Table of Contents

1a. 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
2a. 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 the number of respondents (Higher
number = greater weighted importance)	7
3. What are the top three external concerns facing your corporation? - Other specified	8
4. What are the top three internal, company-specific concerns for your corporation? (rank #1, #2, #3)	9
4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of
respondents (Higher number = greater weighted importance)	10
4. What are the top three internal, company-specific concerns your corporation faces? - Other specified	11
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]	12
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months for:
[Unweighted - Sorted]	13
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Revenue Weighted - Sorted]	14
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All
Companies - Winsorized - Employee Weighted - Sorted]	15
5. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public
Companies - Winsorized - Revenue Weighted]	16
5b. For 2013, what proportion of your total capital spending will be for replacement versus new?	17
6a.  During 2013, does your company plan to:	18
6a. What proportion of your acquisition spending will be cross-border (outside your country)?	19
6a. Where will your cross-border acquisitions occur?	20
6b. During 2013, does your company plan to:	21
7. Do you think that the currency of your country is:	22
7. Do you think that the currency of your country is:	23
8. Please share your views on U.S. immigration policy:	24
8. From the perspective of your company, what is the most important change that should be made to U.S. immigration policy, if any?	25
9. What is the probability that the U.S. will enter a recession in the next 12 months?	31
9b. What do you expect real economic growth to be in the US over the next 12 months? (Real economic growth is net of the effects
of inflation, and is the rate of economic growth commonly reported in government statistics.)	32
10a. Interest rates have declined in the past 18 months to near historic lows. Due to the low interest rates, during the past 12-18
months has your company …	33
What were the primary uses of the proceeds from the extra borrowing? (check all that apply)	34
10a. What were the primary uses of the proceeds from the extra borrowing? - Other use specified	35
10b. What effect, if any, has the Federal Reserve's continued commitment to very low interest rates had on your company's
confidence in near-term business prospects?  The effect on our confidence has been:	36
10c. Due to the low interest rate environment, has your company grown more worried about...	37
10c. Due to the low interest rate environment, has your company grown more worried about... Other specified	38
11. On February 15, 2013 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:	39
Revenue Weighted: 11. On February 15, 2013 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:	40
Employee Weighted: 11. On February 15, 2013 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:	41
Manufacturing capacity utilized	42
Manufacturing capacity utilized (Revenue Weighted)	43
Industry	44
Industry (Other specified)	45
Sales Revenue	47
Weighted Sales Revenue (Millions)	48
Number of Employees	49
Weighted Number of Employees	50
Where are you personally located?	51
Ownership	53
Foreign Sales	54
In what region of the world are most of your foreign sales?	55
What is your company's credit rating? 	56
What is your company's credit rating? 	57
What is your company's credit rating? 	58
Your job title (e.g., CFO, Asst. Treasurer, etc):	59
Would you be willing to discuss your views and experiences with the press? YES	62
Date of response	73

 1 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

	 	Number	Percent	95% CI
	1=More optimistic	159	31.4 %	± 4.1 %
	0=No change	168	33.2 %	± 4.1 %
	-1=Less optimistic	179	35.4 %	± 4.2 %
	Total	506	100.0 %

	Mean = 0.0
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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 = 0

	Maximum = 100

	Mean = 55.3

	Median = 60

	Standard Deviation (Unbiased) = 16.4

	95 Percent Confidence Interval Around The Mean = 53.8 - 56.9

Quartiles

	 1 = 50
	 2 = 58.5
	 3 = 65

Valid Cases =425
Missing Cases =81
Response Percent = 84.0%

3 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

	 	Number	Percent	95% CI
	1=More optimistic	214	42.4 %	± 4.3 %
	0=No change	151	29.9 %	± 4.0 %
	-1=Less optimistic	140	27.7 %	± 3.9 %
	Total	505	100.0 %

	Mean = 0.1
	SD = 0.8

	Missing Cases = 1
	Response Percent = 99.8 %

4 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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 = 0

	Maximum = 100

	Mean = 63.8

	Median = 67.5

	Standard Deviation (Unbiased) = 18.7

	95 Percent Confidence Interval Around The Mean = 62.0 - 65.6

Quartiles

	 1 = 50
	 2 = 65
	 3 = 75

Valid Cases =430
Missing Cases =76
Response Percent = 85.0%

5 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

(N=506)

	Mean & SD	1st	2nd	3rd	Total	
	1.61	130	58	41	229
Consumer demand	0.77	25.69%	11.46%	8.10%	45.26%

	1.89	73	60	53	186
Price pressure from competitors	0.82	14.43%	11.86%	10.47%	36.76%

	1.91	80	81	60	221
Federal government policies	0.79	15.81%	16.01%	11.86%	43.68%

	1.93	41	65	31	137
Federal budget deficit	0.72	8.10%	12.85%	6.13%	27.08%

	1.96	16	16	14	46
Cost of non-fuel commodities	0.82	3.16%	3.16%	2.77%	9.09%

	2.04	6	15	7	28
Environmental regulation	0.69	1.19%	2.96%	1.38%	5.53%

	2.10	18	18	24	60
State or local government budget deficits	0.84	3.56%	3.56%	4.74%	11.86%

	2.11	18	23	25	66
Financial regulation	0.81	3.56%	4.55%	4.94%	13.04%

	2.15	13	21	21	55
Credit markets/interest rates	0.78	2.57%	4.15%	4.15%	10.87%

	2.16	9	14	15	38
Foreign competition	0.79	1.78%	2.77%	2.96%	7.51%

	2.16	29	38	47	114
Global financial instability	0.80	5.73%	7.51%	9.29%	22.53%

	2.22	13	10	23	46
Corporate tax code	0.87	2.57%	1.98%	4.55%	9.09%

	2.31	17	27	44	88
National employment outlook	0.78	3.36%	5.34%	8.70%	17.39%

	2.31	6	6	14	26
Potential for stock market correction	0.84	1.19%	1.19%	2.77%	5.14%

	2.33	2	12	10	24
Global political instability	0.64	0.40%	2.37%	1.98%	4.74%

	2.35	2	7	8	17
Currency risk	0.70	0.40%	1.38%	1.58%	3.36%

	2.39	9	23	35	67
Cost of fuel	0.72	1.78%	4.55%	6.92%	13.24%

	2.45	4	10	19	33
Inflation	0.71	0.79%	1.98%	3.75%	6.52%

6 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

	Mean & SD	1st	2nd	3rd	Total	
	1.87	20	4	15	39
Other:	0.95	3.95%	0.79%	2.96%	7.71%

7 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

3. What are the top three external concerns facing your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Consumer demand	1.08	1.30	505

