option issues	
ageing workforce	
asian transplant automakers	
Availability of capital	
business demand	
cash burn rate	
Cash Flow	
change in technology	
Competition	
Competition	
Competition	
competition	
competition	
competition domestic as well as foreign	
Competitors	
cost of  raw materials	
Cost of keeping up with technology	
Cost of Supplies	
Customer price demands	
cyclical downturn	
delivery of product	
Demand for Capital Equipment	
demand for services exceeding supply	
Demands of acquisition & expansion	
Desperation by our Competition	
Domestic Competition	
Domestic Competition	
Domestic Competition	
Domestic competition	
domestic competition	
domestic competition	
domestic competition	
Economy	
energy/gas/utility	
energy stability	
equity market growth	
Excess Supply Conditions	
Future Vision	
Global competition	
housing and the US economy	
housing market health	
Housing Starts	
Housing Starts	
Housing starts	
impact of digital / IP based media vs traditional media	
Industry consolidation	
insurance markets softening	
Internal issues	
Internet impact	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

3. What are the top three concerns your corporation faces? (rank #1, #2, #3) --- "Other" Specified

Level of Market Activity	
Litigation trends	
Management Departures	
material costs	
media	
media perception	
Member retention	
Mortgage Defaults	
Physician Relations	
Price Competition	
Pricing environment	
Product introduction	
product pricing	
rapidly changing technology	
raw material costs	
Real Inflation	
rejection level	
retaining key personnel	
Stagnant economy in the Midwest	
stakeholder/owner support	
Stock Market	
supply shortage	
taxes (including excise)	
Technology changes	
Uncertainty in real estate market	
Unemployment rate	
uninsured	
weather	
worldwide competition	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

4. 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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	10.31	27.19	7.49 - 13.13	6	-75	300	357

Capital spending	9.07	30.88	5.82 - 12.32	4	-75	300	347

Health care costs	7.48	5.39	6.94 - 8.03	7	-15	40	375

Technology spending	6.64	21.05	4.40 - 8.89	5	-50	300	337

Dividends	5.03	15.04	1.97 - 8.08	0	0	100	93

Number of foreign/off-shore outsourced
employees	4.75	14.99	2.76 - 6.75	0	-60	150	216

Marketing/advertising spending	4.60	14.63	3.00 - 6.21	2	-75	100	320

Cash on the balance sheet	4.55	25.58	1.56 - 7.53	0	-75	200	282

Wages/Salaries	4.01	5.64	3.46 - 4.57	3.50	-30	50	400

Productivity (output per hour worked)	3.82	4.70	3.30 - 4.34	3	-10	30	314

Number of domestic employees	3.63	13.61	2.22 - 5.03	2	-50	100	361

Inventory	2.83	24.40	-0.21 - 5.87	0	-30	300	247

Prices of your products	1.90	5.70	1.32 - 2.49	3	-35	20	362

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?

	M&A activity	Number	Percent	95% CI
	Increase	136	40.0 %	± 4.4 %
	No change	181	53.2 %	± 4.7 %
	Decrease	23	6.8 %	± 2.3 %
	Total	340	100.0 %

	Missing Cases = 113 
	Response Percent = 75.1 %

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:   [Unweighted - Sorted]

(N=453)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.94	385	6	9	400
Wages/Salaries	0.32	96.3%	1.5%	2.3%	100.0%

	0.91	349	17	9	375
Health care costs	0.36	93.1%	4.5%	2.4%	100.0%

	0.78	255	48	11	314
Productivity (output per hour worked)	0.49	81.2%	15.3%	3.5%	100.0%

	0.63	278	30	51	359
Earnings	0.72	77.4%	8.4%	14.2%	100.0%

	0.61	239	66	32	337
Technology spending	0.65	70.9%	19.6%	9.5%	100.0%

	0.55	251	59	52	362
Prices of your products	0.73	69.3%	16.3%	14.4%	100.0%

	0.53	229	75	44	348
Capital spending	0.71	65.8%	21.6%	12.6%	100.0%

	0.49	191	94	35	320
Marketing/advertising spending	0.69	59.7%	29.4%	10.9%	100.0%

	0.43	41	52	1	94
Dividends	0.52	43.6%	55.3%	1.1%	100.0%

	0.37	204	87	70	361
Number of domestic employees	0.79	56.5%	24.1%	19.4%	100.0%

Number of foreign/off-shore outsourced	0.34	77	136	3	216
employees	0.50	35.6%	63.0%	1.4%	100.0%

