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 external concerns facing your corporation? (rank #1, #2, #3)	5
3. What are the top three external concerns facing your corporation? REVERSE SCALE & WEIGHTED BY NUMBER 
OF RESPONDENTS (Higher number = greater weighted importance)	6
3. What are the top three external concerns facing your corporation? - Other specified	7
4. What are the top three internal, company-specific concerns your corporation faces? (rank #1, #2, #3)	8
4. What are the top three internal, company-specific concerns your corporation faces? REVERSE SCALE & WEIGHTED 
BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)	9
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	10
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?	11
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months 
for:   [Unweighted - Sorted]	12
5. 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]	13
5. 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]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
 [Public Companies - Windsorized – Revenue Weighted]	15
6a. In the next 12 months, does your company plan to:	16
6b. In the next 12 months, does your company plan to:	17
7. In your organisation, to whom does the CIO report?	18
7. In your organisation, to whom does the CIO report? - Other specified	19
8a. Has your company been affected by the cost or availability of credit?	20
8b. If yes, in what ways has your company been affected by the credit market turmoil? (check all that apply)	21
8b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified	22
8c. Increased cost of credit - How many basis points increase since summer 2007?	23
8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating	24
8b. In what ways has your company been affected by the credit market turmoil? - by – Credit Rating	25
8c. Increased cost of credit: How many basis points increase? - by - Credit Rating	26
9. Do you anticipate that economic conditions will cause your company to take any of the following actions over the next 
six months?	27
9. Do you anticipate that economic conditions will cause your company to take any of the following actions over the next 
six months? - Other action specified	28
9. Do you anticipate that economic conditions will cause your company to take any of the following actions over the next 
six months? - Only companies affected by the cost or availability of credit	29
10. How will your company allocate resources among the following types of initiatives in 2009? (Should add to 100%)	30
Industry	31
Industry (Other specified)	32
Sales Revenue	33
Weighted Sales Revenue (Millions)	34
Number of Employees	35
Weighted Number of Employees	36
Headquarters Europe	37
Headquarters Europe (Other Specified)	38
Ownership	39
Foreign Sales	40

1

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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

	 	Number	Percent	95% CI
	3=More optimistic	17	7.9 %	± 3.6 %
	2=No change	52	24.2 %	± 5.8 %
	1=Less optimistic	146	67.9 %	± 6.3 %
	Total	215	100.0 %

	Mean = 1.4
	SD = 0.6

	Missing Cases = 0 
	Response Percent = 100.0 %

2

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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 = 10

	Maximum = 100

	Mean = 53.96

	Median = 55

	Variance (Unbiased) = 333.67

	Standard Deviation (Unbiased) = 18.27

	Standard Error Of The Mean  = 1.29

	95 Percent Confidence Interval Around The Mean = 51.42 - 56.50

	99 Percent Confidence Interval Around The Mean = 50.63 - 57.29

Quartiles

	 1 = 40
	 2 = 55
	 3 = 70

Valid Cases = 199 
Missing Cases = 16 
Response Percent = 92.6%

3

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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	49	22.8 %	± 5.7 %
	2=No change	79	36.7 %	± 6.5 %
	1=Less optimistic	87	40.5 %	± 6.6 %
	Total	215	100.0 %

	Mean = 1.8
	SD = 0.8

	Missing Cases = 0 
	Response Percent = 100.0 %

4

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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 = 95

	Mean = 64.09

	Median = 70

	Variance (Unbiased) = 317.77

	Standard Deviation (Unbiased) = 17.83

	Standard Error Of The Mean  = 1.27

	95 Percent Confidence Interval Around The Mean = 61.59 - 66.58

	99 Percent Confidence Interval Around The Mean = 60.81 - 67.37

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases = 196 
Missing Cases = 19 
Response Percent = 91.2%

5

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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

(N=215)

	Mean & SD	1st	2nd	3rd	Total	
	1.6	75	27	25	127
Consumer demand	0.8	34.9%	12.6%	11.6%	59.1%

