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
6a.  During 2014, does your company plan to:	16
6a. What proportion of your acquisition spending will be cross-border (outside your country)?	17
6a. Where will your cross-border acquisitions occur?	18
6b. During 2014, does your company plan to:	19
7a. By how much, if at all, do you expect your borrowing costs to change by the end of 2014?	20
7a. The Federal Reserve has begun tapering its quantitative easing program. In response to tapering and other changes in
monetary policy by how much, if at all, do you expect your borrowing costs to change by the end of 2014?	21
7a. Relative to today, borrowing costs at my firm are likely to change by …	22
7b. What effect, if any, has the U.S. Federal Reserve Bank's plan to taper its quantitative easing program had on your
company's optimism about its business prospects for 2014?  The effect on our optimism has been:	23
8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to:	24
9. What level of the minimum wage would cause your company to reduce hiring? (Please select one.)	26
9. We would reduce hiring if the minimum wage were:	27
10. In your opinion, would an increase of the minimum wage to $10 affect your company's profitability? (Please select
one.) Our profitability would …	28
11a. Does uncertainty about economic conditions affect your business planning?	29
11a. Does uncertainty about economic conditions affect your business planning? - Other specified	30
11b. Does uncertainty about government economic policies affect your business planning?	31
11b. Does uncertainty about government economic policies affect your business planning? - Other specified	32
11c. Does uncertainty about the political situation affect your business planning?	33
11c. Does uncertainty about the political situation affect your business planning? - Other specified	34
11d. Does uncertainty about regulatory implementation affect your business planning?	35
11d. Does uncertainty about regulatory implementation affect your business planning? - Other specified	36
11e. Ways that another uncertainty affects your business planning?	37
11e. Other uncertainty that affects your business planning specified.	38
12a. Out of the following categories, please rank the top four that best describe the culture of your firm. (Please rank #1, #
2, #3, #4 in order)	39
12a. Please rank the top four that best describe the culture of your firm. Reverse scale & weighted by the number of
respondents (Higher number = greater weighted importance)	40
12a. Out of the following categories, please rank the top four that best describe the culture of your firm. - Other category
specified	41
12b. Is any one of these cultural factors a priority for improvement at your company in 2014?	42
12b. Which factor is your first priority for improvement? (choose one)	43
12b: Which factor is your first priority for improvement? - Specified "other factor" as first priority	44
12c. How important is it to your firm to have a clearly defined culture that is well understood by your employees?	45
13. Do you think that there is a real estate bubble in your country?	46
13. How likely do you think it is that the real estate bubble will burst during 2014?	47
13. If the bubble bursts, how badly do you think it will hurt your country's overall economy?	48
14. On February 17, 2014 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the following:	49
Revenue Weighted: 10. On February 17, 2014 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the
following:	50
Employee Weighted: 10. On February 17, 2014 the annual yield on 10-yr treasury bonds was 2.7%. Please complete the
following:	51
Return on assets (ROA=operating earnings/assets)	52
Manufacturing capacity utilized	53
Manufacturing capacity utilized (Revenue Weighted)	54
Industry	55
Industry (Other specified)	56
Sales Revenue	57
Weighted Sales Revenue (Millions)	58
Number of Employees	59
Weighted Number of Employees	60
Where are you personally located?	61
Where are you personally located? - Other specified	62
Ownership	63
Foreign Sales	64
In what region of the world are most of your foreign sales?	65
What is your company's credit rating? 	66
Your job title (e.g., CFO, Asst. Treasurer, etc):	69
Would you be willing to discuss your views and experiences with the press? YES	71
Date of response	79

 1 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

	 	Number	Percent	95% CI
	1=More optimistic	148	39.5 %	± 4.9 %
	0=No change	141	37.6 %	± 4.9 %
	-1=Less optimistic	86	22.9 %	± 4.2 %
	Total	375	100.0 %

	Mean = 0.2
	SD = 0.8

	Missing Cases = 4
	Response Percent = 98.9 %

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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 = 60.0

	Median = 60

	Standard Deviation (Unbiased Estimate) = 16.6

	95 Percent Confidence Interval Around The Mean = 58.2 - 61.8

Quartiles

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =321
Missing Cases =58
Response Percent = 84.7%

3 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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	179	47.5 %	± 5.1 %
	0=No change	101	26.8 %	± 4.5 %
	-1=Less optimistic	97	25.7 %	± 4.4 %
	Total	377	100.0 %

	Mean = 0.2
	SD = 0.8

	Missing Cases = 2
	Response Percent = 99.5 %

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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 = 63.9

	Median = 70

	Standard Deviation (Unbiased Estimate) = 19.9

	95 Percent Confidence Interval Around The Mean = 61.8 - 66.1

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =320
Missing Cases =59
Response Percent = 84.4%

5 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

(N=379)

	Mean & SD	1st	2nd	3rd	Total	
	1.59	104	45	31	180
Consumer demand	0.77	27.44%	11.87%	8.18%	47.49%

	1.94	70	50	59	179
Price pressure from competitors	0.85	18.47%	13.19%	15.57%	47.23%

	1.96	18	19	16	53
Financial regulation	0.81	4.75%	5.01%	4.22%	13.98%

	1.97	53	54	48	155
Federal government policies	0.81	13.98%	14.25%	12.66%	40.90%

	2.00	13	12	13	38
Foreign competition	0.84	3.43%	3.17%	3.43%	10.03%

	2.00	10	12	10	32
Cost of non-fuel commodities	0.80	2.64%	3.17%	2.64%	8.44%

	2.04	13	23	15	51
Credit markets/interest rates	0.75	3.43%	6.07%	3.96%	13.46%

	2.13	15	23	23	61
Federal budget deficit	0.78	3.96%	6.07%	6.07%	16.09%

	2.16	11	16	18	45
State or local government budget deficits	0.80	2.90%	4.22%	4.75%	11.87%

	2.17	7	11	12	30
Cost of fuel	0.79	1.85%	2.90%	3.17%	7.92%

	2.20	4	8	8	20
Global political instability	0.77	1.06%	2.11%	2.11%	5.28%

	2.22	5	8	10	23
Potential for stock market correction	0.80	1.32%	2.11%	2.64%	6.07%