	0.33	136	181	23	340
M&A activity	0.60	40.0%	53.2%	6.8%	100.0%

	0.32	139	93	50	282
Cash on the balance sheet	0.76	49.3%	33.0%	17.7%	100.0%

	0.13	90	99	58	247
Inventory	0.76	36.4%	40.1%	23.5%	100.0%

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Windsorized - Revenue Weighted - Sorted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	6.86	15.20	6.62 - 7.09	6	-50.90	76.02

Capital spending	6.70	18.19	6.41 - 6.99	2	-60.30	82.31

Technology spending	5.23	8.51	5.10 - 5.37	5	-31.90	45.29

Dividends	4.35	6.32	4.21 - 4.49	2	0	42.35

Marketing/advertising spending	3.41	7.48	3.28 - 3.53	2	-23	34.66

Prices of your products	1.73	4.26	1.66 - 1.80	2	-9.33	14.19

Cash on the balance sheet	1.55	19.21	1.21 - 1.90	1	-61.60	77.56

Inventory	0.46	8.21	0.31 - 0.62	0	-30	45.60

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Windsorized - Employee Weighted - Sorted]

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	6.64	3.65	6.59 - 6.69	6	-4.88	17.98

Number of foreign/off-shore outsourced employees	4.00	8.95	3.85 - 4.14	0	-28.20	37.70

Wages/Salaries	3.67	1.77	3.65 - 3.69	3.50	-10.40	21.06

Productivity (output per hour worked)	3.18	2.81	3.13 - 3.22	3	-6.81	15.57

Number of domestic employees	1.55	7.66	1.44 - 1.66	1	-28.30	39.15

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Windsorized - Revenue Weighted] 

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	7.38	13.78	7.11 - 7.65	9	-50.90	76.02

Dividends	4.40	6.53	4.24 - 4.55	2	0	42.35

Cash on the balance sheet	0.52	20.76	0.04 - 0.99	2	-61.60	77.56

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. In today's economy, some firms are emphasizing hiring, while others are emphasizing capital spending.  For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”?

	 	Number	Percent	95% CI
	Labor	175	38.9 %	± 4.6 %
	Capital spending	173	38.4 %	± 4.6 %
	About the same	80	17.8 %	± 3.7 %
	Not applicable	22	4.9 %	± 2.2 %
	Total	450	100.0 %

	Missing Cases = 3 
	Response Percent = 99.3 %

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”? --- "Labor" because ...

Excess capacity in industry. CAPEX is being used primarily to reduce labor.	
We are already capital intensive; labor efficiencies give us the next best marginal return	
Our only constraint is external - sales	
Biggest opportu ities are in increasing capabilities of work force	
service industry	
We are an engineering/consulting firm  Labor rules our world	
We are a service organization - labor is our product.	
Service industry - outsourcing and consulting	
As a contractor, labor is a main driver	
We aren't successful unless we have the right person working on the next generation of our technology products	
Labor is a higher % of revenue	
Our firm is engaged in technology research and development.	
Labor costs are more controlable	
Moving manufacturing toward lower cost facilities or to Mexico.	
We are a very labor intensive business without a chance for significant automation.  We must focus on labor	
productivity and spending to ensure sustainable growth.  Capital is also important as we are increasing our M&A activity.	
We are a staffing company.	
Very labor intensive industry with limited opportunity for capitalization benefits	
Skilled labor important	
We have a design to manufacture product where skilled labor is the highest component of cost.	
This is a financial business, where the assets are people.	
Labor cost is a variable expense and can I find the resources offshore for less at the same quality level?	
We are in the service business	
We are service oriented and a highly skilled workforce will return the greatest value to our shareholders.	
Imporve customer service with labor vs captial	
We are software development firm.	
servces industry	
We are a financial services firm - labor is our biggest cash/expense outlay.	
had heavy spending in the past and expect to see the returns as productivity increases	
High tech industry - engineering talent is our critical resource	
We had focused on capital spending the past three years. We need to focus on training to get the most out of our	
employees.	
Outsourcing	
We are a healthcare facility that is labor intensive, though some capital projects would help in productity terms, we can	
not get rid of nurses	
This is a service business.	
We are entirely people driven - very low capital investment.	
labor is the largest expense category	
We are a service organization, people are are most important resource.	
Streamlining processes and off-shoring are major initiatives.	
We are a design driven business and get more bang from hirng taleted people than from capital spending.	
Mimimum wage increases continue to drive up the cost of our products and services.  The long term success of our	
organization depends on our ability to position ourselves to have less reliance on labor.	
Heavily R&D focused company	
Service business	
Labor is a variable when we open new locations, good people make the company profitable.	
we are not a capital intensive company	
We have spent effort to get good systems, but we need to spend to attract the best talent to use them.	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”? --- "Labor" because ...