	1.8	17	7	11	35
Other:	0.9	7.9%	3.3%	5.1%	16.3%

	1.9	4	6	3	13
Trade policies and trade agreements	0.8	1.9%	2.8%	1.4%	6.0%

	2.0	32	28	29	89
Cost of non-fuel commodities	0.8	14.9%	13.0%	13.5%	41.4%

	2.0	0	5	0	5
Upcoming change in U.S. administration	0.0	0.0%	2.3%	0.0%	2.3%

	2.0	25	35	27	87
Credit markets/interest rates	0.8	11.6%	16.3%	12.6%	40.5%

	2.1	15	37	20	72
Cost of fuel	0.7	7.0%	17.2%	9.3%	33.5%

	2.2	12	14	19	45
Housing market fallout	0.8	5.6%	6.5%	8.8%	20.9%

	2.2	12	14	20	46
Foreign competition	0.8	5.6%	6.5%	9.3%	21.4%

	2.2	13	18	24	55
Value of the dollar	0.8	6.0%	8.4%	11.2%	25.6%

	2.2	3	5	6	14
Environmental regulation	0.8	1.4%	2.3%	2.8%	6.5%

	2.2	3	8	7	18
Financial regulation	0.7	1.4%	3.7%	3.3%	8.4%

	2.5	3	8	15	26
International political instability	0.7	1.4%	3.7%	7.0%	12.1%

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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

	Mean	SD	Total

Consumer demand	1.41	1.33	215

Cost of non-fuel commodities	0.84	1.14	215

Credit markets/interest rates	0.80	1.09	215

Cost of fuel	0.65	1.00	215

Value of the dollar	0.46	0.88	215

Housing market fallout	0.39	0.84	215

Foreign competition	0.39	0.84	215

Other:	0.35	0.88	215

International political instability	0.19	0.56	215

Financial regulation	0.15	0.53	215

Trade policies and trade agreements	0.13	0.53	215

Environmental regulation	0.12	0.48	215

Upcoming change in U.S. administration	0.05	0.30	215

7

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

3. What are the top three external concerns facing your corporation? - Other specified

Buyer Market	
Competition	
Customers' bankrupcies	
de veranderde vraag	
Domestic competition	
Domestic competition	
Downsizing in a lot of industries	
Economic prospects	
Exchange rate GBP, India, Poland	
financial mkt	
General economic slowdown causing slump in corporate investment	
global economical situation	
Govt defence spending	
Increase in wages	
Industry Regulation	
Inflation	
Labor shortages	
labour increases	
labour market	
Local competition	
over capacity on the market	
pay costs	
personeel	
Producer demand	
Produktionskapazität	
Qualifizierte Mitarbeiter zu finden	
recession	
Recrutement Ingénieur Informatique	
reguliarien	
Rising prices	
Risk of Insolvency	
taakstelling rijksoverheid	
UK Government Political/Financial Insecurity	
Value of the Euro	
Wood export tariffs Russia	

8

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

4. What are the top three internal, company-specific concerns your corporation faces? (rank #1, #2, #3)

(N=215)

	Mean & SD	1st	2nd	3rd	Total	
	1.7	75	45	33	153
Attracting and retaining qualified employees	0.8	34.9%	20.9%	15.3%	71.2%

	1.9	49	45	41	135
Ability to forecast results	0.8	22.8%	20.9%	19.1%	62.8%

	1.9	20	17	17	54
Balance sheet weakness	0.8	9.3%	7.9%	7.9%	25.1%

	2.0	31	37	27	95
Supply chain risk	0.8	14.4%	17.2%	12.6%	44.2%

	2.0	10	7	9	26
Other:	0.9	4.7%	3.3%	4.2%	12.1%

	2.1	9	13	11	33
Protection of intellectual property	0.8	4.2%	6.0%	5.1%	15.3%

	2.2	14	30	30	74
Managing IT systems	0.7	6.5%	14.0%	14.0%	34.4%

	2.4	1	5	5	11
Cost of health care	0.7	0.5%	2.3%	2.3%	5.1%

	2.6	1	5	11	17
Data security	0.6	0.5%	2.3%	5.1%	7.9%

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

4. What are the top three internal, company-specific concerns your corporation faces? REVERSE SCALE & WEIGHTED BY NUMBER OF RESPONDENTS (Higher number = greater weighted importance)