Federal government policies	0.91	1.16	505

Price pressure from competitors	0.78	1.13	505

Federal budget deficit	0.56	1.00	505

Global financial instability	0.42	0.86	505

National employment outlook	0.30	0.72	505

Financial regulation	0.25	0.70	505

State or local government budget deficits	0.23	0.68	505

Cost of fuel	0.21	0.61	505

Credit markets/interest rates	0.20	0.63	505

Cost of non-fuel commodities	0.19	0.64	505

Corporate tax code	0.16	0.58	505

Foreign competition	0.14	0.53	505

Environmental regulation	0.11	0.48	505

Inflation	0.10	0.42	505

Potential for stock market correction	0.09	0.42	505

Global political instability	0.08	0.38	505

Currency risk	0.06	0.32	505

Other:	0.16	0.63	505

8 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

Banking/Finance/Insurance	Health Care Reform	
Banking/Finance/Insurance	No real economic growth	
Communications/Media	loss of affiliation/franchise	
Healthcare/Pharmaceutical	Domestic competition	
Healthcare/Pharmaceutical	Insurance companies	
Manufacturing	changes in technology	
Manufacturing	domestic competition	
Manufacturing	excise tax increases	
Manufacturing	Global Economies	
Manufacturing	Government 'governance' and regulation	
Manufacturing	Government corruption	
Manufacturing	health care costs	
Manufacturing	Health of housing market	
Manufacturing	Margin requirements of retailers	
Manufacturing	US Ecomonic environment	
Mining/Construction	Availibility of Credit	
Other	Aggregate federal tax levels	
Other	Charitable Income Tax Deduction	
Other	Current President and his administration are anti-business.	
Other	Disruptive Technologies	
Other	Healthcare Reform (ACA)	
Other	Interest rates/Pension funding costs	
Other	Law School Declining Enrollment	
Other	Sequestration's effect on defense budgets	
Retail/Wholesale	Expansion using a new business model	
Retail/Wholesale	impact of medical reform	
Retail/Wholesale	Legal / Litigation Enviroment	
Retail/Wholesale	Manufacturer delivery	
Retail/Wholesale	Obma Care	
Retail/Wholesale	State Regulation Changes	
Retail/Wholesale	State regulation	
Service/Consulting	Affordable Care Act	
Service/Consulting	competition	
Service/Consulting	Individual Taxation Fed and State	
Service/Consulting	Reduced spending by state/local governments	
Tech [Software/Biotech]	FDA regulatory barriers	
Tech [Software/Biotech]	Rapidly chagning client demands to rent software rather than buy a license	
Transportation/Energy	Finding competent employees	
Transportation/Energy	Housing Market Stability	

9 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

(N=506)

	Mean & SD	1st	2nd	3rd	Total	
	1.55	202	93	48	343
Ability to maintain margins	0.73	39.92%	18.38%	9.49%	67.79%

	1.89	12	17	8	37
Data security	0.74	2.37%	3.36%	1.58%	7.31%

	1.93	23	15	19	57
Balance sheet weakness	0.86	4.55%	2.96%	3.75%	11.26%

	2.03	52	51	57	160
Ability to forecast results	0.83	10.28%	10.08%	11.26%	31.62%

	2.05	54	81	63	198
Cost of health care	0.77	10.67%	16.01%	12.45%	39.13%

Attracting and retaining qualified	2.07	58	66	71	195
employees	0.81	11.46%	13.04%	14.03%	38.54%

	2.19	6	9	11	26
Pension obligations	0.80	1.19%	1.78%	2.17%	5.14%

	2.20	13	40	30	83
Managing IT systems	0.69	2.57%	7.91%	5.93%	16.40%

	2.25	26	28	52	106
Working capital management	0.83	5.14%	5.53%	10.28%	20.95%

	2.25	13	24	30	67
Supply chain risk	0.77	2.57%	4.74%	5.93%	13.24%

	2.31	6	12	17	35
Protection of intellectual property	0.76	1.19%	2.37%	3.36%	6.92%

	2.33	26	53	78	157
Maintaining morale/productivity	0.75	5.14%	10.47%	15.42%	31.03%

	2.58	0	5	7	12
Counterparty risk	0.51	0.00%	0.99%	1.38%	2.37%

	1.73	14	10	6	30
Other:	0.78	2.77%	1.98%	1.19%	5.93%

10 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

4. What are the top three internal, company-specific concerns for your corporation? Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Ability to maintain margins	1.67	1.29	503

Cost of health care	0.77	1.07	503

Attracting and retaining qualified employees	0.75	1.07	503

Ability to forecast results	0.63	1.03	503

Maintaining morale/productivity	0.52	0.88	503

Working capital management	0.37	0.81	503

Managing IT systems	0.30	0.72	503

Balance sheet weakness	0.23	0.72	503

Supply chain risk	0.23	0.66	503

Data security	0.16	0.59	503

Protection of intellectual property	0.12	0.47	503

Pension obligations	0.09	0.44	503

Counterparty risk	0.03	0.23	503

Other:	0.14	0.57	503

11 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

Banking/Finance/Insurance	burden of regulatory compliance	
Banking/Finance/Insurance	Compliance with Regulations	
Banking/Finance/Insurance	inept BOD	
Banking/Finance/Insurance	senior management focus	
Communications/Media	ability to shift to digital economy	
Manufacturing	Consistancy of customer orders	
Manufacturing	Corporate capital spending	
Manufacturing	Corruption in Fed.Govt.	
Manufacturing	Intergration of recent acquisition	
Manufacturing	More regulations	
Manufacturing	Tepid aggregate demand	
Manufacturing	Topline growth	
Mining/Construction	Construction progects	
Other	attracting new customers	
Other	Cash flow impact of higher taxes	
Other	Delivery of differentiated product offerings	
Other	Improviing/Incentivizing Efficiency	
Other	new product intorduction	
Other	Prioritization of Opportunities	
Retail/Wholesale	Implementing new business strategy	
Retail/Wholesale	new taxes	
Retail/Wholesale	Sales/Revenues	
Retail/Wholesale	training retained employees	
Service/Consulting	Uncertainty of revenue streams	
Tech [Software/Biotech]	High wage component, reducing value of sales revenue / unit	
Transportation/Energy	increasing overall costs	
Transportation/Energy	Regulatory risks	
Transportation/Energy	Shareholder uncertainty with potential merger in horizan	
Unspecified Industry	organizational structure	

12 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

Health care costs	10.7	13.1	9.4 - 11.9	9	-30	100	390

Earnings	10.1	35.6	6.5 - 13.8	5	-80	300	336

Technology spending	9.9	29.0	6.4 - 13.3	5	-80	300	50

Share repurchases	9.5	43.5	1.6 - 17.5	0	-50	400	364

Capital spending	8.2	39.0	4.3 - 12.1	3	-90	300	416

Dividends	8.2	19.7	2.7 - 13.7	2	0	100	302

Revenue	7.4	25.9	4.9 - 9.9	5	-60	300	359

Marketing/advertising spending	6.0	20.4	3.7 - 8.3	2	-50	100	209

Number of domestic full-time employees	4.5	28.6	1.5 - 7.5	2	-50	320	129

Productivity (output per hour worked)	4.3	11.3	2.9 - 5.6	2	-60	100	329

Wages/Salaries	3.4	10.3	2.4 - 4.4	3	-90	100	257

Cash on the balance sheet	2.8	34.2	-0.8 - 6.5	0	-85	300	186

Research and development spending	2.3	14.7	0.2 - 4.4	0	-80	100	408

Prices of your products	2.1	5.6	1.5 - 2.7	2	-25	40	115

Number of offshore outsourced employees	1.6	11.6	-0.4 - 3.6	0	-50	50	269

Number of domestic temporary employees	0.9	9.9	-0.4 - 2.3	0	-50	75	413

13 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

(N=506)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	386	9	21	416
Health care costs	0.5	92.8%	2.2%	5.0%	100.0%

	0.9	373	21	19	413
Wages/Salaries	0.5	90.3%	5.1%	4.6%	100.0%

	0.7	194	52	11	257
Productivity (output per hour worked)	0.5	75.5%	20.2%	4.3%	100.0%

