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.	4
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	7
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.	11
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Access to capital"	15
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Corporate tax code (domestic)"	19
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of benefits"	23
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of borrowing"	27
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Currency risk"	31
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Data security"	35
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Deflation"	39
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Difficulty attracting/retaining qualified employees"	43
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Economic uncertainty"	47
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee morale"	51
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee productivity"	55
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Geopolitical / Health Crises"	59
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Government policies"	63
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Inflation"	67
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Regulatory requirements"	71
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising input or commodity costs"	75
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising wages and salaries"	79
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Weak demand for your products/services"	83
3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Other:"	87
3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)	91
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]	107
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]	111
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]	115
5. What are the most important qualities your board of directors is looking for in its next director? (pick three)	119
6a. Does your firm have specific goals or guidelines for the mix of men/women/minorities on the board?	127
6a. What is the target composition of your board for:	131
6a. What is the current composition of your board for:	135
6a. For companies that have composition goals or guidelines, what is the actual composition compared to the target composition?	139
6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)	143
7a. To the best of your knowledge, approximately what percentage of your company's employees are “Millennials” (under the age of 35)? (Mean is estimated from category midpoints)	151
7b. What are the primary advantages of employing Millennials under age 35?	155
7c. What are the primary challenges related to employing Millennials (under age 35)?	163
7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?	171
8. On November 17, 2014 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:	179
Return on assets (ROA=operating earnings/assets)	183
Manufacturing capacity utilized	187
Manufacturing capacity utilized (Revenue Weighted)	191

 1 

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

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

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
1=More optimistic		258		35	9	43	8	9	11	36	39	19	41	
		50.3%		46.1%	45.0%	48.3%	44.4%	42.9%	42.3%	62.1%	51.3%	59.4%	50.0%	
														
0=No change		171		25	8	31	9	10	10	13	21	11	31	
		33.3%		32.9%	40.0%	34.8%	50.0%	47.6%	38.5%	22.4%	27.6%	34.4%	37.8%	
							g	g		de				
														
-1=Less optimistic		84		16	3	15	1	2	5	9	16	2	10	
		16.4%		21.1%	15.0%	16.9%	5.6%	9.5%	19.2%	15.5%	21.1%	6.3%	12.2%	
														
Mean		0.3		0.3	0.3	0.3	0.4	0.3	0.2	0.5	0.3	0.5	0.4	
SD		0.7		0.8	0.7	0.7	0.6	0.7	0.8	0.8	0.8	0.6	0.7	

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

2 

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

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

N=517		Sales Revenue	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion	
		A	B	C	D	E	F	G	
									
Total		174	123	105	32	42	11	20	
		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%	
									
1=More optimistic		87	64	54	13	25	6	6	
		50.0%	52.9%	51.9%	40.6%	61.0%	54.5%	30.0%	
						g		e	
									
0=No change		56	41	34	14	12	2	9	
		32.2%	33.9%	32.7%	43.8%	29.3%	18.2%	45.0%	
									
-1=Less optimistic		31	16	16	5	4	3	5	
		17.8%	13.2%	15.4%	15.6%	9.8%	27.3%	25.0%	
									
Mean		0.3	0.4	0.4	0.3	0.5	0.3	0.1	
SD		0.8	0.7	0.7	0.7	0.7	0.9	0.8	
			g			g		be	

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

3 

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

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

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=More optimistic		84	52	35	39	29	14	2	
		56.4%	45.6%	44.3%	53.4%	53.7%	45.2%	50.0%	
									
0=No change		48	40	27	26	19	8	1	
		32.2%	35.1%	34.2%	35.6%	35.2%	25.8%	25.0%	
									
-1=Less optimistic		17	22	17	8	6	9	1	
		11.4%	19.3%	21.5%	11.0%	11.1%	29.0%	25.0%	
		cf		a	f	f	ade		
									
Mean		0.4	0.3	0.2	0.4	0.4	0.2	0.3	
SD		0.7	0.8	0.8	0.7	0.7	0.9	1.0	
		bcf	a	a			a		

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

4 

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

N=517		Total		Industry	
Number
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Number		517		77	20	90	19	21	26	58	76	33	82	
Percent		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
Optimism rating		430		63	16	76	16	15	22	51	65	26	69	
		63.7		64.9	61.8	64.5	63.8	61.7	67.5	64.3	62.0	66.0	61.6	
		17.6		13.1	15.5	17.2	15.4	22.4	13.1	18.2	20.0	18.6	20.0	

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

5 

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

N=517		Sales Revenue	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion	
		A	B	C	D	E	F	G	
									
Number		174	123	105	32	42	11	20	
Percent		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%	
									
Optimism rating		147	99	93	30	35	8	10	
		61.5	66.1	64.9	63.0	63.9	66.9	64.0	
		19.2	14.9	16.2	18.6	19.2	21.5	17.9	
		b	a						

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

6 

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

N=517		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		150	116	79	73	55	31	4	
Percent		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
Optimism rating		130	94	69	56	46	26	4	
		66.5	63.2	64.5	65.4	60.0	55.8	60.0	
		14.8	19.7	16.9	17.5	19.3	20.0	14.1	
		eF		f	f	a	Acd		

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

7 

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

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

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
1=More optimistic		240		31	9	48	11	8	10	30	39	16	31	
		46.8%		40.8%	45.0%	53.3%	57.9%	38.1%	41.7%	51.7%	52.0%	48.5%	37.8%	
						j							c	
														
0=No change		143		25	6	17	4	9	4	17	22	8	27	
		27.9%		32.9%	30.0%	18.9%	21.1%	42.9%	16.7%	29.3%	29.3%	24.2%	32.9%	
				c		aej		c					c	
														
-1=Less optimistic		130		20	5	25	4	4	10	11	14	9	24	
		25.3%		26.3%	25.0%	27.8%	21.1%	19.0%	41.7%	19.0%	18.7%	27.3%	29.3%	
									gh	f	f			
														
Mean		0.2		0.1	0.2	0.3	0.4	0.2	0.0	0.3	0.3	0.2	0.1	
SD		0.8		0.8	0.8	0.9	0.8	0.7	0.9	0.8	0.8	0.9	0.8	

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

8 

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

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

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%		7.8%	4.9%	75.4%	4.9%	7.0%	
															
1=More optimistic		83	60	51	13	16	6	5		16	6	177	8	13	
		48.0%	49.2%	49.0%	40.6%	39.0%	54.5%	25.0%		43.2%	27.3%	50.1%	34.8%	39.4%	
			g					b			c	b			
															
0=No change		45	31	31	14	12	1	8		8	8	93	7	12	
		26.0%	25.4%	29.8%	43.8%	29.3%	9.1%	40.0%		21.6%	36.4%	26.3%	30.4%	36.4%	
		d	d		abf		d								
															
-1=Less optimistic		45	31	22	5	13	4	7		13	8	83	8	8	
		26.0%	25.4%	21.2%	15.6%	31.7%	36.4%	35.0%		35.1%	36.4%	23.5%	34.8%	24.2%	
															
Mean		0.2	0.2	0.3	0.3	0.1	0.2	-0.1		0.1	-0.1	0.3	0.0	0.2	
SD		0.8	0.8	0.8	0.7	0.8	1.0	0.8		0.9	0.8	0.8	0.9	0.8	
											c	b			

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

9 

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

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

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		37.8%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.6%	36.2%	7.1%	5.1%	
														
1=More optimistic		82	68	19	11	9	6	11		121	86	20	11	
		49.4%	52.3%	47.5%	34.4%	37.5%	35.3%	34.4%		46.5%	47.5%	57.1%	42.3%	
														
0=No change		42	30	16	8	8	8	9		73	50	7	7	
		25.3%	23.1%	40.0%	25.0%	33.3%	47.1%	28.1%		28.1%	27.6%	20.0%	26.9%	
			cf	b			b							
														
-1=Less optimistic		42	32	5	13	7	3	12		66	45	8	8	
		25.3%	24.6%	12.5%	40.6%	29.2%	17.6%	37.5%		25.4%	24.9%	22.9%	30.8%	
				Dg	C			c						
														
Mean		0.2	0.3	0.4	-0.1	0.1	0.2	0.0		0.2	0.2	0.3	0.1	
SD		0.8	0.8	0.7	0.9	0.8	0.7	0.9		0.8	0.8	0.8	0.9	
			d	dg	bc			c						

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

10 

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

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

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=More optimistic		74	47	41	36	25	12	1	
		49.3%	40.9%	53.2%	50.0%	45.5%	38.7%	25.0%	
									
0=No change		40	37	20	20	15	7	2	
		26.7%	32.2%	26.0%	27.8%	27.3%	22.6%	50.0%	
									
-1=Less optimistic		36	31	16	16	15	12	1	
		24.0%	27.0%	20.8%	22.2%	27.3%	38.7%	25.0%	
									
Mean		0.3	0.1	0.3	0.3	0.2	0.0	0.0	
SD		0.8	0.8	0.8	0.8	0.8	0.9	0.8	

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

11 

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

N=517		Total		Industry	
Number
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Number		517		77	20	90	19	21	26	58	76	33	82	
Percent		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
Optimism rating		429		62	16	76	16	15	22	51	66	26	69	
		66.4		68.4	67.3	66.6	69.3	63.5	66.1	67.3	66.9	66.2	63.4	
		19.3		15.4	18.1	19.3	15.2	15.8	18.2	20.5	21.1	24.1	21.4	

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

12 

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

N=517		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		174	123	105	32	42	11	20		37	23	356	23	33	
Percent		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%		7.8%	4.9%	75.4%	4.9%	7.0%	
															
Optimism rating		148	99	93	29	34	8	10		26	18	307	18	28	
		64.4	67.0	67.4	66.7	67.8	72.4	61.5		68.1	64.8	67.2	55.3	64.8	
		21.4	18.1	16.6	19.5	21.7	16.9	18.1		21.7	22.5	18.9	27.3	16.4	
												d	c		

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

13 

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

N=517		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		168	130	40	32	25	17	32		261	183	36	26	
Percent		37.8%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.6%	36.2%	7.1%	5.1%	
														
Optimism rating		153	108	31	22	23	11	23		227	149	26	18	
		65.7	66.0	70.0	67.1	60.3	74.6	66.5		65.3	66.5	74.0	66.3	
		20.2	19.6	15.3	18.6	22.2	16.1	17.1		19.4	19.1	20.4	20.6	
										c		a		

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

14 

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

N=517		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		150	116	79	73	55	31	4	
Percent		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
Optimism rating		130	94	70	54	46	26	4	
		66.8	66.1	67.6	71.5	61.7	62.0	55.0	
		19.2	18.8	18.4	18.1	21.6	20.3	31.1	
					ef	d	d		

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

15 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Access to capital"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		306		55	12	62	11	11	17	30	37	16	48	
		63.4%		75.3%	60.0%	71.3%	64.7%	52.4%	68.0%	54.5%	56.1%	51.6%	65.8%	
				eghi		gi		a		ac	a	ac		
														
2=Moderate risk		127		14	7	19	5	8	4	18	19	9	19	
		26.3%		19.2%	35.0%	21.8%	29.4%	38.1%	16.0%	32.7%	28.8%	29.0%	26.0%	
														
3=Significant risk		50		4	1	6	1	2	4	7	10	6	6	
		10.4%		5.5%	5.0%	6.9%	5.9%	9.5%	16.0%	12.7%	15.2%	19.4%	8.2%	
				i								a		
														
Mean		1.5		1.3	1.5	1.4	1.4	1.6	1.5	1.6	1.6	1.7	1.4	
SD		0.7		0.6	0.6	0.6	0.6	0.7	0.8	0.7	0.7	0.8	0.6	
				ghI		ghi				ac	ac	Ac		

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

16 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Access to capital"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		85	67	76	24	30	7	11		25	19	203	15	20	
		54.8%	56.8%	76.0%	82.8%	71.4%	63.6%	57.9%		69.4%	86.4%	60.8%	68.2%	76.9%	
		CD	Cd	AB	Ab						c	b			
															
2=Moderate risk		46	37	20	4	10	3	5		8	3	97	5	5	
		29.7%	31.4%	20.0%	13.8%	23.8%	27.3%	26.3%		22.2%	13.6%	29.0%	22.7%	19.2%	
															
3=Significant risk		24	14	4	1	2	1	3		3	0	34	2	1	
		15.5%	11.9%	4.0%	3.4%	4.8%	9.1%	15.8%		8.3%	0.0%	10.2%	9.1%	3.8%	
		C	c	Abg				c							
															
Mean		1.6	1.6	1.3	1.2	1.3	1.5	1.6		1.4	1.1	1.5	1.4	1.3	
SD		0.7	0.7	0.5	0.5	0.6	0.7	0.8		0.6	0.4	0.7	0.7	0.5	
		CDe	Cd	ABg	Abg	a		cd			c	b			

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

17 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Access to capital"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		81	86	26	22	19	9	21		146	118	20	18	
		54.7%	68.8%	68.4%	73.3%	82.6%	56.3%	65.6%		60.8%	67.8%	55.6%	72.0%	
		be	a			a								
														
2=Moderate risk		45	32	10	7	4	7	8		67	42	10	5	
		30.4%	25.6%	26.3%	23.3%	17.4%	43.8%	25.0%		27.9%	24.1%	27.8%	20.0%	
														
3=Significant risk		22	7	2	1	0	0	3		27	14	6	2	
		14.9%	5.6%	5.3%	3.3%	0.0%	0.0%	9.4%		11.3%	8.0%	16.7%	8.0%	
		be	a			a								
														
Mean		1.6	1.4	1.4	1.3	1.2	1.4	1.4		1.5	1.4	1.6	1.4	
SD		0.7	0.6	0.6	0.5	0.4	0.5	0.7		0.7	0.6	0.8	0.6	
		BdE	A		a	A								

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

18 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Access to capital"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		98	68	46	37	32	18	2	
		71.0%	62.4%	62.2%	56.9%	59.3%	60.0%	50.0%	
		d			a				
									
2=Moderate risk		29	30	21	19	17	6	2	
		21.0%	27.5%	28.4%	29.2%	31.5%	20.0%	50.0%	
									
3=Significant risk		11	11	7	9	5	6	0	
		8.0%	10.1%	9.5%	13.8%	9.3%	20.0%	0.0%	
		f					a		
									
Mean		1.4	1.5	1.5	1.6	1.5	1.6	1.5	
SD		0.6	0.7	0.7	0.7	0.7	0.8	0.6	
		d			a				

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

19 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Corporate tax code (domestic)"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		206		34	5	33	9	11	11	20	36	14	32	
		44.2%		47.2%	25.0%	38.4%	56.3%	55.0%	44.0%	35.7%	50.7%	53.8%	52.5%	
					hj						b		b	
														
2=Moderate risk		206		30	14	43	6	6	12	27	27	8	23	
		44.2%		41.7%	70.0%	50.0%	37.5%	30.0%	48.0%	48.2%	38.0%	30.8%	37.7%	
				b	aehij			b			b	b	b	
														