	Mean	SD	Total

Attracting and retaining qualified employees	1.65	1.22	211

Ability to forecast results	1.32	1.19	211

Supply chain risk	0.92	1.15	211

Managing IT systems	0.63	0.96	211

Balance sheet weakness	0.53	0.99	211

Protection of intellectual property	0.30	0.77	211

Other:	0.25	0.74	211

Data security	0.11	0.42	211

Cost of health care	0.09	0.39	211

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

4. What are the top three internal, company-specific concerns your corporation faces? - Other specified

Ability to sell international	
Attracting new customers	
capacité de financement	
COMPETITIVITE	
Cost control	
CUSTOMER INSOLVENCY	
herstructurering  middels SSC	
Income generation	
income taxes	
Internationalitation process	
Keeping organization customer focused and proactive.	
M&A	
Managing projects	
Operating cash flow	
operative cash flow	
Organisationsveränderung	
Organiz integration	
Pressure from Private Equity	
Productivity	
reconstruction suite sinistre usine	
Reduce DSO	
Regulatory framework	
Short-term client contracts	
work winning	

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	5.36	21.09	1.84 - 8.88	4	-80	110	138

Wages/Salaries	3.97	6.13	3.09 - 4.86	4	-45	45	183

Number of foreign/off-shore outsourced
employees	3.90	13.59	1.15 - 6.64	0	-35	100	94

Number of domestic employees overall	3.10	38.13	-2.98 - 9.18	0	-80	450	151

Prices of your products	2.97	5.65	2.13 - 3.80	3	-20	30	174

Cash on the balance sheet	2.80	22.59	-1.44 - 7.04	0	-50	150	109

Health care costs	2.71	4.29	1.84 - 3.57	2	0	35	95

Productivity (output per hour worked)	2.35	4.05	1.67 - 3.04	2	-15	18	134

Capital spending	2.11	29.25	-2.86 - 7.08	0	-90	200	133

Marketing/advertising spending	1.82	12.05	-0.26 - 3.90	0	-30	50	129

Technology spending	1.77	10.85	-0.21 - 3.76	2	-50	50	115

Share repurchases	0.38	1.76	-0.08 - 0.85	0	-3	10	55

Dividends	-0.62	11.78	-4.58 - 3.34	0	-50	20	34

Number of domestic employees in accounting/
finance	-1.82	10.64	-3.64 - 0.00	0	-80	33	131

12

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

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

(N=215)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	1.0	179	1	3	183
Wages/Salaries	0.3	97.8%	0.5%	1.6%	100.0%

	0.6	61	34	0	95
Health care costs	0.5	64.2%	35.8%	0.0%	100.0%

	0.6	98	24	12	134
Productivity (output per hour worked)	0.6	73.1%	17.9%	9.0%	100.0%

	0.6	133	13	28	174
Prices of your products	0.8	76.4%	7.5%	16.1%	100.0%

	0.5	64	40	11	115
Technology spending	0.7	55.7%	34.8%	9.6%	100.0%

	0.4	84	27	27	138
Earnings	0.8	60.9%	19.6%	19.6%	100.0%

Number of foreign/off-shore outsourced	0.4	40	47	7	94
employees	0.6	42.6%	50.0%	7.4%	100.0%

