Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100
being the most optimistic.	2
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. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12
months?	5
3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12
months? - Other specified	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
(e.g., +3%, -2%, etc.) [Leave blank if not applicable]	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Revenue Weighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[All Companies - Winsorized - Employee Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	12
5a. Approximately what percentage of your primary workforce currently earns minimum wage?	13
5b. Among your primary workforce, how much do the lowest paid workers currently earn in hourly wages? - (mean is an
estimate derived from catgegory midponts)	14
ALL RESPONDENTS: If the minimum wage were increased, would your company...	15
MANUFACTURING SECTOR: If the minimum wage were increased, would your company...	16
RETAIL/WHOLESALE SECTOR: If the minimum wage were increased, would your company...	17
LESS THAN 100 EMPLOYEES: If the minimum wage were increased, would your company...	18
100-999 EMPLOYEES: If the minimum wage were increased, would your company...	19
1000+ EMPLOYEES: If the minimum wage were increased, would your company...	20
6a. Has your company made or are you planning to make capital investments aimed at reducing the amount of labor
needed at your company?	22
MANUFACTURING SECTOR: 6a. Has your company made or are you planning to make capital investments aimed at
reducing the amount of labor needed at your company?	24
6b. Company has made or is planning to reduce the amount of labor - By how much do you expect this labor-reducing
technology to reduce your number of employees over the next five years?	25
7a. In the country where you are located, can companies make political contributions?	26
7b. Does your company make political contributions?	27
7b. What are the most important reasons that your company makes political contributions?	28
7b. What are the most important reasons that your company makes political contributions? - Other reason specified	29
7b. Why doesn't your company make political contributions?	30
8a. Please rate the following statements about managing your company's corporate tax exposure.	33
8b. Have you considered changing your firm's country or state of incorporation to reduce your tax obligations?	34
9. On August 18, 2014 the annual yield on 10-yr treasury bonds was 2.5%. Please complete the following:	35
Revenue Weighted: 9. On August 18, 2014 the annual yield on 10-yr treasury bonds was 2.5%. Please complete the
following:	36
Employee Weighted: 9. On August 18, 2014 the annual yield on 10-yr treasury bonds was 2.5%. 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
What is your company's credit rating? 	52
Your job title (e.g., CFO, Asst. Treasurer, etc):	55

 1 

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

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

	 	Number	Percent	95% CI
	1=More optimistic	163	43.0 %	± 5.0 %
	0=No change	144	38.0 %	± 4.9 %
	-1=Less optimistic	72	19.0 %	± 3.9 %
	Total	379	100.0 %

	Mean = 0.2
	SD = 0.8

	Missing Cases = 4
	Response Percent = 99.0 %

2 

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

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

	Minimum = 0

	Maximum = 100

	Mean = 62.5

	Median = 65

	Standard Deviation (Unbiased Estimate) = 17.2

	95 Percent Confidence Interval Around The Mean = 60.6 - 64.4

4 Groups

	 1 = 50
	 2 = 65
	 3 = 75

Valid Cases =317
Missing Cases =66
Response Percent = 82.8%

3 

Duke CFO magazine Global Business Outlook survey - U.S. - Third 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	187	49.5 %	± 5.0 %
	0=No change	119	31.5 %	± 4.7 %
	-1=Less optimistic	72	19.0 %	± 3.9 %
	Total	378	100.0 %

	Mean = 0.3
	SD = 0.8

	Missing Cases = 5
	Response Percent = 98.7 %

4 

Duke CFO magazine Global Business Outlook survey - U.S. - Third 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 = 68.9

	Median = 75

	Standard Deviation (Unbiased Estimate) = 17.9

	95 Percent Confidence Interval Around The Mean = 66.9 - 70.8

4 Groups

	 1 = 60
	 2 = 73.5
	 3 = 80

Valid Cases =325
Missing Cases =58
Response Percent = 84.9%

5 

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

3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12 months? 

(N=381)

		Little or no risk	Moderate risk	Significant risk	
		to financial	to financial	to financial	
	Mean & SD	performance	performance	performance	Total
	  	1	2	3	  	
	2.21	71	158	150	379
Government policies	0.74	18.64%	41.47%	39.37%	99.48%

	2.15	81	158	139	378
Regulatory requirements	0.75	21.26%	41.47%	36.48%	99.21%

	2.12	61	208	106	375
Cost of benefits	0.66	16.01%	54.59%	27.82%	98.43%

	2.07	67	217	93	377
Economic uncertainty	0.65	17.59%	56.96%	24.41%	98.95%

Difficulty attracting/retaining qualified	2.03	85	197	96	378
employees	0.69	22.31%	51.71%	25.20%	99.21%

	1.93	99	200	74	373
Data security	0.68	25.98%	52.49%	19.42%	97.90%

	1.82	143	154	75	372
Weak demand for your products/services	0.74	37.53%	40.42%	19.69%	97.64%

	1.80	126	197	51	374
Rising wages and salarie	0.66	33.07%	51.71%	13.39%	98.16%

	1.77	146	153	64	363
Rising input or commodity costs	0.73	38.32%	40.16%	16.80%	95.28%

	1.76	147	179	54	380
Employee morale	0.69	38.58%	46.98%	14.17%	99.74%

	1.67	177	131	56	364
Geopolitical / Health Crises	0.73	46.46%	34.38%	14.70%	95.54%

	1.67	165	173	39	377
Employee productivity	0.66	43.31%	45.41%	10.24%	98.95%

	1.62	176	131	44	351
Corporate tax code (domestic)	0.70	46.19%	34.38%	11.55%	92.13%

	1.60	180	168	29	377
Inflation	0.63	47.24%	44.09%	7.61%	98.95%

	1.58	186	150	31	367
Cost of borrowing	0.64	48.82%	39.37%	8.14%	96.33%

	1.56	157	107	28	292
Currency risk	0.66	41.21%	28.08%	7.35%	76.64%

	1.48	229	99	38	366
Access to capital	0.68	60.10%	25.98%	9.97%	96.06%

	1.36	167	73	8	248
Corporate tax code (other countries)	0.54	43.83%	19.16%	2.10%	65.09%

6 

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

3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12 months? 

