Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country'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?	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Sorted]	9
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]	10
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]	11
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]	12
5a. During 2008, does your company plan to:	13
5b. During 2008, does your company plan to:	14
6a. Has your company been affected by the cost or availability of credit?	15
6b. If yes, in what ways has your company been affected by the credit market turmoil? [check all that apply]	16
6b. If yes, in what ways has your company been affected by the credit market turmoil? Other specified	17
6b. Checked increased cost of credit. How many basis points increase?	18
6c. Is your company taking any actions in response to recent credit market turmoil? [check all that apply]	19
6c. Is your company taking any actions in response to recent credit market turmoil? Other action specified	20
7a. Will the weaker U.S. dollar help or hurt your firm in the following areas:	21
7a. Will the weaker U.S. dollar help or hurt your firm in the following areas: Other specified	22
7b. The U.S. dollar's value has recently reached historic lows. Do you believe that the dollar's devaluation is:	23
7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? (choose all that apply)	24
7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? Other specified	25
8. Compared to 2006, how much will year-end bonuses change at your company?	26
8. Compared to 2006, how much will year-end bonuses change at your company? % change (e.g., +12%, -25%, etc.)	27
Industry	28
Industry (Other specified)	29
Sales Revenue	30
Weighted Sales Revenue (Millions)	31
Number of Employees	32
Weighted Number of Employees	33
Headquarters Europe	34
Headquarters Europe (Other Specified)	35
Ownership	36
Foreign Sales	37

1

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

1. Are you more or less optimistic about your country's economy compared to last quarter?

	 	Number	Percent	95% CI
	3=More optimistic	24	12.6 %	± 4.7 %
	2=No change	60	31.4 %	± 6.6 %
	1=Less optimistic	107	56.0 %	± 7.1 %
	Total	191	100.0 %

	Mean = 1.6
	SD = 0.7

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

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

	Minimum = 15

	Maximum = 100

	Mean = 62.24

	Median = 60

	Variance (Unbiased) = 305.84

	Standard Deviation (Unbiased) = 17.49

	Standard Error Of The Mean  = 1.35

	95 Percent Confidence Interval Around The Mean = 59.59 - 64.88

	99 Percent Confidence Interval Around The Mean = 58.76 - 65.71

Quartiles

	 1 = 50
	 2 = 60
	 3 = 75

Valid Cases = 168 
Missing Cases = 23 
Response Percent = 88.0%

3

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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	71	37.4 %	± 6.9 %
	2=No change	55	28.9 %	± 6.5 %
	1=Less optimistic	64	33.7 %	± 6.8 %
	Total	190	100.0 %

	Mean = 2.0
	SD = 0.8

	Missing Cases = 1 
	Response Percent = 99.5 %

4

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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 = 10

	Maximum = 100

	Mean = 66.46

	Median = 70

	Variance (Unbiased) = 361.31

	Standard Deviation (Unbiased) = 19.01

	Standard Error Of The Mean  = 1.49

	95 Percent Confidence Interval Around The Mean = 63.53 - 69.38

	99 Percent Confidence Interval Around The Mean = 62.61 - 70.30

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases = 162 
Missing Cases = 29 
Response Percent = 84.8%

5

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

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

(N=191)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	37	21	13	71
Consumer demand	0.8	19.4%	11.0%	6.8%	37.2%

	1.7	23	7	12	42
Cost of non-fuel commodities	0.9	12.0%	3.7%	6.3%	22.0%

	1.8	35	27	18	80
Skilled labour shortage	0.8	18.3%	14.1%	9.4%	41.9%

	1.9	6	5	4	15
Other:	0.8	3.1%	2.6%	2.1%	7.9%

	1.9	20	12	15	47
Cost of fuel	0.9	10.5%	6.3%	7.9%	24.6%

	2.0	30	34	34	98
Cost of labour (wages, salaries, bonuses)	0.8	15.7%	17.8%	17.8%	51.3%