	0.2	45	42	22	109
Cash on the balance sheet	0.8	41.3%	38.5%	20.2%	100.0%

	0.2	11	18	5	34
Dividends	0.7	32.4%	52.9%	14.7%	100.0%

	0.1	46	56	27	129
Marketing/advertising spending	0.7	35.7%	43.4%	20.9%	100.0%

	0.1	58	33	42	133
Capital spending	0.9	43.6%	24.8%	31.6%	100.0%

	0.1	66	35	50	151
Number of domestic employees overall	0.9	43.7%	23.2%	33.1%	100.0%

	0.1	4	50	1	55
Share repurchases	0.3	7.3%	90.9%	1.8%	100.0%

Number of domestic employees in	-0.2	19	71	41	131
accounting/finance	0.7	14.5%	54.2%	31.3%	100.0%

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

5. 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	4.75	10.65	4.38 - 5.12	5	-36	46.70

Cash on the balance sheet	2.72	12.60	2.23 - 3.21	0	-41.50	47.08

Technology spending	2.64	7.07	2.38 - 2.90	2	-19.50	23.04

Prices of your products	1.87	4.39	1.74 - 2.01	3	-8.10	14.04

Capital spending	0.76	13.75	0.28 - 1.24	0	-55.20	59.44

Share repurchases	0.37	1.39	0.31 - 0.44	0	-3	3.83

Marketing/advertising spending	0.08	7.09	-0.17 - 0.32	0	-21.80	25.44

Dividends	-0.19	8.32	-0.66 - 0.27	0	-23.70	20

14

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

5. 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

Number of foreign/off-shore outsourced employees	5.38	9.43	5.04 - 5.72	2	-22.70	30.54

Wages/Salaries	4.12	2.48	4.05 - 4.19	4	-8.04	15.98

Productivity (output per hour worked)	2.85	3.49	2.73 - 2.97	2	-5.59	10.29

Health care costs	2.60	2.70	2.49 - 2.71	3	0	11.12

Number of domestic employees overall	1.61	9.26	1.32 - 1.91	0	-71.60	77.83

Number of domestic employees in accounting/finance	-2.03	6.69	-2.24 - -1.81	0	-22.70	19.03

15

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

5. 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	4.97	11.14	4.46 - 5.47	5	-36	46.70

Cash on the balance sheet	4.96	12.74	4.31 - 5.61	0	-20	47.08

Dividends	-0.19	8.32	-0.66 - 0.27	0	-23.70	20

Share repurchases	0.51	1.62	0.42 - 0.61	0	-3	3.83

16

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

6a. In the next 12 months, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	54	25.6 %	± 5.8 %
	Acquire part of another company or companies?	22	10.4 %	± 4.1 %
	Both	33	15.6 %	± 4.9 %
	Neither	102	48.3 %	± 6.7 %
	Total	211	100.0 %

	Missing Cases = 4 
	Response Percent = 98.1 %

17

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

6b. In the next 12 months, does your company plan to:

	 	Number	Percent	95% CI
	Neither	173	83.2 %	± 5.3 %
	Sell part of your company?	31	14.9 %	± 4.7 %
	Sell your company?	4	1.9 %	± 1.8 %
	Total	208	100.0 %

	Missing Cases = 7 
	Response Percent = 96.7 %

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

7. In your organisation, to whom does the CIO report?

	 	Number	Percent	95% CI
	CFO	74	34.7 %	± 6.4 %
	CEO	72	33.8 %	± 6.4 %
	Our organisation doesn't have a CIO	45	21.1 %	± 5.5 %
	Chief Administrative Officer	11	5.2 %	± 3.0 %
	Other (please specify)	11	5.2 %	± 3.0 %
	Total	213	100.0 %

	Missing Cases = 2 
	Response Percent = 99.1 %

19

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

7. In your organisation, to whom does the CIO report? - Other specified

CIO Global	
COO	
COO	
Dir Operations	
Directeur Administratif et Financier (CFO)	
Directeur stratégie	
Drecteur des Opérations COO	
Group IT	
HR	
MD	
Treasury Manager	

20

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

8a. Has your company been affected by the cost or availability of credit?