3=Significant risk		54		8	1	10	1	3	2	9	8	4	6	
		11.6%		11.1%	5.0%	11.6%	6.3%	15.0%	8.0%	16.1%	11.3%	15.4%	9.8%	
														
Mean		1.7		1.6	1.8	1.7	1.5	1.6	1.6	1.8	1.6	1.6	1.6	
SD		0.7		0.7	0.5	0.7	0.6	0.8	0.6	0.7	0.7	0.8	0.7	

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

20 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Corporate tax code (domestic)"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		72	55	41	8	19	4	7		11	7	152	8	12	
		47.1%	51.4%	42.7%	26.7%	47.5%	36.4%	35.0%		29.7%	30.4%	45.1%	66.7%	75.0%	
		d	d		ab					dE	dE	e	ab	ABc	
															
2=Moderate risk		62	48	38	20	18	5	8		22	13	144	4	3	
		40.5%	44.9%	39.6%	66.7%	45.0%	45.5%	40.0%		59.5%	56.5%	42.7%	33.3%	18.8%	
		D	d	d	Abc					E	e			Ab	
															
3=Significant risk		19	4	17	2	3	2	5		4	3	41	0	1	
		12.4%	3.7%	17.7%	6.7%	7.5%	18.2%	25.0%		10.8%	13.0%	12.2%	0.0%	6.3%	
		b	aCfG	B			b	B							
															
Mean		1.7	1.5	1.8	1.8	1.6	1.8	1.9		1.8	1.8	1.7	1.3	1.3	
SD		0.7	0.6	0.7	0.6	0.6	0.8	0.8		0.6	0.7	0.7	0.5	0.6	
			cdg	b	b			b		dE	de	e	ab	Abc	

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

21 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Corporate tax code (domestic)"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		70	54	11	13	13	6	11		109	71	9	12	
		47.3%	45.4%	29.7%	48.1%	56.5%	37.5%	36.7%		49.3%	41.0%	25.0%	46.2%	
				e		c				C		A		
														
2=Moderate risk		62	53	18	10	9	8	15		92	85	18	9	
		41.9%	44.5%	48.6%	37.0%	39.1%	50.0%	50.0%		41.6%	49.1%	50.0%	34.6%	
														
3=Significant risk		16	12	8	4	1	2	4		20	17	9	5	
		10.8%	10.1%	21.6%	14.8%	4.3%	12.5%	13.3%		9.0%	9.8%	25.0%	19.2%	
										C	c	Ab		
														
Mean		1.6	1.6	1.9	1.7	1.5	1.8	1.8		1.6	1.7	2.0	1.7	
SD		0.7	0.7	0.7	0.7	0.6	0.7	0.7		0.7	0.6	0.7	0.8	
		c	c	abe		c				C	c	Ab		

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

22 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Corporate tax code (domestic)"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		60	48	34	33	17	9	3	
		43.8%	46.6%	48.6%	49.3%	34.7%	33.3%	75.0%	
									
2=Moderate risk		64	41	30	26	27	14	1	
		46.7%	39.8%	42.9%	38.8%	55.1%	51.9%	25.0%	
									
3=Significant risk		13	14	6	8	5	4	0	
		9.5%	13.6%	8.6%	11.9%	10.2%	14.8%	0.0%	
									
Mean		1.7	1.7	1.6	1.6	1.8	1.8	1.3	
SD		0.6	0.7	0.6	0.7	0.6	0.7	0.5	

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

23 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of benefits"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		80		8	3	7	1	5	8	8	18	7	13	
		15.8%		10.5%	15.0%	7.8%	5.3%	23.8%	30.8%	14.0%	25.4%	21.2%	16.3%	
				fh		eFHi	f	c	aCd		aC	c		
														
2=Moderate risk		254		40	7	53	14	13	9	31	28	14	41	
		50.1%		52.6%	35.0%	58.9%	73.7%	61.9%	34.6%	54.4%	39.4%	42.4%	51.3%	
					d	fh	bfHi		cd		cD	d		
														
3=Significant risk		173		28	10	30	4	3	9	18	25	12	26	
		34.1%		36.8%	50.0%	33.3%	21.1%	14.3%	34.6%	31.6%	35.2%	36.4%	32.5%	
					e			b						
														
Mean		2.2		2.3	2.4	2.3	2.2	1.9	2.0	2.2	2.1	2.2	2.2	
SD		0.7		0.6	0.7	0.6	0.5	0.6	0.8	0.7	0.8	0.8	0.7	
				e	e	e		abc						

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

24 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of benefits"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		30	15	15	2	10	4	4		6	1	54	6	6	
		18.0%	12.3%	14.4%	6.3%	23.8%	36.4%	20.0%		16.2%	4.3%	15.5%	26.1%	18.8%	
			f		ef	d	bd				d		b		
															
2=Moderate risk		71	63	55	18	23	6	12		23	17	165	8	19	
		42.5%	51.6%	52.9%	56.3%	54.8%	54.5%	60.0%		62.2%	73.9%	47.3%	34.8%	59.4%	
										d	cd	b	ab		
															
3=Significant risk		66	44	34	12	9	1	4		8	5	130	9	7	
		39.5%	36.1%	32.7%	37.5%	21.4%	9.1%	20.0%		21.6%	21.7%	37.2%	39.1%	21.9%	
		ef				a	a								
															
Mean		2.2	2.2	2.2	2.3	2.0	1.7	2.0		2.1	2.2	2.2	2.1	2.0	
SD		0.7	0.7	0.7	0.6	0.7	0.6	0.6		0.6	0.5	0.7	0.8	0.6	
		f	ef	f	eF	bd	abcD								

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

25 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of benefits"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		32	14	4	2	3	5	7		38	26	5	8	
		19.9%	10.9%	10.0%	6.3%	12.0%	29.4%	21.9%		15.0%	14.3%	13.9%	32.0%	
		b	af		f		bd			d	d		ab	
														
2=Moderate risk		66	74	19	19	14	6	20		121	93	22	16	
		41.0%	57.4%	47.5%	59.4%	56.0%	35.3%	62.5%		47.6%	51.1%	61.1%	64.0%	
		Bg	A					a						
														
3=Significant risk		63	41	17	11	8	6	5		95	63	9	1	
		39.1%	31.8%	42.5%	34.4%	32.0%	35.3%	15.6%		37.4%	34.6%	25.0%	4.0%	
		g		g				ac		D	D	d	ABc	
														
Mean		2.2	2.2	2.3	2.3	2.2	2.1	1.9		2.2	2.2	2.1	1.7	
SD		0.7	0.6	0.7	0.6	0.6	0.8	0.6		0.7	0.7	0.6	0.5	
			g	g	g			bcd		D	D	d	ABc	

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

26 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of benefits"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		17	20	16	8	8	7	2	
		11.5%	17.7%	20.8%	11.1%	14.5%	23.3%	50.0%	
		g			g			ad	
									
2=Moderate risk		77	56	31	44	30	15	1	
		52.0%	49.6%	40.3%	61.1%	54.5%	50.0%	25.0%	
				d	c				
									
3=Significant risk		54	37	30	20	17	8	1	
		36.5%	32.7%	39.0%	27.8%	30.9%	26.7%	25.0%	
									
Mean		2.3	2.2	2.2	2.2	2.2	2.0	1.8	
SD		0.6	0.7	0.8	0.6	0.7	0.7	1.0	

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

27 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of borrowing"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		279		42	10	56	9	12	15	32	39	14	44	
		57.4%		59.2%	50.0%	65.1%	47.4%	57.1%	57.7%	57.1%	57.4%	46.7%	58.7%	
														
2=Moderate risk		161		22	9	23	9	8	8	18	22	11	25	
		33.1%		31.0%	45.0%	26.7%	47.4%	38.1%	30.8%	32.1%	32.4%	36.7%	33.3%	
														
3=Significant risk		46		7	1	7	1	1	3	6	7	5	6	
		9.5%		9.9%	5.0%	8.1%	5.3%	4.8%	11.5%	10.7%	10.3%	16.7%	8.0%	
														
Mean		1.5		1.5	1.6	1.4	1.6	1.5	1.5	1.5	1.5	1.7	1.5	
SD		0.7		0.7	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.6	

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

28 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of borrowing"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		87	66	62	16	25	7	11		20	16	191	15	18	
		54.7%	56.9%	61.4%	55.2%	59.5%	63.6%	55.0%		57.1%	72.7%	56.5%	68.2%	66.7%	
															
2=Moderate risk		51	42	31	13	15	3	5		13	6	111	7	9	
		32.1%	36.2%	30.7%	44.8%	35.7%	27.3%	25.0%		37.1%	27.3%	32.8%	31.8%	33.3%	
															
3=Significant risk		21	8	8	0	2	1	4		2	0	36	0	0	
		13.2%	6.9%	7.9%	0.0%	4.8%	9.1%	20.0%		5.7%	0.0%	10.7%	0.0%	0.0%	
		d			ag			d							
															
Mean		1.6	1.5	1.5	1.4	1.5	1.5	1.7		1.5	1.3	1.5	1.3	1.3	
SD		0.7	0.6	0.6	0.5	0.6	0.7	0.8		0.6	0.5	0.7	0.5	0.5	

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

29 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of borrowing"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		84	76	18	22	11	7	18		136	98	28	15	
		55.3%	62.3%	47.4%	71.0%	44.0%	43.8%	56.3%		55.5%	57.3%	77.8%	57.7%	
					e	d				c	c	ab		
														
2=Moderate risk		48	36	18	8	13	7	12		86	59	4	9	
		31.6%	29.5%	47.4%	25.8%	52.0%	43.8%	37.5%		35.1%	34.5%	11.1%	34.6%	
		e	ce	b	e	abd				C	C	ABd	c	
														
3=Significant risk		20	10	2	1	1	2	2		23	14	4	2	
		13.2%	8.2%	5.3%	3.2%	4.0%	12.5%	6.3%		9.4%	8.2%	11.1%	7.7%	
														
Mean		1.6	1.5	1.6	1.3	1.6	1.7	1.5		1.5	1.5	1.3	1.5	
SD		0.7	0.6	0.6	0.5	0.6	0.7	0.6		0.7	0.6	0.7	0.6	

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

30 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Cost of borrowing"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		86	65	36	38	29	20	3	
		61.0%	60.2%	50.0%	55.1%	54.7%	64.5%	75.0%	
									
2=Moderate risk		48	36	24	23	18	8	1	
		34.0%	33.3%	33.3%	33.3%	34.0%	25.8%	25.0%	
									
3=Significant risk		7	7	12	8	6	3	0	
		5.0%	6.5%	16.7%	11.6%	11.3%	9.7%	0.0%	
		C	c	Ab					
									
Mean		1.4	1.5	1.7	1.6	1.6	1.5	1.3	
SD		0.6	0.6	0.8	0.7	0.7	0.7	0.5	
		c	c	ab					

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

31 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Currency risk"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		254		37	13	41	12	10	14	27	40	15	42	
		62.7%		66.1%	76.5%	49.4%	70.6%	52.6%	58.3%	61.4%	78.4%	71.4%	66.7%	
					c	bHj		h			Ce		c	
														
2=Moderate risk		117		16	2	37	3	6	10	11	5	5	18	
		28.9%		28.6%	11.8%	44.6%	17.6%	31.6%	41.7%	25.0%	9.8%	23.8%	28.6%	
				h	cf	bdgHj	c	h	bH	c	aCeFj		ch	
														
3=Significant risk		34		3	2	5	2	3	0	6	6	1	3	
		8.4%		5.4%	11.8%	6.0%	11.8%	15.8%	0.0%	13.6%	11.8%	4.8%	4.8%	
														
Mean		1.5		1.4	1.4	1.6	1.4	1.6	1.4	1.5	1.3	1.3	1.4	
SD		0.6		0.6	0.7	0.6	0.7	0.8	0.5	0.7	0.7	0.6	0.6	
						h					c			

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

32 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Currency risk"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		87	64	54	22	16	4	4		9	11	185	18	12	
		70.7%	69.6%	62.8%	75.9%	42.1%	36.4%	22.2%		25.7%	47.8%	68.3%	81.8%	60.0%	
		EfG	EfG	eG	EfG	ABcD	abd	ABCD		CDe	cd	Ab	Ab	a	
															
2=Moderate risk		25	23	26	6	19	6	10		21	9	67	0	8	
		20.3%	25.0%	30.2%	20.7%	50.0%	54.5%	55.6%		60.0%	39.1%	24.7%	0.0%	40.0%	
		EfG	Efg	eg	efg	ABcd	abd	Abcd		CD	D	AD	ABCE	D	
															
3=Significant risk		11	5	6	1	3	1	4		5	3	19	4	0	
		8.9%	5.4%	7.0%	3.4%	7.9%	9.1%	22.2%		14.3%	13.0%	7.0%	18.2%	0.0%	
			g	g	g			bcd							
															
Mean		1.4	1.4	1.4	1.3	1.7	1.7	2.0		1.9	1.7	1.4	1.4	1.4	
SD		0.6	0.6	0.6	0.5	0.6	0.6	0.7		0.6	0.7	0.6	0.8	0.5	
		eG	eG	G	efG	abd	d	ABCD		CDE		A	A	A	

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

33 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Currency risk"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		83	68	24	16	15	3	11		131	104	10	7	
		67.5%	70.1%	72.7%	57.1%	68.2%	18.8%	36.7%		75.7%	63.4%	29.4%	26.9%	
		FG	FG	FG	f	Fg	ABCdE	ABCe		bCD	aCD	AB	AB	
														
2=Moderate risk		28	25	8	8	6	11	16		31	53	19	10	
		22.8%	25.8%	24.2%	28.6%	27.3%	68.8%	53.3%		17.9%	32.3%	55.9%	38.5%	
		FG	FG	Fg	f	f	ABCde	ABc		BCd	Ac	Ab	a	
														
3=Significant risk		12	4	1	4	1	2	3		11	7	5	9	
		9.8%	4.1%	3.0%	14.3%	4.5%	12.5%	10.0%		6.4%	4.3%	14.7%	34.6%	
										D	cD	b	AB	
														
Mean		1.4	1.3	1.3	1.6	1.4	1.9	1.7		1.3	1.4	1.9	2.1	
SD		0.7	0.6	0.5	0.7	0.6	0.6	0.6		0.6	0.6	0.7	0.8	
		Fg	FG	FG		Fg	ABCE	aBCe		CD	CD	AB	AB	

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

34 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Currency risk"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		74	54	48	34	28	14	2	
		62.7%	58.7%	76.2%	59.6%	70.0%	58.3%	66.7%	
			c	b					
									
2=Moderate risk		35	30	12	18	9	7	1	
		29.7%	32.6%	19.0%	31.6%	22.5%	29.2%	33.3%	
									
3=Significant risk		9	8	3	5	3	3	0	
		7.6%	8.7%	4.8%	8.8%	7.5%	12.5%	0.0%	
									
Mean		1.4	1.5	1.3	1.5	1.4	1.5	1.3	
SD		0.6	0.7	0.6	0.7	0.6	0.7	0.6	
			c	b					

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

35 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Data security"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		125		18	10	31	8	5	5	11	13	6	15	
		24.7%		24.0%	50.0%	34.4%	44.4%	23.8%	19.2%	19.3%	18.1%	18.8%	18.3%	
				b	afGHiJ	ghj	ghj		b	Bcd	Bcd	b	Bcd	
														
