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)	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 for your corporation? (rank #1, #2, #3)	8
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)	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?
(e.g., +3%, -2%, etc.) [Leave blank if not applicable]	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 - Winsorized - 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 - Winsorized - 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 - Winsorized - Revenue Weighted]	15
6. Have economic conditions for your company or industry changed or do you expect them to change...	16
7. Does your company have a corporate budget for charitable donations?	17
7. Company does not have a budget for charitable donations. Did you ever have a corporate budget for charitable_donations?	18
7. Company used to have a charitable donation budget. Why did your company reduce or eliminate charitable donations?	19
7. Company does have a budget for charitable donations. How has the budget changed...	20
7. Company does have a budget for charitable donations. Are you considering reducing the budget in the future?	21
7. Company does have a budget for charitable donations and has or is considering change.	22
8a. Given that implementation of the Affordable Care Act (ACA) begins in early 2014, would you consider reducing your
number of employees as a direct result of ACA?	24
8a. Given that implementation of the Affordable Care Act (ACA) begins in early 2014, would you consider reducing your
number of employees as a direct result of ACA? - Other specified	25
8b. Due to ACA, would you consider either switching some of your employees to fewer than 30 hours per week or hiring
new employees that work fewer than 30 hours?	26
8a. & 8b. As a direct result of the Affordable Care Act, would you consider either: 1) hiring fewer employees, 2) laying off
current employees, 3) switching employees to <30 hours, or 4) hiring new employees that work <30 hours?	27
8c. Due to ACA, would you consider changing health benefits for your employees? (check all that apply)	28
8c, Due to ACA, would you consider changing health benefits for your employees? - Other specified	29
9a. Do you think that the Social Security full retirement age should be raised in order to reduce the federal budget deficit?	30
9b. Do you think raising the Social Security full retirement age would cause many of your employees to delay retirement?	31
9c. Believe that raising the Social Security full retirement age would cause many employees to delay retirement? Yes or not
sure - What are likely to be the most significant consequences of delayed retirements for your company? (Please select up_to three)	32
9c. Believe that raising the Social Security full retirement age would cause many employees to delay retirement? Yes or not
sure - Other specified	33
9d. Does your company offer either defined benefit plans or defined contribution plans to your employees? (Please select_one.)	34
10. On November 18, 2013 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the following:	35
Revenue Weighted: 10. On November 18, 2013 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the_following:	36
Employee Weighted: 10. On November 18, 2013 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the_following:	37
Return on assets (ROA=operating earnings/assets)	38
Manufacturing capacity utilized	39
Manufacturing capacity utilized (Revenue Weighted)	40
Industry	41
Industry (Other specified)	42
Sales Revenue	43
Weighted Sales Revenue (Millions)	44
Number of Employees	45
Weighted Number of Employees	46
Where are you personally located?	47
Where are you personally located? - Other specified	48
Ownership	49
Foreign Sales	50
In what region of the world are most of your foreign sales?	51
 1 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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	133	33.3 %	± 4.6 %
	0=No change	155	38.8 %	± 4.8 %
	-1=Less optimistic	112	28.0 %	± 4.4 %
	Total	400	100.0 %

	Mean = 0.1
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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 = 57.2

	Median = 60

	Standard Deviation (Unbiased Estimate) = 17.3

	95 Percent Confidence Interval Around The Mean = 55.4 - 59.1

Quartiles

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =336
Missing Cases =64
Response Percent = 84.0%

3 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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	153	38.5 %	± 4.8 %
	0=No change	136	34.3 %	± 4.7 %
	-1=Less optimistic	108	27.2 %	± 4.4 %
	Total	397	100.0 %

	Mean = 0.1
	SD = 0.8

	Missing Cases = 3
	Response Percent = 99.3 %

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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 = 701

	Mean = 65.5

	Median = 65

	Standard Deviation (Unbiased Estimate) = 39.8

	95 Percent Confidence Interval Around The Mean = 61.2 - 69.8

Quartiles

	 1 = 50
	 2 = 65
	 3 = 75.5

Valid Cases =331
Missing Cases =69
Response Percent = 82.8%

5 

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

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

(N=400)

	Mean & SD	1st	2nd	3rd	Total	
	1.61	112	51	35	198
Consumer demand	0.77	28.00%	12.75%	8.75%	49.50%

	1.88	69	71	46	186
Price pressure from competitors	0.78	17.25%	17.75%	11.50%	46.50%

	1.96	66	73	58	197
Federal government policies	0.79	16.50%	18.25%	14.50%	49.25%

	1.98	18	16	17	51
Credit markets/interest rates	0.84	4.50%	4.00%	4.25%	12.75%

	2.01	22	26	23	71
Financial regulation	0.80	5.50%	6.50%	5.75%	17.75%

	2.03	11	13	12	36
Cost of non-fuel commodities	0.81	2.75%	3.25%	3.00%	9.00%

	2.03	10	9	11	30
Corporate tax rates	0.85	2.50%	2.25%	2.75%	7.50%

	2.04	7	11	8	26
Foreign competition	0.77	1.75%	2.75%	2.00%	6.50%

	2.16	9	23	17	49
Global financial instability	0.72	2.25%	5.75%	4.25%	12.25%

	2.17	23	22	37	82
National employment outlook	0.84	5.75%	5.50%	9.25%	20.50%

	2.17	18	27	31	76
Federal budget deficit	0.79	4.50%	6.75%	7.75%	19.00%

	2.18	6	11	11	28
Potential for stock market correction	0.77	1.50%	2.75%	2.75%	7.00%