		Little or no risk	Moderate risk	Significant risk	
		to financial	to financial	to financial	
	Mean & SD	performance	performance	performance	Total
	  	1	2	3	  	
	1.27	276	83	8	367
Deflation	0.49	72.44%	21.78%	2.10%	96.33%

	2.15	5	1	7	13
Other:	0.99	1.31%	0.26%	1.84%	3.41%

7 

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

3. How much risk to your company’s financial performance do you expect the following factors to pose over the next 12 months? - Other specified

Banking/Finance/Insurance	inflation	
Communications/Media	Health of financial services sector -- our principal clientele	
Manufacturing	Fiscal Policy	
Other	gasoline prices	
Retail/Wholesale	ISIS	
Retail/Wholesale	litigation	
Service/Consulting	Absence of Federal Govt 'direction.'	
Service/Consulting	loss of manufacturing companies	

8 

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

4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	11.80	36.58	7.70 - 15.90	5	-80	400	302

Health care costs	10.42	16.32	8.66 - 12.19	8	-50	200	296

Revenue	9.24	21.22	6.97 - 11.51	5	-50	300	64

Capital spending	7.00	32.17	3.37 - 10.63	3	-75	400	306

Number of domestic full-time employees	5.96	24.13	3.23 - 8.70	3	-60	300	329

Marketing/advertising spending	5.88	16.37	3.95 - 7.81	3	-50	150	276

Cash on the balance sheet	5.71	27.66	2.56 - 8.86	2	-50	297	300

Technology spending	5.59	15.08	3.77 - 7.40	5	-80	100	238

Research and development spending	4.23	10.28	2.81 - 5.64	1	-20	100	172

Dividends	4.18	6.29	2.64 - 5.72	2	0	25	279

Wages/Salaries	4.04	6.00	3.39 - 4.68	3	-5	80	246

Productivity (output per hour worked)	3.68	8.31	2.64 - 4.72	2	-25	80	203

Prices of your products	2.49	4.70	1.94 - 3.05	2	-15	45	335

Number of offshore outsourced employees	2.22	15.25	-0.06 - 4.50	0	-90	150	143

Number of domestic temporary employees	1.84	13.46	0.13 - 3.55	0	-90	100	266

Share repurchases	0.90	13.65	-1.33 - 3.14	0	-75	100	334

9 

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

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

(N=383)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	321	9	4	334
Wages/Salaries	0.3	96.1%	2.7%	1.2%	100.0%

	0.9	302	16	11	329
Health care costs	0.4	91.8%	4.9%	3.3%	100.0%

	0.8	293	13	29	335
Revenue	0.6	87.5%	3.9%	8.7%	100.0%

	0.7	178	57	11	246
Productivity (output per hour worked)	0.6	72.4%	23.2%	4.5%	100.0%

	0.6	239	23	44	306
Earnings	0.7	78.1%	7.5%	14.4%	100.0%

	0.6	202	51	26	279
Prices of your products	0.6	72.4%	18.3%	9.3%	100.0%

	0.6	194	43	29	266
Technology spending	0.7	72.9%	16.2%	10.9%	100.0%

	0.6	214	51	35	300
Number of domestic full-time employees	0.7	71.3%	17.0%	11.7%	100.0%

	0.6	180	70	26	276
Marketing/advertising spending	0.7	65.2%	25.4%	9.4%	100.0%

	0.5	34	30	0	64
Dividends	0.5	53.1%	46.9%	0.0%	100.0%

	0.5	206	47	49	302
Capital spending	0.8	68.2%	15.6%	16.2%	100.0%

	0.5	109	80	14	203
Research and development spending	0.6	53.7%	39.4%	6.9%	100.0%

	0.4	171	58	67	296
Cash on the balance sheet	0.8	57.8%	19.6%	22.6%	100.0%

Number of domestic temporary	0.3	88	125	25	238
employees	0.6	37.0%	52.5%	10.5%	100.0%

Number of offshore outsourced	0.2	44	122	6	172
employees	0.5	25.6%	70.9%	3.5%	100.0%

	0.1	22	113	8	143
Share repurchases	0.4	15.4%	79.0%	5.6%	100.0%

10 

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

4. 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	10.88	16.31	10.56 - 11.21	7	-59.90	83.49

Capital spending	7.58	16.33	7.25 - 7.90	5	-56	70.05

Revenue	7.29	8.40	7.13 - 7.46	5	-32.40	50.83

Technology spending	5.22	8.29	5.05 - 5.40	5	-24	35.15

Research and development spending	4.36	5.94	4.22 - 4.50	3	-15.90	24.37

Cash on the balance sheet	4.11	16.55	3.77 - 4.45	1	-48.50	59.91

Dividends	4.06	4.62	3.92 - 4.19	2	0	16.51

Marketing/advertising spending	3.02	6.55	2.88 - 3.16	3	-26.20	37.96

Prices of your products	2.06	3.59	1.98 - 2.13	2	-6.72	11.71

Share repurchases	0.53	8.67	0.31 - 0.75	0	-25.80	27.65

11 

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

4. 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	7.49	6.73	7.36 - 7.62	6	-21.60	42.41

Number of offshore outsourced employees	3.05	5.85	2.91 - 3.18	0	-27.70	32.11

Productivity (output per hour worked)	3.02	2.83	2.96 - 3.08	3	-12.60	19.96

Wages/Salaries	2.94	2.19	2.90 - 2.98	3	-5	15.80

Number of domestic full-time employees	2.10	5.91	1.98 - 2.22	1.50	-41.30	53.26

Number of domestic temporary employees	0.10	6.07	-0.04 - 0.23	0	-24.50	28.22

12 

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

4. 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	11.66	14.73	11.26 - 12.05	8	-5	83.49

Revenue	5.94	6.29	5.77 - 6.10	5	-10	50

Dividends	4.29	4.73	4.15 - 4.43	3	0	16.51

Cash on the balance sheet	3.02	15.88	2.57 - 3.47	1	-48.50	50

Share repurchases	0.42	8.44	0.16 - 0.68	0	-25.80	15

13 

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

5a. Approximately what percentage of your primary workforce currently earns minimum wage?