2=Moderate risk		262		40	8	45	7	11	12	24	42	19	51	
		51.7%		53.3%	40.0%	50.0%	38.9%	52.4%	46.2%	42.1%	58.3%	59.4%	62.2%	
										j			g	
														
3=Significant risk		120		17	2	14	3	5	9	22	17	7	16	
		23.7%		22.7%	10.0%	15.6%	16.7%	23.8%	34.6%	38.6%	23.6%	21.9%	19.5%	
				g	g	fG			c	abCj			g	
														
Mean		2.0		2.0	1.6	1.8	1.7	2.0	2.2	2.2	2.1	2.0	2.0	
SD		0.7		0.7	0.7	0.7	0.8	0.7	0.7	0.7	0.6	0.6	0.6	
				b	afGHij	fGhj	g		bc	BCd	Bc	b	bc	

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

36 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Data security"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		46	33	29	3	7	1	5		7	3	98	4	3	
		27.2%	27.3%	27.6%	9.4%	16.7%	10.0%	26.3%		19.4%	13.0%	28.0%	17.4%	9.4%	
		d	d	d	abc							e		c	
															
2=Moderate risk		93	59	55	20	18	5	8		16	9	182	12	22	
		55.0%	48.8%	52.4%	62.5%	42.9%	50.0%	42.1%		44.4%	39.1%	52.0%	52.2%	68.8%	
										e	e			ab	
															
3=Significant risk		30	29	21	9	17	4	6		13	11	70	7	7	
		17.8%	24.0%	20.0%	28.1%	40.5%	40.0%	31.6%		36.1%	47.8%	20.0%	30.4%	21.9%	
		E	e	e		Abc				c	Ce	aB		b	
															
Mean		1.9	2.0	1.9	2.2	2.2	2.3	2.1		2.2	2.3	1.9	2.1	2.1	
SD		0.7	0.7	0.7	0.6	0.7	0.7	0.8		0.7	0.7	0.7	0.7	0.6	
		dE	e	e	a	Abc				c	C	aB			

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

37 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Data security"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		47	37	8	6	2	3	7		62	44	8	8	
		28.8%	28.5%	20.5%	19.4%	8.0%	18.8%	21.9%		24.2%	24.3%	22.9%	30.8%	
		e	e			ab								
														
2=Moderate risk		85	64	21	17	16	4	17		136	99	15	11	
		52.1%	49.2%	53.8%	54.8%	64.0%	25.0%	53.1%		53.1%	54.7%	42.9%	42.3%	
		f				f	ae							
														
3=Significant risk		31	29	10	8	7	9	8		58	38	12	7	
		19.0%	22.3%	25.6%	25.8%	28.0%	56.3%	25.0%		22.7%	21.0%	34.3%	26.9%	
		F	F	f	f		ABcdg	f						
														
Mean		1.9	1.9	2.1	2.1	2.2	2.4	2.0		2.0	2.0	2.1	2.0	
SD		0.7	0.7	0.7	0.7	0.6	0.8	0.7		0.7	0.7	0.8	0.8	
		ef	f			a	ab							

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

38 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Data security"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		39	23	18	21	11	9	3	
		26.2%	20.7%	23.4%	29.2%	20.0%	29.0%	75.0%	
		g	g	g		g		abce	
									
2=Moderate risk		77	62	40	32	35	14	1	
		51.7%	55.9%	51.9%	44.4%	63.6%	45.2%	25.0%	
					e	d			
									
3=Significant risk		33	26	19	19	9	8	0	
		22.1%	23.4%	24.7%	26.4%	16.4%	25.8%	0.0%	
									
Mean		2.0	2.0	2.0	2.0	2.0	2.0	1.3	
SD		0.7	0.7	0.7	0.8	0.6	0.8	0.5	
		g	g	g		g		abce	

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

39 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Deflation"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		335		50	14	63	12	12	19	30	52	21	54	
		69.1%		67.6%	73.7%	71.6%	70.6%	63.2%	76.0%	52.6%	77.6%	72.4%	72.0%	
						g				cHj	G		g	
														
2=Moderate risk		124		20	5	20	4	7	4	22	12	7	19	
		25.6%		27.0%	26.3%	22.7%	23.5%	36.8%	16.0%	38.6%	17.9%	24.1%	25.3%	
						g			g	cfh	g			
														
3=Significant risk		26		4	0	5	1	0	2	5	3	1	2	
		5.4%		5.4%	0.0%	5.7%	5.9%	0.0%	8.0%	8.8%	4.5%	3.4%	2.7%	
														
Mean		1.4		1.4	1.3	1.3	1.4	1.4	1.3	1.6	1.3	1.3	1.3	
SD		0.6		0.6	0.5	0.6	0.6	0.5	0.6	0.7	0.5	0.5	0.5	
						g				cHj	G		g	

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

40 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Deflation"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		102	84	74	22	30	8	11		20	18	231	17	22	
		65.4%	73.0%	72.5%	68.8%	76.9%	72.7%	55.0%		55.6%	78.3%	69.6%	81.0%	73.3%	
															
2=Moderate risk		46	25	21	10	9	3	7		15	5	80	3	8	
		29.5%	21.7%	20.6%	31.3%	23.1%	27.3%	35.0%		41.7%	21.7%	24.1%	14.3%	26.7%	
										cd		a	a		
															
3=Significant risk		8	6	7	0	0	0	2		1	0	21	1	0	
		5.1%	5.2%	6.9%	0.0%	0.0%	0.0%	10.0%		2.8%	0.0%	6.3%	4.8%	0.0%	
						g		e							
															
Mean		1.4	1.3	1.3	1.3	1.2	1.3	1.6		1.5	1.2	1.4	1.2	1.3	
SD		0.6	0.6	0.6	0.5	0.4	0.5	0.7		0.6	0.4	0.6	0.5	0.4	
						g		e							

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

41 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Deflation"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		101	82	29	21	22	11	20		167	123	22	17	
		66.4%	67.2%	74.4%	70.0%	88.0%	68.8%	64.5%		69.9%	71.1%	61.1%	65.4%	
		e	e			abg		e						
														
2=Moderate risk		40	34	9	8	3	4	11		62	42	11	6	
		26.3%	27.9%	23.1%	26.7%	12.0%	25.0%	35.5%		25.9%	24.3%	30.6%	23.1%	
						g		e						
														
3=Significant risk		11	6	1	1	0	1	0		10	8	3	3	
		7.2%	4.9%	2.6%	3.3%	0.0%	6.3%	0.0%		4.2%	4.6%	8.3%	11.5%	
														
Mean		1.4	1.4	1.3	1.3	1.1	1.4	1.4		1.3	1.3	1.5	1.5	
SD		0.6	0.6	0.5	0.5	0.3	0.6	0.5		0.6	0.6	0.7	0.7	
		e	e			abg		e						

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

42 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Deflation"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		105	73	50	48	35	19	2	
		72.9%	68.2%	70.4%	67.6%	66.0%	70.4%	66.7%	
									
2=Moderate risk		35	26	19	18	15	7	1	
		24.3%	24.3%	26.8%	25.4%	28.3%	25.9%	33.3%	
									
3=Significant risk		4	8	2	5	3	1	0	
		2.8%	7.5%	2.8%	7.0%	5.7%	3.7%	0.0%	
									
Mean		1.3	1.4	1.3	1.4	1.4	1.3	1.3	
SD		0.5	0.6	0.5	0.6	0.6	0.6	0.6	

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

43 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Difficulty attracting/retaining qualified employees"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		115		17	2	18	5	7	6	13	18	3	22	
		22.7%		22.4%	10.0%	20.5%	27.8%	33.3%	23.1%	22.4%	25.0%	9.1%	27.5%	
								i				ej	i	
														
2=Moderate risk		272		41	14	48	10	10	13	31	36	20	40	
		53.6%		53.9%	70.0%	54.5%	55.6%	47.6%	50.0%	53.4%	50.0%	60.6%	50.0%	
														
3=Significant risk		120		18	4	22	3	4	7	14	18	10	18	
		23.7%		23.7%	20.0%	25.0%	16.7%	19.0%	26.9%	24.1%	25.0%	30.3%	22.5%	
														
Mean		2.0		2.0	2.1	2.0	1.9	1.9	2.0	2.0	2.0	2.2	2.0	
SD		0.7		0.7	0.6	0.7	0.7	0.7	0.7	0.7	0.7	0.6	0.7	

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

44 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Difficulty attracting/retaining qualified employees"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		42	32	19	2	10	2	6		7	3	80	5	10	
		25.0%	26.4%	18.4%	6.3%	23.8%	18.2%	30.0%		19.4%	13.0%	23.0%	21.7%	30.3%	
		d	d		abeg	d		d							
															
2=Moderate risk		78	58	61	21	26	8	13		25	14	186	11	13	
		46.4%	47.9%	59.2%	65.6%	61.9%	72.7%	65.0%		69.4%	60.9%	53.4%	47.8%	39.4%	
		cd		a	a					e				a	
															
3=Significant risk		48	31	23	9	6	1	1		4	6	82	7	10	
		28.6%	25.6%	22.3%	28.1%	14.3%	9.1%	5.0%		11.1%	26.1%	23.6%	30.4%	30.3%	
		g	g		g			abd							
															
Mean		2.0	2.0	2.0	2.2	1.9	1.9	1.8		1.9	2.1	2.0	2.1	2.0	
SD		0.7	0.7	0.6	0.6	0.6	0.5	0.6		0.6	0.6	0.7	0.7	0.8	
					eG	d		D							

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

45 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Difficulty attracting/retaining qualified employees"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		49	26	2	6	4	3	8		59	40	7	6	
		30.1%	20.2%	5.1%	19.4%	16.0%	17.6%	25.0%		23.2%	22.1%	20.0%	23.1%	
		C	c	Abg				c						
														
2=Moderate risk		75	67	24	20	14	11	23		122	103	24	19	
		46.0%	51.9%	61.5%	64.5%	56.0%	64.7%	71.9%		48.0%	56.9%	68.6%	73.1%	
		G	g					Ab		cd		a	a	
														
3=Significant risk		39	36	13	5	7	3	1		73	38	4	1	
		23.9%	27.9%	33.3%	16.1%	28.0%	17.6%	3.1%		28.7%	21.0%	11.4%	3.8%	
		G	G	G		G		ABCE		cD	d	a	Ab	
														
Mean		1.9	2.1	2.3	2.0	2.1	2.0	1.8		2.1	2.0	1.9	1.8	
SD		0.7	0.7	0.6	0.6	0.7	0.6	0.5		0.7	0.7	0.6	0.5	
		C	g	AdG	c	g		bCe						

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

46 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Difficulty attracting/retaining qualified employees"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		23	27	20	15	17	8	2	
		15.4%	24.1%	26.3%	20.8%	30.9%	26.7%	50.0%	
		e				a			
									
2=Moderate risk		84	59	38	38	29	20	1	
		56.4%	52.7%	50.0%	52.8%	52.7%	66.7%	25.0%	
									
3=Significant risk		42	26	18	19	9	2	1	
		28.2%	23.2%	23.7%	26.4%	16.4%	6.7%	25.0%	
		f	f	f	f		abcd		
									
Mean		2.1	2.0	2.0	2.1	1.9	1.8	1.8	
SD		0.7	0.7	0.7	0.7	0.7	0.6	1.0	
		Ef				A	a		

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

47 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Economic uncertainty"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		87		7	4	9	3	6	6	8	19	6	17	
		17.1%		9.3%	20.0%	10.0%	15.8%	28.6%	23.1%	13.8%	26.4%	18.8%	20.7%	
				eHj		eH		ac			AC		a	
														
2=Moderate risk		277		49	9	49	11	8	15	35	32	18	45	
		54.4%		65.3%	45.0%	54.4%	57.9%	38.1%	57.7%	60.3%	44.4%	56.3%	54.9%	
				eh				a			a			
														
3=Significant risk		145		19	7	32	5	7	5	15	21	8	20	
		28.5%		25.3%	35.0%	35.6%	26.3%	33.3%	19.2%	25.9%	29.2%	25.0%	24.4%	
														
Mean		2.1		2.2	2.2	2.3	2.1	2.0	2.0	2.1	2.0	2.1	2.0	
SD		0.7		0.6	0.7	0.6	0.7	0.8	0.7	0.6	0.8	0.7	0.7	
						fhj			c		c		c	

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

48 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Economic uncertainty"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		38	25	8	4	7	1	4		1	1	66	6	7	
		22.6%	20.5%	7.6%	12.5%	16.7%	9.1%	20.0%		2.7%	4.3%	18.9%	26.1%	21.2%	
		C	C	AB						cDe	d	a	Ab	a	
															
2=Moderate risk		81	63	66	16	23	7	14		23	16	183	10	21	
		48.2%	51.6%	62.9%	50.0%	54.8%	63.6%	70.0%		62.2%	69.6%	52.3%	43.5%	63.6%	
		c		a											
															
3=Significant risk		49	34	31	12	12	3	2		13	6	101	7	5	
		29.2%	27.9%	29.5%	37.5%	28.6%	27.3%	10.0%		35.1%	26.1%	28.9%	30.4%	15.2%	
					g			d							
															
Mean		2.1	2.1	2.2	2.3	2.1	2.2	1.9		2.3	2.2	2.1	2.0	1.9	
SD		0.7	0.7	0.6	0.7	0.7	0.6	0.6		0.5	0.5	0.7	0.8	0.6	
				g				c		E				A	

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

49 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Economic uncertainty"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		33	24	0	5	3	3	5		47	27	5	6	
		20.4%	18.6%	0.0%	15.6%	12.0%	17.6%	15.6%		18.4%	14.8%	13.9%	23.1%	
		C	C	ABdeFg	c	c	C	c						
														
2=Moderate risk		77	69	28	19	15	12	19		130	103	22	16	
		47.5%	53.5%	70.0%	59.4%	60.0%	70.6%	59.4%		51.0%	56.6%	61.1%	61.5%	
		c		a										
														
3=Significant risk		52	36	12	8	7	2	8		78	52	9	4	
		32.1%	27.9%	30.0%	25.0%	28.0%	11.8%	25.0%		30.6%	28.6%	25.0%	15.4%	
														
Mean		2.1	2.1	2.3	2.1	2.2	1.9	2.1		2.1	2.1	2.1	1.9	
SD		0.7	0.7	0.5	0.6	0.6	0.6	0.6		0.7	0.6	0.6	0.6	
				f			c							

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

50 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Economic uncertainty"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		23	15	14	14	13	5	1	
		15.3%	13.5%	17.7%	19.7%	23.6%	16.1%	25.0%	
									
2=Moderate risk		91	65	38	38	24	17	2	
		60.7%	58.6%	48.1%	53.5%	43.6%	54.8%	50.0%	
		e				a			
									