	2.27	3	10	9	22
Cost of fuel	0.70	0.75%	2.50%	2.25%	5.50%

	2.28	11	11	24	46
State or local government budget deficits	0.83	2.75%	2.75%	6.00%	11.50%

	2.31	4	10	12	26
Environmental regulation	0.74	1.00%	2.50%	3.00%	6.50%

	2.50	3	4	13	20
Global political instability	0.76	0.75%	1.00%	3.25%	5.00%

	2.56	1	2	6	9
Currency risk	0.73	0.25%	0.50%	1.50%	2.25%

	2.64	1	6	15	22
Inflation	0.58	0.25%	1.50%	3.75%	5.50%

	2.14	9	6	13	28
Other:	0.89	2.25%	1.50%	3.25%	7.00%

6 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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	1.18	1.31	400

Federal government policies	1.01	1.16	400

Price pressure from competitors	0.99	1.19	400

National employment outlook	0.38	0.83	400

Federal budget deficit	0.35	0.80	400

Financial regulation	0.35	0.83	400

Credit markets/interest rates	0.26	0.74	400

Global financial instability	0.23	0.65	400

State or local government budget deficits	0.20	0.62	400

Cost of non-fuel commodities	0.18	0.61	400

Corporate tax rates	0.15	0.57	400

Potential for stock market correction	0.13	0.51	400

Foreign competition	0.13	0.52	400

Environmental regulation	0.11	0.46	400

Cost of fuel	0.10	0.43	400

Global political instability	0.08	0.37	400

Inflation	0.08	0.34	400

Currency risk	0.03	0.24	400

Other:	0.13	0.53	400

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

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

Banking/Finance/Insurance	Debt ceiling or gov't shutdown crisis	
Communications/Media	Industry consolidation	
Communications/Media	supply	
Healthcare/Pharmaceutical	National Healthcare	
Manufacturing	3rd party logistics	
Manufacturing	Chinese Holding Company	
Manufacturing	Competition Local and Global	
Manufacturing	Foreign regulations	
Manufacturing	Health Insurance	
Manufacturing	industry consolidation	
Manufacturing	Obamacare	
Other	federal budget	
Other	Legal	
Other	Obamacare	
Other	Student Enrollment Competition	
Retail/Wholesale	Advertising spending	
Retail/Wholesale	affordable health care for employees	
Retail/Wholesale	Health Care	
Retail/Wholesale	Major Headline news out of our control	
Retail/Wholesale	US construction spending	
Service/Consulting	Lack of confidence in the economy	
Service/Consulting	obamacare	
Service/Consulting	obamacare unknowns	
Service/Consulting	US Govt,, big banks, and multinational corporations have planned this disaster	
Tech [Software/Biotech]	Healthcare Act (Obamacare)	
Tech [Software/Biotech]	Software Industry - software purchase versus renting in the cloud	
Tech [Software/Biotech]	Wage Inflation	
Transportation/Energy	+74% benefit cost ACA	

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

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

(N=400)

	Mean & SD	1st	2nd	3rd	Total	
	1.61	147	63	47	257
Ability to maintain margins	0.78	36.75%	15.75%	11.75%	64.25%

	1.84	20	17	12	49
Balance sheet weakness	0.80	5.00%	4.25%	3.00%	12.25%

	1.89	2	6	1	9
Counterparty risk	0.60	0.50%	1.50%	0.25%	2.25%

Attracting and retaining qualified	1.93	59	43	49	151
employees	0.85	14.75%	10.75%	12.25%	37.75%

	1.95	39	39	33	111
Ability to forecast results	0.81	9.75%	9.75%	8.25%	27.75%

	2.05	49	64	57	170
Cost of health care	0.79	12.25%	16.00%	14.25%	42.50%

	2.16	7	13	12	32
Data security	0.77	1.75%	3.25%	3.00%	8.00%

	2.19	14	38	29	81
Managing IT systems	0.71	3.50%	9.50%	7.25%	20.25%

	2.19	11	13	19	43
Supply chain risk	0.82	2.75%	3.25%	4.75%	10.75%

	2.20	21	28	39	88
Working capital management	0.80	5.25%	7.00%	9.75%	22.00%

	2.21	3	5	6	14
Pension obligations	0.80	0.75%	1.25%	1.50%	3.50%

	2.24	5	9	11	25
Protection of intellectual property	0.78	1.25%	2.25%	2.75%	6.25%

	2.40	14	55	69	138
Maintaining morale/productivity	0.67	3.50%	13.75%	17.25%	34.50%

	1.92	11	5	9	25
Other:	0.91	2.75%	1.25%	2.25%	6.25%

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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	1.54	1.30	398

Cost of health care	0.83	1.10	398

Attracting and retaining qualified employees	0.78	1.13	398

Ability to forecast results	0.57	1.02	398

Maintaining morale/productivity	0.56	0.86	398

Working capital management	0.40	0.84	398

Managing IT systems	0.37	0.80	398

Balance sheet weakness	0.27	0.76	398

Supply chain risk	0.20	0.62	398

Data security	0.15	0.55	398

Protection of intellectual property	0.11	0.47	398

Pension obligations	0.06	0.36	398

Counterparty risk	0.05	0.33	398

Other:	0.13	0.55	398

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

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

Banking/Finance/Insurance	Financial Health of Customers	
Banking/Finance/Insurance	Growth management	
Banking/Finance/Insurance	margins	
Communications/Media	Transformation execution	
Healthcare/Pharmaceutical	morale	
Manufacturing	Creating Sales demand	
Manufacturing	customer predictibility	
Manufacturing	Management decisions	
Manufacturing	new product launches	
Mining/Construction	Overall cost structure	
Other	Acquisitions	
Other	Senior staff discourse	
Retail/Wholesale	Finding expansion locations	
Retail/Wholesale	litigation risk	
Retail/Wholesale	Managing SKU proliferation	
Retail/Wholesale	Manufacturers open new competition	
Service/Consulting	regulations	
Service/Consulting	Sales & Marketing effectiveness	
Service/Consulting	sales incentives	
Service/Consulting	Survival of the company	
Service/Consulting	untrainable new hires	
Tech [Software/Biotech]	aging legacy product	
Tech [Software/Biotech]	Healthcare Act (Obamacare)	
Tech [Software/Biotech]	Management focus on the right areas	
Transportation/Energy	Government regulation impacts on capital and O&M spending	
Unspecified Industry	Data Governance/MDM	