	2.23	16	35	36	87
National employment outlook	0.74	4.22%	9.23%	9.50%	22.96%

	2.26	11	15	24	50
Global financial instability	0.80	2.90%	3.96%	6.33%	13.19%

	2.27	3	16	11	30
Inflation	0.64	0.79%	4.22%	2.90%	7.92%

	2.27	4	11	11	26
Environmental regulation	0.72	1.06%	2.90%	2.90%	6.86%

	2.37	2	8	9	19
Currency risk	0.68	0.53%	2.11%	2.37%	5.01%

	2.39	4	15	19	38
Corporate tax rates	0.68	1.06%	3.96%	5.01%	10.03%

	1.83	18	5	12	35
Other:	0.92	4.75%	1.32%	3.17%	9.23%

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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	1.14	1.31	379

Price pressure from competitors	0.97	1.18	379

Federal government policies	0.83	1.13	379

National employment outlook	0.41	0.83	379

Federal budget deficit	0.30	0.76	379

Financial regulation	0.28	0.77	379

Credit markets/interest rates	0.26	0.72	379

Global financial instability	0.23	0.66	379

State or local government budget deficits	0.22	0.66	379

Foreign competition	0.20	0.66	379

Cost of non-fuel commodities	0.17	0.60	379

Corporate tax rates	0.16	0.53	379

Cost of fuel	0.15	0.54	379

Inflation	0.14	0.50	379

Environmental regulation	0.12	0.48	379

Potential for stock market correction	0.11	0.47	379

Global political instability	0.09	0.44	379

Currency risk	0.08	0.39	379

Other:	0.20	0.69	379

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

Banking/Finance/Insurance	Political Posturing	
Banking/Finance/Insurance	State government regulation	
Banking/Finance/Insurance	Weather	
Communications/Media	changes to regulations relatd to our business (telecommunications / internet)	
Communications/Media	profit outlook	
Communications/Media	US Business Climate	
Healthcare/Pharmaceutical	cost of healthcare	
Healthcare/Pharmaceutical	customer consolidation	
Healthcare/Pharmaceutical	Third party supplier issues	
Manufacturing	Companies hoarding funds due to undertainty	
Manufacturing	Cost of Electricity	
Manufacturing	lack of skilled workers	
Manufacturing	Skills Shortage In Labor Pool	
Mining/Construction	Government Regulations	
Mining/Construction	Iliquidity of Capital	
Other	bad winter weather	
Other	Biosecurity	
Other	client growth	
Other	Defense spending	
Other	Employee salaries and retention	
Other	fiscal responsibility from investors	
Other	minimum wage	
Other	Republicans	
Other	weather	
Retail/Wholesale	Health reform	
Retail/Wholesale	State government regulation	
Retail/Wholesale	weather	
Retail/Wholesale	Weather Conditions	
Service/Consulting	business/commercial demand	
Service/Consulting	Congressional gridlock	
Service/Consulting	domestic competition	
Service/Consulting	return to old business models	
Service/Consulting	State regulation	
Service/Consulting	the overall U.S. economic outlook	
Tech [Software/Biotech]	IT development from competitors	
Tech [Software/Biotech]	Overall economy performance	
Transportation/Energy	Demand for US Oil and willingness to drill in Alaska	

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

(N=379)

	Mean & SD	1st	2nd	3rd	Total	
	1.54	151	55	38	244
Ability to maintain margins	0.75	39.84%	14.51%	10.03%	64.38%

	1.89	52	55	36	143
Attracting and retaining qualified employees	0.78	13.72%	14.51%	9.50%	37.73%

	2.02	35	30	37	102
Ability to forecast results	0.84	9.23%	7.92%	9.76%	26.91%

	2.04	9	9	10	28
Protection of intellectual property	0.84	2.37%	2.37%	2.64%	7.39%

	2.05	17	18	20	55
Balance sheet weakness	0.83	4.49%	4.75%	5.28%	14.51%

	2.08	3	6	4	13
Counterparty risk	0.76	0.79%	1.58%	1.06%	3.43%

	2.11	37	68	55	160
Cost of health care	0.75	9.76%	17.94%	14.51%	42.22%

	2.15	20	36	33	89
Working capital management	0.76	5.28%	9.50%	8.71%	23.48%

	2.26	11	18	25	54
Supply chain risk	0.78	2.90%	4.75%	6.60%	14.25%

	2.34	14	38	48	100
Maintaining morale/productivity	0.71	3.69%	10.03%	12.66%	26.39%

	2.37	6	17	23	46
Data security	0.71	1.58%	4.49%	6.07%	12.14%

	2.40	10	23	39	72
Managing IT systems	0.73	2.64%	6.07%	10.29%	19.00%

	2.41	3	7	12	22
Pension obligations	0.73	0.79%	1.85%	3.17%	5.80%

	1.65	13	1	6	20
Other:	0.93	3.43%	0.26%	1.58%	5.28%

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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	1.60	1.32	376

Attracting and retaining qualified employees	0.80	1.13	376

Cost of health care	0.80	1.06	376

Ability to forecast results	0.54	0.98	376

Working capital management	0.44	0.87	376

Maintaining morale/productivity	0.44	0.82	376

Managing IT systems	0.31	0.70	376

Balance sheet weakness	0.28	0.76	376

Supply chain risk	0.25	0.68	376

Data security	0.20	0.59	376

Protection of intellectual property	0.15	0.56	376

Pension obligations	0.09	0.41	376

Counterparty risk	0.07	0.38	376

Other:	0.13	0.57	376

10 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

Banking/Finance/Insurance	Fear of what the regulators will think	
Banking/Finance/Insurance	Growth	
Healthcare/Pharmaceutical	New business development	
Manufacturing	technology obsolescence	
Mining/Construction	Cost management	
Other	Access to capital	
Other	Enrollment management	
Other	Product development	
Other	Vendor/permitting bottlenecks	
Retail/Wholesale	Change Management	
Retail/Wholesale	litigation	
Retail/Wholesale	Product/SKU quantity explosion	
Service/Consulting	finding new clients	
Service/Consulting	Internal management issues	
Service/Consulting	Sales Lead Generation	
Service/Consulting	Too many unemployed consultants in MI competing for the same educational	
	finance consulting jobs.	
Tech [Software/Biotech]	Product Quality & Funtionality	
Transportation/Energy	Access to Additional Capital	
Transportation/Energy	Execution of Strategy	