3=Significant risk		36	31	27	19	18	9	1	
		24.0%	27.9%	34.2%	26.8%	32.7%	29.0%	25.0%	
									
Mean		2.1	2.1	2.2	2.1	2.1	2.1	2.0	
SD		0.6	0.6	0.7	0.7	0.8	0.7	0.8	

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

51 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee morale"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		179		23	5	36	8	8	11	20	27	11	25	
		35.2%		30.3%	25.0%	40.0%	42.1%	40.0%	42.3%	35.1%	37.5%	33.3%	31.3%	
														
2=Moderate risk		241		44	12	42	9	4	10	27	33	13	40	
		47.4%		57.9%	60.0%	46.7%	47.4%	20.0%	38.5%	47.4%	45.8%	39.4%	50.0%	
				E	e	e		Abcghj		e	e		e	
														
3=Significant risk		88		9	3	12	2	8	5	10	12	9	15	
		17.3%		11.8%	15.0%	13.3%	10.5%	40.0%	19.2%	17.5%	16.7%	27.3%	18.8%	
				Ei		E	e	ACdghj		e	e	a	e	
														
Mean		1.8		1.8	1.9	1.7	1.7	2.0	1.8	1.8	1.8	1.9	1.9	
SD		0.7		0.6	0.6	0.7	0.7	0.9	0.8	0.7	0.7	0.8	0.7	

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

52 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee morale"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		57	41	39	7	17	7	7		13	10	128	6	13	
		34.3%	33.6%	37.1%	21.9%	40.5%	63.6%	35.0%		35.1%	43.5%	36.9%	26.1%	39.4%	
			f		f		bd								
															
2=Moderate risk		77	61	49	20	16	4	9		18	7	170	11	12	
		46.4%	50.0%	46.7%	62.5%	38.1%	36.4%	45.0%		48.6%	30.4%	49.0%	47.8%	36.4%	
					e	d									
															
3=Significant risk		32	20	17	5	9	0	4		6	6	49	6	8	
		19.3%	16.4%	16.2%	15.6%	21.4%	0.0%	20.0%		16.2%	26.1%	14.1%	26.1%	24.2%	
															
Mean		1.8	1.8	1.8	1.9	1.8	1.4	1.9		1.8	1.8	1.8	2.0	1.8	
SD		0.7	0.7	0.7	0.6	0.8	0.5	0.7		0.7	0.8	0.7	0.7	0.8	
		f	f		F		abD								

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

53 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee morale"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		64	42	13	12	9	8	13		81	65	17	12	
		40.0%	32.3%	32.5%	37.5%	36.0%	47.1%	40.6%		31.9%	35.9%	47.2%	46.2%	
														
2=Moderate risk		73	64	22	13	13	8	13		122	91	12	11	
		45.6%	49.2%	55.0%	40.6%	52.0%	47.1%	40.6%		48.0%	50.3%	33.3%	42.3%	
														
3=Significant risk		23	24	5	7	3	1	6		51	25	7	3	
		14.4%	18.5%	12.5%	21.9%	12.0%	5.9%	18.8%		20.1%	13.8%	19.4%	11.5%	
														
Mean		1.7	1.9	1.8	1.8	1.8	1.6	1.8		1.9	1.8	1.7	1.7	
SD		0.7	0.7	0.6	0.8	0.7	0.6	0.8		0.7	0.7	0.8	0.7	

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

54 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee morale"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		43	39	30	31	23	9	1	
		29.1%	34.5%	38.5%	43.7%	41.8%	30.0%	25.0%	
		d			a				
									
2=Moderate risk		77	53	36	27	23	19	3	
		52.0%	46.9%	46.2%	38.0%	41.8%	63.3%	75.0%	
					f		d		
									
3=Significant risk		28	21	12	13	9	2	0	
		18.9%	18.6%	15.4%	18.3%	16.4%	6.7%	0.0%	
									
Mean		1.9	1.8	1.8	1.7	1.7	1.8	1.8	
SD		0.7	0.7	0.7	0.8	0.7	0.6	0.5	

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

55 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee productivity"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		195		26	6	36	8	8	11	21	35	9	31	
		38.7%		34.2%	30.0%	40.9%	44.4%	40.0%	42.3%	36.8%	48.6%	27.3%	38.8%	
											i	h		
														
2=Moderate risk		227		42	9	38	7	7	11	28	25	17	35	
		45.0%		55.3%	45.0%	43.2%	38.9%	35.0%	42.3%	49.1%	34.7%	51.5%	43.8%	
				h							a			
														
3=Significant risk		82		8	5	14	3	5	4	8	12	7	14	
		16.3%		10.5%	25.0%	15.9%	16.7%	25.0%	15.4%	14.0%	16.7%	21.2%	17.5%	
														
Mean		1.8		1.8	2.0	1.8	1.7	1.9	1.7	1.8	1.7	1.9	1.8	
SD		0.7		0.6	0.8	0.7	0.8	0.8	0.7	0.7	0.7	0.7	0.7	

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

56 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee productivity"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		63	45	47	9	16	6	6		11	9	140	6	15	
		38.2%	37.2%	45.6%	28.1%	38.1%	54.5%	30.0%		30.6%	39.1%	40.7%	26.1%	45.5%	
															
2=Moderate risk		72	55	42	17	19	5	11		20	10	159	9	10	
		43.6%	45.5%	40.8%	53.1%	45.2%	45.5%	55.0%		55.6%	43.5%	46.2%	39.1%	30.3%	
										e				a	
															
3=Significant risk		30	21	14	6	7	0	3		5	4	45	8	8	
		18.2%	17.4%	13.6%	18.8%	16.7%	0.0%	15.0%		13.9%	17.4%	13.1%	34.8%	24.2%	
												D	C		
															
Mean		1.8	1.8	1.7	1.9	1.8	1.5	1.9		1.8	1.8	1.7	2.1	1.8	
SD		0.7	0.7	0.7	0.7	0.7	0.5	0.7		0.7	0.7	0.7	0.8	0.8	
												d	c		

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

57 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee productivity"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		72	48	11	11	11	10	10		93	70	16	11	
		45.3%	37.2%	28.2%	34.4%	44.0%	58.8%	31.3%		36.8%	39.3%	44.4%	42.3%	
				f			c							
														
2=Moderate risk		72	53	21	15	13	7	17		111	81	17	13	
		45.3%	41.1%	53.8%	46.9%	52.0%	41.2%	53.1%		43.9%	45.5%	47.2%	50.0%	
														
3=Significant risk		15	28	7	6	1	0	5		49	27	3	2	
		9.4%	21.7%	17.9%	18.8%	4.0%	0.0%	15.6%		19.4%	15.2%	8.3%	7.7%	
		B	Aef			b	b							
														
Mean		1.6	1.8	1.9	1.8	1.6	1.4	1.8		1.8	1.8	1.6	1.7	
SD		0.6	0.8	0.7	0.7	0.6	0.5	0.7		0.7	0.7	0.6	0.6	
		bc	af	af	f		bcdg	f						

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

58 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Employee productivity"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		54	42	33	31	20	9	3	
		36.7%	37.5%	42.9%	43.7%	36.4%	30.0%	75.0%	
									
2=Moderate risk		70	51	35	26	26	17	0	
		47.6%	45.5%	45.5%	36.6%	47.3%	56.7%	0.0%	
							g	f	
									
3=Significant risk		23	19	9	14	9	4	1	
		15.6%	17.0%	11.7%	19.7%	16.4%	13.3%	25.0%	
									
Mean		1.8	1.8	1.7	1.8	1.8	1.8	1.5	
SD		0.7	0.7	0.7	0.8	0.7	0.6	1.0	

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

59 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Geopolitical / Health Crises"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		259		37	9	57	12	12	12	25	42	9	39	
		52.7%		51.4%	50.0%	64.8%	66.7%	57.1%	48.0%	43.1%	58.3%	29.0%	52.0%	
				i		gI	i	i		c	I	aCdeHj	i	
														
2=Moderate risk		165		25	7	22	5	6	9	25	18	14	30	
		33.6%		34.7%	38.9%	25.0%	27.8%	28.6%	36.0%	43.1%	25.0%	45.2%	40.0%	
						gij				ch	gi	ch	c	
														
3=Significant risk		67		10	2	9	1	3	4	8	12	8	6	
		13.6%		13.9%	11.1%	10.2%	5.6%	14.3%	16.0%	13.8%	16.7%	25.8%	8.0%	
						i						cj	i	
														
Mean		1.6		1.6	1.6	1.5	1.4	1.6	1.7	1.7	1.6	2.0	1.6	
SD		0.7		0.7	0.7	0.7	0.6	0.7	0.7	0.7	0.8	0.8	0.6	
				i		gI	I			c	i	aCDhJ	I	

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

60 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Geopolitical / Health Crises"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		91	65	59	13	16	5	6		15	11	195	9	12	
		56.9%	56.0%	57.8%	40.6%	39.0%	45.5%	30.0%		41.7%	47.8%	57.7%	40.9%	40.0%	
		eg	g	eg		ac		abc							
															
2=Moderate risk		49	35	32	12	17	5	12		15	7	100	9	16	
		30.6%	30.2%	31.4%	37.5%	41.5%	45.5%	60.0%		41.7%	30.4%	29.6%	40.9%	53.3%	
		G	g	g				Abc				E		C	
															
3=Significant risk		20	16	11	7	8	1	2		6	5	43	4	2	
		12.5%	13.8%	10.8%	21.9%	19.5%	9.1%	10.0%		16.7%	21.7%	12.7%	18.2%	6.7%	
															
Mean		1.6	1.6	1.5	1.8	1.8	1.6	1.8		1.8	1.7	1.6	1.8	1.7	
SD		0.7	0.7	0.7	0.8	0.7	0.7	0.6		0.7	0.8	0.7	0.8	0.6	
		e		e		ac									

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

61 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Geopolitical / Health Crises"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		85	74	24	15	15	5	10		127	103	15	9	
		55.2%	59.7%	61.5%	48.4%	65.2%	29.4%	31.3%		52.3%	58.5%	41.7%	34.6%	
		fg	fG	fg		fg	abce	aBce			d		b	
														
2=Moderate risk		49	37	11	7	4	10	18		84	52	13	13	
		31.8%	29.8%	28.2%	22.6%	17.4%	58.8%	56.3%		34.6%	29.5%	36.1%	50.0%	
		fG	fG	fg	fG	FG	abcdE	ABcDE			d		b	
														
3=Significant risk		20	13	4	9	4	2	4		32	21	8	4	
		13.0%	10.5%	10.3%	29.0%	17.4%	11.8%	12.5%		13.2%	11.9%	22.2%	15.4%	
		d	D	d	aBc									
														
Mean		1.6	1.5	1.5	1.8	1.5	1.8	1.8		1.6	1.5	1.8	1.8	
SD		0.7	0.7	0.7	0.9	0.8	0.6	0.6		0.7	0.7	0.8	0.7	
			dg	g	b			bc			c	b		

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

62 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Geopolitical / Health Crises"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		74	53	36	43	31	17	3	
		51.4%	48.2%	48.6%	62.3%	58.5%	56.7%	75.0%	
									
2=Moderate risk		48	44	29	18	15	9	0	
		33.3%	40.0%	39.2%	26.1%	28.3%	30.0%	0.0%	
									
3=Significant risk		22	13	9	8	7	4	1	
		15.3%	11.8%	12.2%	11.6%	13.2%	13.3%	25.0%	
									
Mean		1.6	1.6	1.6	1.5	1.5	1.6	1.5	
SD		0.7	0.7	0.7	0.7	0.7	0.7	1.0	

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

63 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Government policies"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		89		15	4	13	2	3	11	5	22	3	10	
		17.7%		19.7%	20.0%	14.6%	11.8%	15.0%	42.3%	8.8%	30.6%	9.4%	12.7%	
				f		Fh	f		aCdGIJ	FH	cGiJ	Fh	FH	
														
2=Moderate risk		182		28	5	39	5	11	8	25	19	11	27	
		36.2%		36.8%	25.0%	43.8%	29.4%	55.0%	30.8%	43.9%	26.4%	34.4%	34.2%	
						h		h		h	ceg			
														
3=Significant risk		232		33	11	37	10	6	7	27	31	18	42	
		46.1%		43.4%	55.0%	41.6%	58.8%	30.0%	26.9%	47.4%	43.1%	56.3%	53.2%	
							f		dij			f	f	
														
Mean		2.3		2.2	2.4	2.3	2.5	2.2	1.8	2.4	2.1	2.5	2.4	
SD		0.7		0.8	0.8	0.7	0.7	0.7	0.8	0.6	0.9	0.7	0.7	
				f	f	f	f		abcdGIJ	F	ij	Fh	Fh	

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

64 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Government policies"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		33	27	15	2	6	1	3		4	1	68	2	4	
		19.8%	22.7%	14.4%	6.3%	15.0%	9.1%	15.0%		11.4%	4.5%	19.7%	8.7%	12.5%	
			d		b										
															
2=Moderate risk		54	41	37	13	16	6	11		16	10	120	9	11	
		32.3%	34.5%	35.6%	40.6%	40.0%	54.5%	55.0%		45.7%	45.5%	34.7%	39.1%	34.4%	
		g						a							
															
3=Significant risk		80	51	52	17	18	4	6		15	11	158	12	17	
		47.9%	42.9%	50.0%	53.1%	45.0%	36.4%	30.0%		42.9%	50.0%	45.7%	52.2%	53.1%	
															
Mean		2.3	2.2	2.4	2.5	2.3	2.3	2.2		2.3	2.5	2.3	2.4	2.4	
SD		0.8	0.8	0.7	0.6	0.7	0.6	0.7		0.7	0.6	0.8	0.7	0.7	

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

65 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Government policies"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		34	26	4	2	5	3	4		38	37	6	5	
		21.4%	20.5%	10.3%	6.3%	20.8%	17.6%	12.5%		15.1%	20.8%	16.7%	19.2%	
		d			a									
														
2=Moderate risk		56	39	14	11	10	8	18		81	70	18	11	
		35.2%	30.7%	35.9%	34.4%	41.7%	47.1%	56.3%		32.1%	39.3%	50.0%	42.3%	
		g	G					aB		c		a		
														
3=Significant risk		69	62	21	19	9	6	10		133	71	12	10	
		43.4%	48.8%	53.8%	59.4%	37.5%	35.3%	31.3%		52.8%	39.9%	33.3%	38.5%	
					g			d		Bc	A	a		
														
Mean		2.2	2.3	2.4	2.5	2.2	2.2	2.2		2.4	2.2	2.2	2.2	
SD		0.8	0.8	0.7	0.6	0.8	0.7	0.6		0.7	0.8	0.7	0.7	
		d			ag			d		b	a			

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

66 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Government policies"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		22	25	10	18	7	4	1	
		14.9%	22.3%	13.2%	25.4%	13.2%	13.3%	25.0%	
									