	 	Number	Percent	95% CI
	0% (None)	283	76.7 %	± 4.4 %
	5%	31	8.4 %	± 2.7 %
	10%	14	3.8 %	± 1.9 %
	20%	9	2.4 %	± 1.5 %
	30%	7	1.9 %	± 1.3 %
	40%	4	1.1 %	± 1.0 %
	50%	1	0.3 %	± 0.5 %
	60%	3	0.8 %	± 0.9 %
	70%	2	0.5 %	± 0.7 %
	80%	2	0.5 %	± 0.7 %
	90%	1	0.3 %	± 0.5 %
	95%	1	0.3 %	± 0.5 %
	100% (All)	11	3.0 %	± 1.7 %
	Total	369	100.0 %

	Mean = 7.2
	SD = 21.0

	Missing Cases = 14
	Response Percent = 96.3 %

14 

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

5b. Among your primary workforce, how much do the lowest paid workers currently earn in hourly wages? - (mean is an estimate derived from catgegory midponts)

	 	Number	Percent	95% CI
	$7.25 or less per hour	7	2.0 %	± 1.3 %
	$7.26-$8.74	31	9.0 %	± 2.7 %
	$8.75-$9.99	51	14.8 %	± 3.4 %
	$10-$14.99	143	41.6 %	± 4.9 %
	$15 or more per hour	112	32.6 %	± 4.6 %
	Total	344	100.0 %

	Mean = 12.9
	SD = 3.3

	Missing Cases = 39
	Response Percent = 89.8 %

15 

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

ALL RESPONDENTS: If the minimum wage were increased, would your company...

		increased to $8.75/hr		increased to $10.00/hr		increased to $15.00/hr	
		Yes	No	Not Sure		Yes	No	Not Sure		Yes	No	Not Sure	
													
Net: Reduce current or		0	0	0		0	0	0		0	0	0	
future employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Net: Reduce or		0	0	0		0	0	0		0	0	0	
outsource employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce current		0	0	0		0	0	0		0	0	0	
workforce		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Slow future hiring		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Outsource labor		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Shift towards labor-		0	0	0		0	0	0		0	0	0	
saving technologies		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
benefits		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce operations		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Raise product prices		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
turnover		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Increase worker output		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Attract higher-quality		0	0	0		0	0	0		0	0	0	
talent		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

16 

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

MANUFACTURING SECTOR: If the minimum wage were increased, would your company...

		increased to $8.75/hr		increased to $10.00/hr		increased to $15.00/hr	
		Yes	No	Not Sure		Yes	No	Not Sure		Yes	No	Not Sure	
													
Net: Reduce current or		0	0	0		0	0	0		0	0	0	
future employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Net: Reduce or		0	0	0		0	0	0		0	0	0	
outsource employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce current		0	0	0		0	0	0		0	0	0	
workforce		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Slow future hiring		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Outsource labor		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Shift towards labor-		0	0	0		0	0	0		0	0	0	
saving technologies		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
benefits		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce operations		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Raise product prices		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
turnover		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Increase worker output		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Attract higher-quality		0	0	0		0	0	0		0	0	0	
talent		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

17 

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

RETAIL/WHOLESALE SECTOR: If the minimum wage were increased, would your company...

		increased to $8.75/hr		increased to $10.00/hr		increased to $15.00/hr	
		Yes	No	Not Sure		Yes	No	Not Sure		Yes	No	Not Sure	
													
Net: Reduce current or		0	0	0		0	0	0		0	0	0	
future employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Net: Reduce or		0	0	0		0	0	0		0	0	0	
outsource employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce current		0	0	0		0	0	0		0	0	0	
workforce		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Slow future hiring		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Outsource labor		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Shift towards labor-		0	0	0		0	0	0		0	0	0	
saving technologies		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
benefits		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce operations		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Raise product prices		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
turnover		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Increase worker output		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Attract higher-quality		0	0	0		0	0	0		0	0	0	
talent		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

18 

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

LESS THAN 100 EMPLOYEES: If the minimum wage were increased, would your company...

		increased to $8.75/hr		increased to $10.00/hr		increased to $15.00/hr	
		Yes	No	Not Sure		Yes	No	Not Sure		Yes	No	Not Sure	
													
Net: Reduce current or		0	0	0		0	0	0		0	0	0	
future employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Net: Reduce or		0	0	0		0	0	0		0	0	0	
outsource employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce current		0	0	0		0	0	0		0	0	0	
workforce		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Slow future hiring		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Outsource labor		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Shift towards labor-		0	0	0		0	0	0		0	0	0	
saving technologies		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
benefits		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce operations		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Raise product prices		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
turnover		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Increase worker output		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Attract higher-quality		0	0	0		0	0	0		0	0	0	
talent		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

19 

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

100-999 EMPLOYEES: If the minimum wage were increased, would your company...

		increased to $8.75/hr		increased to $10.00/hr		increased to $15.00/hr	
		Yes	No	Not Sure		Yes	No	Not Sure		Yes	No	Not Sure	
													
Net: Reduce current or		0	0	0		0	0	0		0	0	0	
future employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Net: Reduce or		0	0	0		0	0	0		0	0	0	
outsource employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce current		0	0	0		0	0	0		0	0	0	
workforce		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Slow future hiring		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Outsource labor		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Shift towards labor-		0	0	0		0	0	0		0	0	0	
saving technologies		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
benefits		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce operations		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Raise product prices		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
turnover		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Increase worker output		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Attract higher-quality		0	0	0		0	0	0		0	0	0	
talent		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

20 

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

1000+ EMPLOYEES: If the minimum wage were increased, would your company...

		increased to $8.75/hr		increased to $10.00/hr		increased to $15.00/hr	
		Yes	No	Not Sure		Yes	No	Not Sure		Yes	No	Not Sure	
													
Net: Reduce current or		0	0	0		0	0	0		0	0	0	
future employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Net: Reduce or		0	0	0		0	0	0		0	0	0	
outsource employment		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce current		0	0	0		0	0	0		0	0	0	
workforce		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Slow future hiring		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Outsource labor		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Shift towards labor-		0	0	0		0	0	0		0	0	0	
saving technologies		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
benefits		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce operations		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Raise product prices		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Reduce employee		0	0	0		0	0	0		0	0	0	
turnover		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Increase worker output		0	0	0		0	0	0		0	0	0	
		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	
													
Attract higher-quality		0	0	0		0	0	0		0	0	0	
talent		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	

21 

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

ANSWERED ALL THREE MINIMUM WAGE BREAKPOINTS: (#) 

--- No Response ---

22 

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

6a. Has your company made or are you planning to make capital investments aimed at reducing the amount of labor needed at your company?