Labor is currently more important since it allows us to take immediate advantage of growing demand by utilizing existing	
assets around the clock.  Capital spending is on the rise at our firm, but not for short term benefit, rather for longer term	
preparation for slower times by improving our automation and efficiency to weather tne next downturn.	
We are a service provider, labor is our primary product	
Our firm does not depend upon a great deal of capital.	
We are a professional services firm in a strong demand growth phase	
Due to merger there are duplicate resources	
Reductions in labor are needed to reduce costs more quickly.	
Capital spending is a very low part of our cost structure	
The primary driver for the success in any organization is its talent pool. If you have to survive in today's information age	
where competition is cut throat then you need to spend more on your employees.	
The labor rate is increasing the  productivity potencial of the company in many ways.	
Financial services industry is not particularly capital intensive.	
Quickest return	
we are not capital intensive	
engineering company.	
We rely on additional sales people to drive revenue increases and additional engineers to drive R&D.	
Service firm	
We are a service industry that requires top talent.	
Revenue based almost entirely on leverage model	
We offer transporation services where the client often owns the vehicle.  We have little capital investment, but have a lot	
of labor to drive and maintain vehicles.	
Service business	
We are a services company	
We're a people-intensive business	
Our people are who we are	
With the labor market very tight, investing in employee training and growth is expected to pay greater rewards in the	
future.	
This is our largest expense.	
Labor is the quickest way to increase revenue.	
Have the systems investment now need the people to use them and interpret the data.	
People don't understand how to use the advanced features of the software to take advantage of the productivity features,	
so we resort to manual processes.	
Retirements and increased demand in labor market are continuing to put greater demand on the labor side of the equation.	
Research intensive industry	
Following two large mergers in 2006 we are selling off assets and downsizing work force to more sustainable level.	
Automation through software development is far more costly than maintaining manual processes and hiring more staff.	
Our business is relationship based in our sales people and that is where we get the bang for our buck.	
As a retailer, the quality of labor provides the biggest return on inputs	
Productivity gain	
We find organic growth to be cheaper than aquired growth.	
We are in the service sector.	
labor intense industry with high focus on experience	
capital not a big part of our strategy	
Based in China, operating in a high level services consulting: nevertheless, the labor leverage still represents the greatest	
bang for the buck.	
We're seeing a short-term increase in demand, we're not confident it is a long-term shift.	
Tied directly to the Auto segment, demand has slowed and labor is being taken out to lower unit cost	
We invested heavily in technology in the last two years.  We now need to see the benefits in incresed efficient use of	
labor.	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”? --- "Labor" because ...

Low capex industry -- most is in product dev and is stable to declining based on efficiency and effectiveness	
we are a personal service business	
We are a labor intensive service business	
As a professional services firm, if we can find qualified employees, spending on labor will yield larger returns.	
Leverage low cost labor regions.	
Trained engineers a problem	
productivity gains are still achievable given our current structure	
Labor is 65 % of our cost structure.  We are a physician group practice	
increase productivity, to lowering cost of goods sold (increase margin & profitability)	
Skilled labor is needed to increase revenues	
Sufficient prouction capital to grow substantially in place.  Labor in production as well as sales would be a stronger	
focus.	
We are a specialty construction company.  Labor and thus cost-to-complete is ourlifeblood.	
Labor - 'bang for Buck' will come from improved productivity & deployment of staff.	
Sales operation.	
Service/finance company dependent upon quality people to deliver.	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”? --- "Capital spending" because ...

Given the capital nature of our business, if we invest in infrastructure we should garner a return on and of our investment	
New product development requires more capital invetsment, should drive new business opportunities.	
We provide services whereby our contracted customers use the equipment that we provide to them.	
banking is a very intensive Technology driven industry	
Our company is a manufacturing of automotive parts from germany, thus the technology is at a high level rather than	
having manual operations we have fully automated lines. The main focus of the company is to increase or level of	
automated processes.	
Value of increased distribution channels far outweigh the benefits derived from additional staff.	
Capital Spending increases the productivity of our employees	
Technology advances are offering fast and reliable productivity gains	
Leveraging investments in technology	
Right now it is the quickest way to improve our ROI	
Skilled labor costly.	
Acquisition related	
specialty finance company	
Investment in new technology/equipment has higher ROI potential.	
M&A activity and expansion of capacity.	
Capital intensive industry with automation benefits	
High cost of labor can be replaced by automation.	
Increased reliance on Technology for productivity gains	
Decrease labor, increase productivity	
Capital spending decrease manufacturing costs significantly.	
Need to compete with operators building new facilities	
Increase in demand mandates a corresponding increase.	
High capital intensity business	
Need facilities upgraded--better warehouse structures and more land	
Increased use of technology to make current employees more productive	
Use capital technology spending to reduce need for increased labor.	
We are in a proprietary med-tech business where intellectual property and know how are critical. We are not labor	
intensive.	
capital spending will allow us to operate at a higher level without increasing the headcount. May achieve a net reduction	
in headcount through attrition as a bonus.	
system constraints must be overcome to drive headcount efficiencies	
Acquisition on rise in our company	
leveraging business intelligence is key to remaining competitive and offers greatest possibility to improve our service	
offering	
Technology driven	
Advanced technology is readily available in our industry, with it we can easily increase production.  Additional people	
will no do that.	
Material intensive product mfg.	
Increased quality and thruput with newer equipment	
We are facing a labor shortage and increasing labor costs.  Capital spending will alleviate both issues.	
Labor cost pressure is growing, particularly as my workforce ages - health benefits, vacation, sick time, etc.  Equipment	
manufacturers still seem to have excess capacity, so the labor/capital tradeoff has been improving for a couple of years.	
Repalcing labor with technology	
Technology replacing manual processes	
BETTER PRODUCTIVITY	
Most of our labor is outsourced	
Given the current change in telecomm regulation, it is imperative to upgrade our technological infrastructure in order to	
cope with the challenges derived from fierce competition.	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”? --- "Capital spending" because ...