	2.1	8	10	11	29
Regulation	0.8	4.2%	5.2%	5.8%	15.2%

	2.1	4	10	7	21
Political stability	0.7	2.1%	5.2%	3.7%	11.0%

	2.2	4	5	7	16
Housing market fallout	0.8	2.1%	2.6%	3.7%	8.4%

	2.2	9	24	20	53
Currency values	0.7	4.7%	12.6%	10.5%	27.7%

	2.3	8	16	19	43
Credit markets/Interest rates	0.8	4.2%	8.4%	9.9%	22.5%

	2.3	5	17	15	37
Foreign competition	0.7	2.6%	8.9%	7.9%	19.4%

	2.3	1	3	3	7
Cost of health care	0.8	0.5%	1.6%	1.6%	3.7%

	2.8	0	1	4	5
Terrorism	0.4	0.0%	0.5%	2.1%	2.6%

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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 labour (wages, salaries, bonuses)	1.01	1.14	190

Skilled labour shortage	0.93	1.21	190

Consumer demand	0.87	1.23	190

Cost of fuel	0.52	1.01	190

Currency values	0.50	0.89	190

Cost of non-fuel commodities	0.50	1.03	190

Credit markets/Interest rates	0.39	0.81	190

Foreign competition	0.34	0.75	190

Regulation	0.29	0.75	190

Political stability	0.21	0.63	190

Other:	0.17	0.62	190

Housing market fallout	0.15	0.56	190

Cost of health care	0.06	0.35	190

Terrorism	0.03	0.20	190

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

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

algemene economische terugval	
BTB demand	
capital investments levels	
Corporate sector demand	
Cost of transports	
Décote secteur bancaire	
Declining payment rates	
Electricity-prices	
Equity values	
Financement de l'innovation	
Further weakening USD	
gevolgen 'kredietcrisis'	
Government controls	
Illicit trade	
lenteur administrative face aux approbations règlementaires	
Loss of confidence due to US slowdown	
Pricing	

8

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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

Capital spending	10.06	29.14	4.93 - 15.18	5	-75	200	124

Earnings	9.93	32.46	4.39 - 15.47	5	-50	300	132

Technology spending	8.71	30.87	3.02 - 14.40	3	-50	300	113

Marketing/advertising spending	7.45	19.06	4.11 - 10.79	2	-20	100	125

Cash on the balance sheet	6.59	19.12	2.78 - 10.39	2	-60	100	97

Wages/Salaries	5.38	8.49	4.10 - 6.67	4	1	100	167

Number of domestic employees	4.59	27.62	-0.03 - 9.22	2	-30	300	137

Productivity (output per hour worked)	3.73	5.65	2.76 - 4.69	2	-15	30	132

Number of foreign/off-shore outsourced
employees	3.04	8.34	1.37 - 4.71	0	-20	50	96

Prices of your products	2.80	7.03	1.67 - 3.94	3	-40	48	148

Health care costs	2.59	2.83	2.01 - 3.17	2	-1	15	91

Dividends	2.39	8.08	-0.60 - 5.38	0	-30	20	28

Inventory	1.93	10.96	-0.25 - 4.12	0	-30	50	97

Share repurchases	-0.32	6.87	-2.07 - 1.43	0	-50	10	59

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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=191)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	1.0	167	0	0	167
Wages/Salaries	0.0	100.0%	0.0%	0.0%	100.0%

	0.8	106	21	5	132
Productivity (output per hour worked)	0.5	80.3%	15.9%	3.8%	100.0%

	0.6	61	27	3	91
Health care costs	0.5	67.0%	29.7%	3.3%	100.0%

	0.6	106	24	18	148
Prices of your products	0.7	71.6%	16.2%	12.2%	100.0%

	0.6	75	30	8	113
Technology spending	0.6	66.4%	26.5%	7.1%	100.0%

	0.6	97	15	21	133
Earnings	0.8	72.9%	11.3%	15.8%	100.0%

	0.5	75	36	14	125
Marketing/advertising spending	0.7	60.0%	28.8%	11.2%	100.0%

	0.5	73	36	15	124
Capital spending	0.7	58.9%	29.0%	12.1%	100.0%

	0.4	54	27	16	97
Cash on the balance sheet	0.8	55.7%	27.8%	16.5%	100.0%

Number of foreign/off-shore outsourced	0.4	43	44	9	96
employees	0.6	44.8%	45.8%	9.4%	100.0%

	0.3	12	15	2	29
Dividends	0.6	41.4%	51.7%	6.9%	100.0%

	0.3	78	22	37	137
Number of domestic employees	0.9	56.9%	16.1%	27.0%	100.0%

	0.2	41	32	24	97
Inventory	0.8	42.3%	33.0%	24.7%	100.0%

	0.1	5	53	2	60
Share repurchases	0.3	8.3%	88.3%	3.3%	100.0%

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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	5.97	13.26	5.46 - 6.48	4	-45.10	64.66