	 	Number	Percent	95% CI
	1=No	123	58.0 %	± 6.7 %
	2=Yes, somewhat	71	33.5 %	± 6.3 %
	3=Yes, very much	18	8.5 %	± 3.7 %
	Total	212	100.0 %

	Mean = 1.5
	SD = 0.6

	Missing Cases = 3 
	Response Percent = 98.6 %

21

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

8b. 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	65	73.0 %	± 9.4 %
	Decreased availability of credit	42	47.2 %	± 10.6 %
	Experienced difficulty initiating or renewing a bank credit
	   line	18	20.2 %	± 8.5 %
	Other	10	11.2 %	± 6.7 %
	Total	135

	Number of Cases =89
	Number of Responses =135
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response =85
	Response Percent = 95.5 %

22

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

8b. If yes, in what ways has your company been affected by the credit market turmoil? - Other specified

Availability of consumer credit	
Both of the above have impacted customers/orders	
consumer confidence and spending	
Credit Insurance much tighter	
Customer behaviour	
customer insolvencies, payment delays	
Decreased solvability of customers	
increase DSO and bad debts	
Non functioning corp bond market	
nos clients sont impactés	
Restricked excess cash estrategy to limit risk	
Verminderde acquisitiemogelijkheden	

23

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

8c. Increased cost of credit - How many basis points increase since summer 2007?

	Minimum = 0.20

	Maximum = 200

	Mean = 60.24

	Median = 50

	Variance (Unbiased) = 2816.86

	Standard Deviation (Unbiased) = 53.07

	Standard Error Of The Mean  = 7.03

	95 Percent Confidence Interval Around The Mean = 46.46 - 74.02

	99 Percent Confidence Interval Around The Mean = 42.14 - 78.34

Quartiles

	 1 = 20
	 2 = 50
	 3 = 100

Valid Cases = 57 
Missing Cases = 8 
Response Percent = 87.7%

24

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

8a. Has your company been affected by the cost or availability of credit? - by - Credit Rating

N=135		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		135		62	30	37	6	
		100.0%		45.9%	22.2%	27.4%	4.4%	
								
1=No		76		47	12	16	1	
		57.1%		77.0%	41.4%	43.2%	16.7%	
				BCD	A	A	A	
								
2=Yes, somewhat		45		13	14	15	3	
		33.8%		21.3%	48.3%	40.5%	50.0%	
				bc	a	a		
								
3=Yes, very much		12		1	3	6	2	
		9.0%		1.6%	10.3%	16.2%	33.3%	
				CD		A	A	
								
Mean		1.5		1.2	1.7	1.7	2.2	
SD		0.7		0.5	0.7	0.7	0.8	
				BCD	A	A	A	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

8b. In what ways has your company been affected by the credit market turmoil? - by - Credit Rating

N=57		Total		Credit Rating	
		 		AAA/AA	A	BBB/BB	B or Less	
		 		A	B	C	D	
								
Total		57		14	17	21	5	
		100.0%		24.6%	29.8%	36.8%	8.8%	
								
Increased cost of		40		10	11	14	5	
credit		70.2%		71.4%	64.7%	66.7%	100.0%	
								
Decreased		28		3	11	11	3	
availability of credit		49.1%		21.4%	64.7%	52.4%	60.0%	
				b	a			
								
Experienced difficulty
initiating or renewing		
9		
1	
4	
3	
1	
a bank credit line		15.8%		7.1%	23.5%	14.3%	20.0%	
								
Other		6		2	1	3	---	
		10.5%		14.3%	5.9%	14.3%	---	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

26

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

8c. Increased cost of credit: How many basis points increase? - by - Credit Rating

N=47		Total		Credit Rating	
				AAA/AA	A	BBB/BB	B or Less	
				A	B	C	D	
								
Number		47		12	14	16	5	
Percent		100.0%		25.5%	29.8%	34.0%	10.6%	
								
How many basis points increase since summer 2007?	
								