More efficiency can be gained and technology offers the best return for our business and the opportunities we have	
New products.	
Regulated utility whose profits are based on invested capital	
Growth opportunities come from capex	
As a service company, we find that leveraging technology yields a higher return than adding headcount.	
Technology spending that increases productivity does not require increased labor spending	
Our processes are more capital intensive than labor intensive, and we need to update and upgrade our current equipment.	
In addition, we need to expand our production capacity.	
new systems will hold growth for the future...	
Paper industry - very capital intensive	
increases total potential plant output	
More efficient	
implementing new production technology	
replacing with new technology	
Most of our capital spending is on IT used to increase labor productivity.	
Our production is constrained by the equipment (captial) in use.  We are trying to expand, but the equipment is high cost	
and has a long lead time.	
committed to automation to improve product consistency and remove labor cost	
capital spending in the form of technology and tools can provide greater leverage to grow the business profitably.	
For jobs that can be streamlined thru technology, the cost of labor outweighs the quality of the worker and what they	
contribute to the value of the company.  Capital spending makes more sense and allows our stronger employees to do	
more and spend less time managing less productive employees.	
acuisitions and to the bottom line	
capital outweigh labor's impact	
Capacity expansion	
We have significant gains to be had from investments in automation in technology and communications.	
adding new sources of revenues for growth	
Capacity increases driven by capital	
CHEAPER THAN WAGES	
Update postponed capital projects	
greater automation increasing efficiency	
Digital printing and image storage.	
Focusing on more automation to reduce labor cost.	
Labor alone cannot improve our efficiency and technology investment is key to protecting and growing our market	
presence	
Long-term profitability driven by capex	
Continued long-term growth in our business is driving the need for additional capital investment.	
Automation of processes	
Updating retail outlets to attract retail customers and comply with factory 'image' programs.	
Need technology investment to drive down operating expenses	
We are a labor intensive process - if we automate more we will save on labor	
Investing in technology allows us to differentiate our products and reduce the labor component of our product costs	
(which makes us less susceptible to imports)	
Remodeling increases guest counts at restaurants.	
Trying to automate processes to satisfy higher compliance requirements	
In the financial services it is directly correlated to growth	
Must address deferred maintenance issues on campus	
IT drives labor reductions	
New equipment will elliminate employees.	
Cost Productivity through IT and capital equipment improvements.	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”? --- "Capital spending" because ...

Upgrading existing locations is necessary based on competitive pressures.	
We receive some public assistance for much of our capital spending.	
To meet demand requirements	
Demonstratable returns when spending is targeted to consumer demand.	
Increases capacity and provides more operating leverage for the business.	
Our revenue has a high portion of capital based services.	
Could support significant workflow improvements	
Our labor costs compared to revenue a relatively low.  Our capital costs are also relatively low but captital spending on	
projects that increase productivity offer us the greatest opportunity.	
With recent changes in MI minimum wage and Indiana and Federal gov't going same direction capital projects to remove	
labor have increased paybacks now.	
Plants & machineries are outdated.  Need to catch up with the latest technology of production and method of marketing.	
IT investment	
we are a technology dependent company and must quickly react to new technologies	
Upgrades to technology are required to keep pace with competition with regard to communication and transactions with	
business partners and clients.	
We are attempting to better load our factories with countercyclical products which require new machinery in some cases.	
Our company has been investing its money back into the property since inception building a great product.	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

5. For your firm, at the present time, does labor or capital spending offer the greatest “bang for the buck”? --- "About the same" because ...