	 	Number	Percent	95% CI
	Yes	179	47.6 %	± 5.0 %
	No	197	52.4 %	± 5.0 %
	Total	376	100.0 %

	Missing Cases = 7
	Response Percent = 98.2 %

23 

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

6a. Has your company made or are you planning to make capital investments aimed at reducing the amount of labor needed at your company?

N=383		Hourly wage for lowest paid workers	
		<$8.75	$8.75 - $9.99	$10.00 - $14.99	$15.00+	
		A	B	C	D	
						
Total		38	51	143	112	
		11.0%	14.8%	41.6%	32.6%	
						
Yes		23	31	81	37	
		62.2%	62.0%	56.6%	33.3%	
		D	D	D	ABC	
						
No		14	19	62	74	
		37.8%	38.0%	43.4%	66.7%	
		D	D	D	ABC	

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

24 

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

MANUFACTURING SECTOR: 6a. Has your company made or are you planning to make capital investments aimed at reducing the amount of labor needed at your company?

N=90		Hourly wage for lowest paid workers	
		<$8.75	$8.75 - $9.99	$10.00 - $14.99	$15.00+	
		A	B	C	D	
						
Total		10	11	45	23	
		11.2%	12.4%	50.6%	25.8%	
						
Yes		7	7	30	10	
		70.0%	63.6%	66.7%	43.5%	
						
No		3	4	15	13	
		30.0%	36.4%	33.3%	56.5%	

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

25 

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

6b. Company has made or is planning to reduce the amount of labor - By how much do you expect this labor-reducing technology to reduce your number of employees over the next five years?

	Minimum = 0

	Maximum = 93

	Mean = 10.49

	Median = 5

	Variance (Unbiased Estimate) = 171.65

	Standard Deviation (Unbiased Estimate) = 13.10

	Standard Error Of The Mean  = 1.03

	95 Percent Confidence Interval Around The Mean = 8.48 - 12.50

	99 Percent Confidence Interval Around The Mean = 7.85 - 13.14

4 Groups

	 1 = 5
	 2 = 5
	 3 = 12

Valid Cases =163
Missing Cases =16
Response Percent = 91.1%

26 

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

7a. In the country where you are located, can companies make political contributions?

	 	Number	Percent	95% CI
	Yes	284	75.3 %	± 4.4 %
	No	93	24.7 %	± 4.3 %
	Total	377	100.0 %

	Missing Cases = 6
	Response Percent = 98.4 %

27 

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

7b. Does your company make political contributions?

	 	Number	Percent	95% CI
	Yes	86	31.0 %	± 5.4 %
	No	191	69.0 %	± 5.5 %
	Total	277	100.0 %

	Missing Cases = 7
	Response Percent = 97.5 %

28 

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

7b. What are the most important reasons that your company makes political contributions?

	 	Number	Percent	95% CI
	So that our company’s interests are represented in the legislative
	   process	62	72.1 %	± 9.7 %
	To develop and strengthen relationships with policy makers	58	67.4 %	± 10.1 %
	To be able to express our company’s views and opinions to
	   policy makers	49	57.0 %	± 10.7 %
	To strengthen the public perception of our company	21	24.4 %	± 9.3 %
	To associate our company with specific causes or issues	11	12.8 %	± 7.2 %
	To improve our chances of winning government contracts	4	4.7 %	± 4.5 %
	Other	4	4.7 %	± 4.5 %
	Total	209

	Number of Cases = 86
	Number of Responses = 209
	Average Number Of Responses Per Case = 2.4
	Number Of Cases With At Least One Response = 85
	Response Percent = 98.8 %

29 

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

7b. What are the most important reasons that your company makes political contributions? - Other reason specified

Manufacturing	Defeat liberalism	
Retail/Wholesale	to support a good candidate	
Service/Consulting	To achieve change at Federal levels.	

30 

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

7b. Why doesn't your company make political contributions? 