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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	14.1	44.4	8.8 - 19.4	5	-50	400	268

Health care costs	10.6	16.1	8.8 - 12.5	8	-40	200	243

Revenue	10.2	28.3	7.0 - 13.4	5	-33	300	31

Capital spending	8.7	41.0	3.8 - 13.6	2	-75	300	269

Marketing/advertising spending	8.5	22.4	5.5 - 11.4	3	-20	200	302

Technology spending	8.4	22.6	5.4 - 11.4	5	-50	200	228

Dividends	6.4	18.1	0.0 - 12.8	0	0	100	264

Research and development spending	5.7	19.8	2.4 - 9.0	1	-50	100	165

Number of domestic full-time employees	5.3	30.9	1.6 - 9.1	2	-60	428	99

Cash on the balance sheet	4.4	31.0	0.5 - 8.3	1	-85	300	235

Productivity (output per hour worked)	4.1	6.1	3.2 - 5.0	3	-10	45	185

Share repurchases	3.9	18.6	0.0 - 7.8	0	-15	100	138

Wages/Salaries	3.9	8.1	3.0 - 4.8	3	-20	100	298

Prices of your products	2.4	5.0	1.8 - 3.1	3	-20	25	87

Number of domestic temporary employees	2.2	19.5	-0.8 - 5.1	0	-90	100	216

Number of offshore outsourced employees	1.8	18.1	-1.8 - 5.3	0	-50	100	292

12 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

(N=379)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	280	12	11	303
Health care costs	0.4	92.4%	4.0%	3.6%	100.0%

	0.9	268	12	12	292
Wages/Salaries	0.4	91.8%	4.1%	4.1%	100.0%

	0.7	133	45	7	185
Productivity (output per hour worked)	0.5	71.9%	24.3%	3.8%	100.0%

	0.6	240	10	48	298
Revenue	0.7	80.5%	3.4%	16.1%	100.0%

	0.6	158	35	25	218
Technology spending	0.7	72.5%	16.1%	11.5%	100.0%

	0.6	169	38	28	235
Prices of your products	0.7	71.9%	16.2%	11.9%	100.0%

	0.6	155	48	25	228
Marketing/advertising spending	0.7	68.0%	21.1%	11.0%	100.0%

	0.5	196	19	54	269
Earnings	0.8	72.9%	7.1%	20.1%	100.0%

	0.5	15	16	0	31
Dividends	0.5	48.4%	51.6%	0.0%	100.0%

	0.4	74	47	17	138
Research and development spending	0.7	53.6%	34.1%	12.3%	100.0%

	0.4	158	52	54	264
Number of domestic full-time employees	0.8	59.8%	19.7%	20.5%	100.0%

	0.3	158	47	64	269
Capital spending	0.8	58.7%	17.5%	23.8%	100.0%

	0.3	61	86	18	165
Number of domestic temporary employees	0.6	37.0%	52.1%	10.9%	100.0%

	0.2	125	49	70	244
Cash on the balance sheet	0.9	51.2%	20.1%	28.7%	100.0%

	0.2	25	66	8	99
Number of offshore outsourced employees	0.6	25.3%	66.7%	8.1%	100.0%

	0.1	12	71	4	87
Share repurchases	0.4	13.8%	81.6%	4.6%	100.0%

13 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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	8.5	21.3	8.0 - 9.0	5	-50	101

Capital spending	6.8	24.9	6.2 - 7.3	3	-75	109.9

Dividends	6.0	8.7	5.6 - 6.3	4	0	41.9

Revenue	5.9	9.1	5.7 - 6.1	5	-33	65.6

Technology spending	5.5	12.9	5.2 - 5.8	4	-50	115

Marketing/advertising spending	4.0	8.4	3.7 - 4.2	2	-20	52.4

Research and development spending	2.6	8.0	2.4 - 2.9	1	-33	44.5

Prices of your products	2.5	3.9	2.4 - 2.6	2	-7.4	12.2

Share repurchases	2.1	6.8	1.9 - 2.3	0	-15	40.5

Cash on the balance sheet	2.0	18.2	1.5 - 2.4	0	-58.1	66

14 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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	8.3	6.8	8.2 - 8.5	7	-23.6	44.2

Productivity (output per hour worked)	3.8	4.0	3.7 - 3.9	3	-7.9	16

Number of offshore outsourced employees	3.2	10.5	2.9 - 3.6	0	-32.8	35.7

Wages/Salaries	2.7	3.2	2.6 - 2.8	3	-12	19.8

Number of domestic full-time employees	1.2	9.8	0.9 - 1.4	1	-45	66

Number of domestic temporary employees	-0.2	9.4	-0.4 - 0.1	0	-36	40.4

15 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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	7.1	15.2	6.5 - 7.6	5	-30	100

Dividends	6.1	8.8	5.8 - 6.5	4	0	41.9

Revenue	5.9	8.2	5.6 - 6.2	5	-20	20

Cash on the balance sheet	3.8	19.2	3.1 - 4.5	0	-40	66

Share repurchases	3.2	7.2	2.9 - 3.5	0	-5	40.5

16 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

6a.  During 2014, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	47	12.9 %	± 3.3 %
	Acquire part of another company or companies?	25	6.9 %	± 2.5 %
	Both	27	7.4 %	± 2.6 %
	Neither	264	72.7 %	± 4.7 %
	Total	363	100.0 %