Need higher skilled employees to work with new systems.  Budget constraints require doing more with the same.	
Labor is a major factor in healthcare. Technology advances coupled with the aging of our facilities will require capital	
infusion.	
Depending on type of project..cap vs labor oscillates back and forth	
Service industry so people are important.  But our product also includes brick and mortar and technology (hotels)	
Wages have been level for 3 years. We need to give an increase. Capital spending has been held to a minimum and we	
need to upgrade systems and equipment.	
Most manufacturing operations have been taken overseas.  The operations left in the United States are lower cost	
operations - mainly assembly.	
Customer service driven organization requires skilled labor to satisfy customer needs but technology allows staff to	
spend more time focused on customer service	
business activities require a certainamount of labor activity that capital spending cannot reduce	
Both can help to increase productivity	
Evolution of technology creating more promising capital spending opportunities.  Highly skilled labour in the internet	
space can yield good returns	
We need both to be productive	
Varies with the task/project at hand.  Technology related projects require more technology capital, customer service	
related projects require more human capital.	
sales and profits are growing thus giving us the return we planned	
We are a knowledge & services company	
The key is obtaining the right people and maintaining pace with technology in capital spending	
I work in a governmental organization.  Outsourcing labor offers a big bang due to high union & benefits costs.  Capital	
spending offers a big bang due to increasing efficiencies.	
Outsourcing could save labor costs. Capital spending on right projects could improve future growth	
We are a hospital which is labor intensive but invest in technology to lessen the demand for labor.	
labor efforts must have the necessary technology to complete tasks to deliver the product	
We are a part of a Federal Agency	
growing at 15% to 20% - both are very important	
Equipment is available but skilled labor is a scarce quantity	
Our capital spending typically recapitalizes an existing, old facility and automates the production process.  With this	
automation, we typically can reduce headcount.	
Mix of labor and capital resources in our final product is roughly identical.	
Health care overseas is reliant of clinical doctors and nurses. We have to provide travel and housing for them when they	
are in foreign countries.	
Need to balance both to achieve optimal efficiencies	
Certain technology (capital) investments are necessary to keep pace with the industry.  As a service oriented industry,	
labor productivity is as important.	
Strange question.  Depends on the project.	
Our labor emphasis is on mix of high cost and low cost locations from a global perspective - maximize productivity at the	
best cost mix.  Capital is used opportunistically to balance production lines and improve productivity and yields.	
rapidly expanding IT company.  key is balance	

23

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

6a. Compared to your level of optimism, is the CEO of your company more or less optimistic about the financial prospects of your own company?

	 	Number	Percent	95% CI
	1=Our CEO is more optimistic than I am	215	47.5 %	± 4.7 %
	0=Our CEO's optimism is about the same as mine	198	43.7 %	± 4.7 %
	-1=Our CEO is less optimistic than I am	23	5.1 %	± 2.3 %
	=Don't know	17	3.8 %	± 2.0 %
	Total	453	100.0 %

	Mean = 0.44
	SD = 0.59

	Missing Cases = 0 
	Response Percent = 100.0 %

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

6b. Why do you think your CEO's optimism differs from yours? (check main reasons)

	 	Number	Percent	95% CI
	CEOs are, by nature, more optimistic about almost  everything	85	35.7 %	± 6.4 %
	CEOs are expected to project an optimistic view to
	   employees and customers	73	30.7 %	± 6.2 %
	CEO has more of a long-run / big picture view than I do	49	20.6 %	± 5.5 %
	CEO has some information that I do not have	38	16.0 %	± 5.0 %
	CEO knows less about nuts and bolts and operations than  I do	30	12.6 %	± 4.6 %
	Other:	17	7.1 %	± 3.8 %
	Total	292

	Number of Cases =238
	Number of Responses =292
	Average Number Of Responses Per Case = 1.2
	Number Of Cases With At Least One Response =226
	Response Percent = 95.0 %

25

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

6b. Why do you think your CEO's optimism differs from yours? --- "Other" specified

Generla unfamilarilty with the business	
SEO is unsure of long term prospects for products & services	
more years in industry	
I have a better feel for the industry and the economy	
CEO is a moron	
CEO more focused on sales and closer to revenue generation	
He is retiring	
I am more optimistic generally than our CEO	
not involve in financial aspects	
Sales background	
He's naturally pessimistic.	
We are a private company, the CEO is the majority owner and the dividend will be smaller.	
CEO may underweight risks to the business	
CEO is not as optimistic as I am	
CEO lacks strategic imagination or long-term vision; substitutes hope and blind optimism	
healthy pessimism	
CEO by nature and personality is more pessimistic than I am	
Originally comes from the sales side of the business	