Banking/Finance/Insurance	Against company policy.  Could also present problems with institutional clients.	
Banking/Finance/Insurance	Against Federal Regulations	
Banking/Finance/Insurance	Company Policy	
Banking/Finance/Insurance	Corporate decision	
Banking/Finance/Insurance	I don't feel it does any good at my level of contribution.	
Banking/Finance/Insurance	NA	
Banking/Finance/Insurance	NA	
Banking/Finance/Insurance	No perceived benefit	
Banking/Finance/Insurance	Not big enough to make a difference / need to be seen as apolitical by clients	
Banking/Finance/Insurance	not practical	
Banking/Finance/Insurance	Not viewed as part of our corporate mission.	
Banking/Finance/Insurance	Optics	
Banking/Finance/Insurance	Policy	
Banking/Finance/Insurance	Policy to remain neutral as not to affend customers	
Banking/Finance/Insurance	Regulatory reasons	
Banking/Finance/Insurance	small community	
Banking/Finance/Insurance	We choose not to	
Banking/Finance/Insurance	We have a PAC	
Banking/Finance/Insurance	We have a credit union league that does this for us on behalf of the local credit	
	unions.	
Communications/Media	Can't afford to make political contributions.	
Communications/Media	no benefit	
Communications/Media	Not interested in aligning with a specific political party. The nature of our	
	business is to remain as neutral as possible due to regulatory decisions that can	
	impact our business.	
Communications/Media	Too many gov't contracts.	
Communications/Media	waste of money.  However, the very senior execs are bundlers for candidates and	
	the encourage us to do our part.  I don't participate.	
Communications/Media	we are a not for profit and act as a disinterested fourth party to audit our	
	members.  They have their own trade associations for any political action.	
Communications/Media	We are in the media business and need to be considered neutral on political issues.	
Communications/Media	We're a public company with controlling ownership held by a UK conglomerate.	
	So we don't make contributions to PACs etc. in the United States.  UK practices	
	prevail in this sort of thing -- which in my view is very good.	
Healthcare/Pharmaceutical	Government entity	
Healthcare/Pharmaceutical	I think it is not the place of corporations and besides both parties in the house are	
	already bought and paid for.	
Healthcare/Pharmaceutical	not a good use of funds	
Healthcare/Pharmaceutical	Private business	
Manufacturing	Against company policy	
Manufacturing	Avoid political entanglements	
Manufacturing	Cash	
Manufacturing	Contract with owners does not allow.	
Manufacturing	Do not pick sides.	
Manufacturing	Immeasurable ROI on the investment.	
Manufacturing	It is not our place to get involved in any particular political philosophy.	
Manufacturing	It is not sensible for us - we have no lobby activities	
Manufacturing	left up to individuals	
Manufacturing	Made personally by owners.	
Manufacturing	Most politicians are useless.	
Manufacturing	No benefit of doing so, and there shouldn't be a benefit either	
Manufacturing	No economic justification	
Manufacturing	No interest	
Manufacturing	no reason to	
Manufacturing	No return on investment	
Manufacturing	No viable candidate t endorse at this time.	
Manufacturing	not appropriate	

31 

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

7b. Why doesn't your company make political contributions? 

Manufacturing	Not deemed necessary	
Manufacturing	Not important.	
Manufacturing	Not in Corporate policy	
Manufacturing	not in our company culture	
Manufacturing	not interested	
Manufacturing	Not necessary to do business (nor should it be)	
Manufacturing	Of no benefit.	
Manufacturing	Policy is not to make political contributions.	
Manufacturing	Private company owners make contributions with the profits generated if they	
	want to	
Manufacturing	Small company. Owners may make their own contributions.	
Manufacturing	Too much public scrutiny, may offend customers.	
Manufacturing	Waste of money	
Manufacturing	waste of money	
Manufacturing	We are a Christian-based organization	
Manufacturing	We are an S Corp.j. Leave all donations to the shareholders related to political	
	contributions	
Manufacturing	We are too small.	
Manufacturing	We believe it inappropriate.	
Manufacturing	We couldn't contribute enough to make a positive impact on society.  We	
	contribute to charity instead.  We can make a real impact that way.	
Manufacturing	We like to stay neutral.  No return on our investment.	
Manufacturing	why?	
Mining/Construction	bulk of business is government work	
Mining/Construction	Let larger companies in our industry fund them.	
Mining/Construction	Owners make contribution directly	
Mining/Construction	We approach candidate directly on issues.	
Other	Done on a personal basis.	
Other	Government agency	
Other	I make mine personally.	
Other	Internal policy	
Other	N/a	
Other	No business reason to do so.	
Other	No influence in politics	
Other	Non-profit	
Other	Not allowed by charter	
Other	Not budgeted. Canadian ownership.	
Other	Not legal for us.	
Other	Prefer not to do so  .. I'll bet that is a helpful answer	
Other	Too small and I make private contributions.	
Other	We are a 501(3)c not for profit corporation.	
Other	We are a 501(c)3	
Other	We are a 501.c3 religious non-profit organization.	
Other	We are a public institution.	
Other	We are not allowed to under our 501(c)3 status, our church plan status, and	
	would be considered unethical as part of our charter and policies.	
Other	We have licenses that require we don't do so.	
Other	We support our industry group.  Not specific candidates.	
Retail/Wholesale	Contribution are made at the individual ownership level	
Retail/Wholesale	Contributions are not in our budget	
Retail/Wholesale	Corporate Policy	
Retail/Wholesale	Division of Large conglomerate-not allowed per policy	
Retail/Wholesale	Don't see it as beneficial	
Retail/Wholesale	It is not what we do.  Contributions are made to charities and education	
Retail/Wholesale	Left to individuals to do.	
Retail/Wholesale	no immediate benefit to EBITDA	
Retail/Wholesale	Not allowed by corporate governance policy.	

32 

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

7b. Why doesn't your company make political contributions? 

Retail/Wholesale	not interested.	
Retail/Wholesale	Our shareholders want financial performance.	
Retail/Wholesale	Owners will not spend money for that, we are already represented by a national	
	trade group.	
Retail/Wholesale	Policy	
Retail/Wholesale	Referred to individual.	
Retail/Wholesale	Slippery slope	
Retail/Wholesale	too small to effect change	
Retail/Wholesale	waste	
Retail/Wholesale	Why would we?  Waste of money	
Service/Consulting	Believe this is a personal choice	
Service/Consulting	Business is taxed as a partnership, so partners make personal contributions for	
	political purposes,	
Service/Consulting	conflict	
Service/Consulting	corp mandate	
Service/Consulting	Don't believe in perpetuating the absurd	
Service/Consulting	Don't see the value for our company.	
Service/Consulting	focus on growing the company and the employees	
Service/Consulting	Government contracts so individuals make contribution but not corporation	
Service/Consulting	Haven't identified an immediate need or benefit	
Service/Consulting	Individual employees are encouraged to be politically informed and socially active	
	but the company does not take a public position on political issues to avoid	
	customer aggravation.	
Service/Consulting	Margins too slim issues with awareness	
Service/Consulting	No funds available.	
Service/Consulting	No good candidates to contribute to - NONE	
Service/Consulting	Not a priority	
Service/Consulting	Not appropriate	
Service/Consulting	not for profit	
Service/Consulting	Not in the budget nor is it cost-effective.	
Service/Consulting	policy we make personal	
Service/Consulting	Want to keep separate business and politics.	
Service/Consulting	We are apolitical - we do not take positions on a corporate basis.	
Service/Consulting	We do not participate in politics - personal choice - not business directed.	
Service/Consulting	We don't see the benefit of the contribution providing sufficient return to our	
	business.	
Service/Consulting	We have a separate PAC	
Tech [Software/Biotech]	I don't know	
Tech [Software/Biotech]	Individuals do, companies does not.	
Tech [Software/Biotech]	Insufficient liquidity	
Tech [Software/Biotech]	no comment	
Tech [Software/Biotech]	No need	
Tech [Software/Biotech]	No ROI	
Tech [Software/Biotech]	not part of our culture	
Tech [Software/Biotech]	We are a small business and cannot afford	
Tech [Software/Biotech]	We separate business from politics	
Transportation/Energy	Avoid political entanglements	
Transportation/Energy	Independency is important.	
Transportation/Energy	No reason one just have little impact.	
Transportation/Energy	No return on investment.	
Transportation/Energy	We are apolitical	
Transportation/Energy	We employ an employee PAC	
Transportation/Energy	We wish to remain neutral, even apolitical	
Unspecified Industry	n/a	
Unspecified Industry	Not allowed as a firm.	
Unspecified Industry	OUR POLICY IS TO REMAIN INDEPENDENT OF POLITICS DUE TO	
	OUR CLIENT MIX.	