2=Moderate risk		61	42	27	23	17	8	1	
		41.2%	37.5%	35.5%	32.4%	32.1%	26.7%	25.0%	
									
3=Significant risk		65	45	39	30	29	18	2	
		43.9%	40.2%	51.3%	42.3%	54.7%	60.0%	50.0%	
									
Mean		2.3	2.2	2.4	2.2	2.4	2.5	2.3	
SD		0.7	0.8	0.7	0.8	0.7	0.7	1.0	

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

67 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Inflation"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		245		30	10	40	7	11	17	25	38	15	43	
		48.2%		40.5%	50.0%	44.4%	36.8%	52.4%	65.4%	43.1%	52.8%	45.5%	53.8%	
				f					a					
														
2=Moderate risk		213		35	10	41	10	6	9	29	27	17	24	
		41.9%		47.3%	50.0%	45.6%	52.6%	28.6%	34.6%	50.0%	37.5%	51.5%	30.0%	
				j		j				j		j	acgi	
														
3=Significant risk		50		9	0	9	2	4	0	4	7	1	13	
		9.8%		12.2%	0.0%	10.0%	10.5%	19.0%	0.0%	6.9%	9.7%	3.0%	16.3%	
					e			bf	ej				f	
														
Mean		1.6		1.7	1.5	1.7	1.7	1.7	1.3	1.6	1.6	1.6	1.6	
SD		0.7		0.7	0.5	0.7	0.7	0.8	0.5	0.6	0.7	0.6	0.8	
				f		f	f		acdg	f				

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

68 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Inflation"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		80	64	49	15	21	6	8		13	11	172	14	19	
		47.1%	53.3%	46.7%	46.9%	51.2%	54.5%	42.1%		35.1%	47.8%	49.1%	63.6%	59.4%	
										de			a	a	
															
2=Moderate risk		68	47	46	14	18	5	9		20	12	145	6	8	
		40.0%	39.2%	43.8%	43.8%	43.9%	45.5%	47.4%		54.1%	52.2%	41.4%	27.3%	25.0%	
										de	e		a	ab	
															
3=Significant risk		22	9	10	3	2	0	2		4	0	33	2	5	
		12.9%	7.5%	9.5%	9.4%	4.9%	0.0%	10.5%		10.8%	0.0%	9.4%	9.1%	15.6%	
															
Mean		1.7	1.5	1.6	1.6	1.5	1.5	1.7		1.8	1.5	1.6	1.5	1.6	
SD		0.7	0.6	0.7	0.7	0.6	0.5	0.7		0.6	0.5	0.7	0.7	0.8	

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

69 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Inflation"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		82	58	15	19	13	9	15		125	89	14	13	
		49.7%	45.3%	37.5%	61.3%	52.0%	52.9%	46.9%		49.0%	48.9%	41.2%	50.0%	
														
2=Moderate risk		64	59	19	10	9	6	16		103	77	17	12	
		38.8%	46.1%	47.5%	32.3%	36.0%	35.3%	50.0%		40.4%	42.3%	50.0%	46.2%	
														
3=Significant risk		19	11	6	2	3	2	1		27	16	3	1	
		11.5%	8.6%	15.0%	6.5%	12.0%	11.8%	3.1%		10.6%	8.8%	8.8%	3.8%	
														
Mean		1.6	1.6	1.8	1.5	1.6	1.6	1.6		1.6	1.6	1.7	1.5	
SD		0.7	0.6	0.7	0.6	0.7	0.7	0.6		0.7	0.6	0.6	0.6	
				d	c									

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

70 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Inflation"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		74	57	32	37	28	12	2	
		49.7%	51.4%	41.0%	51.4%	50.9%	40.0%	50.0%	
									
2=Moderate risk		62	41	29	33	26	16	2	
		41.6%	36.9%	37.2%	45.8%	47.3%	53.3%	50.0%	
									
3=Significant risk		13	13	17	2	1	2	0	
		8.7%	11.7%	21.8%	2.8%	1.8%	6.7%	0.0%	
		C	de	ADE	bC	bC			
									
Mean		1.6	1.6	1.8	1.5	1.5	1.7	1.5	
SD		0.6	0.7	0.8	0.6	0.5	0.6	0.6	
		c		aDe	C	c			

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

71 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Regulatory requirements"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		103		21	4	19	2	5	11	1	21	3	15	
		20.4%		27.6%	20.0%	21.3%	11.1%	23.8%	42.3%	1.8%	30.9%	9.1%	18.5%	
				Gi	G	fG	f	G	cdGIj	ABCEFHJ	Gi	aFh	fG	
														
2=Moderate risk		206		33	11	44	6	10	9	23	24	8	32	
		40.9%		43.4%	55.0%	49.4%	33.3%	47.6%	34.6%	40.4%	35.3%	24.2%	39.5%	
					i	i						bc		
														
3=Significant risk		195		22	5	26	10	6	6	33	23	22	34	
		38.7%		28.9%	25.0%	29.2%	55.6%	28.6%	23.1%	57.9%	33.8%	66.7%	42.0%	
				dGI	gI	dGI	acf	gI	dGI	AbCeFH	GI	ABCEFHj	i	
														
Mean		2.2		2.0	2.1	2.1	2.4	2.0	1.8	2.6	2.0	2.6	2.2	
SD		0.7		0.8	0.7	0.7	0.7	0.7	0.8	0.5	0.8	0.7	0.7	
				dGI	GI	dGI	acF	GI	DGIj	ABCEFHJ	GI	ABCEFHj	fGi	

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

72 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Regulatory requirements"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		43	26	21	3	6	3	1		7	3	76	4	6	
		25.9%	21.7%	20.2%	9.4%	14.6%	27.3%	5.0%		20.0%	13.0%	21.9%	17.4%	18.8%	
		dg			a			a							
															
2=Moderate risk		59	52	41	17	17	5	10		18	10	141	6	13	
		35.5%	43.3%	39.4%	53.1%	41.5%	45.5%	50.0%		51.4%	43.5%	40.6%	26.1%	40.6%	
															
3=Significant risk		64	42	42	12	18	3	9		10	10	130	13	13	
		38.6%	35.0%	40.4%	37.5%	43.9%	27.3%	45.0%		28.6%	43.5%	37.5%	56.5%	40.6%	
										d			a		
															
Mean		2.1	2.1	2.2	2.3	2.3	2.0	2.4		2.1	2.3	2.2	2.4	2.2	
SD		0.8	0.7	0.8	0.6	0.7	0.8	0.6		0.7	0.7	0.8	0.8	0.8	

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

73 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Regulatory requirements"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		42	29	7	3	5	2	5		44	45	3	7	
		25.9%	22.7%	17.9%	9.4%	20.8%	11.8%	15.6%		17.5%	25.1%	8.3%	26.9%	
		d			a						c	b		
														
2=Moderate risk		63	47	13	15	11	11	15		92	79	22	11	
		38.9%	36.7%	33.3%	46.9%	45.8%	64.7%	46.9%		36.5%	44.1%	61.1%	42.3%	
		f	f	f			abc			C		A		
														
3=Significant risk		57	52	19	14	8	4	12		116	55	11	8	
		35.2%	40.6%	48.7%	43.8%	33.3%	23.5%	37.5%		46.0%	30.7%	30.6%	30.8%	
										B	A			
														
Mean		2.1	2.2	2.3	2.3	2.1	2.1	2.2		2.3	2.1	2.2	2.0	
SD		0.8	0.8	0.8	0.7	0.7	0.6	0.7		0.7	0.7	0.6	0.8	
										B	A			

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

74 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Regulatory requirements"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		32	27	21	11	7	3	1	
		21.8%	23.9%	26.9%	15.7%	13.2%	10.0%	25.0%	
									
2=Moderate risk		64	48	24	32	20	12	1	
		43.5%	42.5%	30.8%	45.7%	37.7%	40.0%	25.0%	
									
3=Significant risk		51	38	33	27	26	15	2	
		34.7%	33.6%	42.3%	38.6%	49.1%	50.0%	50.0%	
									
Mean		2.1	2.1	2.2	2.2	2.4	2.4	2.3	
SD		0.7	0.8	0.8	0.7	0.7	0.7	1.0	
			ef			b	b		

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

75 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising input or commodity costs"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		187		21	2	14	7	8	17	29	38	13	32	
		39.2%		27.6%	11.8%	15.7%	36.8%	40.0%	68.0%	56.9%	58.5%	44.8%	44.4%	
				FGHj	FGHij	deFGHIJ	cf	c	ABCdj	ABC	ABC	bC	abCf	
														
2=Moderate risk		211		37	14	47	7	8	6	19	22	13	32	
		44.2%		48.7%	82.4%	52.8%	36.8%	40.0%	24.0%	37.3%	33.8%	44.8%	44.4%	
				bf	acDeFGHiJ	bfh	B	b	aBc	B	Bc	b	B	
														
3=Significant risk		79		18	1	28	5	4	2	3	5	3	8	
		16.6%		23.7%	5.9%	31.5%	26.3%	20.0%	8.0%	5.9%	7.7%	10.3%	11.1%	
				Ghj	c	bfGHiJ	gh		c	ACd	aCd	c	aC	
														
Mean		1.8		2.0	1.9	2.2	1.9	1.8	1.4	1.5	1.5	1.7	1.7	
SD		0.7		0.7	0.4	0.7	0.8	0.8	0.6	0.6	0.6	0.7	0.7	
				FGHj	FGH	eFGHIJ	fgh	c	ABCd	ABCd	ABCd	C	aC	

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

76 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising input or commodity costs"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		65	47	35	6	22	4	7		8	13	124	10	13	
		42.5%	42.0%	34.7%	19.4%	53.7%	40.0%	35.0%		21.6%	56.5%	37.7%	45.5%	56.5%	
		d	d	e	abE	cD				BE	A			A	
															
2=Moderate risk		62	48	46	21	16	4	8		20	9	150	11	6	
		40.5%	42.9%	45.5%	67.7%	39.0%	40.0%	40.0%		54.1%	39.1%	45.6%	50.0%	26.1%	
		D	d	d	Abce	d				e				a	
															
3=Significant risk		26	17	20	4	3	2	5		9	1	55	1	4	
		17.0%	15.2%	19.8%	12.9%	7.3%	20.0%	25.0%		24.3%	4.3%	16.7%	4.5%	17.4%	
										b	a				
															
Mean		1.7	1.7	1.9	1.9	1.5	1.8	1.9		2.0	1.5	1.8	1.6	1.6	
SD		0.7	0.7	0.7	0.6	0.6	0.8	0.8		0.7	0.6	0.7	0.6	0.8	
				e	E	cD				Bde	Ac	b	a	a	

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

77 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising input or commodity costs"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		60	45	12	9	10	7	15		87	70	13	12	
		40.5%	38.1%	30.8%	30.0%	41.7%	41.2%	48.4%		38.7%	39.1%	36.1%	46.2%	
														
2=Moderate risk		65	54	19	16	12	8	13		99	80	18	11	
		43.9%	45.8%	48.7%	53.3%	50.0%	47.1%	41.9%		44.0%	44.7%	50.0%	42.3%	
														
3=Significant risk		23	19	8	5	2	2	3		39	29	5	3	
		15.5%	16.1%	20.5%	16.7%	8.3%	11.8%	9.7%		17.3%	16.2%	13.9%	11.5%	
														
Mean		1.8	1.8	1.9	1.9	1.7	1.7	1.6		1.8	1.8	1.8	1.7	
SD		0.7	0.7	0.7	0.7	0.6	0.7	0.7		0.7	0.7	0.7	0.7	

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

78 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising input or commodity costs"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		55	42	28	25	24	9	1	
		38.7%	39.6%	38.4%	39.1%	48.0%	31.0%	25.0%	
									
2=Moderate risk		69	47	31	30	16	14	2	
		48.6%	44.3%	42.5%	46.9%	32.0%	48.3%	50.0%	
		e				a			
									
3=Significant risk		18	17	14	9	10	6	1	
		12.7%	16.0%	19.2%	14.1%	20.0%	20.7%	25.0%	
									
Mean		1.7	1.8	1.8	1.8	1.7	1.9	2.0	
SD		0.7	0.7	0.7	0.7	0.8	0.7	0.8	

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

79 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising wages and salaries"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		150		15	4	19	8	8	9	18	28	8	27	
		29.5%		19.7%	20.0%	21.1%	44.4%	38.1%	36.0%	31.0%	38.9%	24.2%	33.3%	
				dh		dh	ac				ac			
														
2=Moderate risk		288		47	14	59	10	11	14	32	37	19	39	
		56.6%		61.8%	70.0%	65.6%	55.6%	52.4%	56.0%	55.2%	51.4%	57.6%	48.1%	
						j							c	
														
3=Significant risk		71		14	2	12	0	2	2	8	7	6	15	
		13.9%		18.4%	10.0%	13.3%	0.0%	9.5%	8.0%	13.8%	9.7%	18.2%	18.5%	
														
Mean		1.8		2.0	1.9	1.9	1.6	1.7	1.7	1.8	1.7	1.9	1.9	
SD		0.6		0.6	0.6	0.6	0.5	0.6	0.6	0.7	0.6	0.7	0.7	
				DH		dh	Aci				Ac	d		

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

80 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising wages and salaries"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		47	35	32	5	15	5	8		14	7	99	5	11	
		28.0%	28.7%	30.8%	15.6%	35.7%	45.5%	40.0%		38.9%	30.4%	28.3%	21.7%	34.4%	
					f		d								
															
2=Moderate risk		94	67	58	22	25	6	11		16	15	205	12	16	
		56.0%	54.9%	55.8%	68.8%	59.5%	54.5%	55.0%		44.4%	65.2%	58.6%	52.2%	50.0%	
															
3=Significant risk		27	20	14	5	2	0	1		6	1	46	6	5	
		16.1%	16.4%	13.5%	15.6%	4.8%	0.0%	5.0%		16.7%	4.3%	13.1%	26.1%	15.6%	
											d		b		
															
Mean		1.9	1.9	1.8	2.0	1.7	1.5	1.7		1.8	1.7	1.8	2.0	1.8	
SD		0.7	0.7	0.6	0.6	0.6	0.5	0.6		0.7	0.5	0.6	0.7	0.7	
					efg	d	d	d							

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

81 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising wages and salaries"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		47	36	8	9	5	6	13		68	59	11	10	
		29.0%	27.7%	20.5%	28.1%	20.0%	35.3%	40.6%		26.7%	32.6%	30.6%	38.5%	
														
2=Moderate risk		91	74	24	18	16	11	19		137	107	23	15	
		56.2%	56.9%	61.5%	56.3%	64.0%	64.7%	59.4%		53.7%	59.1%	63.9%	57.7%	
														
3=Significant risk		24	20	7	5	4	0	0		50	15	2	1	
		14.8%	15.4%	17.9%	15.6%	16.0%	0.0%	0.0%		19.6%	8.3%	5.6%	3.8%	
		g	g	g	g	g		abcde		Bcd	A	a	a	
														