	0.6	315	16	79	410
Revenue	0.8	76.8%	3.9%	19.3%	100.0%

	0.6	189	46	35	270
Technology spending	0.7	70.0%	17.0%	13.0%	100.0%

	0.5	228	49	52	329
Prices of your products	0.8	69.3%	14.9%	15.8%	100.0%

	0.5	28	22	1	51
Dividends	0.5	54.9%	43.1%	2.0%	100.0%

	0.5	269	23	76	368
Earnings	0.8	73.1%	6.3%	20.7%	100.0%

	0.5	185	76	41	302
Marketing/advertising spending	0.7	61.3%	25.2%	13.6%	100.0%

	0.4	93	72	21	186
Research and development spending	0.7	50.0%	38.7%	11.3%	100.0%

	0.4	235	72	87	394
Capital spending	0.8	59.6%	18.3%	22.1%	100.0%

	0.4	216	61	82	359
Number of domestic full-time employees	0.8	60.2%	17.0%	22.8%	100.0%

Number of offshore outsourced	0.2	31	94	4	129
employees	0.5	24.0%	72.9%	3.1%	100.0%

Number of domestic temporary	0.2	73	106	31	210
employees	0.7	34.8%	50.5%	14.8%	100.0%

	0.2	166	74	99	339
Cash on the balance sheet	0.9	49.0%	21.8%	29.2%	100.0%

	0.2	28	80	8	116
Share repurchases	0.5	24.1%	69.0%	6.9%	100.0%

14 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Share repurchases	10.9	26.5	10.2 - 11.5	0	-50	95.7

Earnings	9.9	26.5	9.5 - 10.3	7	-80	112.5

Dividends	8.3	13.4	8.0 - 8.7	3	0	54.6

Technology spending	7.8	16.8	7.5 - 8.1	5	-48.7	67.6

Revenue	6.9	14.6	6.7 - 7.1	5	-60	78.6

Capital spending	5.3	24.7	4.9 - 5.7	2	-90	113.7

Marketing/advertising spending	4.3	10.4	4.1 - 4.5	2	-34	46

Cash on the balance sheet	3.3	24.7	2.9 - 3.7	1	-82.9	90.3

Prices of your products	1.9	3.8	1.8 - 1.9	2	-8.8	13

Research and development spending	1.0	8.6	0.8 - 1.2	1	-26.5	31

15 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Health care costs	8.0	6.1	7.9 - 8.1	8	-14.9	36.3

Productivity (output per hour worked)	3.2	3.7	3.2 - 3.3	2	-17.9	26.4

Wages/Salaries	3.1	3.9	3.1 - 3.2	3	-16.8	23.5

Number of domestic full-time employees	2.2	9.6	2.0 - 2.3	2	-50	60.6

Number of offshore outsourced employees	1.2	4.7	1.1 - 1.3	0	-21.1	24.3

Number of domestic temporary employees	0.4	4.8	0.3 - 0.5	0	-23.2	24.1

16 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Share repurchases	14.9	29.7	14.0 - 15.8	3	-50	95.7

Earnings	9.6	20.4	9.1 - 10.1	7	-40	112.5

Dividends	8.5	13.5	8.1 - 8.9	5	0	54.6

Revenue	7.4	12.0	7.1 - 7.7	6	-20	78.6

Cash on the balance sheet	6.7	23.1	6.1 - 7.3	5	-80	90.3

17 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

5b. For 2013, what proportion of your total capital spending will be for replacement versus new?

(N=506)

	Mean &	0%										100%	
	SD	[None]	10%	20%	30%	40%	50%	60%	70%	80%	90%	[All]	Total	
	54.3	20	34	57	43	37	55	27	54	59	29	61	476
% replacement	30.6	4.2%	7.1%	12.0%	9.0%	7.8%	11.6%	5.7%	11.3%	12.4%	6.1%	12.8%	100.0%

	45.7	61	29	59	54	27	55	37	43	57	34	20	476
% new investment	30.6	12.8%	6.1%	12.4%	11.3%	5.7%	11.6%	7.8%	9.0%	12.0%	7.1%	4.2%	100.0%

18 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

6a.  During 2013, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	102	21.3 %	± 3.5 %
	Acquire part of another company or companies?	32	6.7 %	± 2.1 %
	Both	42	8.8 %	± 2.4 %
	Neither	302	63.2 %	± 4.3 %
	Total	478	100.0 %

	Missing Cases = 28
	Response Percent = 94.5 %

19 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

6a. What proportion of your acquisition spending will be cross-border (outside your country)?

	 	Number	Percent	95% CI
	0% [None]	100	59.9 %	± 7.4 %
	10%	5	3.0 %	± 2.5 %
	20%	4	2.4 %	± 2.2 %
	30%	3	1.8 %	± 1.9 %
	40%	6	3.6 %	± 2.7 %
	50%	16	9.6 %	± 4.3 %
	60%	4	2.4 %	± 2.2 %
	70%	5	3.0 %	± 2.5 %
	80%	6	3.6 %	± 2.7 %
	90%	2	1.2 %	± 1.6 %
	100% [All]	16	9.6 %	± 4.3 %
	Total	167	100.0 %

	Mean = 24.6
	SD = 35.3

	Missing Cases = 9
	Response Percent = 94.9 %

20 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

6a. Where will your cross-border acquisitions occur?

	 	Number	Percent	95% CI
	Europe	24	35.8 %	± 11.9 %
	Asia/Pacific Basin	23	34.3 %	± 11.8 %
	Latin America	14	20.9 %	± 10.1 %
	Canada	8	11.9 %	± 8.1 %
	Africa	3	4.5 %	± 5.1 %
	Total	72

	Number of Cases = 67
	Number of Responses = 72
	Average Number Of Responses Per Case = 1.1
	Number Of Cases With At Least One Response = 46
	Response Percent = 68.7 %

21 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

6b. During 2013, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company?	26	6.9 %	± 1.9 %
	Sell part of your company?	37	9.8 %	± 2.3 %
	Neither	314	83.3 %	± 4.2 %
	Total	377	100.0 %

	Missing Cases = 129
	Response Percent = 74.5 %

22 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

7. Do you think that the currency of your country is:

	 	Number	Percent	95% CI
	+1=Overvalued	117	23.4 %	± 3.7 %
	0=Correctly valued	297	59.4 %	± 4.3 %
	-1=Undervalued	86	17.2 %	± 3.3 %
	Total	500	100.0 %

	Mean = 0.1
	SD = 0.6

	Missing Cases = 6
	Response Percent = 98.8 %

23 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

7. Do you think that the currency of your country is:

	Mean	SD	Median	Maximum	Minimum	Total

Overvalued and should be depreciated by this percent	14.6	11.8	10	70	2	98

Undervalued and should increase in value by this percent	11.3	7.6	10	50	1	78

24 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

8. Please share your views on U.S. immigration policy:

(N=506)

	Yes	No	Total	
Do you favor routine granting of Green
Cards for foreign graduate students that
earn advanced degrees in the U.S. in
STEM (Science, Technology, Engineering	389	107	496
and Math) fields?	78.4%	21.6%	100.0%

Do you favor routine work permits (H1B)
for foreign undergraduate students	401	92	493
graduating with STEM degrees?	81.3%	18.7%	100.0%

Should the U.S. drop its 'lottery system'
for immigration in favor of a merit	424	59	483
system?	87.8%	12.2%	100.0%

25 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

8. From the perspective of your company, what is the most important change that should be made to U.S. immigration policy, if any?