33 

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

8a. Please rate the following statements about managing your company's corporate tax exposure.

(N=383)

		Agree			Disagree	
	Mean & SD	strongly	Agree	Disagree	strongly	Total
	  	1	2	3	4	  	
Other countries’ tax policies are more
favorable to our business than are our	2.0	75	100	45	10	230
own country’s tax policies.	0.8	32.6%	43.5%	19.6%	4.3%	100.0%

Tax planning is an important component	2.1	66	165	87	13	331
of our strategic planning.	0.8	19.9%	49.8%	26.3%	3.9%	100.0%

Strategies to manage our tax exposure
have a material impact on our financial	2.2	79	144	80	26	329
performance.	0.9	24.0%	43.8%	24.3%	7.9%	100.0%

Tax incentives (e.g., country, state, local)
influence decisions on where to locate our	2.4	48	111	106	27	292
operations.	0.9	16.4%	38.0%	36.3%	9.2%	100.0%

We aggressively manage where our profits	2.5	40	93	112	40	285
are realized (e.g., country, state).	0.9	14.0%	32.6%	39.3%	14.0%	100.0%

34 

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

8b. Have you considered changing your firm's country or state of incorporation to reduce your tax obligations?

	 	Number	Percent	95% CI
	Yes	50	13.2 %	± 3.4 %
	No	328	86.8 %	± 3.5 %
	Total	378	100.0 %

	Missing Cases = 5
	Response Percent = 98.7 %

35 

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

9. On August 18, 2014 the annual yield on 10-yr treasury bonds was 2.5%. 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:	1.36	5.74	0.75 - 1.96	2	-25	50	343

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	6.74	4.82	6.23 - 7.24	6	-2	50	349

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:	10.82	9.19	9.85 - 11.80	10	2	100	343

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:	-2.63	9.40	-3.62 - -1.63	0	-50	50	342

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	5.38	4.34	4.92 - 5.83	5	-15	35	351

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:	10.54	5.98	9.91 - 11.17	10	0	50	342

36 

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

Revenue Weighted: 9. On August 18, 2014 the annual yield on 10-yr treasury bonds was 2.5%. 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:	1.57	4.21	1.49 - 1.65	2	-9.88	12.60

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.50	3.06	6.44 - 6.56	6	-2	16.19

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:	10.50	5.06	10.40 - 10.59	10	2	28.83

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:	-3.11	8.59	-3.27 - -2.95	0	-21	15.79

Over the next year, I expect the average annual S&P 500 return will
be: Expected return:	5.13	2.99	5.07 - 5.18	5	-3.13	13.89

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:	10.57	4.88	10.48 - 10.67	10	0	22.26

37 

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

Employee Weighted: 9. On August 18, 2014 the annual yield on 10-yr treasury bonds was 2.5%. 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:	1.62	3.98	1.55 - 1.70	2	-9.88	12.60

Over the next 10 years, I expect the average annual S&P 500 return
will be: Expected return:	6.45	2.94	6.40 - 6.50	6	-2	16.19

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:	10.12	4.38	10.04 - 10.20	10	2	28.83

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:	-2.97	8.46	-3.13 - -2.82	0	-21	15.79

Over the next year, I expect the average annual S&P 500 return will
be: Expected return:	5.20	3.28	5.14 - 5.26	5	-3.13	13.89

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:	10.86	5.03	10.76 - 10.95	10	0	22.26

38 

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

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2013	9.05	14.13	7.47 - 10.62	6	-25	100	309

% Expected ROA in 2014	10.94	12.97	9.49 - 12.39	8	-12.50	100	307

39 

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

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2014	74.07	16.47	70.66 - 77.47	78	18	100	90

% of capacity utilization planned for the remainder of
2014	75.17	16.19	71.82 - 78.51	80	25	100	90

40 

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

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2014	80.12	10.16	78.02 - 82.22	80	18	100	90

% of capacity utilization planned for the remainder of
2014	82.13	12.27	79.60 - 84.67	82	25	100	90

41 

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	90	23.8 %	± 4.3 %
	Service/Consulting	52	13.8 %	± 3.4 %
	Banking/Finance/Insurance	49	13.0 %	± 3.4 %
	Retail/Wholesale	46	12.2 %	± 3.3 %
	Healthcare/Pharmaceutical	20	5.3 %	± 2.2 %
	Tech [Software/Biotech]	19	5.0 %	± 2.2 %
	Transportation/Energy	19	5.0 %	± 2.2 %
	Communications/Media	18	4.8 %	± 2.1 %
	Mining/Construction	14	3.7 %	± 1.9 %
	Other	51	13.5 %	± 3.4 %
	Total	378	100.0 %

	Missing Cases = 5
	Response Percent = 98.7 %

42 

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

Industry (Other specified)