Capital spending	4.88	13.56	4.34 - 5.41	2	-59.30	81.51

Cash on the balance sheet	4.06	13.59	3.43 - 4.69	1	-54.30	50

Technology spending	3.92	7.73	3.60 - 4.24	3	-34.20	50.53

Marketing/advertising spending	2.69	9.69	2.29 - 3.08	0	-20	48.83

Prices of your products	1.48	6.06	1.26 - 1.71	2	-25.70	20

Inventory	1.22	8.37	0.85 - 1.59	0	-26.40	31.04

Dividends	1.07	8.30	0.52 - 1.61	0	-30	20

Share repurchases	-0.19	6.32	-0.53 - 0.15	0	-31	10

11

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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

Wages/Salaries	4.56	4.09	4.43 - 4.69	3	1	36.56

Productivity (output per hour worked)	3.47	6.28	3.24 - 3.70	2	-15	25.40

Health care costs	2.01	2.31	1.92 - 2.11	2	-1	15

Number of foreign/off-shore outsourced employees	1.48	7.74	1.17 - 1.79	2	-20	50

Number of domestic employees	-0.60	7.42	-0.87 - -0.32	0	-15	55.47

12

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 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	6.64	9.12	6.12 - 7.16	5	-15	25

Dividends	1.08	8.34	0.53 - 1.63	0	-30	20

Cash on the balance sheet	1.17	12.83	0.35 - 1.99	0	-36	25

Share repurchases	1.40	3.13	1.19 - 1.61	0	0	10

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

5a. During 2008, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	47	24.9 %	± 6.2 %
	Acquire part of another company or companies?	13	6.9 %	± 3.6 %
	Both	30	15.9 %	± 5.2 %
	Neither	99	52.4 %	± 7.2 %
	Total	189	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

5b. During 2008, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company?	6	3.2 %	± 2.5 %
	Sell part of your company?	26	13.7 %	± 4.9 %
	Neither	158	83.2 %	± 5.4 %
	Total	190	100.0 %

	Missing Cases = 1 
	Response Percent = 99.5 %

15

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

6a. Has your company been affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	128	67.7 %	± 6.7 %
	2=Yes, somewhat	49	25.9 %	± 6.3 %
	3=Yes, very	12	6.3 %	± 3.5 %
	Total	189	100.0 %

	Mean = 1.4
	SD = 0.6

	Missing Cases = 2 
	Response Percent = 99.0 %

16

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

6b. If yes, in what ways has your company been affected by the credit market turmoil?    [check all that apply]

	 	Number	Percent	95% CI
	Increased cost of credit	40	65.6 %	± 12.3 %
	Decreased availability of credit	20	32.8 %	± 12.1 %
	Other	8	13.1 %	± 8.7 %
	Total	68

	Number of Cases =61
	Number of Responses =68
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =58
	Response Percent = 95.1 %

17

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

6b. If yes, in what ways has your company been affected by the credit market turmoil? Other specified

client troubles	
customers demand	
Décote des titres	
finacieringsaspecten op LT worden herberekend	
General market confidence	
Impact on clients	
Impacts our market	
Marktveränderungen	
Placements	
Ständige Aufgabe der Kostenkontrolle	

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

6b. Checked increased cost of credit. How many basis points increase?

	Minimum = 0.90

	Maximum = 150

	Mean = 34.51

	Median = 25

	Variance (Unbiased) = 1299.10

	Standard Deviation (Unbiased) = 36.04

	Standard Error Of The Mean  = 5.93

	95 Percent Confidence Interval Around The Mean = 22.90 - 46.12

	99 Percent Confidence Interval Around The Mean = 19.25 - 49.77

Quartiles

	 1 = 2
	 2 = 25
	 3 = 50

Valid Cases = 37 
Missing Cases = 3 
Response Percent = 92.5%

19

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

6c. Is your company taking any actions in response to recent credit market turmoil? [check all that apply]

	 	Number	Percent	95% CI
	No, we are not taking any actions in response	25	41.0 %	± 12.7 %
	Yes, delaying or reducing capital spending	19	31.1 %	± 12.0 %
	Yes, other action:	13	21.3 %	± 10.6 %
	Yes, delaying or reducing hiring plans	4	6.6 %	± 6.4 %
	Yes, delaying or reducing M&A plans	3	4.9 %	± 5.6 %
	Yes, delaying or reducing share repurchases	2	3.3 %	± 4.6 %
	Total	66