26

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

7. CFOs are spending less time in one job before moving on than they did a few years ago. Why do think they are leaving?

	 	Number	Percent	95% CI
	CFOs are being given less time to deliver improved results	160	35.3 %	± 4.6 %
	Increased compliance work makes the job tedious	154	34.0 %	± 4.5 %
	There are more opportunities to move to other companies	147	32.5 %	± 4.5 %
	Pressure from the CEO and board makes the job difficult	135	29.8 %	± 4.4 %
	Other:	32	7.1 %	± 2.6 %
	CFOs are making more money and are retiring earlier or
	   moving on to other things	31	6.8 %	± 2.5 %
	No answer	4	0.9 %	± 1.5 %
	Total	663

	Number of Cases =453
	Number of Responses =663
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response =453
	Response Percent = 100.0 %

27

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

7. CFOs are spending less time in one job before moving on than they did a few years ago. Why do think they are leaving? --- "Other" specified

I don't see this in our industry so much, but do see CFO types moving into more responsible positions in their	
organizations.	
CFO's are tied to CEO's and they are moving on more frequently	
CFOs are being held accoutnable for CEO shortcomings and many of the shortfalls stem from the top	
SOX issues & pressures	
Lack of clarity and a wide range of responsibilities that are not clearly defined or shared with other C level position such	
as CIO, CTO, CCO, CPO, COO, etc	
Less strategic mgmt input due to increased regulatory activity	
Concern	
Burn-out	
Qualified CFO's are in short supply and prices are rising thus creating turnover	
The risk-reward equation is less attractive in the heavy compliance environment of today	
Public company regulatory pressures have increased over the years combined with increased expecations of the role.	
Mergers & Acquisitions	
Fewer people are capable of all CFO duties in today's world	
Buy/Sells/ Mergers/acquisitions	
easier to shoot the messenger than fix the issue	
not our experience	
They achieve results more quickly	
CFOs are frustrated that companies are not really willing to change	
There is less loyalty at the board and CEO level than before.	
# opportunities;primarily CFO not competent & not delivering(CPAs without experience cannot perform); NO LAW	
requires CFO to be a CPA; advertise to find the other 80% finance professional (qualified)	
greater personal risk due to increased regulation i.e. SOX 404, etc.	
Pressure to cook the books!	
blamed for things they cannot control	
In many Federal Agencies, being the CFO is only one of many responsibilities.	
Fear of litigation/regulation	
Burnout	
Combination of all above	
Job scope is increasing, more competencies required, fewer can be successful in all mandatory functions	
A combination of the above	
Not enough quality people to go around, thus underqualified in position who find themselves over their head.	
all exec's turn over more	
This has  become the norm in most positions.  CFOs are no different.	

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Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

8. In your experience, do C-level executives avoid/change investments or projects that have payoff horizons that are longer than they expect to stay in their jobs?

	 	Number	Percent	95% CI
	Yes, often	89	20.0 %	± 3.8 %
	Yes, sometimes	301	67.6 %	± 4.5 %
	Never	55	12.4 %	± 3.2 %
	Total	445	100.0 %

	Missing Cases = 8 
	Response Percent = 98.2 %

29

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

9a. The SEC has adopted new disclosure rules for executive pay that take effect in the current proxy season. Have those new rules caused your company to change its compensation policy in any way, or do you expect changes in the near future?

	 	Number	Percent	95% CI
	Yes, we will change (or have changed) our compensation
	   policy this fiscal year	28	6.3 %	± 2.4 %
	Yes, we will change our compensation policy (but not this
	   fiscal year)	34	7.6 %	± 2.6 %
	No change expected	341	76.3 %	± 4.1 %
	Don't know	44	9.8 %	± 2.9 %
	Total	447	100.0 %

	Missing Cases = 6 
	Response Percent = 98.7 %

30

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Will the change in compensation …(choose all that apply)

	 	Number	Percent	95% CI
	Change the type of compensation relative to last year	41	66.1 %	± 13.1 %
	Reduce the rate of growth in compensation relative to last year	12	19.4 %	± 11.9 %
	Reduce the level of compensation relative to last year	9	14.5 %	± 11.2 %
	Increase compensation for some executives	7	11.3 %	± 10.7 %
	Total	69

	Number of Cases =62
	Number of Responses =69
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =56
	Response Percent = 90.3 %

31

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

9b. Do you expect to increase, decrease, or leave the same, the use of the following elements related to executive compensation? 