N		42		10	12	15	5	
Mean		69.0		43.1	78.4	70.6	93.4	
SD		57.0		64.2	44.3	55.6	71.8	

Significance Tests Between Columns:   Lower case: p<.05   Upper case: p<.01

27

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

9. Do you anticipate that economic conditions will cause your company to take any of the following actions over the next six months? 

(N=215)

	Yes	No	Total	
	108	99	207
Delay, reduce or cancel new investment plans	52.2%	47.8%	100.0%

	91	111	202
Delay, reduce or cancel hiring plans	45.0%	55.0%	100.0%

	120	86	206
Establish a substantial cost cutting program	58.3%	41.7%	100.0%

	38	154	192
Initiate or accelerate new investment plans	19.8%	80.2%	100.0%

	29	162	191
Initiate or accelerate new hiring	15.2%	84.8%	100.0%

	2	213	215
Other:	0.9%	99.1%	100.0%

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

9. Do you anticipate that economic conditions will cause your company to take any of the following actions over the next six months? - Other action specified 

l'Entreprise se trouve en forte croissance , les nouveaux recrutements ont déjà eu lieu	
Consolidation process through merger/acquisition	

29

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

9. Do you anticipate that economic conditions will cause your company to take any of the following actions over the next six months? - Only companies affected by the cost or availability of credit

(N=89)

	Yes	No	Total	
	61	26	87
Delay, reduce or cancel new investment plans	70.1%	29.9%	100.0%

	46	37	83
Delay, reduce or cancel hiring plans	55.4%	44.6%	100.0%

	60	26	86
Establish a substantial cost cutting program	69.8%	30.2%	100.0%

	14	63	77
Initiate or accelerate new investment plans	18.2%	81.8%	100.0%

	7	71	78
Initiate or accelerate new hiring	9.0%	91.0%	100.0%

	2	87	89
Other:	2.2%	97.8%	100.0%

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

10. How will your company allocate resources among the following types of initiatives in 2009? (Should add to 100%)

	Mean	SD	95% CI	Median	Minimum	Maximum

% Revenue growth (Acquire new business, increase
business with existing customers, etc.)	37.9	22.1	34.9 - 41.0	35	0	100

% Cost reduction (Efficiency-improving projects, etc.)	26.7	15.3	24.5 - 28.8	25	0	95

% Asset/investment efficiency (Improve working capital
management, inventory management, etc.)	16.6	12.8	14.8 - 18.4	15	0	60

% Competency development (Improve on core strengths,
business planning, governance, etc.)	16.1	11.9	14.5 - 17.8	15	0	60

% Other	2.7	9.8	1.3 - 4.0	0	0	100

31

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Industry

	 	Number	Percent
	Manufacturing	66	31.1 %
	Retail/Wholesale	31	14.6 %
	Other	30	14.2 %
	Service/Consulting	20	9.4 %
	Transportation/Energy	14	6.6 %
	Banking/Finance/Insurance	13	6.1 %
	Tech [Software/Biotech]	10	4.7 %
	Communications/Media	10	4.7 %
	Mining/Construction	9	4.2 %
	Healthcare/Pharmaceutical	9	4.2 %
	Total	212	100.0 %

	Missing Cases = 3 
	Response Percent = 98.6 %

32

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Industry (Other specified)

Aerospace	
Aerospace engineering	
building maintenance	
Catering/IFM	
Chemie	
Chimie	
Construction&real estate	
construction	
cosmetiques	
Education	
Education	
Engineering	
Enginnering	
FMCG Industry	
home automation	
infrastructures	
Ingenieria, Bienes de equipo	
leisure	
leisure travel	
Motorsport	
Papier/Verpakkingen	
REIT	
Renewable energy	
Rijksoverheid	
Security	
Service to the chemical industry	
Telecom	
Training and Facilities Management	
wine company	