	Missing Cases = 16
	Response Percent = 95.8 %

17 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

	 	Number	Percent	95% CI
	0% [None]	65	67.7 %	± 9.5 %
	10%	5	5.2 %	± 4.4 %
	20%	5	5.2 %	± 4.4 %
	30%	2	2.1 %	± 2.8 %
	40%	3	3.1 %	± 3.4 %
	50%	4	4.2 %	± 4.0 %
	60%	4	4.2 %	± 4.0 %
	70%	1	1.0 %	± 2.0 %
	80%	1	1.0 %	± 2.0 %
	90%	1	1.0 %	± 2.0 %
	100% [All]	5	5.2 %	± 4.4 %
	Total	96	100.0 %

	Mean = 15.7
	SD = 28.9

	Missing Cases = 3
	Response Percent = 97.0 %

18 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

	 	Number	Percent	95% CI
	Europe	13	41.9 %	± 18.6 %
	Asia/Pacific Basin	11	35.5 %	± 18.0 %
	Latin America	4	12.9 %	± 12.6 %
	Canada	3	9.7 %	± 11.2 %
	Africa	0	0.0 %	± 0.0 %
	Total	31

	Number of Cases = 31
	Number of Responses = 31
	Average Number Of Responses Per Case = 1.0
	Number Of Cases With At Least One Response = 25
	Response Percent = 80.6 %

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Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

6b. During 2014, does your company plan to:

	 	Number	Percent	95% CI
	Sell your company	15	4.7 %	± 2.0 %
	Sell part of your company	26	8.2 %	± 2.6 %
	Neither	277	87.1 %	± 4.5 %
	Total	318	100.0 %

	Missing Cases = 61
	Response Percent = 83.9 %

20 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

7a. By how much, if at all, do you expect your borrowing costs to change by the end of 2014?

	 	Number	Percent	95% CI
	We do not borrow	118	32.0 %	± 4.7 %
	We do borrow	251	68.0 %	± 4.8 %
	Total	369	100.0 %

	Missing Cases = 10
	Response Percent = 97.4 %

21 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

7a. The Federal Reserve has begun tapering its quantitative easing program. In response to tapering and other changes in monetary policy by how much, if at all, do you expect your borrowing costs to change by the end of 2014?

	Minimum = -6

	Maximum = 6

	Mean = 1.12

	Median = 1

	Standard Deviation (Unbiased Estimate) = 1.55

	95 Percent Confidence Interval Around The Mean = 0.93 - 1.31

Quartiles

	 1 = 0
	 2 = 1
	 3 = 2

Valid Cases =251
Missing Cases =0
Response Percent = 100.0%

22 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

7a. Relative to today, borrowing costs at my firm are likely to change by … 

	 	Number	Percent	Cumulative
	-600 bps	0	0.0 %	0.0 %
	-500 bps	1	0.4 %	0.4 %
	-400 bps	0	0.0 %	0.4 %
	-300 bps	2	0.8 %	1.2 %
	-200 bps	1	0.4 %	1.6 %
	-100 bps	5	2.0 %	3.6 %
	0 bps	60	23.9 %	27.5 %
	+100 bps	92	36.7 %	64.1 %
	+200 bps	59	23.5 %	87.6 %
	+300 bps	9	3.6 %	91.2 %
	+400 bps	12	4.8 %	96.0 %
	+500 bps	7	2.8 %	98.8 %
	+600 bps	3	1.2 %	100.0 %
	Total	251	100.0 %	100.0 %

	Missing Cases = 128
	Response Percent = 66.2 %

23 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

7b. What effect, if any, has the U.S. Federal Reserve Bank's plan to taper its quantitative easing program had on your company's optimism about its business prospects for 2014?  The effect on our optimism has been:

	 	Number	Percent	95% CI
	-2=Very negative	9	2.4 %	± 1.5 %
	-1=Somewhat negative	66	17.7 %	± 3.8 %
	0=None	233	62.6 %	± 4.9 %
	+1=Somewhat positive	61	16.4 %	± 3.7 %
	+2=Very positive	3	0.8 %	± 0.9 %
	Total	372	100.0 %

	Mean = 0.0
	SD = 0.7

	Missing Cases = 7
	Response Percent = 98.2 %

24 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to: 

	Median	Mean	SD	95% CI	Minimum	Maximum	Total

a. Reduce hiring:	4	4.3	2.9	3.9 - 4.8	0	10	158

b. Reduce capital spending:	3	4.1	2.7	3.7 - 4.5	0	10	184

c. Reduce borrowing:	3	3.8	2.7	3.4 - 4.3	0	10	170

25 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to: 

(N=205)

	0 bps	100 bps	200 bps	300 bps	400 bps	500 bps	600 bps	700 bps	800 bps	900 bps	1,000 bps	Total	
a. Reduce	8	10	29	23	31	14	12	2	6	2	21	158
hiring	5.1%	6.3%	18.4%	14.6%	19.6%	8.9%	7.6%	1.3%	3.8%	1.3%	13.3%	100.0%

b. Reduce
capital	6	13	40	35	25	24	6	5	12	0	18	184
spending	3.3%	7.1%	21.7%	19.0%	13.6%	13.0%	3.3%	2.7%	6.5%	0.0%	9.8%	100.0%

c. Reduce	11	13	43	22	20	23	11	4	7	1	15	170
borrowing	6.5%	7.6%	25.3%	12.9%	11.8%	13.5%	6.5%	2.4%	4.1%	0.6%	8.8%	100.0%

26 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

9. What level of the minimum wage would cause your company to reduce hiring? (Please select one.)

	 	Number	Percent	95% CI
	We would reduce hiring if the minimum wage were …	85	39.4 %	± 6.6 %
	We would not reduce hiring due to an increase in the minimum wage	131	60.6 %	± 6.6 %
	Total	216	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

27 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

9. We would reduce hiring if the minimum wage were:

	 	Number	Percent	95% CI
	$7.50	3	3.5 %	± 4.0 %
	$8.00	6	7.1 %	± 5.6 %
	$8.50	11	12.9 %	± 7.3 %
	$9.00	9	10.6 %	± 6.7 %
	$9.50	4	4.7 %	± 4.6 %
	$10.00	27	31.8 %	± 10.1 %
	$10.50	6	7.1 %	± 5.6 %
	$11.00	6	7.1 %	± 5.6 %
	$11.50	4	4.7 %	± 4.6 %
	>$11.50	9	10.6 %	± 6.7 %
	Total	85	100.0 %

	Mean = 9.8
	SD = 1.2

	Missing Cases = 0
	Response Percent = 100.0 %

28 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

10. In your opinion, would an increase of the minimum wage to $10 affect your company's profitability? (Please select one.) Our profitability would …

	 	Number	Percent	95% CI
	-2=Substantially decrease	27	10.1 %	± 3.6 %
	-1=Moderately decrease	71	26.5 %	± 5.3 %
	0=Little to no effect	164	61.2 %	± 5.9 %
	+1=Moderately increase	0	0.0 %	± 0.0 %
	+2=Substantially increase	6	2.2 %	± 1.8 %
	Total	268	100.0 %

	Mean = -0.4
	SD = 0.8

	Missing Cases = 0
	Response Percent = 100.0 %

29 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11a. Does uncertainty about economic conditions affect your business planning?