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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

Earnings	15.4	51.9	9.5 - 21.3	5	-75	417	300

Health care costs	13.2	26.1	10.4 - 16.0	9.5	-30	400	261

Technology spending	10.1	35.2	5.5 - 14.7	5	-80	400	41

Share repurchases	9.2	51.8	-1.0 - 19.4	0	-50	400	296

Revenue	8.3	23.2	5.8 - 10.8	5	-30	300	326

Marketing/advertising spending	7.2	24.9	4.1 - 10.3	3	-95	200	242

Dividends	6.7	24.8	-0.9 - 14.3	0	-75	100	286

Capital spending	6.3	35.3	2.3 - 10.3	2	-90	300	179

Cash on the balance sheet	5.2	35.1	0.9 - 9.4	1	-80	300	112

Number of offshore outsourced employees	4.7	30.9	-1.0 - 10.5	0	-50	300	257

Research and development spending	4.3	19.5	1.2 - 7.4	1	-75	200	202

Productivity (output per hour worked)	4.1	7.8	3.1 - 5.2	3	-20	80	153

Wages/Salaries	3.8	5.6	3.1 - 4.4	3	-20	50	325

Number of domestic full-time employees	3.4	14.4	1.8 - 5.1	1.5	-50	100	99

Prices of your products	2.2	6.2	1.4 - 2.9	2	-25	40	224

Number of domestic temporary employees	1.5	10.5	-0.1 - 3.0	0	-75	50	313

12 

Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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=400)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	305	11	10	326
Health care costs	0.4	93.6%	3.4%	3.1%	100.0%

	0.9	289	17	7	313
Wages/Salaries	0.4	92.3%	5.4%	2.2%	100.0%

	0.7	152	41	9	202
Productivity (output per hour worked)	0.5	75.2%	20.3%	4.5%	100.0%

	0.6	254	21	50	325
Revenue	0.7	78.2%	6.5%	15.4%	100.0%

	0.6	164	35	25	224
Technology spending	0.7	73.2%	15.6%	11.2%	100.0%

	0.5	172	54	31	257
Prices of your products	0.7	66.9%	21.0%	12.1%	100.0%

	0.5	210	35	51	296
Earnings	0.8	70.9%	11.8%	17.2%	100.0%

	0.5	154	59	29	242
Marketing/advertising spending	0.7	63.6%	24.4%	12.0%	100.0%

	0.4	21	20	2	43
Dividends	0.6	48.8%	46.5%	4.7%	100.0%

	0.4	77	60	16	153
Research and development spending	0.7	50.3%	39.2%	10.5%	100.0%

	0.3	180	49	74	303
Capital spending	0.8	59.4%	16.2%	24.4%	100.0%

	0.3	161	58	67	286
Number of domestic full-time employees	0.8	56.3%	20.3%	23.4%	100.0%

Number of domestic temporary	0.3	76	82	21	179
employees	0.7	42.5%	45.8%	11.7%	100.0%

Number of offshore outsourced	0.3	34	75	4	113
employees	0.5	30.1%	66.4%	3.5%	100.0%

	0.3	135	58	69	262
Cash on the balance sheet	0.8	51.5%	22.1%	26.3%	100.0%

	0.2	19	76	4	99
Share repurchases	0.5	19.2%	76.8%	4.0%	100.0%

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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

Earnings	12.9	25.7	12.3 - 13.4	5	-75	117.1

Dividends	11.7	24.7	10.8 - 12.5	3	-75	100

Capital spending	7.3	23.7	6.7 - 7.8	3	-82.9	97.4

Revenue	6.8	9.2	6.6 - 7.0	5	-30	53.7

Technology spending	5.6	11.4	5.3 - 5.9	3	-50	79

Cash on the balance sheet	5.2	20.0	4.7 - 5.7	3	-65	74.5

Share repurchases	5.2	18.9	4.7 - 5.8	0	-50	110.8

Marketing/advertising spending	4.1	11.0	3.9 - 4.4	2	-41.6	55.9

Research and development spending	2.3	5.5	2.2 - 2.4	2	-33.9	42.5

Prices of your products	2.0	3.2	1.9 - 2.0	2	-9.9	14.3

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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	10.2	11.0	9.9 - 10.4	8	-30	64.3

Number of offshore outsourced employees	3.2	7.8	3.0 - 3.4	0	-30	100

Productivity (output per hour worked)	3.1	2.8	3.0 - 3.2	3	-11.1	19.3

Wages/Salaries	2.7	2.0	2.6 - 2.7	3	-7.2	14.8

Number of domestic temporary employees	1.6	4.9	1.5 - 1.7	0	-19.1	22.1

Number of domestic full-time employees	1.4	7.3	1.2 - 1.5	0	-24.7	31.6

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Duke CFO magazine Global Business Outlook survey - U.S. - Fourth 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