(N=453)

			No			
	Mean & SD	Decrease	Change	Increase	NA/DK	Total
	  	-1	0	1		  	
	0.39	22	216	191	24	453
Bonus	0.58	4.9%	47.7%	42.2%	5.3%	100.0%

	0.37	8	262	172	11	453
Salary	0.52	1.8%	57.8%	38.0%	2.4%	100.0%

	0.24	25	117	77	234	453
Restricted stock	0.64	5.5%	25.8%	17.0%	51.7%	100.0%

	0.14	24	202	66	161	453
Deferred Compensation	0.54	5.3%	44.6%	14.6%	35.5%	100.0%

Executive pension/retirement	0.07	28	245	51	129	453
benefits	0.49	6.2%	54.1%	11.3%	28.5%	100.0%

	0.07	1	12	2	438	453
Other:	0.46	0.2%	2.6%	0.4%	96.7%	100.0%

Personal income tax gross-up	-0.03	28	202	21	202	453
payments	0.44	6.2%	44.6%	4.6%	44.6%	100.0%

	-0.08	67	260	39	87	453
Perks	0.53	14.8%	57.4%	8.6%	19.2%	100.0%

	-0.08	76	134	54	189	453
Stock options	0.70	16.8%	29.6%	11.9%	41.7%	100.0%

	-0.12	53	223	18	159	453
Payments to departing executives	0.48	11.7%	49.2%	4.0%	35.1%	100.0%

32

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

9b. Do you expect to increase, decrease, or leave the same, the use of the following elements related to executive compensation? --- "Other" specified

Use other performance metrics besides price of stock	
Mututla Fund Units as LTI	
Saving funds.	
loans	

33

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

10. On February 19, 2007 the annual yield on 10-yr treasury bonds was 4.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-10
chance it will be less than:	3.12	4.66	2.67 - 3.58	4	-25	50	404

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	8.12	4.88	7.65 - 8.59	8	2	75	418

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-10
chance it will be greater than:	11.89	7.67	11.14 - 12.64	11	0	100	402

Over the next year, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it
will be less than:	0.81	6.70	0.16 - 1.46	2	-30	40	404

Over the next year, I expect the average annual
S&P 500 return will be: Expected return:	7.13	3.91	6.76 - 7.51	7	-10	40	420

Over the next year, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it
will be greater than:	11.45	5.28	10.93 - 11.97	10	-2	35	402

34

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Revenue Weighted: 10. On February 19, 2007 the annual yield on 10-yr treasury bonds was 4.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	3.32	3.10	3.27 - 3.36	4	-6.01	12.25

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.80	2.65	7.76 - 7.84	8	2	17.68

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	11.07	4.05	11.01 - 11.13	11	0	26.92

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	0.70	5.20	0.62 - 0.77	1	-12.30	13.94

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	7.19	3.28	7.15 - 7.24	7	-0.53	14.79

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	11.72	5.05	11.65 - 11.79	12	1.10	21.80

35

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Employee Weighted: 10. On February 19, 2007 the annual yield on 10-yr treasury bonds was 4.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	3.06	3.40	3.01 - 3.10	4	-6.01	12.25

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	7.57	2.57	7.54 - 7.61	7	2	17.68

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	10.66	3.76	10.61 - 10.71	10	0	26.92

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	0.23	5.65	0.16 - 0.31	1	-12.30	13.94

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	6.83	3.51	6.79 - 6.88	6	-0.53	14.79

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	11.39	5.05	11.32 - 11.45	10	1.10	21.80

36

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Industry

	 	Number	Percent	95% CI
	Manufacturing	105	23.3 %	± 4.0 %
	Banking/Finance/Insurance	82	18.2 %	± 3.7 %
	Retail/Wholesale	60	13.3 %	± 3.3 %
	Other	52	11.5 %	± 3.1 %
	Service/Consulting	51	11.3 %	± 3.1 %
	Healthcare/Pharmaceutical	32	7.1 %	± 2.6 %
	Transportation/Energy	23	5.1 %	± 2.3 %
	Tech [Software/Biotech]	19	4.2 %	± 2.1 %
	Mining/Construction	15	3.3 %	± 1.9 %
	Communications/Media	12	2.7 %	± 1.8 %
	Total	451	100.0 %

	Missing Cases = 2 
	Response Percent = 99.6 %

37

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Industry (Other specified)

Agribusiness	
Agriculture	
Agriculture	
Agriculture/Quasi-governmental	
Art Auctions	
biofuels	
casino/entertainment	
consumer goods foods	
Digital image printing	
Education	
Education	
Education	
Electric Utility	
energy	
entertainment	
For Profit Education	
Forest Products	
Forestry	
Foundation	
Gaming	
Higher Education	
Homebuilding	
Hospitality	
hospitality	
Housing	
IT & ITES	
luxury watchmaking	
medtech	
Mining	
non-profit	
Not-For-Profit	
not for profit	
oil & gas	
Olifield services	
PROPERTY MGT	
Publishing	
Publishing	
Ral Estate	
Real Estate	
Real Estate, Residential	
Real estate	
real estate	
Risk Management	
semiconductor	
semiconductor	
Sports/Entertainment	
staffing	
State Government	
utility	
waste paper broker	
Wireless Telecom Equipment	