	 	Number	Percent	95% CI
	Reduce/delay hiring	237	35.5 %	± 4.9 %
	Reduce/delay capital spending	236	35.4 %	± 4.9 %
	Increase cash holdings	137	20.5 %	± 4.9 %
	No real effect	47	7.0 %	± 3.3 %
	Other	10	1.5 %	± 1.6 %
	Total	667	100.0 %

	Number of Cases = 379
	Number of Responses = 667
	Average Number Of Responses Per Case = 1.8
	Number Of Cases With At Least One Response = 371
	Response Percent = 97.9 %

30 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11a. Does uncertainty about economic conditions affect your business planning? - Other specified

Banking/Finance/Insurance	Adjust investment wieghting	
Healthcare/Pharmaceutical	Impacts new business acquistion	
Other	demand among fin services customers	
Other	Donors	
Other	Hiring and retaining qualified people	
Retail/Wholesale	decrease demand	
Service/Consulting	client impact	
Service/Consulting	customer budgets	
Service/Consulting	difficulty finding clients	
Service/Consulting	Reduce sales	

31 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11b. Does uncertainty about government economic policies affect your business planning?

	 	Number	Percent	95% CI
	Reduce/delay hiring	184	31.9 %	± 5.1 %
	Reduce/delay capital spending	172	29.9 %	± 5.0 %
	No real effect	109	18.9 %	± 4.6 %
	Increase cash holdings	95	16.5 %	± 4.4 %
	Other	16	2.8 %	± 2.0 %
	Total	576	100.0 %

	Number of Cases = 379
	Number of Responses = 576
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response = 365
	Response Percent = 96.3 %

32 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11b. Does uncertainty about government economic policies affect your business planning? - Other specified

Banking/Finance/Insurance	Adjust investment wieghting	
Banking/Finance/Insurance	Developing products	
Banking/Finance/Insurance	Increased expenses	
Banking/Finance/Insurance	Regulatory Costs	
Communications/Media	effect outlook	
Healthcare/Pharmaceutical	CMS payment changes	
Healthcare/Pharmaceutical	Directly affects our clients	
Manufacturing	Product Sales	
Mining/Construction	Cash usage	
Mining/Construction	Limit planned acquisition activity	
Other	2/3 of our budget is derived from federal and state grants	
Other	add regulatory staff	
Other	Our Mission	
Retail/Wholesale	Health Ins Costs	
Retail/Wholesale	immigration reform helpfu.	
Service/Consulting	reduce customer confidence	

33 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11c. Does uncertainty about the political situation affect your business planning?

	 	Number	Percent	95% CI
	No real effect	172	34.5 %	± 5.0 %
	Reduce/delay hiring	130	26.1 %	± 4.8 %
	Reduce/delay capital spending	122	24.4 %	± 4.7 %
	Increase cash holdings	69	13.8 %	± 3.9 %
	Other	6	1.2 %	± 1.3 %
	Total	499	100.0 %

	Number of Cases = 379
	Number of Responses = 499
	Average Number Of Responses Per Case = 1.3
	Number Of Cases With At Least One Response = 351
	Response Percent = 92.6 %

34 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11c. Does uncertainty about the political situation affect your business planning? - Other specified

Banking/Finance/Insurance	More Regulations	
Healthcare/Pharmaceutical	Directly effects our clients & our business	
Manufacturing	Product Sales	
Other	Our Mission	
Retail/Wholesale	Look at reducing costs	
Service/Consulting	customer confidence	

35 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11d. Does uncertainty about regulatory implementation affect your business planning?

	 	Number	Percent	95% CI
	Reduce/delay hiring	174	31.1 %	± 5.0 %
	Reduce/delay capital spending	173	30.9 %	± 5.0 %
	No real effect	110	19.7 %	± 4.6 %
	Increase cash holdings	82	14.7 %	± 4.2 %
	Other	20	3.6 %	± 2.3 %
	Total	559	100.0 %

	Number of Cases = 379
	Number of Responses = 559
	Average Number Of Responses Per Case = 1.5
	Number Of Cases With At Least One Response = 359
	Response Percent = 94.7 %

36 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11d. Does uncertainty about regulatory implementation affect your business planning? - Other specified

Banking/Finance/Insurance	Additional hiring	
Banking/Finance/Insurance	Develop new products	
Banking/Finance/Insurance	Increased expenses	
Banking/Finance/Insurance	Reduce profitability	
Communications/Media	effect customers	
Healthcare/Pharmaceutical	Impacts our clients & our business	
Healthcare/Pharmaceutical	Increase hiring	
Manufacturing	Adjust spending	
Manufacturing	Has significant impact, e.g. 1223/2009 EC	
Manufacturing	If it increases in EPA, we could increase hiring following increased demand	
Manufacturing	Increase temporary staff	
Manufacturing	off shore	
Manufacturing	Product Sales	
Mining/Construction	Increased business costs	
Other	2/3 of our budget is derived from federal and state grants	
Other	Our Mission	
Retail/Wholesale	food safety will provide competitive advantage	
Retail/Wholesale	reduce profit sharing contribution	
Retail/Wholesale	Taxation policy changes drive pricing decisions	
Transportation/Energy	loss of suppliers	

37 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11e. Ways that another uncertainty affects your business planning?