Banking/Finance/Insurance	a workable guest worker program, especially for ag workers	
Banking/Finance/Insurance	Allow unlimited merit-based immigration at the high end and at the low end	
	eliminate the minimum wage, allow undocumented foreign workers to stay and	
	work (Guest worker program) while paying into all entitlement systems for	
	which they could also receive benefits. Any undocumented/illegal aliens would be	
	given a short period to become productive but after that all illegal aliens would be	
	deported. Guest workers/illegal immigrants would have no path to citizenship	
	except to start from scratch.	
Banking/Finance/Insurance	Doesn't affect us	
Banking/Finance/Insurance	Ease immigration process and restrictions for younger people (<30) to improve	
	national demographics and ease pressure in supporting pending surge in retirees.	
Banking/Finance/Insurance	Enforcement of EXISTING LAW!!!!!	
Banking/Finance/Insurance	Entrance based upon education and financial resources not family affiliation	
Banking/Finance/Insurance	Establish clear path to citizenship for illegals	
Banking/Finance/Insurance	Get illegals who 'suck the system dry' out of the country.  Control the borders.	
Banking/Finance/Insurance	If there is a need for a worker who can't be sourced from the U.S. Labor pool,	
	then the immigrant identified to fill that position should have a thorough	
	background check by the Department of Homeland Security and if cleared then	
	they should be granted a work visa to come to the U.S. and fill that position	
	within the U.S. company.	
Banking/Finance/Insurance	In the midwest, we have a shortage of workers.  I would like to see a streamlined	
	process that allows a qualified immigrant to obtain valid work permit.  The lack of	
	available labor is hindering manufactures, construction companies in the Midwest.	
Banking/Finance/Insurance	Increase the number of immigrants and stop limiting entrance into the US.	
Banking/Finance/Insurance	Keep the revolutionary minds and catapult them to greatness.	
		
Banking/Finance/Insurance	Make it easier for immigrants to not only become a U.S. citizen but also be able to	
	get continual work permits if they desire.	
Banking/Finance/Insurance	n/a	
Banking/Finance/Insurance	Need a clearly defined path to citizenship for all illegals currently in the country	
Banking/Finance/Insurance	Not really impactful	
Banking/Finance/Insurance	Routine granting of Green Cards and clear path to (dual) citizenship for the best	
	and brightest and most affluent in other countries.	
Banking/Finance/Insurance	talent wealth not family or geography	
Banking/Finance/Insurance	Yes I favor easy access for immagrants.	
Communications/Media	better identification of all people in the country.	
Communications/Media	Develop a policy for 'undocumented' aliens to earn citizenship	
Communications/Media	more strict law enforcement	
Communications/Media	Nothing should be 'routine' or 'assumed'.  it should be possible with the right facts	
	to immigrate legally and perhaps a quicker process.  i think the concept of	
	company sponsorship is good.  referenicng unemployment stats in certain	
	professions is also important	
Communications/Media	To have a clear easy to follow policy and to secure the borders.	
Healthcare/Pharmaceutical	allow more temp workers	
Healthcare/Pharmaceutical	Close the borders - gain control over illegal immigration.	
Healthcare/Pharmaceutical	Enforcement	
Healthcare/Pharmaceutical	Focus on allowing in people with education and technology skills and laborers	
	that can do the low paying manual work that many citizens refuse to do and for	
	which there are labor shortages.	
Healthcare/Pharmaceutical	Limit immigration to our allied countries that trade with the US.	
Healthcare/Pharmaceutical	Make it more proactive.  English must be your primary language in two years or	
	less of living in the USA.	
Healthcare/Pharmaceutical	NA	

		

26 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

8. From the perspective of your company, what is the most important change that should be made to U.S. immigration policy, if any?

Healthcare/Pharmaceutical	nothing, we thrive on the immigrants and their utilization of the Medicaid system.	
Healthcare/Pharmaceutical	Protect our borders and enforce existing laws.	
Healthcare/Pharmaceutical	Protect the border first!	
Healthcare/Pharmaceutical	Provide incentives for foreign nationals in STEM to stay in the US permanently	
	(no future return to home country)	
Healthcare/Pharmaceutical	Reinforce the differences between legal andillegal immigration	
Healthcare/Pharmaceutical	Require health care benefit coverage be required from their country of origin	
Healthcare/Pharmaceutical	start enforcement	
Healthcare/Pharmaceutical	We need to identify the illegals and deport them. We cannot continue to pay for	
	children born in the US that have illegal immigrant parents. Health care costs are	
	increasing for everyone from small to large corporations.	
Manufacturing	A defined path to citizenship that can be accomplished within one year	
Manufacturing	Acccess to advanced degreed personnel in math and sciences.	
Manufacturing	Actually have a policy.	
Manufacturing	allow companies to bring in critical skills personnel regardless of a quota	
Manufacturing	Allow easier visas for extended stays by foreign personnel already employed by	
	the company.	
Manufacturing	Allow for more skilled workers to enter the country.	
Manufacturing	Close the Borders!	
Manufacturing	Come to an agreeement on current state of illegal immigrants and move forward	
	with implementing a plan.	
Manufacturing	Control the Mexican Border.	
Manufacturing	Cut back on lottery system	
Manufacturing	Enable high quality talent to immigrate	
Manufacturing	Enable talent and skills that suppor the growth of the economy, whether they be	
	high end or low end skills	
Manufacturing	Enforce existing laws	
Manufacturing	Enforce existing laws and deport illegals who commit crimes.	
Manufacturing	Ensure those receiving benefits are paying taxes.	
Manufacturing	Find a way to bring illegal immigrants into citizenry	
Manufacturing	Get control of the situation.	
Manufacturing	granting visas to foreign students with STEM degrees	
Manufacturing	Implement laws which allow guest workers who are allowed to work legally and	
	who are tracked efficiently.  At the same time, remove the incentives for U.S.	
	organizations to break labor/immigration laws.	
Manufacturing	Increase number of annual immigrants allowed.  Allow more merit-based	
	immigrants annually.	
Manufacturing	Larger fines and penalties for companies who employ undocumented workers	
Manufacturing	Make it easier for desirable entrants.	
Manufacturing	Make it easier for knowledge workers that are in short supply to come to this	
	country and work.	
Manufacturing	Make it easier to get work visas.	
Manufacturing	Make it enforceable.	
Manufacturing	n/a	
Manufacturing	no change	
Manufacturing	None	
Manufacturing	None	
Manufacturing	None.  There are much bigger issues to be concerned with right now.	
Manufacturing	Not applicable	
Manufacturing	Policing for illegals workers is the governments job not the employer.once	
	documents are properly verified there should be no consequences put back to	
	businesses for failure of government Fed, state, or local, from inadequately	
	addressing documents used in I9 verifications	
		
Manufacturing	Reduce the spending by the government on managing immigration by adopting a	
	more efficient process.	

27 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

8. From the perspective of your company, what is the most important change that should be made to U.S. immigration policy, if any?