Agribusiness	
Agriculture	
Alternative investments	
Charity Non Profit	
City Government	
Construction	
Education	
Education	
Education	
education	
education	
Financial and Business Planning Consultant	
Food Manufacturing	
Foodservice	
franchising	
Generally classified as chemicals	
Government	
Governmental	
holding company, various industries	
Hospitality	
Hospitality	
Hospitality	
hospitality	
Hotel management	
Inpatient substance abuse	
insurance	
International NGO	
International finance	
Moving & Storage	
Multi-Corporation, Multi-industry holding corp	
non-profit	
non-profit	
Not for profit	
not for profit venture development org	
Oil/gas	
Oilwell & Gas wells  products & Services	
Pension administration/investment	
Publishing	
Real Estate	
Real Estate	
Real Estate	
Real Estate/Hospitality	
real estate	
real estate, financing, insurance	
Rental Equipment	
Security	
Telecommunications	
travel	
Utility	
wine and spirits manufacturing	

43 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	94	24.9 %	± 4.3 %
	$25-$99 million	79	21.0 %	± 4.1 %
	$100-$499 million	79	21.0 %	± 4.1 %
	$500-$999 million	34	9.0 %	± 2.9 %
	$1-$4.9 billion	52	13.8 %	± 3.4 %
	$5-$9.9 billion	17	4.5 %	± 2.1 %
	More than $10 billion	22	5.8 %	± 2.3 %
	Total	377	100.0 %

	Missing Cases = 6
	Response Percent = 98.4 %

44 

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1543.63

	Median = 300

	Variance (Unbiased Estimate) = 8549297.40

	Standard Deviation (Unbiased Estimate) = 2923.92

	Standard Error Of The Mean  = 150.59

	95 Percent Confidence Interval Around The Mean = 1248.47 - 1838.78

	99 Percent Confidence Interval Around The Mean = 1155.86 - 1931.40

	Skewness = 2.30

	Kolmogorov-Smirnov Statistic For Normality = 7.11

Quartiles

	 1 = 34.25
	 2 = 300
	 3 = 750

Valid Cases =377
Missing Cases =6
Response Percent = 98.4%

45 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	98	29.5 %	± 4.4 %
	100-499	84	25.3 %	± 4.2 %
	500-999	26	7.8 %	± 2.5 %
	1,000-2,499	30	9.0 %	± 2.7 %
	2,500-4,999	32	9.6 %	± 2.8 %
	5,000-9,999	17	5.1 %	± 2.1 %
	Over 10,000	45	13.6 %	± 3.2 %
	Total	332	100.0 %

	Missing Cases = 51
	Response Percent = 86.7 %

46 

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 2694.28

	Median = 300

	Variance (Unbiased Estimate) = 16892021.53

	Standard Deviation (Unbiased Estimate) = 4109.99

	Standard Error Of The Mean  = 225.57

	95 Percent Confidence Interval Around The Mean = 2252.17 - 3136.38

	99 Percent Confidence Interval Around The Mean = 2113.45 - 3275.11

	Skewness = 1.53

	Kolmogorov-Smirnov Statistic For Normality = 5.64

Quartiles

	 1 = 100
	 2 = 300
	 3 = 3750

Valid Cases =332
Missing Cases =51
Response Percent = 86.7%

47 

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

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	104	27.5 %	± 4.5 %
	Northeast U.S.	80	21.2 %	± 4.1 %
	Pacific US	61	16.1 %	± 3.7 %
	South Atlantic U.S.	55	14.6 %	± 3.5 %
	South Central U.S.	53	14.0 %	± 3.5 %
	Mountain U.S.	18	4.8 %	± 2.1 %
	Canada	7	1.9 %	± 1.3 %
	Latin America	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Other	0	0.0 %	± 0.0 %
	Total	378	100.0 %

	Missing Cases = 5
	Response Percent = 98.7 %

48 

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

Where are you personally located? - Other specified

Belize	

49 

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

Ownership

	 	Number	Percent	95% CI
	Private	233	66.0 %	± 4.9 %
	Public, NYSE	55	15.6 %	± 3.5 %
	Public, NASDAQ/AMEX	27	7.6 %	± 2.6 %
	Nonprofit	23	6.5 %	± 2.4 %
	Government	15	4.2 %	± 2.0 %
	Total	353	100.0 %

	Missing Cases = 30
	Response Percent = 92.2 %

50 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	166	44.3 %	± 5.0 %
	1-24%	135	36.0 %	± 4.8 %
	25-50%	41	10.9 %	± 3.1 %
	More than 50%	33	8.8 %	± 2.8 %
	Total	375	100.0 %

	Missing Cases = 8
	Response Percent = 97.9 %

51 

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

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

	 	Number	Percent	95% CI
	Europe	69	39.2 %	± 6.4 %
	US/Canada	43	24.4 %	± 5.5 %
	Asia/Pacific Basin	37	21.0 %	± 5.2 %
	Latin America	26	14.8 %	± 4.5 %
	Africa	1	0.6 %	± 0.9 %
	Total	176	100.0 %

	Missing Cases = 33
	Response Percent = 84.2 %

52 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	37	13.0 %	13.0 %
	AA+	35	12.3 %	25.3 %
	AA	30	10.5 %	35.8 %
	AA-	10	3.5 %	39.3 %
	A+	15	5.3 %	44.6 %
	A	13	4.6 %	49.1 %
	A-	26	9.1 %	58.2 %
	BBB+	26	9.1 %	67.4 %
	BBB	20	7.0 %	74.4 %
	BBB-	11	3.9 %	78.2 %
	BB+	11	3.9 %	82.1 %
	BB	13	4.6 %	86.7 %
	BB-	12	4.2 %	90.9 %
	B+	7	2.5 %	93.3 %
	B	5	1.8 %	95.1 %
	B-	6	2.1 %	97.2 %
	CCC	5	1.8 %	98.9 %
	CC	2	0.7 %	99.6 %
	D	1	0.4 %	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. - Third Quarter, 2014

What is your company's credit rating? 