	 	Number	Percent	95% CI
	Reduce/delay capital spending	28	40.6 %	± 3.1 %
	Reduce/delay hiring	23	33.3 %	± 2.8 %
	Increase cash holdings	14	20.3 %	± 2.2 %
	Other	4	5.8 %	± 1.2 %
	Total	69	100.0 %

	Number of Cases = 333
	Number of Responses = 69
	Average Number Of Responses Per Case = 0.2
	Number Of Cases With At Least One Response = 37
	Response Percent = 11.1 %

38 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

11e. Other uncertainty that affects your business planning specified.

Banking/Finance/Insurance	Healthcare Law	
Banking/Finance/Insurance	Obamacare Cut costs elsewhere	
Communications/Media	unknown	
Manufacturing	Affordable Care Act	
Manufacturing	consumer demand	
Manufacturing	Fed.corruption	
Manufacturing	International Tariff	
Manufacturing	Tax code uncertainty	
Manufacturing	US $ weakness	
Other	business grants available	
Other	Defense Spending	
Other	reductions in global workforce reduce revenue	
Other	State Allocation	
Retail/Wholesale	Health Care	
Retail/Wholesale	Healthcare ACA	
Retail/Wholesale	Weather lower sales	
Service/Consulting	client impact	
Service/Consulting	Govt Budget	
Service/Consulting	Healthcare Costs	
Transportation/Energy	Real Estate market	

39 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

12a. Out of the following categories, please rank the top four that best describe the culture of your firm. (Please rank #1, #2, #3, #4 in order) 

(N=379)

	Mean & SD	1st	2nd	3rd	4th	Total	
	1.83	143	88	45	24	300
Customer-orientation	0.96	37.73%	23.22%	11.87%	6.33%	79.16%

	2.13	100	88	71	33	292
Integrity	1.01	26.39%	23.22%	18.73%	8.71%	77.04%

	2.54	29	30	36	30	125
Near-term results orientation	1.10	7.65%	7.92%	9.50%	7.92%	32.98%

	2.69	35	49	42	61	187
Adaptability	1.12	9.23%	12.93%	11.08%	16.09%	49.34%

	2.73	31	42	60	53	186
Collaboration	1.05	8.18%	11.08%	15.83%	13.98%	49.08%

	2.82	12	39	40	40	131
Detail-orientation	0.97	3.17%	10.29%	10.55%	10.55%	34.56%

	2.92	19	24	45	51	139
Strategic results orientation	1.04	5.01%	6.33%	11.87%	13.46%	36.68%

	3.23	5	13	29	44	91
Internal transparency	0.90	1.32%	3.43%	7.65%	11.61%	24.01%

	3.10	2	3	6	9	20
Other	1.02	0.53%	0.79%	1.58%	2.37%	5.28%

40 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

12a. Please rank the top four that best describe the culture of your firm. Reverse scale & weighted by the number of respondents (Higher number = greater weighted importance)

	Mean	SD	Total

Customer-orientation	2.54	1.53	374

Integrity	2.24	1.49	374

Adaptability	1.16	1.40	374

Collaboration	1.13	1.36	374

Near-term results orientation	0.82	1.32	374

Strategic results orientation	0.77	1.19	374

Detail-orientation	0.76	1.19	374

Internal transparency	0.43	0.88	374

Other	0.10	0.49	374

41 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

12a. Out of the following categories, please rank the top four that best describe the culture of your firm. - Other category specified

Banking/Finance/Insurance	Long-term focus	
Healthcare/Pharmaceutical	Orientation to growth and product offering expansions	
Manufacturing	Employee focus, comp., benefits and work/life balance	
Manufacturing	Federal corruption	
Manufacturing	Focus is on earnings for owners	
Manufacturing	n/a	
Other	conservative	
Other	flawless execution	
Other	Process oriented to control costs and manage risk	
Other	research and development	
Other	Safety First	
Other	seat of the pants, when the fire gets hot enough	
Other	Teamwork is important to delivering results.	
Retail/Wholesale	Sales above all else	
Service/Consulting	Focus on Excellence	
Service/Consulting	Opportunity to chase your dreams	
Service/Consulting	top directed style of management, little collaboration	
Tech [Software/Biotech]	Focused on industry response to products & marketing message	
Transportation/Energy	loyality	

42 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

12b. Is any one of these cultural factors a priority for improvement at your company in 2014?

	 	Number	Percent	95% CI
	Yes	220	59.6 %	± 5.0 %
	No	149	40.4 %	± 4.9 %
	Total	369	100.0 %

	Missing Cases = 10
	Response Percent = 97.4 %

43 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

12b. Which factor is your first priority for improvement? (choose one)

	 	Number	Percent	95% CI
	Customer-orientation	57	25.8 %	± 3.6 %
	Strategic results orientation	44	19.9 %	± 3.2 %
	Adaptability	33	14.9 %	± 2.9 %
	Collaboration	26	11.8 %	± 2.6 %
	Near-term results orientation	26	11.8 %	± 2.6 %
	Internal transparency	13	5.9 %	± 1.8 %
	Integrity	11	5.0 %	± 1.7 %
	Detail-orientation	5	2.3 %	± 1.2 %
	Other	6	2.7 %	± 1.3 %
	Total	221	100.0 %

	Missing Cases = 158
	Response Percent = 58.3 %

44 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

12b: Which factor is your first priority for improvement? - Specified "other factor" as first priority

Healthcare/Pharmaceutical	Orientation to growth and product offering expansions	
Manufacturing	Focus is on earnings for owners	
Other	conservative	
Other	flawless execution	
Other	Safety First	
Transportation/Energy	loyality	

45 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

12c. How important is it to your firm to have a clearly defined culture that is well understood by your employees?