Manufacturing	Secure our borders and enforce the laws already on the books.	
Manufacturing	Secure the borders and grant no rights at all to illegal immigrants.  Once the	
	borders are secured, a pathway to citizenship for current illegals is an acceptable	
	transition toward a olicy that accepts immigrants on a merit basis.	
Manufacturing	Somehow, the open door policies we now allow must be controlled. We see a time	
	in the near future where the burden of those who enter and stay illegally will	
	overburden our ability to support them. A value must be assigned to those who	
	stay. Regarding green cards to foreign graduates, what will keep them from	
	returning to their native country? where they will live very well with the	
	education that was afforded them in the U.S? The entire immigration policy is	
	politically driven	
Manufacturing	stop illegal aliens	
Manufacturing	Stop wasting funds on immagration and let all in	
Manufacturing	strengthen it	
Manufacturing	temporary worker permit program for California agriculture	
Manufacturing	The free flow of labor and capital are essential to a free market economy.  THey	
	are also essential to spreading the free market and capitalizt ideas (assuming the	
	US is interested in that)	
Manufacturing	The government should place more emphasis on US citizen education and manage	
	an effective immigration policy while enforcing the existing laws.	
Manufacturing	Tighten it and enforce	
Manufacturing	we need more technical people.	
Mining/Construction	Add merit system to lottery system	
Mining/Construction	all need to e-verify not specific state or federally funded projects	
Mining/Construction	Better enforcement of existing laws.	
Mining/Construction	Decrease the time required to process citizenship but enforce the requirements.	
Mining/Construction	Have a rational policy to admit immigrants with a five year provisional visa to	
	allow them time to learn the language and citizenship requirements prior to taking	
	a naturalization test. If they pass, they become citizens. If they don't pass, give	
	them free passage back to their home country.	
Mining/Construction	Legalize the undocumented workers.	
Mining/Construction	Secure the borders so that whatever government policy is adopted can be managed	
	fairly and consistently.	
Mining/Construction	Secure the borders, do NOT grant amnesty, establish a better guest worker	
	Program	
Mining/Construction	strengthen border security, deny citizenship to illegals without some form of	
	penalty, plus they have to return to country of origin and come back thru system	
	legally.  Every immigrant should be tracked until they become a citizen	
Mining/Construction	The first step should be to fully control and protect our borders before any other	
	action is negotiated or accepted.	
Mining/Construction	Total overhaul	
Mining/Construction	We need to attract and retain significantly more individuals, with high math,	
	science and technology skills.  Our US schools are incapable of attracting US	
	students in sufficient numbers in this country.	
Other	add a merit system in addition to the lottery	
Other	ALLOW SELF SUPPORTING EDUCATED PEOPLE TO IMMIGRATE TO	
	OUR COUNTRY	
Other	Allow young immigrants citizenship if they have attended grammer and high	
	school in US.	
Other	border control	
Other	border security	
Other	Cease the acceptance of illegal immigration.	
Other	change automatic citizenship just because a person is born here	
Other	Citizenship of illegal immigrants (or making it legal for them to work here)	
Other	Consistency between law and enforcement.	

28 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

8. From the perspective of your company, what is the most important change that should be made to U.S. immigration policy, if any?

Other	Deal with the undocumented worker and make them a productive member of the	
	work force.	
Other	Deport all illegal aliens. Tighten up e-verify. Strengthen DHS.	
Other	Easier (and cheaper) process for obtaining temporary work permits for short-term	
	engagement of people with rare/unique skills and talents.	
Other	Enable foreign students graduating from US universities to 'fast track' through the	
	immigration process to obtain a green card.  The process should begin in their	
	senior year and be in place upon graduation	
Other	Enforce current laws, and require employers to verify legal status BEFORE hiring.	
	Secure the border.	
Other	Enforce the laws currently on the books	
Other	Immigrants must have gainful employment within 6 months of entry	
Other	import of global talent with lesser restrictions for jobs in US	
Other	Make employees in agriculture legal and allow them to work here and tax them	
	and treat them like any other citizen except for voting.	
Other	Make it transparent and more open. Immigrants should register, pay taxes, work	
	and have a path to citizenship which requires education and compliance, but	
	limits on immigration need to be greatly loosened up for people who can and will	
	Work	
Other	More foreign nationals living in the U.S. should be legalized in some way to	
	enable to work with those populations as consumers of our services.	
Other	More H1B work permits	
Other	Move to more merit or skills-based system.	
Other	Need to focus on merits and benefits of immigration and reduce and eliminate	
	emotional political dynamics.	
Other	Provide a means to determine status and safe harbor using such system	
Other	regulate and loosen. we need the workers.	
Other	Representing a 'Caribbean' based product - granting visas for foreign employees	
	based on the cultural 'expertise' they have for the further development of a foreign	
	owned entity in the US is crucial. Transfer of knowledge to us employees for	
	broader global understanding is beneficial to all.	
Other	Strict enforcement policy	
Other	strict enforcement	
Other	Strict law enforcement.	
Other	Students should be allowed to study, but not work while here.	
Other	Voluntary registration and introduction of products in US market.FDA rules	
	should be friendly enough to bring products into the country.	
Other	We need a new complete immigration policy.  Find a way that those who are here	
	illegially can become tax paying citizens and not getting all the free housing and	
	medical.  they need to pay the same as the rest of us.	
Other	We should enforce expired visa and export all offenders.	
Retail/Wholesale	allow any type of workers or students, as long as they want to work in the US	
	and paid their taxes. immigration policy is to complicated and extremely slow in	
	granting someone a resident 'green card' visa.	
Retail/Wholesale	amnesty for long term illegals	
Retail/Wholesale	Be realistic about the number of workers we actually need to fill jobs that citizens	
	will not do.	
Retail/Wholesale	Build a fence.	
Retail/Wholesale	Change immigration policy to not penalize England and other long term allies of	
	the USA	
Retail/Wholesale	control the mexican border	
Retail/Wholesale	Develop Clear simple policy that can be implemented at low cost to the employer	
Retail/Wholesale	Enforce existing laws	
Retail/Wholesale	Enforce the current rules.	
Retail/Wholesale	Enforce whatever policy it decides on.	
Retail/Wholesale	Fast track highly skilled immigrants	

29 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

8. From the perspective of your company, what is the most important change that should be made to U.S. immigration policy, if any?