Earnings	14.3	22.5	13.6 - 15.0	10	-50	117.1

Dividends	11.2	23.8	10.3 - 12.0	3	-75	85

Cash on the balance sheet	7.4	13.9	7.0 - 7.9	5	-25	74.5

Revenue	6.2	5.9	6.0 - 6.4	6	-30	20

Share repurchases	5.4	17.6	4.8 - 6.1	1	-30	110.8

16 

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

6. Have economic conditions for your company or industry changed or do you expect them to change...

(N=400)

		Significantly	Somewhat		Somewhat	Significantly	
	Mean & SD	worse	worse	No change	better	better	Total
	  	-2	-1	0	+1	+2	  	
	0.2	22	92	102	141	38	395
during the past year - for your firm?	1.1	5.6%	23.3%	25.8%	35.7%	9.6%	100.0%

	0.0	24	113	113	122	21	393
during the past year - for your industry?	1.0	6.1%	28.8%	28.8%	31.0%	5.3%	100.0%

	0.4	21	61	101	181	31	395
expected for 2014 - for your firm?	1.0	5.3%	15.4%	25.6%	45.8%	7.8%	100.0%

	0.1	21	83	131	138	19	392
expected for 2014 - for your industry?	1.0	5.4%	21.2%	33.4%	35.2%	4.8%	100.0%

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

7. Does your company have a corporate budget for charitable donations?

	 	Number	Percent	95% CI
	Yes	219	55.9 %	± 4.9 %
	No	173	44.1 %	± 4.9 %
	Total	392	100.0 %

	Missing Cases = 8
	Response Percent = 98.0 %

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

7. Company does not have a budget for charitable donations. Did you ever have a corporate budget for charitable donations?

	 	Number	Percent	95% CI
	Yes	20	13.4 %	± 4.8 %
	No	129	86.6 %	± 6.6 %
	Total	149	100.0 %

	Missing Cases = 24
	Response Percent = 86.1 %

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

7. Company used to have a charitable donation budget. Why did your company reduce or eliminate charitable donations?

Banking/Finance/Insurance	We have not been profitable since 2010	
Communications/Media	no cash for it	
Healthcare/Pharmaceutical	Margin pressures and our economic outlook	
Healthcare/Pharmaceutical	So we could keep staffing at correct levels	
Manufacturing	cash flow	
Manufacturing	Change in ownership	
Manufacturing	Cost control measure.	
Manufacturing	Near-death experience for company.	
Manufacturing	Profits down	
Manufacturing	Uncertain actions by Washington	
Manufacturing	We do not budget for donations as they are typically small in quantity.	
Other	Cash flow issues / margin squeeze.  Now look for donations with industry/	
	company visibility/marketing component.	
Other	Need to reduce variable cost	
Other	Private equity ownership cut out corporate donations.	
Retail/Wholesale	left it to owners and individuals.  Cost cutting	
Retail/Wholesale	Pressure on earnings	
Retail/Wholesale	We have eliminated all non-essential costs including downsizing staff and office	
	space in order to survive.	
Service/Consulting	No budget, but more due diligence in giving	
Tech [Software/Biotech]	Healthcare Act (Obamacare)	
Transportation/Energy	income	

20 

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

7. Company does have a budget for charitable donations. How has the budget changed...

(N=219)

	Mean & SD	Decreased	Stayed the same	Increased	Total
	  	-1	0	+1	  	
	0.1	40	121	53	214
during the past year?	0.7	18.7%	56.5%	24.8%	100.0%

	0.3	48	56	102	206
during the past five years?	0.8	23.3%	27.2%	49.5%	100.0%

21 

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

7. Company does have a budget for charitable donations. Are you considering reducing the budget in the future?

	 	Number	Percent	95% CI
	Yes	29	14.4 %	± 4.5 %
	No	117	57.9 %	± 6.7 %
	Not sure	56	27.7 %	± 5.8 %
	Total	202	100.0 %

	Missing Cases = 17
	Response Percent = 92.2 %

22 

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

7. Company does have a budget for charitable donations and has or is considering change. 

Banking/Finance/Insurance	Declining revenues.	
Banking/Finance/Insurance	Economic conditions at company	
Banking/Finance/Insurance	Lack of transparency and proper funds utilization	
Banking/Finance/Insurance	Our net interest margin is declinging, so accordingly, need to scale back overhead/	
	non interest costs where we can.	
Banking/Finance/Insurance	profit pressures.	
Banking/Finance/Insurance	Reduced due to lower profits	
Banking/Finance/Insurance	self-preservation	
Banking/Finance/Insurance	To reduce expenses	
Communications/Media	became more focused in giving	
Communications/Media	less profit	
Communications/Media	To maintain company employee benefits.	
Healthcare/Pharmaceutical	NO CASH	
Healthcare/Pharmaceutical	Operating losses will not support prior year levels.	
Manufacturing	All based on profits.	
Manufacturing	Cutting costs not considered business critical	
Manufacturing	Earnings/cash flow/EBITDA improvement	
Manufacturing	Economic conditions worsened.	
Manufacturing	Income	
Manufacturing	lower earnings	
Manufacturing	No profits, have nothing to share.	
Manufacturing	Reduced due to poor financial results	
Manufacturing	Tax benefits have been reduced or eliminated in our State	
Manufacturing	Taxes, income, Government spending	
Manufacturing	Uncertainty in politics and health costs	
Mining/Construction	Bad treatment by City of San Francisco	
Mining/Construction	because of economic downturn	
Mining/Construction	cost cutting measures	
Mining/Construction	Declining revenue	
Mining/Construction	Had to scale back during the recession.	
Mining/Construction	Less cash available	
Other	Diminished profits	
Other	economic conditions	
Other	Have seen weaker balance sheet which has reduced charitable giving	
Other	Lack of available funds as higher medical costs preclude charitable funds.	
Other	NA	
Other	We are a 501(c)(3) organization, and our charitable donations budget is actually	
	our REVENUE budget.  Our Charitable Revenue base has been devastated in	
	recent years, due to Unemployment and Under-employment issues, and	
	Corporate Charity cutbacks within our community.	
Retail/Wholesale	bottom line	
Retail/Wholesale	Budget cutbacks across the board.	
Retail/Wholesale	Calculation on profits	
Retail/Wholesale	Cash flow concerns	
Retail/Wholesale	Consolidated charitable donations into a single event in which we donate a	
	building.  This was due to increased demand for contributions and increased	
	pressure on margins and expenses with sluggish demand.	
Retail/Wholesale	It's a matter of cash available to spend. We are a privately held company and with	
	less cash available, we are unable to provide the same amount of charitable giving.	
Retail/Wholesale	There was a state tax increase that significantly reduced our margins and earnings.	
	That tax sunset in July 2013 so we will now increase our donations.	
Service/Consulting	Diminished resources	
Service/Consulting	Due to significant reduction in revenue we had to RIF 30% of employees. We felt	
	it was proper to decrease our charitable giving due to this layoff.	
Service/Consulting	Focus on costs while faced with rising personnel costs	
Service/Consulting	Increase in regulation costs, taxes reduced our ability for discretionary spending	
Service/Consulting	Increased benefits costs	