	 	Number	Percent	95% CI
	0=Not important	10	2.7 %	± 1.6 %
	1=Small importance	29	7.8 %	± 2.7 %
	2=Medium importance	77	20.7 %	± 4.1 %
	3=Very important	256	68.8 %	± 4.7 %
	Total	372	100.0 %

	Mean = 2.6
	SD = 0.8

	Missing Cases = 4
	Response Percent = 98.9 %

46 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

13. Do you think that there is a real estate bubble in your country?

	 	Number	Percent	95% CI
	Yes	53	15.9 %	± 3.9 %
	No	281	84.1 %	± 4.0 %
	Total	334	100.0 %

	Missing Cases = 6
	Response Percent = 98.2 %

47 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

13. How likely do you think it is that the real estate bubble will burst during 2014?

	Minimum = 0

	Maximum = 100

	Mean = 34.7

	Median = 30

	Standard Deviation (Unbiased Estimate) = 22.7

	95 Percent Confidence Interval Around The Mean = 28.2 - 41.2

Quartiles

	 1 = 18.8
	 2 = 30
	 3 = 50

Valid Cases =47
Missing Cases =6
Response Percent = 88.7%

48 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

13. If the bubble bursts, how badly do you think it will hurt your country's overall economy?

	 	Number	Percent	95% CI
	0=No effect	1	2.6 %	± 4.4 %
	-1=Small negative effect	5	12.8 %	± 9.4 %
	-2=Medium negative effect	21	53.8 %	± 15.0 %
	-3=Large negative effect	12	30.8 %	± 13.3 %
	Total	39	100.0 %

	Mean = -2.1
	SD = 0.7

	Missing Cases = 7
	Response Percent = 84.8 %

49 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

14. On February 17, 2014 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:	1.8	4.8	1.3 - 2.4	2	-20	20	323

Over the next 10 years, I expect the average annual S&P 500
return will be: Expected return:	6.5	4.8	6.0 - 7.0	6	-5	60	339

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:	10.2	7.9	9.3 - 11.0	10	1	80	322

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:	-2.1	9.0	-3.0 - -1.1	0	-50	30	322

Over the next year, I expect the average annual S&P 500 return
will be: Expected return:	5.6	5.0	5.1 - 6.1	5	-20	40	335

Over the next year, I expect the average annual S&P 500 return
will be: There is a 1-in-10 chance it will be greater than:	11.0	7.4	10.2 - 11.8	10	-5	80	318

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' ?	0.0	0.0	0.0 - 0.0	0	0	0	0

50 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Revenue Weighted: 10. On February 17, 2014 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:	2.4	3.5	2.3 - 2.5	2	-7.5	11.2

Over the next 10 years, I expect the average annual S&P 500 return will be:
Expected return:	6.4	2.9	6.3 - 6.4	6	-2.9	16

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	10	1	25.6

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:	-1.5	8.2	-1.7 - -1.4	0	-19.7	15.5

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	6.0	4.1	6.0 - 6.1	5	-4.2	15.4

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	11.3	6.1	11.2 - 11.4	10	-3.5	25.5

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' ?	0.0	0.0	0.0 - 0.0	0	0	0

51 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Employee Weighted: 10. On February 17, 2014 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:	2.2	3.5	2.1 - 2.3	2	-7.5	11.2

Over the next 10 years, I expect the average annual S&P 500 return will be:
Expected return:	6.3	2.7	6.2 - 6.4	6	-2.9	16

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:	9.5	4.3	9.4 - 9.6	10	1	25.6

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:	-1.7	7.7	-1.9 - -1.6	0	-19.7	15.5

Over the next year, I expect the average annual S&P 500 return will be:
Expected return:	6.0	3.9	5.9 - 6.1	5	-4.2	15.4

Over the next year, I expect the average annual S&P 500 return will be:
There is a 1-in-10 chance it will be greater than:	11.2	6.0	11.0 - 11.3	10	-3.5	25.5

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' ?	0.0	0.0	0.0 - 0.0	0	0	0

52 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2013	11.4	16.6	9.5 - 13.2	6.1	-18	100	311

% Expected ROA in 2014	12.7	17.0	10.8 - 14.6	7.5	-12	100	310

53 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in 2013	70.9	17.6	66.9 - 74.9	75	25	98	74

% of capacity utilization planned for 2014	75.4	16.2	71.7 - 79.0	80	33	100	74

54 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in 2013	79.2	11.7	76.6 - 81.9	80	25	98	74

% of capacity utilization planned for 2014	83.1	11.0	80.6 - 85.6	84.5	33	100	74

55 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Industry

	 	Number	Percent	95% CI
	Manufacturing	76	20.3 %	± 4.1 %
	Service/Consulting	74	19.8 %	± 4.0 %
	Retail/Wholesale	49	13.1 %	± 3.4 %
	Banking/Finance/Insurance	42	11.2 %	± 3.2 %
	Healthcare/Pharmaceutical	26	7.0 %	± 2.6 %
	Transportation/Energy	18	4.8 %	± 2.2 %
	Tech [Software/Biotech]	16	4.3 %	± 2.0 %
	Mining/Construction	15	4.0 %	± 2.0 %
	Communications/Media	9	2.4 %	± 1.5 %
	Other	49	13.1 %	± 3.4 %
	Total	374	100.0 %

	Missing Cases = 5
	Response Percent = 98.7 %

56 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Industry (Other specified)

Aerospace	
Agribusiness	
Agriculture	
Agriculture	
casino	
Charity	
Charity	
Distribution services	
Education	
Education	
Education	
Education	
Education	
Education	
Education	
Education	
education	
education	
education	
elder care	
entertainment	
Food Production	
Global relocation	
Government	
Government	
Hoapitality	
Hospitality / Restaurants	
Hotel/Hospitality	
Insurance Brokerage	
international NGO	
Logistics	
Media	
Non Profit	
Non Profit	
Non profit	
non profit	
Nonprofit	
nonprofit	
online auction	
printing/publication	
Publishing	
Real Estate	
Real Estate & Construction	
Real Estate Development/Ops	
Real estate/Housing	
real estate investments	
Semiconductors	
Social Service Organization	
Telecom	

57 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	122	33.1 %	± 4.7 %
	$25-$99 million	80	21.7 %	± 4.1 %
	$100-$499 million	86	23.3 %	± 4.2 %
	$500-$999 million	20	5.4 %	± 2.3 %
	$1-$4.9 billion	37	10.0 %	± 3.0 %
	$5-$9.9 billion	7	1.9 %	± 1.4 %
	More than $10 billion	17	4.6 %	± 2.1 %
	Total	369	100.0 %