N=285		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		285		135	150	
		100.0%		47.4%	52.6%	
						
AAA		37		22	15	
		13.0%		16.3%	10.0%	
						
AA+		35		16	19	
		12.3%		11.9%	12.7%	
						
AA		30		7	23	
		10.5%		5.2%	15.3%	
				B	A	
						
AA-		10		5	5	
		3.5%		3.7%	3.3%	
						
A+		15		10	5	
		5.3%		7.4%	3.3%	
						
A		13		4	9	
		4.6%		3.0%	6.0%	
						
A-		26		10	16	
		9.1%		7.4%	10.7%	
						
BBB+		26		10	16	
		9.1%		7.4%	10.7%	
						
BBB		20		16	4	
		7.0%		11.9%	2.7%	
				B	A	
						
BBB-		11		8	3	
		3.9%		5.9%	2.0%	
						
BB+		11		6	5	
		3.9%		4.4%	3.3%	
						
BB		13		3	10	
		4.6%		2.2%	6.7%	
						
BB-		12		8	4	
		4.2%		5.9%	2.7%	
						
B+		7		4	3	
		2.5%		3.0%	2.0%	
						
B		5		2	3	
		1.8%		1.5%	2.0%	

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

54 

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

What is your company's credit rating? 

N=285		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B-		6		4	2	
		2.1%		3.0%	1.3%	
						
CCC		5		0	5	
		1.8%		0.0%	3.3%	
				b	a	
						
CC		2		0	2	
		0.7%		0.0%	1.3%	
						
D		1		0	1	
		0.4%		0.0%	0.7%	

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

55 

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

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	CFO	168	45.8 %
	Controller	28	7.6 %
	CEO	15	4.1 %
	President	10	2.7 %
	Treasurer	9	2.5 %
	VP Finance	9	2.5 %
	Managing Director	4	1.1 %
	director	4	1.1 %
	CEO/CFO	3	0.8 %
	Finance	3	0.8 %
	COO	3	0.8 %
	Director	2	0.5 %
	VP/CFO	2	0.5 %
	Owner	2	0.5 %
	Vice President	2	0.5 %
	Principal	2	0.5 %
	VP	2	0.5 %
	CPO	2	0.5 %
	EVP	2	0.5 %
	Controller/CFO	2	0.5 %
	Asst. Treasurer	2	0.5 %
	Managing director	2	0.5 %
	Vice President Finance	2	0.5 %
	Director of Finance	2	0.5 %
	VP & Treasurer	1	0.3 %
	Ex VP brokerage services	1	0.3 %
	Co-CFO	1	0.3 %
	Accounting Analyst	1	0.3 %
	CEO/Owner	1	0.3 %
	Sr. Director of Finance	1	0.3 %
	Asst Treasurer	1	0.3 %
	Director-Financing	1	0.3 %
	PRESIDENT	1	0.3 %
	Credit Review Mgr	1	0.3 %
	Managing Partner	1	0.3 %
	Finance Executive	1	0.3 %
	Analyst	1	0.3 %
	Sr manager	1	0.3 %
	Manager	1	0.3 %
	Assistant Treasurer	1	0.3 %
	Senior Corporate Accountant	1	0.3 %
	CAO	1	0.3 %
	area vice president	1	0.3 %
	Investment Manager	1	0.3 %
	Principal, Strategy	1	0.3 %
	president	1	0.3 %
	Sr. Director	1	0.3 %
	Head of Corporate Development	1	0.3 %
	controller	1	0.3 %
	CRO	1	0.3 %
	Group Vice President of Finance	1	0.3 %
	PARTNER/OWNER	1	0.3 %
	Corporate Controller	1	0.3 %
	Owner/CEO	1	0.3 %
	CMO	1	0.3 %
	Asst Controller	1	0.3 %
	Sr. Res. Scientist	1	0.3 %

56 

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

Your job title (e.g., CFO, Asst. Treasurer, etc):

	 	Number	Percent
	Global Business Controller	1	0.3 %
	President/Owner	1	0.3 %
	CFO and Deputy GM for US and Europe	1	0.3 %
	VP operations	1	0.3 %
	VP Finance & Admin	1	0.3 %
	SVP Finance	1	0.3 %
	President and Chairman	1	0.3 %
	General Manager	1	0.3 %
	EVP/CFO	1	0.3 %
	Regional Cotroller	1	0.3 %
	VP & CFO	1	0.3 %
	vp/gm	1	0.3 %
	VP,Assistant Treasurer, Assistant Secretary	1	0.3 %
	VP, Treasurer	1	0.3 %
	board member	1	0.3 %
	CEO, CFO	1	0.3 %
	VP - Finance	1	0.3 %
	VP of Financial Operations	1	0.3 %
	FP&A Controller	1	0.3 %
	dIRECTOR OF FINANCE	1	0.3 %
	Senior Manager	1	0.3 %
	VP Administrative Services	1	0.3 %
	vp	1	0.3 %
	Secretary Treasurer	1	0.3 %
	VP Corporate Development	1	0.3 %
	PArtner	1	0.3 %
	Cfo	1	0.3 %
	Finance Mgr	1	0.3 %
	sv vp financial services	1	0.3 %
	CFO & Treasurer	1	0.3 %
	Vice Chairman	1	0.3 %
	CEO/President	1	0.3 %
	CEO, Consultant	1	0.3 %
	Interim CFO	1	0.3 %
	CFO & Corporate Services Director	1	0.3 %
	VP Finance and Group Controller	1	0.3 %
	Owner / CEO	1	0.3 %
	DIRECTOR	1	0.3 %
	Fiscal Officer	1	0.3 %
	VP-Tax	1	0.3 %
	Finance Manager	1	0.3 %
	finance	1	0.3 %
	Vice President, Treasury	1	0.3 %
	Director of Administration	1	0.3 %
	Preident	1	0.3 %
	Chairman	1	0.3 %
	Accountant	1	0.3 %
	Managing director/Treasurer	1	0.3 %
	Sr Fin. analyst	1	0.3 %
	Director FP&A	1	0.3 %
	President & CEO	1	0.3 %
	Sr. Equity Partner	1	0.3 %
	Total	367	100.0 %

	Missing Cases = 16
	Response Percent = 95.8 %