23 

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

7. Company does have a budget for charitable donations and has or is considering change. 

Service/Consulting	Insufficient cash flow	
Service/Consulting	Keyed in on local charities with larger gifts rather than multiple smaller gifts	
Service/Consulting	Less Revenue	
Service/Consulting	Need to cut all overhead costs	
Service/Consulting	Other higher uses for limited corporate cash	
Service/Consulting	Percentage of Profits down due to lower Revenue Billed.	
Service/Consulting	Recession	
Service/Consulting	Reduced bottom line	
Service/Consulting	reduced profits	
Service/Consulting	Reduction due to pressure on net income from falling selling prices.	
Tech [Software/Biotech]	budget constraints / EBITDA preasure	
Tech [Software/Biotech]	NA	
Tech [Software/Biotech]	Tax rates going up - either give it to charity or the federal government, but can't do	
	both.	
Transportation/Energy	Resulted from specific, one-time donations that did not repeat and were no	
	planned to repeat.	
Unspecified Industry	other needs for cash	

24 

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

8a. Given that implementation of the Affordable Care Act (ACA) begins in early 2014, would you consider reducing your number of employees as a direct result of ACA?

	 	Number	Percent	95% CI
	Yes, we may hire fewer employees than we otherwise would
	   have over the next few years	78	19.6 %	± 3.9 %
	Yes, we may lay off current employees in response to ACA	43	10.8 %	± 3.1 %
	No	258	64.8 %	± 4.7 %
	Other	19	4.8 %	± 2.1 %
	Total	398	100.0 %

	Missing Cases = 2
	Response Percent = 99.5 %

25 

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

8a. Given that implementation of the Affordable Care Act (ACA) begins in early 2014, would you consider reducing your number of employees as a direct result of ACA? - Other specified

Banking/Finance/Insurance	Not Applicable - too small	
Banking/Finance/Insurance	We are all consultants all of my consultants are now in that 5% poll	
Communications/Media	I only have subcontractors	
Manufacturing	Are much more cautious of hiring due to healthcare costs	
Manufacturing	Convert more positions to part-time	
Manufacturing	use more temp labor	
Other	Reduce hours below 30 for p/t emps	
Other	Reduced insurance for dependents	
Other	Staff reductions have already occurred due to lack of State & Federal Funding for K-	
	12 education.	
Other	We are currently a Grandfathered Plan	
Other	We may increase the employee contribution toward health insurance expense	
Other	We self insure and are minimally affected	
Retail/Wholesale	We already have reduced staff and will not rehire full time	
Retail/Wholesale	We have laid provisions that discourage employees from joining OUR health plan.	
Retail/Wholesale	we will expand the use of part time workers	
Retail/Wholesale	We will monitor our full time employee count and who qualifies as full time.	
Service/Consulting	While not planning to hire, it is a factor if chose to hire	
Unspecified Industry	not sure yet given delay	

26 

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

8b. Due to ACA, would you consider either switching some of your employees to fewer than 30 hours per week or hiring new employees that work fewer than 30 hours?

	 	Number	Percent	95% CI
	Yes	162	40.8 %	± 4.8 %
	No	235	59.2 %	± 4.8 %
	Total	397	100.0 %

	Missing Cases = 3
	Response Percent = 99.3 %

27 

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

8a. & 8b. As a direct result of the Affordable Care Act, would you consider either: 1) hiring fewer employees, 2) laying off current employees, 3) switching employees to <30 hours, or 4) hiring new employees that work <30 hours?