	Number of Cases =61
	Number of Responses =66
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =57
	Response Percent = 93.4 %

20

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

6c. Is your company taking any actions in response to recent credit market turmoil? Other action specified

commercial actions	
decrease growth	
further working capital reduction	
Modification de nos replacements	
Monitoring impact on clients	
Orientation sur fonds à rendement réguliers	
prepare for shortage of capital	
Reallokation; Riskmanagement	
strenghtening comercial credit conditions	
tight liquidity management	
timing of debt restructuring	
Try to get new investors	
werkkapitaal reductie	

21

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

7a. Will the weaker U.S. dollar help or hurt your firm in the following areas:

(N=191)

			Not much		
	Mean & SD	Hurt	effect	Help	Total
	  	-1	0	1	  	
	0.2	21	101	51	173
Raw material costs	0.6	12.1%	58.4%	29.5%	100.0%

	0.0	17	145	17	179
Competitive position domestically	0.4	9.5%	81.0%	9.5%	100.0%

	-0.1	3	23	1	27
Other:	0.4	11.1%	85.2%	3.7%	100.0%

	-0.2	57	104	19	180
Translation of foreign revenues	0.6	31.7%	57.8%	10.6%	100.0%

	-0.2	51	115	13	179
Competitive position abroad	0.6	28.5%	64.2%	7.3%	100.0%

	-0.3	53	110	4	167
Exports	0.5	31.7%	65.9%	2.4%	100.0%

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

7a. Will the weaker U.S. dollar help or hurt your firm in the following areas: Other specified

Cost of labour	
geen invloed	
Increase in non-USD costs	
inducing recession in Europe	
Re-invoicing (refacturation)	
Sales Contribution	
Software comp	

23

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

7b. The U.S. dollar's value has recently reached historic lows. Do you believe that the dollar's devaluation is:

	 	Number	Percent	95% CI
	A cyclical / temporary phenomenon	95	50.0 %	± 7.2 %
	A permanent / long-term condition	95	50.0 %	± 7.2 %
	Total	190	100.0 %

	Missing Cases = 1 
	Response Percent = 99.5 %

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? (choose all that apply)

	 	Number	Percent	95% CI
	Taken no action	104	54.5 %	± 7.1 %
	Increased hedging position	60	31.4 %	± 6.6 %
	Changed location of production	16	8.4 %	± 4.0 %
	Changed location of investments	9	4.7 %	± 3.0 %
	Changed amount or location of outsourced work	7	3.7 %	± 2.7 %
	Other	7	3.7 %	± 2.7 %
	Total	203

	Number of Cases =191
	Number of Responses =203
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response =184
	Response Percent = 96.3 %

25

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

7c. Has your firm taken any actions to offset the changing value of the U.S. dollar? Other specified

augmentation couverture monétaire de certaines transactions	
Changed to USD Reporting	
changing trading currency	
I have no insight	
kostenreducties	
sales take place in EUR	
switched to other currencies	
Traded out dollars before historic low	

26

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

8. Compared to 2006, how much will year-end bonuses change at your company?

	 	Number	Percent	95% CI
	Some change	75	40.3 %	± 7.0 %
	No change	82	44.1 %	± 7.1 %
	Our company doesn't normally give bonuses	29	15.6 %	± 5.1 %
	Total	186	100.0 %

	Missing Cases = 5 
	Response Percent = 97.4 %

27

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

8. Compared to 2006, how much will year-end bonuses change at your company? % change (e.g., +12%, -25%, etc.)

	Minimum = -60

	Maximum = 50

	Mean = 0.85

	Median = 5

	Variance (Unbiased) = 500.51

	Standard Deviation (Unbiased) = 22.37

	Standard Error Of The Mean  = 2.58

	95 Percent Confidence Interval Around The Mean = -4.21 - 5.92

	99 Percent Confidence Interval Around The Mean = -5.80 - 7.51

Quartiles

	 1 = -10
	 2 = 5
	 3 = 10

Valid Cases = 75 
Missing Cases = 116 
Response Percent = 39.3%

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Industry

	 	Number	Percent
	Manufacturing	62	33.9 %
	Service/Consulting	23	12.6 %
	Retail/Wholesale	22	12.0 %
	Other	18	9.8 %
	Banking/Finance/Insurance	14	7.7 %
	Transportation/Energy	14	7.7 %
	Communications/Media	12	6.6 %
	Mining/Construction	9	4.9 %
	Tech [Software/Biotech]	6	3.3 %
	Healthcare/Pharmaceutical	3	1.6 %
	Total	183	100.0 %