Mean		1.9	1.9	2.0	1.9	2.0	1.6	1.6		1.9	1.8	1.8	1.7	
SD		0.6	0.6	0.6	0.7	0.6	0.5	0.5		0.7	0.6	0.6	0.6	
		g	g	G		g		abCe		Bd	A		a	

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

82 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Rising wages and salaries"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		42	31	24	23	20	6	2	
		28.0%	27.2%	31.2%	32.4%	36.4%	20.7%	50.0%	
									
2=Moderate risk		90	66	40	37	31	19	1	
		60.0%	57.9%	51.9%	52.1%	56.4%	65.5%	25.0%	
									
3=Significant risk		18	17	13	11	4	4	1	
		12.0%	14.9%	16.9%	15.5%	7.3%	13.8%	25.0%	
									
Mean		1.8	1.9	1.9	1.8	1.7	1.9	1.8	
SD		0.6	0.6	0.7	0.7	0.6	0.6	1.0	

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

83 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Weak demand for your products/services"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		186		22	7	28	8	4	10	17	24	14	47	
		36.6%		28.9%	35.0%	31.1%	42.1%	19.0%	38.5%	29.3%	33.3%	42.4%	60.3%	
				J	j	J		J		J	J		AbCEGH	
														
2=Moderate risk		217		37	11	37	10	11	10	32	30	12	19	
		42.7%		48.7%	55.0%	41.1%	52.6%	52.4%	38.5%	55.2%	41.7%	36.4%	24.4%	
				J	J	j	j	j		J	j		ABcdeGh	
														
3=Significant risk		105		17	2	25	1	6	6	9	18	7	12	
		20.7%		22.4%	10.0%	27.8%	5.3%	28.6%	23.1%	15.5%	25.0%	21.2%	15.4%	
						d	c							
														
Mean		1.8		1.9	1.8	2.0	1.6	2.1	1.8	1.9	1.9	1.8	1.6	
SD		0.7		0.7	0.6	0.8	0.6	0.7	0.8	0.7	0.8	0.8	0.7	
				J		J	e	dJ		j	J		ACEgH	

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

84 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Weak demand for your products/services"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		70	55	31	7	12	5	2		4	5	126	14	19	
		41.9%	45.1%	29.8%	21.9%	28.6%	45.5%	10.0%		10.8%	21.7%	36.0%	60.9%	63.3%	
		cdG	cdG	ab	ab		g	ABf		CDE	DE	AdE	ABc	ABC	
															
2=Moderate risk		65	41	54	15	20	5	12		25	11	148	7	9	
		38.9%	33.6%	51.9%	46.9%	47.6%	45.5%	60.0%		67.6%	47.8%	42.3%	30.4%	30.0%	
		c	Cg	aB				b		CDE		A	A	A	
															
3=Significant risk		32	26	19	10	10	1	6		8	7	76	2	2	
		19.2%	21.3%	18.3%	31.3%	23.8%	9.1%	30.0%		21.6%	30.4%	21.7%	8.7%	6.7%	
											e			b	
															
Mean		1.8	1.8	1.9	2.1	2.0	1.6	2.2		2.1	2.1	1.9	1.5	1.4	
SD		0.7	0.8	0.7	0.7	0.7	0.7	0.6		0.6	0.7	0.7	0.7	0.6	
		dg	dg		ab		g	abf		cDE	DE	adE	ABc	ABC	

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

85 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Weak demand for your products/services"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		68	49	9	12	8	2	10		100	64	12	8	
		41.7%	38.0%	23.1%	37.5%	32.0%	11.8%	31.3%		39.2%	35.4%	33.3%	30.8%	
		cf	f	a			ab							
														
2=Moderate risk		68	52	20	15	9	10	14		105	77	17	13	
		41.7%	40.3%	51.3%	46.9%	36.0%	58.8%	43.8%		41.2%	42.5%	47.2%	50.0%	
														
3=Significant risk		27	28	10	5	8	5	8		50	40	7	5	
		16.6%	21.7%	25.6%	15.6%	32.0%	29.4%	25.0%		19.6%	22.1%	19.4%	19.2%	
														
Mean		1.7	1.8	2.0	1.8	2.0	2.2	1.9		1.8	1.9	1.9	1.9	
SD		0.7	0.8	0.7	0.7	0.8	0.6	0.8		0.7	0.7	0.7	0.7	
		cf		a			a							

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

86 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Weak demand for your products/services"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		58	40	26	24	19	13	3	
		39.2%	34.8%	33.3%	33.8%	35.8%	43.3%	75.0%	
									
2=Moderate risk		62	46	36	34	23	12	1	
		41.9%	40.0%	46.2%	47.9%	43.4%	40.0%	25.0%	
									
3=Significant risk		28	29	16	13	11	5	0	
		18.9%	25.2%	20.5%	18.3%	20.8%	16.7%	0.0%	
									
Mean		1.8	1.9	1.9	1.8	1.8	1.7	1.3	
SD		0.7	0.8	0.7	0.7	0.7	0.7	0.5	

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

87 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Other:"

N=516		Total		Industry	

 		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		501		76	20	90	19	21	26	58	76	33	82	
		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
1=Little or no risk		1		0	0	1	0	0	0	0	0	0	0	
		3.7%		0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
2=Moderate risk		6		1	1	2	0	1	0	0	0	0	1	
		22.2%		50.0%	100.0%	40.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	20.0%	
														
3=Significant risk		20		1	0	2	2	1	1	4	4	0	4	
		74.1%		50.0%	0.0%	40.0%	100.0%	50.0%	100.0%	100.0%	100.0%	0.0%	80.0%	
														
Mean		2.7		2.5	2.0	2.2	3.0	2.5	3.0	3.0	3.0	---	2.8	
SD		0.5		0.7	0.0	0.8	0.0	0.7	0.0	0.0	0.0	---	0.4	

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

88 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Other:"

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	122	105	32	42	11	20		37	23	355	23	33	
		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
1=Little or no risk		0	1	0	0	0	0	0		0	1	0	0	0	
		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	33.3%	0.0%	0.0%	0.0%	
											c	b			
															
2=Moderate risk		4	0	1	0	1	0	0		1	0	4	0	0	
		33.3%	0.0%	16.7%	0.0%	33.3%	0.0%	0.0%		33.3%	0.0%	26.7%	0.0%	0.0%	
															
3=Significant risk		8	2	5	1	2	0	1		2	2	11	1	2	
		66.7%	66.7%	83.3%	100.0%	66.7%	0.0%	100.0%		66.7%	66.7%	73.3%	100.0%	100.0%	
															
Mean		2.7	2.3	2.8	3.0	2.7	---	3.0		2.7	2.3	2.7	3.0	3.0	
SD		0.5	1.2	0.4	0.0	0.6	---	0.0		0.6	1.2	0.5	0.0	0.0	

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

89 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Other:"

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		167	130	40	32	25	17	32		261	182	36	26	
		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
1=Little or no risk		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	9.1%	0.0%	0.0%	
														
2=Moderate risk		1	2	0	0	0	0	1		1	4	1	0	
		14.3%	25.0%	0.0%	0.0%	0.0%	0.0%	33.3%		10.0%	36.4%	25.0%	0.0%	
														
3=Significant risk		6	5	3	0	1	1	2		9	6	3	0	
		85.7%	62.5%	100.0%	0.0%	100.0%	100.0%	66.7%		90.0%	54.5%	75.0%	0.0%	
														
Mean		2.9	2.5	3.0	---	3.0	3.0	2.7		2.9	2.5	2.8	---	
SD		0.4	0.8	0.0	---	0.0	0.0	0.6		0.3	0.7	0.5	---	

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

90 

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

3. Over the next 12 months, how much risk to your company’s financial performance do you expect because of: "Other:"

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	115	79	73	55	31	4	
		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
1=Little or no risk		0	1	0	0	0	0	0	
		0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
2=Moderate risk		1	3	0	1	0	0	1	
		14.3%	37.5%	0.0%	33.3%	0.0%	0.0%	100.0%	
									
3=Significant risk		6	4	3	2	1	3	0	
		85.7%	50.0%	100.0%	66.7%	100.0%	100.0%	0.0%	
									
Mean		2.9	2.4	3.0	2.7	3.0	3.0	2.0	
SD		0.4	0.7	0.0	0.6	0.0	0.0	0.0	

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

91 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Total		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Number		516		76	20	90	19	21	26	58	76	33	82	
Percent		100.0%		15.2%	4.0%	18.0%	3.8%	4.2%	5.2%	11.6%	15.2%	6.6%	16.4%	
														
Access to capital	
														
N		483		73	20	87	17	21	25	55	66	31	73	
Mean		1.5		1.3	1.5	1.4	1.4	1.6	1.5	1.6	1.6	1.7	1.4	
				ghI		ghi				ac	ac	Ac		
														
Corporate tax code (domestic)	
														
N		466		72	20	86	16	20	25	56	71	26	61	
Mean		1.7		1.6	1.8	1.7	1.5	1.6	1.6	1.8	1.6	1.6	1.6	
														
Cost of benefits	
														
N		507		76	20	90	19	21	26	57	71	33	80	
Mean		2.2		2.3	2.3	2.3	2.2	1.9	2.0	2.2	2.1	2.2	2.2	
				e	e	e		abc						
														
Cost of borrowing	
														
N		486		71	20	86	19	21	26	56	68	30	75	
Mean		1.5		1.5	1.5	1.4	1.6	1.5	1.5	1.5	1.5	1.7	1.5	
														
Currency risk	
														
N		405		56	17	83	17	19	24	44	51	21	63	
Mean		1.5		1.4	1.4	1.6	1.4	1.6	1.4	1.5	1.3	1.3	1.4	
						h					c			

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

92 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		174	122	105	32	42	11	20		37	23	355	23	33	
Percent		34.4%	24.1%	20.8%	6.3%	8.3%	2.2%	4.0%		7.9%	4.9%	75.4%	4.9%	7.0%	
															
Access to capital	
															
N		155	118	100	29	42	11	19		36	22	334	22	26	
Mean		1.6	1.6	1.3	1.2	1.3	1.5	1.6		1.4	1.1	1.5	1.4	1.3	
		CDe	Cd	ABg	Abg	a		cd			c	b			
															
Corporate tax code (domestic)	
															
N		153	107	96	30	40	11	20		37	23	337	12	16	
Mean		1.7	1.5	1.8	1.8	1.6	1.8	1.9		1.8	1.8	1.7	1.3	1.3	
			cdg	b	b			b		dE	de	e	ab	Abc	
															
Cost of benefits	
															
N		167	122	104	32	42	11	20		37	23	349	23	32	
Mean		2.2	2.2	2.2	2.3	2.0	1.7	2.0		2.1	2.2	2.2	2.1	2.0	
		f	ef	f	eF	bd	abcD								
															
Cost of borrowing	
															
N		159	116	101	29	42	11	20		35	22	338	22	27	
Mean		1.6	1.5	1.5	1.4	1.5	1.5	1.6		1.5	1.3	1.5	1.3	1.3	
															
Currency risk	
															
N		123	92	86	29	38	11	18		35	23	271	22	20	
Mean		1.4	1.4	1.4	1.3	1.7	1.7	2.0		1.9	1.7	1.4	1.4	1.4	
		eG	eG	G	efG	abd	d	ABCD		CDE		A	A	A	

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

93 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		167	130	40	32	25	17	32		261	182	36	26	
Percent		37.7%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.7%	36.0%	7.1%	5.1%	
														
Access to capital	
														
N		148	125	38	30	23	16	32		240	174	36	25	
Mean		1.6	1.4	1.4	1.3	1.2	1.4	1.4		1.5	1.4	1.6	1.4	
		BdE	A		a	A								
														
Corporate tax code (domestic)	
														
N		148	119	37	27	23	16	30		221	173	36	26	
Mean		1.6	1.6	1.9	1.7	1.5	1.8	1.8		1.6	1.7	2.0	1.7	
		c	c	abe		c				C	c	Ab		
														
Cost of benefits	
														
N		161	129	40	32	25	17	32		254	182	36	25	
Mean		2.2	2.2	2.3	2.3	2.2	2.1	1.9		2.2	2.2	2.1	1.7	
			g	g	g			bcd		D	D	d	ABc	
														
Cost of borrowing	
														
N		152	122	38	31	25	16	32		245	171	36	26	
Mean		1.6	1.5	1.6	1.3	1.6	1.7	1.5		1.5	1.5	1.3	1.5	
														
Currency risk	
														
N		123	97	33	28	22	16	30		173	164	34	26	
Mean		1.4	1.3	1.3	1.6	1.4	1.9	1.7		1.3	1.4	1.9	2.1	
		Fg	FG	FG		Fg	ABCE	aBCe		CD	CD	AB	AB	

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

94 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		150	115	79	73	55	31	4	
Percent		29.6%	22.7%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
Access to capital	
									
N		138	109	74	65	54	30	4	
Mean		1.4	1.5	1.5	1.6	1.5	1.6	1.5	
		d			a				
									
Corporate tax code (domestic)	
									
N		137	103	70	67	49	27	4	
Mean		1.7	1.7	1.6	1.6	1.8	1.8	1.3	
									
Cost of benefits	
									
N		148	113	77	72	55	30	4	
Mean		2.3	2.2	2.2	2.2	2.2	2.0	1.8	
									
Cost of borrowing	
									
N		141	108	72	69	53	31	4	
Mean		1.4	1.5	1.7	1.6	1.6	1.5	1.3	
		c	c	ab					
									
Currency risk	
									
N		118	92	63	57	40	24	3	
Mean		1.4	1.5	1.3	1.5	1.4	1.5	1.3	
			c	b					

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

95 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Total		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Data security	
														
N		507		75	20	90	18	21	26	57	72	32	82	
Mean		2.0		2.0	1.6	1.8	1.7	2.0	2.2	2.2	2.1	2.0	2.0	
				b	afGHij	fGhj	g		bc	BCd	Bc	b	bc	
														
Deflation	
														
N		485		74	19	88	17	19	25	57	67	29	75	
Mean		1.4		1.4	1.3	1.3	1.4	1.4	1.3	1.6	1.3	1.3	1.3	
						g				cHj	G		g	
														
Difficulty attracting/retaining qualified employees	
														
N		507		76	20	88	18	21	26	58	72	33	80	
Mean		2.0		2.0	2.1	2.0	1.9	1.9	2.0	2.0	2.0	2.2	2.0	
														
Economic uncertainty	
														
N		509		75	20	90	19	21	26	58	72	32	82	
Mean		2.1		2.2	2.2	2.3	2.1	2.0	2.0	2.1	2.0	2.1	2.0	
						fhj			c		c		c	
														
Employee morale	
														
N		508		76	20	90	19	20	26	57	72	33	80	
Mean		1.8		1.8	1.9	1.7	1.7	2.0	1.8	1.8	1.8	1.9	1.9	

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

96 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Data security	
															
N		169	121	105	32	42	10	19		36	23	350	23	32	
Mean		1.9	2.0	1.9	2.2	2.2	2.3	2.1		2.2	2.3	1.9	2.1	2.1	
		dE	e	e	a	Abc				c	C	aB			
															