Retail/Wholesale	Federal govt actually enforcing all laws	
Retail/Wholesale	Focus on what skills and resources immigrants bring to US.  This is what most	
	other countries already do.  Stop discriminating against the talented and	
	resourceful trying to move to the US.	
Retail/Wholesale	Guest worker program	
Retail/Wholesale	I believe the immigration focus should encourage people with needed skills to	
	become Americans.	
Retail/Wholesale	I prefer paragraph one.	
Retail/Wholesale	If the prospective is not a citizen, they should not be able to stay or work	
Retail/Wholesale	Institution of an enforceable guest worker program.	
Retail/Wholesale	Make it easier for the productive, highly educated to immigrate and become	
	citizens.	
Retail/Wholesale	Not applicable	
Retail/Wholesale	Not significant to our company	
Retail/Wholesale	process to grant illegals, legal status and than citenship	
Retail/Wholesale	Provide an avenue for undocumented workers to earn a permanent status over	
	time and by paying back taxes.  Provide a more open new immigration policy.	
Retail/Wholesale	rational approach that provides continued opportunity for immigrants (keep the	
	america dream alive) while managing criminal activity	
Retail/Wholesale	Really not applicable in our market	
Retail/Wholesale	Stop All Illegal Entry into the USA	
Retail/Wholesale	Streamline the work permit process and to ease the restrictions and paperwork	
	requirements for those work permits.	
Retail/Wholesale	Take care of own citizens before immigrants	
Retail/Wholesale	technology immigration from countries that support terrorism should stop	
Retail/Wholesale	That everyone is accounted for and pays its fair share of taxes	
Retail/Wholesale	There should BE A policy, and it should be followed; 'illegals' should not be	
	grandfathered,but should not be sent back, either:  They should be 'registered' and	
	made to pay their fair share, and should go through the same immigration 'policy'	
	from within	
Service/Consulting	A clear policy that is enforced. The process should be easier for those with	
	degrees.	
Service/Consulting	a long term, consistent, enforced policy (no matter what it is.)	
Service/Consulting	Allow non lottery qualified applicants/professionals in	
Service/Consulting	Allowing recent college graduates to remain in the country to work in field for	
	which they went to school for	
Service/Consulting	Change immigration to allow siginificantly more educated and/or wealthy	
	immigrants.	
Service/Consulting	Ease up on migrant workers.	
Service/Consulting	employment needs should drive immigration	
Service/Consulting	enforce policy	
Service/Consulting	enforcement of law, suppress and deport illegal aliens	
Service/Consulting	Fast track citizenship for the young, 17 and under, brought here illegally. A broad,	
	but measured, amnesty for illegal immigrantsis the right thing to do.	
Service/Consulting	Increase border security - reduce illegal entry	
Service/Consulting	Increase the limits	
Service/Consulting	Keep it simple.	
Service/Consulting	Make sure that the best and brightest have a home in the US.	
Service/Consulting	n/a	
Service/Consulting	None	
Service/Consulting	Not sure it would impact my company.	
Service/Consulting	Permit qualified foreign graduate students work in the US for at least 3 years.	
Service/Consulting	Register all illegals; give permanent status on a merit base.	
Service/Consulting	Start having a policy.	
Service/Consulting	Stop illegals from working	
Service/Consulting	Train better local people	

30 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

8. From the perspective of your company, what is the most important change that should be made to U.S. immigration policy, if any?

Tech [Software/Biotech]	Being fair to those who have played by the rules	
Tech [Software/Biotech]	Commitment to fairness, sustainable immigration and focus on national economic	
	and homeland security when allocating immigration status.	
Tech [Software/Biotech]	Focus on fair and inclusive system; not one that targets Mexico and Latinos	
Tech [Software/Biotech]	I predict that highly skilled immigrants are going to be increasingly demanded	
	globally and therefore the U.S. needs a competitive program that will continue to	
	attract the best.	
Tech [Software/Biotech]	It is foolish to train the best and brightest in the world and force them to leave to	
	become our country's competition	
Tech [Software/Biotech]	Make the process less cumbersome	
Tech [Software/Biotech]	Orient it towards highly educated and qualified people	
Tech [Software/Biotech]	Stop Illegal immigration and encourage legal immigration from STEM fields.	
Tech [Software/Biotech]	They should me more restrictive	
Transportation/Energy	Allow immigration for those with advanced degrees.  Do NOT allow amnesty for	
	illegal immigrants - there are too many individuals with advanced degrees who can	
	not get into the US and they can pay their own way once in the US.	
Transportation/Energy	Better guest worker policy.	
Transportation/Energy	Citizenship for all college graduates any country	
Transportation/Energy	Create one.	
Transportation/Energy	Create open environment where people looking to improve their existance have	
	safe haven	
Transportation/Energy	Enforce the current laws, monitor the activities and whereabouts of foreign	
	nationals more closely.	
Transportation/Energy	Keep illegals out and stop making exceptions - we are not welcome to straggle in	
	other countries	
Transportation/Energy	N/A	
Transportation/Energy	New immigrants to the US should have the ability to financially support	
	themselves (exception in cases where someone wants to marry a US citizen).	
	Thereby, we would have a productive immigrant population (as well as new	
	consumers) that will be upwardly mobile. The US Federal Gov't must regain	
	control of the borders so that we have controlled immigration (which the US	
	needs). There needs to be a consistent and fair path to citizenship for all aspirants.	
Transportation/Energy	Open the doors in all areas.  Cut back on government support.	
Transportation/Energy	Our biggest challenge is recruiting qualified drivers.  I am not sure there is much in	
	immigration policy that will help that.  However training programs for	
	unemployed immigrants could be helpful to us.	
Unspecified Industry	Increase number of legally allowed immigrants, but make everyone go through the	
	process.	
Unspecified Industry	n/a	
Unspecified Industry	path to citizenship -- with strict tax payment policies and social cost limitations	

31 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

9. What is the probability that the U.S. will enter a recession in the next 12 months?

	 	Number	Percent	95% CI
	0%	23	4.6 %	± 1.8 %
	10%	64	12.8 %	± 2.9 %
	20%	110	22.0 %	± 3.6 %
	30%	110	22.0 %	± 3.6 %
	40%	57	11.4 %	± 2.8 %
	50%	60	12.0 %	± 2.8 %
	60%	31	6.2 %	± 2.1 %
	70%	22	4.4 %	± 1.8 %
	80%	6	1.2 %	± 0.9 %
	90%	11	2.2 %	± 1.3 %
	100%	6	1.2 %	± 0.9 %
	Total	500	100.0 %

	Mean = 33.8
	SD = 21.3

	Missing Cases = 6
	Response Percent = 98.8 %

32 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

9b. What do you expect real economic growth to be in the US over the next 12 months? (Real economic growth is net of the effects of inflation, and is the rate of economic growth commonly reported in government statistics.)

	Minimum = -10

	Maximum = 25

	Mean = 1.8

	Median = 2

	Standard Deviation (Unbiased) = 2.6

	95 Percent Confidence Interval Around The Mean = 1.5 - 2.0

	99 Percent Confidence Interval Around The Mean = 1.5 - 2.1

Quartiles

	 1 = 1
	 2 = 2
	 3 = 2

Valid Cases =500
Missing Cases =6
Response Percent = 98.8%

33 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

10a. Interest rates have declined in the past 18 months to near historic lows. Due to the low interest rates, during the past 12-18 months has your company …

(N=506)

	Mean & SD	Not at all	A little	Somewhat	A lot	Total
	  	1	2	3	4	  	
	1.8	248	75	80	47	450
increased borrowing?	1.1	55.1%	16.7%	17.8%	10.4%	100.0%

	1.8	247	66	69	51	433
increased the size of credit lines?	1.1	57.0%	15.2%	15.9%	11.8%	100.0%

	1.8	241	56	62	44	403
used more fixed rate debt (vs. floating rate)?	1.1	59.8%	13.9%	15.4%	10.9%	100.0%

	1.7	249	43	48	40	380
restructured debt to reduce coupon rate?	1.1	65.5%	11.3%	12.6%	10.5%	100.0%

taken advantage of improved credit spreads	1.7	244	58	60	29	391
and various non-price terms of credit?	1.0	62.4%	14.8%	15.3%	7.4%	100.0%

	1.6	269	56	52	35	412
lengthened the maturity of your debt?	1.0	65.3%	13.6%	12.6%	8.5%	100.0%

34 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

What were the primary uses of the proceeds from the extra borrowing? (check all that apply)