	 	Number	Percent	95% CI
	Yes	192	48.0 %	± 4.9 %
	No	208	52.0 %	± 4.9 %
	Total	400	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

28 

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

8c. Due to ACA, would you consider changing health benefits for your employees? (check all that apply)

	 	Number	Percent	95% CI
	Yes, we would consider reducing health benefits for current
	   employees	176	44.2 %	± 4.9 %
	Yes, we would consider increasing the employee/retiree
	   contribution for health benefits	150	37.7 %	± 4.8 %
	No, we will not change employee health benefits in response to
	   ACA	132	33.2 %	± 4.6 %
	Yes, we would consider eliminating our company-sponsored
	   health care plan	69	17.3 %	± 3.7 %
	Yes, we would consider reducing health benefits for our retirees	38	9.5 %	± 2.9 %
	Our company does not currently have a health care plan	15	3.8 %	± 1.9 %
	Other	29	7.3 %	± 2.6 %
	Total	609

	Number of Cases = 398
	Number of Responses = 609
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response = 398
	Response Percent = 100.0 %

29 

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

8c, Due to ACA, would you consider changing health benefits for your employees? - Other specified

Banking/Finance/Insurance	We are consultants, and Health care providers do not cover us	
Communications/Media	reducing benefits for future employees	
Communications/Media	yes, I'm looking into new policies	
Healthcare/Pharmaceutical	Adding wellness to improve health care awareness and responsibility	
Healthcare/Pharmaceutical	We have reduced health benefits for current employees due to the current cost	
	increases this year	
Manufacturing	No, we self insure	
Manufacturing	No change in 2014, can't say for future years	
Manufacturing	We already had to increase emp contribution.	
Manufacturing	We are changing our health plan to an HSA, high deductable plan, eliminating the	
	HMO option.	
Manufacturing	we are continually reviewing our plans	
Manufacturing	Will encourage selection of high deductible plan option	
Manufacturing	Will wait to see the cost implication	
Manufacturing	Yes, we would consider changing the design of the current health plan	
Other	We self insure and so are minimally affected	
Retail/Wholesale	Dependents will have higher premiums	
Retail/Wholesale	law requires us to make changes and we have	
Retail/Wholesale	More cost  shifting to employees	
Retail/Wholesale	Our insurance plan reduced benefits on our existing plan and increased costs	
	giving us no choice in maintaining coverage we had	
Retail/Wholesale	Spouses having insurance with their employer will be removed from plan	
Retail/Wholesale	Still evaluating	
Retail/Wholesale	trying to figure out the impact.  May have to increase company contribution to	
	health care benefits.	
Retail/Wholesale	We have already moved our employees to a high deductible / HSA plan in	
	response to increasing healthcare costs.	
Service/Consulting	ACA is but one factor in health care benefit levels	
Service/Consulting	adjusting benefits not reducing or increasing	
Service/Consulting	Benchmark for benefits is competition not ACA, ACA is just annoying	
Service/Consulting	But company contribution will not be increased.	
Service/Consulting	Plan offerings may change to comply	
Tech [Software/Biotech]	We changed our plan to a different carrier last year ( more of a cost of claims plus	
	a profit plan but with a cap) and so are OK for this year.	
Unspecified Industry	looking at alternatives	

30 

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

9a. Do you think that the Social Security full retirement age should be raised in order to reduce the federal budget deficit?

	 	Number	Percent	95% CI
	Yes	247	61.9 %	± 4.8 %
	No	114	28.6 %	± 4.4 %
	I'm not sure	38	9.5 %	± 2.9 %
	Total	399	100.0 %

	Missing Cases = 1
	Response Percent = 99.8 %

31 

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

9b. Do you think raising the Social Security full retirement age would cause many of your employees to delay retirement?

	 	Number	Percent	95% CI
	Yes	251	63.2 %	± 4.8 %
	No	83	20.9 %	± 4.0 %
	I'm not sure	63	15.9 %	± 3.6 %
	Total	397	100.0 %

	Missing Cases = 3
	Response Percent = 99.3 %

32 

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

9c. Believe that raising the Social Security full retirement age would cause many employees to delay retirement? Yes or not sure - What are likely to be the most significant consequences of delayed retirements for your company? (Please select up to three)

	 	Number	Percent	95% CI
	Higher company costs for medical benefits	206	66.9 %	± 5.3 %
	Fewer opportunities for advancement by younger employees	183	59.4 %	± 5.5 %
	Higher payroll costs (e.g., higher pay for longer-tenured
	   employees)	159	51.6 %	± 5.6 %
	Higher company contributions to retirement benefits	66	21.4 %	± 4.6 %
	Limit our ability to hire new, more desirable employees	64	20.8 %	± 4.6 %
	Lower productivity (e.g., due to skill set or health issues)	62	20.1 %	± 4.5 %
	Additional training and education required to develop skills	21	6.8 %	± 2.8 %
	Other (please describe):	17	5.5 %	± 2.6 %
	Total	778

	Number of Cases = 308
	Number of Responses = 778
	Average Number Of Responses Per Case = 2.5
	Number Of Cases With At Least One Response = 308
	Response Percent = 100.0 %

33 

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

9c. Believe that raising the Social Security full retirement age would cause many employees to delay retirement? Yes or not sure - Other specified

Banking/Finance/Insurance	None	
Communications/Media	It must foreseen, too early to jump into conclusions	
Healthcare/Pharmaceutical	Limited impact currently	
Healthcare/Pharmaceutical	Organizational history and knowledge transfer to new people	
Manufacturing	improved performance and workers	
Manufacturing	Retaining experienced employees longer will be a huge benefit to the company	
Manufacturing	Strong Desirable skills remain with our company	
Manufacturing	Workforce would be more skilled on average	
Mining/Construction	Greater Institutional Knowledge	
Other	No consequences - adverse or beneficial	
Other	On balance, we do well when our older employees stay around	
Other	The suggested answers to this question are tilted toward a negative impact ... I see	
	benefit in retaining older employees ... experience, loyalty, etc.	
Retail/Wholesale	For us experienced employees are most desired.	
Service/Consulting	insufficient savings	
Service/Consulting	none	
Tech [Software/Biotech]	retention of skilled workers beyond traditional retirement age	
Transportation/Energy	increased workers compensation risk	

34 

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

9d. Does your company offer either defined benefit plans or defined contribution plans to your employees? (Please select one.)