Deflation	
															
N		156	115	102	32	39	11	20		36	23	332	21	30	
Mean		1.4	1.3	1.3	1.3	1.2	1.3	1.5		1.5	1.2	1.4	1.2	1.3	
						g		e							
															
Difficulty attracting/retaining qualified employees	
															
N		168	121	103	32	42	11	20		36	23	348	23	33	
Mean		2.0	2.0	2.0	2.2	1.9	1.9	1.8		1.9	2.1	2.0	2.1	2.0	
					eG	d		D							
															
Economic uncertainty	
															
N		168	122	105	32	42	11	20		37	23	350	23	33	
Mean		2.1	2.1	2.2	2.3	2.1	2.2	1.9		2.3	2.2	2.1	2.0	1.9	
				g				c		E				A	
															
Employee morale	
															
N		166	122	105	32	42	11	20		37	23	347	23	33	
Mean		1.8	1.8	1.8	1.9	1.8	1.4	1.9		1.8	1.8	1.8	2.0	1.8	
		f	f		F		abD								

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

97 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Data security	
														
N		163	130	39	31	25	16	32		256	181	35	26	
Mean		1.9	1.9	2.1	2.1	2.2	2.4	2.0		2.0	2.0	2.1	2.0	
		ef	f			a	ab							
														
Deflation	
														
N		152	122	39	30	25	16	31		239	173	36	26	
Mean		1.4	1.4	1.3	1.3	1.1	1.4	1.4		1.3	1.3	1.5	1.5	
		e	e			abg		e						
														
Difficulty attracting/retaining qualified employees	
														
N		163	129	39	31	25	17	32		254	181	35	26	
Mean		1.9	2.1	2.3	2.0	2.1	2.0	1.8		2.1	2.0	1.9	1.8	
		C	g	AdG	c	g		bCe						
														
Economic uncertainty	
														
N		162	129	40	32	25	17	32		255	182	36	26	
Mean		2.1	2.1	2.3	2.1	2.2	1.9	2.1		2.1	2.1	2.1	1.9	
				f			c							
														
Employee morale	
														
N		160	130	40	32	25	17	32		254	181	36	26	
Mean		1.7	1.9	1.8	1.8	1.8	1.6	1.8		1.9	1.8	1.7	1.7	

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

98 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Data security	
									
N		149	111	77	72	55	31	4	
Mean		2.0	2.0	2.0	2.0	2.0	2.0	1.3	
		g	g	g		g		abce	
									
Deflation	
									
N		144	107	71	71	53	27	3	
Mean		1.3	1.4	1.3	1.4	1.4	1.3	1.3	
									
Difficulty attracting/retaining qualified employees	
									
N		149	112	76	72	55	30	4	
Mean		2.1	2.0	2.0	2.1	1.9	1.8	1.8	
		Ef				A	a		
									
Economic uncertainty	
									
N		150	111	79	71	55	31	4	
Mean		2.1	2.1	2.2	2.1	2.1	2.1	2.0	
									
Employee morale	
									
N		148	113	78	71	55	30	4	
Mean		1.9	1.8	1.8	1.7	1.7	1.8	1.8	

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

99 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Total		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Employee productivity	
														
N		504		76	20	88	18	20	26	57	72	33	80	
Mean		1.8		1.8	2.0	1.8	1.7	1.9	1.7	1.8	1.7	1.9	1.8	
														
Geopolitical / Health Crises	
														
N		491		72	18	88	18	21	25	58	72	31	75	
Mean		1.6		1.6	1.6	1.5	1.4	1.6	1.7	1.7	1.6	2.0	1.6	
				i		gI	I			c	i	aCDhJ	I	
														
Government policies	
														
N		503		76	20	89	17	20	26	57	72	32	79	
Mean		2.3		2.2	2.3	2.3	2.5	2.2	1.8	2.4	2.1	2.5	2.4	
				f	f	f	f		abcdGIJ	F	ij	Fh	Fh	
														
Inflation	
														
N		508		74	20	90	19	21	26	58	72	33	80	
Mean		1.6		1.7	1.5	1.7	1.7	1.7	1.3	1.6	1.6	1.6	1.6	
				f		f	f		acdg	f				
														
Regulatory requirements	
														
N		504		76	20	89	18	21	26	57	68	33	81	
Mean		2.2		2.0	2.0	2.1	2.4	2.0	1.8	2.6	2.0	2.6	2.2	
				dGI	GI	dGI	acF	GI	DGIj	ABCEFHJ	GI	ABCEFHj	fGi	

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

100 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Employee productivity	
															
N		165	121	103	32	42	11	20		36	23	344	23	33	
Mean		1.8	1.8	1.7	1.9	1.8	1.5	1.9		1.8	1.8	1.7	2.1	1.8	
												d	c		
															
Geopolitical / Health Crises	
															
N		160	116	102	32	41	11	20		36	23	338	22	30	
Mean		1.6	1.6	1.5	1.8	1.8	1.6	1.8		1.8	1.7	1.6	1.8	1.7	
		e		e		ac									
															
Government policies	
															
N		167	119	104	32	40	11	20		35	22	346	23	32	
Mean		2.3	2.2	2.4	2.5	2.3	2.3	2.2		2.3	2.5	2.3	2.4	2.4	
															
Inflation	
															
N		170	120	105	32	41	11	19		37	23	350	22	32	
Mean		1.7	1.5	1.6	1.6	1.5	1.5	1.7		1.8	1.5	1.6	1.5	1.6	
															
Regulatory requirements	
															
N		166	120	104	32	41	11	20		35	23	347	23	32	
Mean		2.1	2.1	2.2	2.3	2.3	2.0	2.4		2.1	2.3	2.2	2.4	2.2	

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

101 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Employee productivity	
														
N		159	129	39	32	25	17	32		253	178	36	26	
Mean		1.6	1.8	1.9	1.8	1.6	1.4	1.8		1.8	1.8	1.6	1.7	
		bc	af	af	f		bcdg	f						
														
Geopolitical / Health Crises	
														
N		154	124	39	31	23	17	32		243	176	36	26	
Mean		1.6	1.5	1.5	1.8	1.5	1.8	1.8		1.6	1.5	1.8	1.8	
			dg	g	b			bc			c	b		
														
Government policies	
														
N		159	127	39	32	24	17	32		252	178	36	26	
Mean		2.2	2.3	2.4	2.5	2.2	2.2	2.2		2.4	2.2	2.2	2.2	
		d			ag			d		b	a			
														
Inflation	
														
N		165	128	40	31	25	17	32		255	182	34	26	
Mean		1.6	1.6	1.8	1.5	1.6	1.6	1.6		1.6	1.6	1.7	1.5	
				d	c									
														
Regulatory requirements	
														
N		162	128	39	32	24	17	32		252	179	36	26	
Mean		2.1	2.2	2.3	2.3	2.1	2.1	2.2		2.3	2.1	2.2	2.0	
										B	A			

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

102 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Employee productivity	
									
N		147	112	77	71	55	30	4	
Mean		1.8	1.8	1.7	1.8	1.8	1.8	1.5	
									
Geopolitical / Health Crises	
									
N		144	110	74	69	53	30	4	
Mean		1.6	1.6	1.6	1.5	1.5	1.6	1.5	
									
Government policies	
									
N		148	112	76	71	53	30	4	
Mean		2.3	2.2	2.4	2.2	2.4	2.5	2.3	
									
Inflation	
									
N		149	111	78	72	55	30	4	
Mean		1.6	1.6	1.8	1.5	1.5	1.7	1.5	
		c		aDe	C	c			
									
Regulatory requirements	
									
N		147	113	78	70	53	30	4	
Mean		2.1	2.1	2.2	2.2	2.4	2.4	2.3	
			ef			b	b		

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

103 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Total		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Rising input or commodity costs	
														
N		477		76	17	89	19	20	25	51	65	29	72	
Mean		1.8		2.0	1.9	2.2	1.9	1.8	1.4	1.5	1.5	1.7	1.7	
				FGHj	FGH	eFGHIJ	fgh	c	ABCd	ABCd	ABCd	C	aC	
														
Rising wages and salaries	
														
N		509		76	20	90	18	21	25	58	72	33	81	
Mean		1.8		2.0	1.9	1.9	1.6	1.7	1.7	1.8	1.7	1.9	1.9	
				DH		dh	Aci				Ac	d		
														
Weak demand for your products/services	
														
N		508		76	20	90	19	21	26	58	72	33	78	
Mean		1.8		1.9	1.8	2.0	1.6	2.1	1.8	1.9	1.9	1.8	1.6	
				J		J	e	dJ		j	J		ACEgH	
														
Other:	
														
N		27		2	1	5	2	2	1	4	4	0	5	
Mean		2.7		2.5	2.0	2.2	3.0	2.5	3.0	3.0	3.0	---	2.8	

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

104 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Rising input or commodity costs	
															
N		153	112	101	31	41	10	20		37	23	329	22	23	
Mean		1.7	1.7	1.9	1.9	1.5	1.8	1.9		2.0	1.5	1.8	1.6	1.6	
				e	E	cD				Bde	Ac	b	a	a	
															
Rising wages and salaries	
															
N		168	122	104	32	42	11	20		36	23	350	23	32	
Mean		1.9	1.9	1.8	2.0	1.7	1.5	1.6		1.8	1.7	1.8	2.0	1.8	
					efg	d	d	d							
															
Weak demand for your products/services	
															
N		167	122	104	32	42	11	20		37	23	350	23	30	
Mean		1.8	1.8	1.9	2.1	2.0	1.6	2.2		2.1	2.1	1.9	1.5	1.4	
		dg	dg		ab		g	abf		cDE	DE	adE	ABc	ABC	
															
Other:	
															
N		12	3	6	1	3	0	1		3	3	15	1	2	
Mean		2.7	2.3	2.8	3.0	2.7	---	3.0		2.7	2.3	2.7	3.0	3.0	

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

105 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Rising input or commodity costs	
														
N		148	118	39	30	24	17	31		225	179	36	26	
Mean		1.8	1.8	1.9	1.9	1.7	1.7	1.6		1.8	1.8	1.8	1.7	
														
Rising wages and salaries	
														
N		162	130	39	32	25	17	32		255	181	36	26	
Mean		1.9	1.9	2.0	1.9	2.0	1.6	1.6		1.9	1.8	1.8	1.7	
		g	g	G		g		abCe		Bd	A		a	
														
Weak demand for your products/services	
														
N		163	129	39	32	25	17	32		255	181	36	26	
Mean		1.7	1.8	2.0	1.8	2.0	2.2	1.9		1.8	1.9	1.9	1.9	
		cf		a			a							
														
Other:	
														
N		7	8	3	0	1	1	3		10	11	4	0	
Mean		2.9	2.5	3.0	---	3.0	3.0	2.7		2.9	2.5	2.8	---	

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

106 

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

3. Which of the following are concerns for your company over the next 12 months? (3=Significant risk & 1=Little or no risk)

N=516		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Rising input or commodity costs	
									
N		142	106	73	64	50	29	4	
Mean		1.7	1.8	1.8	1.8	1.7	1.9	2.0	
									
Rising wages and salaries	
									
N		150	114	77	71	55	29	4	
Mean		1.8	1.9	1.9	1.8	1.7	1.9	1.8	
									
Weak demand for your products/services	
									
N		148	115	78	71	53	30	4	
Mean		1.8	1.9	1.9	1.8	1.8	1.7	1.3	
									
Other:	
									
N		7	8	3	3	1	3	1	
Mean		2.9	2.4	3.0	2.7	3.0	3.0	2.0	

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

107 

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

N=507		Totals		Industry	
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Earnings		7.9		9.1	19.0	6.1	20.6	2.1	7.0	6.2	11.6	6.7	6.8	
		13.7		16.3	26.5	10.2	22.7	12.5	9.6	10.1	13.9	8.6	11.4	
														
Revenue		6.4		7.3	11.5	5.2	9.7	7.5	6.0	6.2	6.9	5.4	5.2	
		8.6		9.2	11.3	7.4	10.3	10.2	7.8	7.4	9.9	7.5	7.6	
														
Capital spending		5.9		11.8	5.0	3.1	16.2	2.9	6.7	5.9	5.1	2.9	3.9	
		14.2		20.0	9.0	14.5	16.1	9.4	17.4	7.3	11.9	9.3	12.1	
														
Technology		5.6		6.8	9.3	4.0	12.6	13.9	2.3	4.1	6.0	-1.1	5.8	
spending		8.5		10.6	12.9	7.0	11.9	8.0	3.5	4.8	5.6	9.5	8.5	
														
Marketing/		3.8		7.9	1.0	3.7	1.7	0.1	7.0	2.1	4.4	0.4	5.0	
advertising
spending		7.2		8.7	1.7	8.5	2.6	8.2	7.7	3.7	6.1	4.5	6.3	
														
Dividends		3.1		0.9	1.1	3.5	6.6	2.4	2.5	3.4	0.0	0.0	4.1	
		4.2		1.9	1.8	4.1	4.7	2.0	2.6	5.3	0.0	0.0	3.2	
														
Research and		2.5		4.5	2.2	1.6	1.1	8.6	5.6	0.6	3.5	-1.0	0.7	
development
spending		6.4		6.3	3.8	6.9	4.2	7.7	6.9	1.5	4.3	9.1	3.4	
														
Prices of your		2.4		2.8	3.0	1.9	3.5	5.0	1.5	1.0	3.7	3.8	1.9	
products		3.1		3.9	1.6	2.2	3.2	3.6	3.4	3.1	2.3	1.9	2.6	
														
Share		1.6		5.2	0.1	4.1	0.0	0.0	24.1	-5.9	0.6	0.0	2.7	
repurchases		11.0		12.3	0.5	10.8	0.0	0.0	14.6	10.9	5.0	0.0	3.4	
														
Cash on the		0.3		0.3	-9.1	1.5	-13.9	-0.4	-2.8	2.6	5.8	-1.4	3.6	
balance sheet		13.7		13.2	19.8	11.6	24.0	16.2	17.2	8.7	11.6	8.8	10.1	

108 

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

N=507		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Earnings		10.6	6.3	9.1	6.4	7.7	18.6	5.5		6.6	13.2	7.8	1.8	14.9	
		17.7	15.2	14.5	7.9	16.1	15.5	5.4		14.0	12.9	13.9	2.1	22.0	
															
Revenue		10.0	5.8	7.8	6.7	5.5	3.2	6.5		4.1	10.9	6.6	2.8	5.9	
		15.3	9.7	10.1	6.5	8.5	6.1	5.2		6.6	9.1	8.9	4.8	11.7	
															
Capital spending		6.8	7.2	5.0	1.4	6.2	12.9	5.4		3.7	4.8	7.9	3.7	1.3	
		15.7	16.9	17.3	10.5	12.1	14.9	13.0		10.2	12.0	16.9	8.4	13.7	
															
Technology		7.6	5.7	7.0	3.5	4.7	11.2	4.6		5.7	7.5	4.5	4.9	5.5	
spending		12.1	9.9	10.8	3.5	6.5	8.5	7.3		7.7	6.6	9.0	8.9	7.0	
															