	 	Number	Percent	95% CI
	Increased capital investment	101	50.0 %	± 7.0 %
	Increased mergers/acquisitions	54	26.7 %	± 6.2 %
	Expanded operations domestically	50	24.8 %	± 6.0 %
	Increased cash holdings	28	13.9 %	± 4.8 %
	Bought back stock	26	12.9 %	± 4.7 %
	Expanded operations overseas	25	12.4 %	± 4.6 %
	Paid/increased dividend	24	11.9 %	± 4.5 %
	Increased hiring	21	10.4 %	± 4.2 %
	Other	17	8.4 %	± 3.9 %
	Total	346

	Number of Cases = 202
	Number of Responses = 346
	Average Number Of Responses Per Case = 1.7
	Number Of Cases With At Least One Response = 198
	Response Percent = 98.0 %

35 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

10a. What were the primary uses of the proceeds from the extra borrowing? - Other use specified

Banking/Finance/Insurance	formation of three wholly owned subsidiaries	
Banking/Finance/Insurance	pension funding	
Manufacturing	g&a expenses	
Manufacturing	Pay off debt	
Manufacturing	Working capital	
Mining/Construction	Paid off expensive debt	
Mining/Construction	Working Capital	
Other	capital improvements	
Other	Capital renovation	
Other	Fund operations	
Other	Increased inventory	
Other	OPERATING CAPITAL	
Other	refinanced	
Other	refinanced debt	
Retail/Wholesale	Increased inventory	
Retail/Wholesale	Increased inventory on hand	
Tech [Software/Biotech]	funded continuing operations	
Tech [Software/Biotech]	rescue financing	
Tech [Software/Biotech]	Working capital issues	

36 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

10b. What effect, if any, has the Federal Reserve's continued commitment to very low interest rates had on your company's confidence in near-term business prospects?  The effect on our confidence has been:

	 	Number	Percent	95% CI
	+2=Positive	23	4.6 %	± 1.8 %
	+1=Moderately positive	184	37.1 %	± 4.2 %
	0=None	173	34.9 %	± 4.1 %
	-1=Moderately negative	87	17.5 %	± 3.3 %
	-2=Negative	29	5.8 %	± 2.0 %
	Total	496	100.0 %

	Mean = 0.2
	SD = 1.0

	Missing Cases = 10
	Response Percent = 98.0 %

37 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

10c. Due to the low interest rate environment, has your company grown more worried about...

(N=506)

	Mean & SD	Not at all	A little	Somewhat	A lot	Total
	  	1	2	3	4	  	
	2.6	77	154	144	109	484
annual inflation increasing above 3%?	1.0	15.9%	31.8%	29.8%	22.5%	100.0%

	2.2	138	147	119	67	471
an unsustainable credit bubble?	1.0	29.3%	31.2%	25.3%	14.2%	100.0%

	2.2	153	136	131	48	468
an unsustainable asset price bubble?	1.0	32.7%	29.1%	28.0%	10.3%	100.0%

	2.1	19	0	5	8	32
Other:	1.3	59.4%	0.0%	15.6%	25.0%	100.0%

taking on riskier projects to seek higher	1.9	211	113	94	39	457
returns?	1.0	46.2%	24.7%	20.6%	8.5%	100.0%

38 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

10c. Due to the low interest rate environment, has your company grown more worried about... Other specified

Banking/Finance/Insurance	Ability to unwind Treas. purchases	
Banking/Finance/Insurance	Policy Ineffectiveness against fiscal austerity i	
Communications/Media	pension liabilities	
Manufacturing	Pension Obligations	
Manufacturing	Pension obligations	
Manufacturing	sudden spike in interest rates	
Other	negative effect across the economy	
Other	pension valuations	
Other	Reduced consumer spending from those earning almost nothing on low-risk	
	investments	
Retail/Wholesale	market correction when easing stops	
Retail/Wholesale	markets de-linking from fed and the fed eventual unwinding	
Transportation/Energy	A wave of econ activity from the 1st signs that the Fed is tightening credit	
	followed by a recession	

39 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

11. On February 15, 2013 the annual yield on 10-yr treasury bonds was 2.0%. 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:	0.3	7.2	-0.4 - 0.9	2	-50	25	469

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	6.5	7.5	5.8 - 7.2	5.8	-30	100	476

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:	10.1	8.0	9.4 - 10.8	9	-10	100	468

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:	-3.5	9.6	-4.3 - -2.6	0	-50	20	470

Over the next year, I expect the average annual S&P 500 return
will be: Expected return:	5.0	4.8	4.6 - 5.5	5	-30	30	474

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:	10.2	5.9	9.6 - 10.7	10	-10	40	464

40 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Revenue Weighted: 11. On February 15, 2013 the annual yield on 10-yr treasury bonds was 2.0%. 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:	1.1	4.4	1.1 - 1.2	2	-13.9	14.4

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	5.7	2.9	5.7 - 5.8	5	-8.2	21.2

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:	9.2	4.1	9.2 - 9.3	9	-5.6	25.8

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:	-2.5	7.2	-2.6 - -2.4	0	-22.3	15.4

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	5.3	3.7	5.3 - 5.4	5	-4.5	14.5

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:	10.2	5.0	10.1 - 10.3	10	-1.4	21.7

41 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Employee Weighted: 11. On February 15, 2013 the annual yield on 10-yr treasury bonds was 2.0%. 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:	1.0	4.5	1.0 - 1.1	2	-13.9	14.4

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.1	3.3	6.1 - 6.2	6	-8.2	21.2

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:	9.6	4.4	9.5 - 9.7	9	-5.6	25.8

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:	-2.8	7.3	-2.9 - -2.7	0	-22.3	15.4

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	5.3	3.7	5.3 - 5.4	5	-4.5	14.5

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:	10.2	5.0	10.1 - 10.3	10	-1.4	21.7

42 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2012	73.9	16.0	70.9 - 76.9	76.5	25	100	108

% of capacity utilization planned for the second half of
2013	77.0	14.5	74.2 - 79.7	80	40	100	108

43 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2012	78.3	13.3	75.8 - 80.8	80	25	100	108

% of capacity utilization planned for the second half of
2013	81.1	13.2	78.7 - 83.6	80	40	100	108

44 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Industry

	 	Number	Percent	95% CI
	Manufacturing	116	23.3 %	± 3.7 %
	Other	72	14.5 %	± 3.1 %
	Retail/Wholesale	69	13.9 %	± 3.0 %
	Service/Consulting	57	11.5 %	± 2.8 %
	Banking/Finance/Insurance	53	10.7 %	± 2.7 %
	Healthcare/Pharmaceutical	36	7.2 %	± 2.2 %
	Transportation/Energy	30	6.0 %	± 2.1 %
	Mining/Construction	25	5.0 %	± 1.9 %
	Tech [Software/Biotech]	22	4.4 %	± 1.8 %
	Communications/Media	17	3.4 %	± 1.6 %
	Total	497	100.0 %

	Missing Cases = 9
	Response Percent = 98.2 %

45 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Industry (Other specified)