33

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Sales Revenue

	 	Number	Percent
	Less than $25 million	23	11.0 %
	$25-$99 million	33	15.7 %
	$100-$499 million	55	26.2 %
	$500-$999 million	30	14.3 %
	$1-$4.9 billion	40	19.0 %
	$5-$9.9 billion	14	6.7 %
	More than $10 billion	15	7.1 %
	Total	210	100.0 %

	Missing Cases = 5 
	Response Percent = 97.7 %

34

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 2055.34

	Median = 300

	Variance (Unbiased) = 10035115.52

	Standard Deviation (Unbiased) = 3167.83

	Standard Error Of The Mean  = 218.60

	95 Percent Confidence Interval Around The Mean = 1626.88 - 2483.80

	99 Percent Confidence Interval Around The Mean = 1492.44 - 2618.23

	Skewness = 1.84

	Kolmogorov-Smirnov Statistic For Normality = 4.82

Quartiles

	 1 = 62
	 2 = 300
	 3 = 3000

Valid Cases = 210 
Missing Cases = 5 
Response Percent = 97.7%

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Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Number of Employees

	 	Number	Percent
	Fewer than 100	23	12.3 %
	100-499	24	12.8 %
	500-999	29	15.5 %
	1,000-2,499	39	20.9 %
	2,500-4,999	23	12.3 %
	5,000-9,999	16	8.6 %
	Over 10,000	33	17.6 %
	Total	187	100.0 %

	Missing Cases = 28 
	Response Percent = 87.0 %

36

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3752.67

	Median = 1750

	Variance (Unbiased) = 18710422.92

	Standard Deviation (Unbiased) = 4325.55

	Standard Error Of The Mean  = 316.32

	95 Percent Confidence Interval Around The Mean = 3132.69 - 4372.65

	99 Percent Confidence Interval Around The Mean = 2938.16 - 4567.19

	Skewness = 1.08

	Kolmogorov-Smirnov Statistic For Normality = 4.03

Quartiles

	 1 = 300
	 2 = 1750
	 3 = 7500

Valid Cases = 187 
Missing Cases = 28 
Response Percent = 87.0%

37

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Headquarters Europe

	 	Number	Percent
	France	25	11.8 %
	United Kingdom	21	10.0 %
	Germany	20	9.5 %
	United States	16	7.6 %
	Sweden	16	7.6 %
	Switzerland	16	7.6 %
	Finland	14	6.6 %
	Spain	12	5.7 %
	Netherlands	10	4.7 %
	Portugal	10	4.7 %
	Italy	10	4.7 %
	Belgium	9	4.3 %
	Denmark	9	4.3 %
	Other (please specify)	8	3.8 %
	Norway	4	1.9 %
	Russia	3	1.4 %
	Greece	3	1.4 %
	Ireland	2	0.9 %
	Luxembourg	1	0.5 %
	Asia	1	0.5 %
	Austria	1	0.5 %
	Africa	0	0.0 %
	Canada	0	0.0 %
	Latin America	0	0.0 %
	Australia	0	0.0 %
	Total	211	100.0 %

	Missing Cases = 4 
	Response Percent = 98.1 %

38

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Headquarters Europe (Other Specified)

Croatia	
Hungary	
ISL	
Lithuania	
Lithuania	
Monaco	
Normandie	
Paris	
paris	
Poland	
Subsidiary of US public t	
Turkey	
Turkey	
Waltham (MA)	

39

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Ownership

	 	Number	Percent
	Private	125	58.1 %
	Public	79	36.7 %
	Government	6	2.8 %
	Nonprofit	5	2.3 %
	Total	215	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

40

Duke Tilburg CFO Global Business Outlook survey - Europe - Third Quarter, 2008

Foreign Sales

	 	Number	Percent
	0%	35	16.4 %
	1-24%	61	28.6 %
	25-50%	38	17.8 %
	More than 50%	79	37.1 %
	Total	213	100.0 %

	Missing Cases = 2 
	Response Percent = 99.1 %