	Missing Cases = 8 
	Response Percent = 95.8 %

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Industry (Other specified)

Armaturenhesteller	
automotive	
chemicals	
chemie	
Education	
Electronics	
food factory	
import/export goods	
local government	
Manufacturing & Distribution	
Oil & gas	
Professional services	
Public procurement	
Tobacco	
training	
YACHTING	

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Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Sales Revenue

	 	Number	Percent
	Less than $25 million	30	15.9 %
	$25-$99 million	25	13.2 %
	$100-$499 million	60	31.7 %
	$500-$999 million	22	11.6 %
	$1-$4.9 billion	28	14.8 %
	$5-$9.9 billion	11	5.8 %
	More than $10 billion	13	6.9 %
	Total	189	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %

31

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1832.28

	Median = 300

	Variance (Unbiased) = 9718739.21

	Standard Deviation (Unbiased) = 3117.49

	Standard Error Of The Mean  = 226.76

	95 Percent Confidence Interval Around The Mean = 1387.82 - 2276.73

	99 Percent Confidence Interval Around The Mean = 1248.36 - 2416.19

	Skewness = 2.03

	Kolmogorov-Smirnov Statistic For Normality = 4.98

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 189 
Missing Cases = 2 
Response Percent = 99.0%

32

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Number of Employees

	 	Number	Percent
	Fewer than 100	27	16.8 %
	100-499	27	16.8 %
	500-999	22	13.7 %
	1,000-2,499	27	16.8 %
	2,500-4,999	15	9.3 %
	5,000-9,999	11	6.8 %
	Over 10,000	32	19.9 %
	Total	161	100.0 %

	Missing Cases = 30 
	Response Percent = 84.3 %

33

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3709.94

	Median = 1750

	Variance (Unbiased) = 20746900.62

	Standard Deviation (Unbiased) = 4554.88

	Standard Error Of The Mean  = 358.97

	95 Percent Confidence Interval Around The Mean = 3006.35 - 4413.53

	99 Percent Confidence Interval Around The Mean = 2785.58 - 4634.30

	Skewness = 1.04

	Kolmogorov-Smirnov Statistic For Normality = 3.91

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 7500

Valid Cases = 161 
Missing Cases = 30 
Response Percent = 84.3%

34

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Headquarters Europe

	 	Number	Percent
	United Kingdom	27	14.4 %
	France	17	9.0 %
	Germany	17	9.0 %
	United States	15	8.0 %
	Finland	14	7.4 %
	Sweden	14	7.4 %
	Spain	12	6.4 %
	Netherlands	11	5.9 %
	Portugal	9	4.8 %
	Belgium	7	3.7 %
	Switzerland	7	3.7 %
	Denmark	7	3.7 %
	Other (please specify)	7	3.7 %
	Norway	6	3.2 %
	Ireland	5	2.7 %
	Luxembourg	4	2.1 %
	Austria	3	1.6 %
	Italy	2	1.1 %
	Greece	2	1.1 %
	Russia	1	0.5 %
	Asia	1	0.5 %
	Africa	0	0.0 %
	Canada	0	0.0 %
	Latin America	0	0.0 %
	Australia	0	0.0 %
	Total	188	100.0 %

	Missing Cases = 3 
	Response Percent = 98.4 %

35

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Headquarters Europe (Other Specified)

chicago	
Croatia	
Croatia	
Cyprus	
Hungary	
Lebanon	
Lithuania	
Lyon	
Serbie	

36

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Ownership

	 	Number	Percent
	Private	116	61.7 %
	Public	62	33.0 %
	Government	8	4.3 %
	Nonprofit	2	1.1 %
	Total	188	100.0 %

	Missing Cases = 3 
	Response Percent = 98.4 %

37

Duke University - Tilburg University - CFO Business Outlook Survey - Europe - Year-End, 2007

Foreign Sales

	 	Number	Percent
	0%	25	13.2 %
	1-24%	57	30.2 %
	25-50%	36	19.0 %
	Over 50%	71	37.6 %
	Total	189	100.0 %

	Missing Cases = 2 
	Response Percent = 99.0 %