Aerospace/Defense	
AGRICULTURE	
Agriculture	
Agriculture	
Agriculture, Comm RE, Self Storage	
Agriculture/Manufacturing	
Aquarium	
automotive dealerships	
Business Services - Cooking OIl distribution	
Consulting	
Consumer Packaged Goods	
Consumer services	
corporate catering and events	
Education	
Education	
Education	
Education	
Education	
Education	
elder services	
Engineering/Consulting	
entertainment/hospitality	
Equipment rental & repair	
Food Production and Marketing	
Food Service	
Government	
Government	
government	
Higher Deucation	
Higher Education	
higher education	
Hospitality	
hospitality	
hospitality	
industrial distribution	
Info Services	
k-12 education	
Language Provider	
medical devices mfg	
Non-Profit/Foundation	
Nonprofit	
nonprofit	
nonprofit performing arts	
not for profit	
Private Equity	
Professional	
Proprietary Trading/Market Making	
Public Administration	
Publishing	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Development/Operations	
Real Estate Development/Property Management	
real estate	

46 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Industry (Other specified)

Recycling Paper and Plastic	
Restaurant	
Retail	
Security	
Service (Manufacturing Industry)	
Sports/Entertainment	
Staffing	
Telecom / internet	
Telecommunications	
Trading and Merchandising	
Travel	
Travel/Tourism/Hospitality	

47 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	104	20.9 %	± 3.5 %
	$25-$99 million	117	23.5 %	± 3.7 %
	$100-$499 million	149	30.0 %	± 4.0 %
	$500-$999 million	34	6.8 %	± 2.2 %
	$1-$4.9 billion	53	10.7 %	± 2.7 %
	$5-$9.9 billion	14	2.8 %	± 1.4 %
	More than $10 billion	26	5.2 %	± 1.9 %
	Total	497	100.0 %

	Missing Cases = 9
	Response Percent = 98.2 %

48 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1267.7

	Median = 300

	Standard Deviation (Unbiased) = 2710.8

	95 Percent Confidence Interval Around The Mean = 1029.4 - 1506.0

	99 Percent Confidence Interval Around The Mean = 954.6 - 1580.8

	Skewness = 2.7

	Kolmogorov-Smirnov Statistic For Normality = 8.7

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases =497
Missing Cases =9
Response Percent = 98.2%

49 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	111	25.5 %	± 3.6 %
	100-499	125	28.7 %	± 3.8 %
	500-999	61	14.0 %	± 2.8 %
	1,000-2,499	45	10.3 %	± 2.5 %
	2,500-4,999	36	8.3 %	± 2.3 %
	5,000-9,999	18	4.1 %	± 1.6 %
	Over 10,000	40	9.2 %	± 2.4 %
	Total	436	100.0 %

	Missing Cases = 70
	Response Percent = 86.2 %

50 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2117.2

	Median = 300

	Standard Deviation (Unbiased) = 3558.7

	95 Percent Confidence Interval Around The Mean = 1783.2 - 2451.2

	99 Percent Confidence Interval Around The Mean = 1678.3 - 2556.1

	Skewness = 2.0

	Kolmogorov-Smirnov Statistic For Normality = 6.9

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1750

Valid Cases =436
Missing Cases =70
Response Percent = 86.2%

51 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	145	28.8 %	± 4.0 %
	Northeast U.S.	117	23.3 %	± 3.7 %
	South Atlantic U.S.	91	18.1 %	± 3.4 %
	Pacific US	62	12.3 %	± 2.9 %
	South Central U.S.	58	11.5 %	± 2.8 %
	Mountain U.S.	21	4.2 %	± 1.7 %
	Canada	8	1.6 %	± 1.1 %
	Africa	1	0.2 %	± 0.4 %
	Europe	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	503	100.0 %

	Missing Cases = 3
	Response Percent = 99.4 %

52 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Where are you personally located? - Other specified

--- No Response ---

53 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Ownership

	 	Number	Percent	95% CI
	Private	331	69.8 %	± 4.2 %
	Public, NYSE	51	10.8 %	± 2.6 %
	Nonprofit	41	8.6 %	± 2.4 %
	Public, NASDAQ/AMEX	34	7.2 %	± 2.2 %
	Government	17	3.6 %	± 1.6 %
	Total	474	100.0 %

	Missing Cases = 32
	Response Percent = 93.7 %

54 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

Foreign Sales

	 	Number	Percent	95% CI
	0%	216	43.1 %	± 4.3 %
	1-24%	195	38.9 %	± 4.3 %
	25-50%	54	10.8 %	± 2.7 %
	More than 50%	36	7.2 %	± 2.2 %
	Total	501	100.0 %

	Missing Cases = 5
	Response Percent = 99.0 %

55 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

In what region of the world are most of your foreign sales?

	 	Number	Percent	95% CI
	Europe	90	39.5 %	± 5.4 %
	Asia/Pacific Basin	60	26.3 %	± 4.8 %
	US/Canada	47	20.6 %	± 4.3 %
	Latin America	27	11.8 %	± 3.4 %
	Africa	4	1.8 %	± 1.4 %
	Total	228	100.0 %

	Missing Cases = 57
	Response Percent = 80.0 %

56 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	53	13.8 %	13.8 %
	AA+	41	10.7 %	24.5 %
	AA	47	12.2 %	36.7 %
	AA-	10	2.6 %	39.3 %
	A+	24	6.3 %	45.6 %
	A	36	9.4 %	54.9 %
	A-	26	6.8 %	61.7 %
	BBB+	34	8.9 %	70.6 %
	BBB	20	5.2 %	75.8 %
	BBB-	15	3.9 %	79.7 %
	BB+	12	3.1 %	82.8 %
	BB	10	2.6 %	85.4 %
	BB-	10	2.6 %	88.0 %
	B+	8	2.1 %	90.1 %
	B	12	3.1 %	93.2 %
	B-	8	2.1 %	95.3 %
	CCC	10	2.6 %	97.9 %
	CC	1	0.3 %	98.2 %
	D	7	1.8 %	100.0 %
	Total	384	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

57 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

What is your company's credit rating? 

N=384		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		384		157	227	
		100.0%		40.9%	59.1%	
						
AAA		53		30	23	
		13.8%		19.1%	10.1%	
				b	a	
						
AA+		41		17	24	
		10.7%		10.8%	10.6%	
						
AA		47		11	36	
		12.2%		7.0%	15.9%	
				B	A	
						
AA-		10		4	6	
		2.6%		2.5%	2.6%	
						
A+		24		5	19	
		6.3%		3.2%	8.4%	
				b	a	
						
A		36		18	18	
		9.4%		11.5%	7.9%	
						
A-		26		9	17	
		6.8%		5.7%	7.5%	
						
BBB+		34		12	22	
		8.9%		7.6%	9.7%	
						
BBB		20		8	12	
		5.2%		5.1%	5.3%	
						
BBB-		15		8	7	
		3.9%		5.1%	3.1%	
						
BB+		12		9	3	
		3.1%		5.7%	1.3%	
				b	a	
						
BB		10		2	8	
		2.6%		1.3%	3.5%	
						
BB-		10		5	5	
		2.6%		3.2%	2.2%	
						
B+		8		5	3	
		2.1%		3.2%	1.3%	

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

58 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2013

What is your company's credit rating? 

N=384		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		12		5	7	
		3.1%		3.2%	3.1%	
						
B-		8		3	5	
		2.1%		1.9%	2.2%	
						
CCC		10		5	5	
		2.6%		3.2%	2.2%	
						
CC		1		0	1	
		0.3%		0.0%	0.4%	
						
D		7		1	6	
		1.8%		0.6%	2.6%	

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