	 	Number	Percent	95% CI
	Both defined benefit plans and defined contribution plans	78	19.5 %	± 3.9 %
	Defined benefit plan(s) only	26	6.5 %	± 2.4 %
	Defined contribution plan(s) only	226	56.6 %	± 4.9 %
	Neither	69	17.3 %	± 3.7 %
	Total	399	100.0 %

	Missing Cases = 1
	Response Percent = 99.8 %

35 

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

10. On November 18, 2013 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less than:	0.9	8.5	0.0 - 1.8	2	-40	100	366

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	6.3	4.5	5.8 - 6.7	6	-10	50	370

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:	10.0	5.6	9.5 - 10.6	10	0	50	364

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:	-3.2	11.8	-4.4 - -2.0	0	-50	100	366

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	5.0	4.6	4.6 - 5.5	5	-10	20	375

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:	10.3	5.7	9.7 - 10.9	10	0	30	364

For predicting the S&P 500 return during the next year, among
all respondents to this survey, what do you think will be
the average of all of their 'best guesses' ?	6.9	6.9	6.2 - 7.6	6	-15	100	365

36 

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

Revenue Weighted: 10. On November 18, 2013 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the following: 

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500 return
will be: There is a 1-in-10 chance it will be less than:	1.2	4.4	1.1 - 1.2	2	-15.7	17.5

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	5.9	2.9	5.8 - 5.9	5	-2.5	15

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	3.8	9.1 - 9.3	9	0	21.1

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:	-3.3	9.0	-3.5 - -3.2	0	-26.2	19.8

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	5.0	3.9	4.9 - 5.0	5	-4	14

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:	10.1	5.4	10.0 - 10.2	10	0	21.5

For predicting the S&P 500 return during the next year, among all
respondents to this survey, what do you think will be the average of
all of their 'best guesses' ?	6.4	3.2	6.4 - 6.5	6	-6.5	20.4

37 

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

Employee Weighted: 10. On November 18, 2013 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the following:

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P 500 return
will be: There is a 1-in-10 chance it will be less than:	1.2	4.7	1.1 - 1.3	2	-15.7	17.5

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.0	3.0	5.9 - 6.0	5	-2.5	15

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:	9.4	4.2	9.3 - 9.5	10	0	21.1

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:	-2.3	8.6	-2.4 - -2.1	0	-26.2	19.8

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	5.2	3.8	5.2 - 5.3	5	-4	14

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:	10.3	5.3	10.2 - 10.4	10	0	21.5

For predicting the S&P 500 return during the next year, among all
respondents to this survey, what do you think will be the average of
all of their 'best guesses' ?	6.5	3.3	6.4 - 6.5	6	-6.5	20.4

38 

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

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2013	9.2	14.9	7.6 - 10.8	6	-20	100	334

% Expected ROA in 2014	11.2	16.0	9.5 - 13.0	7	-10	100	326

39 

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

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2013	71.1	17.7	67.2 - 75.0	75	10	113	79

% of capacity utilization planned for the remainder of 2013	72.1	17.7	68.1 - 76.0	75	20	100	79

40 

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

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2013	75.0	13.4	72.1 - 78.0	75	10	113	79

% of capacity utilization planned for the remainder of 2013	75.8	14.5	72.6 - 79.0	78	20	100	79

41 

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	85	21.6 %	± 4.0 %
	Retail/Wholesale	61	15.5 %	± 3.5 %
	Service/Consulting	60	15.3 %	± 3.5 %
	Banking/Finance/Insurance	38	9.7 %	± 2.9 %
	Healthcare/Pharmaceutical	25	6.4 %	± 2.4 %
	Communications/Media	22	5.6 %	± 2.2 %
	Transportation/Energy	20	5.1 %	± 2.1 %
	Mining/Construction	18	4.6 %	± 2.0 %
	Tech [Software/Biotech]	16	4.1 %	± 1.9 %
	Other	48	12.2 %	± 3.2 %
	Total	393	100.0 %

	Missing Cases = 7
	Response Percent = 98.3 %

42 

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

Industry (Other specified)

aeorospace	
Aerospace	
Agribusiness	
Agricultural supply chain	
Agriculture	
Athletic field management	
Charity	
Child Welfare	
Church	
Consumer products	
Education	
Education	
Education	
Education	
Education	
Education	
Education	
Education	
education	
educational	
Entertainment	
Equipment Rental	
Financial Technology	
Higher Education	
Higher Education	
Hospitality	
Hospitality	
hotel and resort	
Human Service	
k-12 Education	
media	
Not for profit	
Not for profit financial	
Oil & Gas Service contractor	
Post Secondary Education	
Printing/Publication	
PUBLIC ACCOUNTING	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate	
Real Estate Development/Hospitality	
Real estate property management	
Religious Not for Profit	
Supply Chain Logistics	
wine and spirits manufacturing	
Youth Charity	

43 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	111	28.0 %	± 4.4 %
	$25-$99 million	88	22.2 %	± 4.1 %
	$100-$499 million	107	27.0 %	± 4.4 %
	$500-$999 million	27	6.8 %	± 2.5 %
	$1-$4.9 billion	34	8.6 %	± 2.7 %
	$5-$9.9 billion	10	2.5 %	± 1.5 %
	More than $10 billion	20	5.0 %	± 2.1 %
	Total	397	100.0 %