38

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	36	8.1 %	± 2.7 %
	$25-$99 million	105	23.6 %	± 4.0 %
	$100-$499 million	126	28.4 %	± 4.3 %
	$500-$999 million	41	9.2 %	± 2.8 %
	$1-$4.9 billion	74	16.7 %	± 3.6 %
	$5-$9.9 billion	24	5.4 %	± 2.3 %
	More than $10 billion	38	8.6 %	± 2.8 %
	Total	444	100.0 %

	Missing Cases = 9 
	Response Percent = 98.0 %

39

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 2017.93

	Median = 300

	Variance (Unbiased) = 10927417.41

	Standard Deviation (Unbiased) = 3305.66

	Standard Error Of The Mean  = 156.88

	95 Percent Confidence Interval Around The Mean = 1710.44 - 2325.41

	99 Percent Confidence Interval Around The Mean = 1613.96 - 2421.89

	Skewness = 1.86

	Kolmogorov-Smirnov Statistic For Normality = 7.24

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 444 
Missing Cases = 9 
Response Percent = 98.0%

40

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	49	12.5 %	± 3.0 %
	100-499	100	25.4 %	± 4.0 %
	500-999	55	14.0 %	± 3.2 %
	1,000-2,499	51	13.0 %	± 3.1 %
	2,500-4,999	34	8.7 %	± 2.6 %
	5,000-9,999	28	7.1 %	± 2.4 %
	Over 10,000	76	19.3 %	± 3.6 %
	Total	393	100.0 %

	Missing Cases = 60 
	Response Percent = 86.8 %

41

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3600.25

	Median = 750

	Variance (Unbiased) = 20662601.98

	Standard Deviation (Unbiased) = 4545.61

	Standard Error Of The Mean  = 229.30

	95 Percent Confidence Interval Around The Mean = 3150.83 - 4049.67

	99 Percent Confidence Interval Around The Mean = 3009.82 - 4190.69

	Skewness = 1.07

	Kolmogorov-Smirnov Statistic For Normality = 6.10

Quartiles

	 1 = 300
	 2 = 750
	 3 = 7500

Valid Cases = 393 
Missing Cases = 60 
Response Percent = 86.8%

42

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Headquarters

	 	Number	Percent	95% CI
	Northeast US	122	27.1 %	± 4.2 %
	Midwest US	100	22.2 %	± 4.0 %
	Pacific US	67	14.9 %	± 3.4 %
	South Atlantic US	66	14.7 %	± 3.4 %
	South Central US	40	8.9 %	± 2.8 %
	Europe	23	5.1 %	± 2.3 %
	Mountain US	11	2.4 %	± 1.7 %
	Asia	11	2.4 %	± 1.7 %
	Central/South America	6	1.3 %	± 1.5 %
	Canada	4	0.9 %	± 1.5 %
	Total	450	100.0 %

	Missing Cases = 3 
	Response Percent = 99.3 %

43

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Ownership

	 	Number	Percent	95% CI
	Private	223	54.3 %	± 4.7 %
	Public, NYSE	115	28.0 %	± 4.2 %
	Public, Nasdaq/AMEX	38	9.2 %	± 2.8 %
	Nonprofit	25	6.1 %	± 2.3 %
	Government	10	2.4 %	± 1.7 %
	Total	411	100.0 %

	Missing Cases = 42 
	Response Percent = 90.7 %

44

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Foreign Sales

	 	Number	Percent	95% CI
	0%	175	38.9 %	± 4.6 %
	1-24%	179	39.8 %	± 4.6 %
	25-50%	59	13.1 %	± 3.3 %
	Over 50%	37	8.2 %	± 2.7 %
	Total	450	100.0 %

	Missing Cases = 3 
	Response Percent = 99.3 %

45

Duke University/CFO Business Outlook Survey - U.S. - Winter, 2007

Our fiscal year ends in:

	 	Number	Percent	95% CI
	January	3	0.7 %	± 1.8 %
	February	3	0.7 %	± 1.8 %
	March	25	5.6 %	± 2.3 %
	April	5	1.1 %	± 1.5 %
	May	7	1.6 %	± 1.5 %
	June	37	8.3 %	± 2.7 %
	July	11	2.5 %	± 1.7 %
	August	3	0.7 %	± 1.8 %
	September	26	5.8 %	± 2.4 %
	October	4	0.9 %	± 1.5 %
	November	3	0.7 %	± 1.8 %
	December	319	71.5 %	± 4.3 %
	Total	446	100.0 %

	Missing Cases = 7 
	Response Percent = 98.5 %