	Missing Cases = 10
	Response Percent = 97.4 %

58 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1082.1

	Median = 62

	Standard Deviation (Unbiased Estimate) = 2538.3

	95 Percent Confidence Interval Around The Mean = 823.1 - 1341.1

	99 Percent Confidence Interval Around The Mean = 741.9 - 1422.4

	Skewness = 3.1

	Kolmogorov-Smirnov Statistic For Normality = 7.7

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =369
Missing Cases =10
Response Percent = 97.4%

59 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	109	34.1 %	± 4.6 %
	100-499	98	30.6 %	± 4.4 %
	500-999	25	7.8 %	± 2.5 %
	1,000-2,499	29	9.1 %	± 2.7 %
	2,500-4,999	22	6.9 %	± 2.4 %
	5,000-9,999	13	4.1 %	± 1.8 %
	Over 10,000	24	7.5 %	± 2.5 %
	Total	320	100.0 %

	Missing Cases = 59
	Response Percent = 84.4 %

60 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1805.6

	Median = 300

	Standard Deviation (Unbiased Estimate) = 3343.5

	95 Percent Confidence Interval Around The Mean = 1439.3 - 2172.0

	99 Percent Confidence Interval Around The Mean = 1324.3 - 2286.9

	Skewness = 2.3

	Kolmogorov-Smirnov Statistic For Normality = 6.3

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1750

Valid Cases =320
Missing Cases =59
Response Percent = 84.4%

61 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Where are you personally located?

	 	Number	Percent	95% CI
	Northeast U.S.	94	25.0 %	± 4.4 %
	Midwest U.S.	93	24.7 %	± 4.4 %
	South Atlantic U.S.	69	18.4 %	± 3.9 %
	Pacific US	57	15.2 %	± 3.6 %
	South Central U.S.	42	11.2 %	± 3.2 %
	Mountain U.S.	15	4.0 %	± 2.0 %
	Canada	4	1.1 %	± 1.0 %
	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	376	100.0 %

	Missing Cases = 3
	Response Percent = 99.2 %

62 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Where are you personally located? - Other specified

Mid-Atlantic U.S.	
US & Canada	

63 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Ownership

	 	Number	Percent	95% CI
	Private	254	72.8 %	± 4.8 %
	Nonprofit	36	10.3 %	± 3.0 %
	Public, NYSE	28	8.0 %	± 2.6 %
	Public, NASDAQ/AMEX	19	5.4 %	± 2.2 %
	Government	12	3.4 %	± 1.8 %
	Total	349	100.0 %

	Missing Cases = 30
	Response Percent = 92.1 %

64 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

Foreign Sales

	 	Number	Percent	95% CI
	0%	177	47.3 %	± 5.0 %
	1-24%	140	37.4 %	± 4.9 %
	25-50%	31	8.3 %	± 2.8 %
	More than 50%	26	7.0 %	± 2.6 %
	Total	374	100.0 %

	Missing Cases = 5
	Response Percent = 98.7 %

65 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

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

	 	Number	Percent	95% CI
	Europe	70	42.2 %	± 6.8 %
	Asia/Pacific Basin	47	28.3 %	± 6.0 %
	Canada	32	19.3 %	± 5.2 %
	Latin America	14	8.4 %	± 3.6 %
	Africa	3	1.8 %	± 1.7 %
	Total	166	100.0 %

	Missing Cases = 31
	Response Percent = 84.3 %

66 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	33	12.5 %	12.5 %
	AA+	30	11.3 %	23.8 %
	AA	30	11.3 %	35.1 %
	AA-	11	4.2 %	39.2 %
	A+	17	6.4 %	45.7 %
	A	21	7.9 %	53.6 %
	A-	18	6.8 %	60.4 %
	BBB+	28	10.6 %	70.9 %
	BBB	19	7.2 %	78.1 %
	BBB-	14	5.3 %	83.4 %
	BB+	12	4.5 %	87.9 %
	BB	7	2.6 %	90.6 %
	BB-	4	1.5 %	92.1 %
	B+	6	2.3 %	94.3 %
	B	5	1.9 %	96.2 %
	B-	4	1.5 %	97.7 %
	CCC	6	2.3 %	100.0 %
	CC	0	0.0 %	100.0 %
	D	0	0.0 %	100.0 %
	Total	265	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

67 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

What is your company's credit rating? 

N=265		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		265		98	167	
		100.0%		37.0%	63.0%	
						
AAA		33		16	17	
		12.5%		16.3%	10.2%	
						
AA+		30		10	20	
		11.3%		10.2%	12.0%	
						
AA		30		11	19	
		11.3%		11.2%	11.4%	
						
AA-		11		5	6	
		4.2%		5.1%	3.6%	
						
A+		17		2	15	
		6.4%		2.0%	9.0%	
				b	a	
						
A		21		5	16	
		7.9%		5.1%	9.6%	
						
A-		18		7	11	
		6.8%		7.1%	6.6%	
						
BBB+		28		11	17	
		10.6%		11.2%	10.2%	
						
BBB		19		8	11	
		7.2%		8.2%	6.6%	
						
BBB-		14		6	8	
		5.3%		6.1%	4.8%	
						
BB+		12		6	6	
		4.5%		6.1%	3.6%	
						
BB		7		1	6	
		2.6%		1.0%	3.6%	
						
BB-		4		3	1	
		1.5%		3.1%	0.6%	
						
B+		6		1	5	
		2.3%		1.0%	3.0%	
						
B		5		3	2	
		1.9%		3.1%	1.2%	
						
B-		4		2	2	
		1.5%		2.0%	1.2%	
						
CCC		6		1	5	
		2.3%		1.0%	3.0%	

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

68 

Duke CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2014

What is your company's credit rating? 

N=265		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
CC		0		0	0	
		0.0%		0.0%	0.0%	
						
D		0		0	0	
		0.0%		0.0%	0.0%	

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