	Missing Cases = 3
	Response Percent = 99.3 %

44 

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1152.6

	Median = 62

	Standard Deviation (Unbiased Estimate) = 2652.6

	95 Percent Confidence Interval Around The Mean = 891.7 - 1413.5

	99 Percent Confidence Interval Around The Mean = 809.8 - 1495.4

	Skewness = 2.9

	Kolmogorov-Smirnov Statistic For Normality = 8.0

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =397
Missing Cases =3
Response Percent = 99.3%

45 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	105	30.4 %	± 4.3 %
	100-499	101	29.3 %	± 4.3 %
	500-999	36	10.4 %	± 2.8 %
	1,000-2,499	30	8.7 %	± 2.6 %
	2,500-4,999	28	8.1 %	± 2.5 %
	5,000-9,999	12	3.5 %	± 1.7 %
	Over 10,000	33	9.6 %	± 2.7 %
	Total	345	100.0 %

	Missing Cases = 55
	Response Percent = 86.3 %

46 

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2061.7

	Median = 300

	Standard Deviation (Unbiased Estimate) = 3607.4

	95 Percent Confidence Interval Around The Mean = 1681.1 - 2442.4

	99 Percent Confidence Interval Around The Mean = 1561.6 - 2561.8

	Skewness = 2.0

	Kolmogorov-Smirnov Statistic For Normality = 6.4

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1750

Valid Cases =345
Missing Cases =55
Response Percent = 86.3%

47 

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

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	105	26.4 %	± 4.3 %
	Northeast U.S.	103	25.9 %	± 4.3 %
	South Atlantic U.S.	63	15.8 %	± 3.6 %
	Pacific US	57	14.3 %	± 3.4 %
	South Central U.S.	41	10.3 %	± 3.0 %
	Mountain U.S.	21	5.3 %	± 2.2 %
	Canada	6	1.5 %	± 1.2 %
	Other	2	0.5 %	± 0.7 %
	Latin America	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Total	398	100.0 %

	Missing Cases = 2
	Response Percent = 99.5 %

48 

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

Where are you personally located? - Other specified

also CANADA	
Silicon Valley	
Southwest US	

49 

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

Ownership

	 	Number	Percent	95% CI
	Private	260	70.3 %	± 4.7 %
	Public, NYSE	43	11.6 %	± 3.1 %
	Nonprofit	28	7.6 %	± 2.5 %
	Public, NASDAQ/AMEX	26	7.0 %	± 2.4 %
	Government	13	3.5 %	± 1.7 %
	Total	370	100.0 %

	Missing Cases = 30
	Response Percent = 92.5 %

50 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	174	44.2 %	± 4.9 %
	1-24%	162	41.1 %	± 4.8 %
	25-50%	35	8.9 %	± 2.8 %
	More than 50%	23	5.8 %	± 2.3 %
	Total	394	100.0 %

	Missing Cases = 6
	Response Percent = 98.5 %

51 

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

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

	 	Number	Percent	95% CI
	Europe	65	36.7 %	± 6.1 %
	US/Canada	43	24.3 %	± 5.3 %
	Asia/Pacific Basin	41	23.2 %	± 5.2 %
	Latin America	26	14.7 %	± 4.3 %
	Africa	2	1.1 %	± 1.3 %
	Total	177	100.0 %

	Missing Cases = 43
	Response Percent = 80.5 %

52 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	38	13.3 %	13.3 %
	AA+	35	12.3 %	25.6 %
	AA	32	11.2 %	36.8 %
	AA-	8	2.8 %	39.6 %
	A+	13	4.6 %	44.2 %
	A	19	6.7 %	50.9 %
	A-	19	6.7 %	57.5 %
	BBB+	30	10.5 %	68.1 %
	BBB	20	7.0 %	75.1 %
	BBB-	10	3.5 %	78.6 %
	BB+	13	4.6 %	83.2 %
	BB	13	4.6 %	87.7 %
	BB-	4	1.4 %	89.1 %
	B+	7	2.5 %	91.6 %
	B	11	3.9 %	95.4 %
	B-	4	1.4 %	96.8 %
	CCC	7	2.5 %	99.3 %
	CC	0	0.0 %	99.3 %
	D	2	0.7 %	100.0 %
	Total	285	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

53 

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

What is your company's credit rating? 

N=285		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		285		122	163	
		100.0%		42.8%	57.2%	
						
AAA		38		24	14	
		13.3%		19.7%	8.6%	
				B	A	
						
AA+		35		18	17	
		12.3%		14.8%	10.4%	
						
AA		32		17	15	
		11.2%		13.9%	9.2%	
						
AA-		8		3	5	
		2.8%		2.5%	3.1%	
						
A+		13		2	11	
		4.6%		1.6%	6.7%	
				b	a	
						
A		19		8	11	
		6.7%		6.6%	6.7%	
						
A-		19		7	12	
		6.7%		5.7%	7.4%	
						
BBB+		30		10	20	
		10.5%		8.2%	12.3%	
						
BBB		20		7	13	
		7.0%		5.7%	8.0%	
						
BBB-		10		7	3	
		3.5%		5.7%	1.8%	
						
BB+		13		4	9	
		4.6%		3.3%	5.5%	
						
BB		13		2	11	
		4.6%		1.6%	6.7%	
				b	a	
						
BB-		4		3	1	
		1.4%		2.5%	0.6%	
						
B+		7		1	6	
		2.5%		0.8%	3.7%	

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

54 

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

What is your company's credit rating? 

N=285		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		11		4	7	
		3.9%		3.3%	4.3%	
						
B-		4		1	3	
		1.4%		0.8%	1.8%	
						
CCC		7		3	4	
		2.5%		2.5%	2.5%	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		2		1	1	
		0.7%		0.8%	0.6%	

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