Marketing/		6.6	5.7	4.9	3.5	2.3	4.5	3.1		0.2	6.0	5.1	4.8	2.5	
advertising
spending		10.6	8.1	8.7	4.0	7.5	3.1	3.8		4.1	7.7	7.8	5.3	3.5	
															
Dividends		0.8	7.6	1.4	2.6	3.1	5.0	3.2		3.9	1.8	---	---	---	
		1.7	7.6	3.1	5.2	5.2	4.1	2.3		4.6	3.2	---	---	---	
															
Research and		4.1	2.6	3.4	1.9	1.2	-0.7	3.9		-0.3	6.1	2.3	-1.7	7.4	
development
spending		9.1	5.2	8.5	2.6	4.8	4.4	6.1		3.1	6.2	6.2	3.9	6.8	
															
Prices of your		3.0	3.4	2.0	2.7	2.0	3.0	2.9		1.6	1.3	2.7	2.9	4.1	
products		4.5	3.6	3.0	3.2	3.3	2.3	2.4		3.1	2.5	3.3	1.1	1.3	
															
Share		0.4	1.1	0.8	4.2	5.3	6.0	-1.9		-4.2	7.0	3.5	0.0	0.0	
repurchases		5.7	5.0	4.2	10.9	16.9	4.0	6.5		11.4	12.5	10.4	0.0	0.0	
															
Cash on the		4.2	2.5	0.3	3.4	-1.6	2.0	0.8		-2.7	-2.1	1.2	3.3	1.1	
balance sheet		19.0	15.2	16.6	7.0	15.8	3.7	5.9		13.4	14.2	14.6	11.1	7.7	

109 

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

N=507		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Earnings		9.3	8.2	3.4	13.5	4.5	1.1	10.1		6.6	8.2	6.2	12.4	
		14.1	14.6	12.8	21.7	11.0	3.6	9.6		11.6	16.3	9.4	13.8	
														
Revenue		9.9	8.4	6.4	6.8	3.1	4.1	5.9		6.9	5.5	6.6	7.9	
		12.2	10.2	10.5	11.6	5.5	3.2	6.3		8.9	8.3	7.9	9.1	
														
Capital spending		5.2	8.1	0.4	7.9	6.8	4.8	4.5		4.9	6.2	10.9	1.4	
		12.5	17.5	15.8	22.6	8.5	14.5	10.2		13.7	15.4	14.5	8.2	
														
Technology		5.7	8.1	5.0	0.4	5.3	4.8	5.7		5.9	6.3	3.7	6.2	
spending		10.2	10.6	7.4	11.8	6.3	3.8	8.6		9.2	8.2	7.8	9.3	
														
Marketing/		5.7	6.6	3.7	5.6	0.5	1.5	3.9		3.5	4.5	3.0	3.1	
advertising
spending		8.6	10.2	5.0	6.6	4.2	4.2	6.8		6.7	7.6	4.9	9.2	
														
Dividends		8.1	1.1	0.0	5.7	4.6	8.4	2.9		5.2	2.5	3.5	1.7	
		6.7	3.0	0.0	5.0	6.3	3.7	2.9		6.8	3.8	3.3	2.0	
														
Research and		3.4	4.4	2.1	0.7	0.6	3.2	2.7		2.5	1.7	3.3	3.4	
development
spending		9.1	7.8	5.9	1.7	1.4	5.0	7.2		6.1	5.9	6.0	8.1	
														
Prices of your		3.5	2.2	1.1	4.3	1.4	3.3	1.8		2.5	2.7	1.6	2.0	
products		4.4	3.6	3.0	4.0	1.3	2.7	2.7		3.1	3.0	2.8	3.8	
														
Share		1.6	0.2	2.3	2.7	1.4	9.5	-1.6		0.6	2.7	-1.6	4.4	
repurchases		7.6	0.5	6.3	8.7	18.9	15.2	7.2		13.9	8.8	9.9	11.5	
														
Cash on the		4.8	0.9	0.0	-1.5	2.1	-4.7	1.9		1.9	-0.2	0.6	-0.9	
balance sheet		13.6	16.8	14.9	19.2	12.2	13.2	7.2		14.6	14.8	7.4	13.2	

110 

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

N=507		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Earnings		5.2	6.7	8.9	7.4	12.5	17.1	-1.1	
		10.9	11.4	14.3	9.2	18.2	28.2	10.2	
									
Revenue		6.2	5.6	5.4	8.3	5.4	8.7	4.3	
		7.2	7.8	10.6	9.2	7.4	12.7	6.5	
									
Capital spending		4.2	5.9	8.9	5.9	6.4	4.1	20.8	
		13.2	15.2	15.2	13.3	15.9	7.4	11.6	
									
Technology		4.6	4.0	7.6	6.2	5.5	6.2	0.8	
spending		8.8	6.5	11.6	6.6	8.5	5.1	1.8	
									
Marketing/		3.7	2.4	4.4	4.4	3.7	7.2	1.1	
advertising
spending		8.5	5.2	8.1	6.3	6.5	7.8	1.9	
									
Dividends		2.7	4.0	1.5	3.4	2.0	0.0	---	
		3.3	5.7	4.6	3.9	3.4	0.0	---	
									
Research and		2.1	0.2	3.2	4.4	1.1	-1.2	7.3	
development
spending		6.2	4.2	8.3	6.8	1.9	7.5	4.3	
									
Prices of your		1.4	2.7	2.4	1.9	3.2	3.3	3.4	
products		2.7	3.6	3.1	2.1	3.8	2.0	3.1	
									
Share		1.5	-1.8	0.0	9.4	-0.3	0.0	0.0	
repurchases		12.0	9.7	0.0	15.2	3.3	0.0	0.0	
									
Cash on the		-1.1	0.4	3.2	-1.5	-0.4	3.3	-2.2	
balance sheet		14.9	8.2	16.6	12.4	13.6	20.7	5.5	

111 

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

N=444		Totals		Industry	
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Health care		7.7		9.6	13.8	7.2	8.8	6.0	9.2	6.1	7.0	6.2	7.6	
costs		6.4		6.3	8.1	6.9	10.8	6.1	4.3	5.0	6.0	4.2	6.4	
														
Wages/Salaries		3.4		3.5	2.1	3.3	4.5	4.7	3.3	3.3	3.9	2.6	3.3	
		3.5		2.0	2.2	2.7	5.1	5.4	5.7	3.2	3.7	1.9	3.5	
														
Number of		3.1		6.1	0.0	1.0	1.6	6.6	2.4	4.3	1.2	2.5	2.8	
offshore
outsourced
employees		5.3		7.9	0.2	4.5	3.3	3.7	3.5	4.6	2.2	7.5	4.1	
														
Number of		2.9		3.9	1.2	3.5	7.9	0.3	1.9	0.9	4.2	2.5	2.9	
domestic full-
time employees		8.6		9.0	3.7	7.4	12.3	7.5	12.2	6.2	7.0	4.7	9.9	
														
Productivity		2.7		3.7	0.0	2.3	3.1	5.9	1.8	1.4	4.3	3.2	1.7	
(output per
hour worked)		4.5		3.5	1.8	5.9	5.2	5.4	4.4	2.4	4.3	2.5	2.3	
														
Number of		1.1		-2.8	0.2	1.0	0.1	1.9	0.7	1.5	5.3	1.4	1.5	
domestic
temporary
employees		5.6		8.2	0.6	4.7	7.1	2.0	1.6	2.6	7.8	2.6	3.9	

112 

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

N=444		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Health care		10.6	9.1	8.8	10.5	5.5	6.2	6.2		5.1	7.4	9.6	5.9	5.1	
costs		9.3	9.0	7.1	5.5	3.7	2.2	4.1		4.0	3.6	7.6	2.0	4.2	
															
Wages/Salaries		5.5	3.9	3.5	2.3	3.5	2.9	2.2		2.4	3.2	4.0	1.9	2.9	
		7.2	3.8	2.0	1.1	3.1	0.6	1.6		1.7	0.9	4.4	2.0	1.3	
															
Number of		1.0	2.4	1.1	0.0	2.4	5.0	6.2		3.4	8.8	1.2	0.0	0.4	
offshore
outsourced
employees		4.3	6.0	5.5	0.0	4.3	4.6	5.8		3.6	7.0	4.9	0.0	0.5	
															
Number of		7.9	5.9	4.5	2.6	0.3	1.1	1.5		-1.1	5.1	4.5	2.1	3.5	
domestic full-
time employees		13.7	13.1	7.5	4.0	6.3	2.5	6.3		4.1	7.6	10.1	5.1	8.3	
															
Productivity		5.8	2.5	2.8	1.7	1.1	2.6	3.4		-0.1	3.3	3.3	3.7	1.0	
(output per
hour worked)		7.1	4.2	3.2	1.6	5.7	2.1	2.8		5.2	2.3	4.4	1.6	2.7	
															
Number of		3.4	1.5	-0.1	0.3	2.2	1.4	-1.3		1.2	-3.8	1.9	2.5	1.2	
domestic
temporary
employees		6.8	6.1	5.6	4.0	4.8	1.7	7.7		1.8	8.1	5.8	2.7	3.3	

113 

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

N=444		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Health care		9.9	9.0	9.5	10.0	7.7	6.7	6.1		8.6	7.8	7.2	5.4	
costs		9.4	8.3	6.2	7.4	5.7	3.6	4.0		7.1	6.7	5.3	4.2	
														
Wages/Salaries		5.3	4.1	3.4	2.9	3.0	4.2	2.5		3.9	3.2	2.9	3.3	
		7.6	3.5	2.3	0.7	1.0	4.7	1.3		4.6	3.3	2.1	1.4	
														
Number of		0.9	1.3	1.4	0.8	0.2	1.7	5.2		0.8	0.7	6.7	5.3	
offshore
outsourced
employees		5.0	5.4	3.8	8.7	0.6	2.1	5.2		3.8	3.8	6.0	4.3	
														
Number of		6.7	6.6	5.1	1.6	2.4	1.6	0.9		4.9	2.7	1.6	1.3	
domestic full-
time employees		13.9	12.1	8.8	7.5	3.5	4.2	5.4		10.5	7.5	8.2	6.3	
														
Productivity		4.9	3.4	2.2	2.9	2.0	2.6	2.1		3.3	2.8	2.8	1.2	
(output per
hour worked)		6.7	4.7	3.3	2.4	1.6	2.3	4.6		4.9	3.2	3.4	6.8	
														
Number of		3.0	0.8	0.6	-0.7	1.1	0.5	1.2		2.2	1.0	-1.7	1.5	
domestic
temporary
employees		6.9	7.0	3.4	5.4	2.0	1.5	6.2		6.7	3.8	8.5	1.9	

114 

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

N=444		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Health care		7.5	6.2	9.7	11.0	6.7	6.7	6.6	
costs		6.8	4.9	6.7	7.4	5.3	5.1	11.5	
									
Wages/Salaries		3.7	3.3	3.3	3.9	2.7	3.1	6.3	
		3.5	3.0	3.1	4.8	2.7	4.1	3.4	
									
Number of		2.1	3.3	0.5	4.5	5.7	0.1	5.0	
offshore
outsourced
employees		3.1	5.5	4.1	8.2	4.6	0.5	0.0	
									
Number of		3.0	1.0	5.3	6.0	0.8	6.2	4.2	
domestic full-
time employees		6.0	6.8	11.4	11.2	8.4	10.6	4.8	
									
Productivity		2.4	0.6	3.4	3.6	2.7	5.6	-2.5	
(output per
hour worked)		3.5	5.8	4.0	4.3	2.7	4.6	2.5	
									
Number of		1.4	1.1	1.4	-2.9	2.6	3.5	0.0	
domestic
temporary
employees		5.3	2.6	5.0	8.3	5.7	3.1	0.0	

115 

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

N=60		Totals		Industry	
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Earnings		9.0		13.6	36.5	7.2	24.8	-5.4	6.8	5.7	5.0	10.0	5.4	
		14.0		7.3	19.5	8.0	23.7	10.4	11.6	10.0	0.0	0.0	5.2	
														
Revenue		6.3		12.6	19.6	3.0	10.9	2.4	4.0	5.6	5.0	6.2	4.5	
		8.1		7.5	8.2	7.2	10.7	7.0	7.9	6.3	0.0	3.3	2.0	
														
Dividends		3.2		0.9	1.7	4.2	6.6	0.0	---	3.2	0.0	---	4.1	
		4.3		1.9	2.0	4.2	4.7	0.0	---	5.1	0.0	---	2.9	
														
Share		-0.2		0.4	0.0	14.6	0.0	0.0	---	-8.1	0.0	---	4.4	
repurchases		12.9		0.8	0.0	16.5	0.0	0.0	---	12.0	0.0	---	3.3	
														
Cash on the		-2.5		-2.2	-17.3	-2.1	-19.6	-9.7	1.5	5.8	0.0	-7.5	5.9	
balance sheet		13.6		7.9	16.2	11.0	22.1	14.9	3.9	6.4	0.0	6.6	7.3	

116 

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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] 

N=60		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Earnings		---	10.5	12.8	7.0	8.9	13.2	7.6		6.6	13.2	---	---	---	
		---	4.6	10.4	6.7	19.2	4.7	4.7		14.0	12.9	---	---	---	
															
Revenue		---	7.3	13.2	7.2	5.1	7.3	5.9		4.1	10.9	---	---	---	
		---	4.6	11.8	6.8	9.5	1.8	5.4		6.6	9.1	---	---	---	
															
Dividends		---	7.8	2.1	3.0	3.1	5.0	3.0		3.9	1.8	---	---	---	
		---	8.1	3.6	5.4	5.2	4.1	2.5		4.6	3.2	---	---	---	
															
Share		---	0.0	3.5	4.4	0.9	6.0	-4.3		-4.2	7.0	---	---	---	
repurchases		---	0.0	8.7	11.7	16.2	4.0	9.2		11.4	12.5	---	---	---	
															
Cash on the		---	15.0	-2.8	5.7	-4.6	0.7	-1.5		-2.7	-2.1	---	---	---	
balance sheet		---	5.2	14.9	9.5	17.4	0.9	6.2		13.4	14.2	---	---	---	

117 

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

N=60		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Earnings		---	10.5	-1.8	41.7	2.3	2.8	8.6		10.5	8.4	5.8	14.2	
		---	7.5	16.2	16.8	12.4	3.0	6.9		7.2	16.1	9.9	16.1	
														
Revenue		---	11.6	8.2	19.1	1.9	5.0	5.0		13.0	5.0	5.5	6.6	
		---	7.2	15.5	8.4	8.2	3.8	6.1		10.4	6.0	7.3	9.8	
														
Dividends		---	0.7	0.0	10.0	4.6	8.4	2.7		5.3	2.9	3.5	0.0	
		---	1.7	0.0	0.0	6.3	3.7	3.0		6.8	4.0	3.3	0.0	
														
Share		---	0.5	4.3	0.0	-9.8	15.7	-2.4		-9.4	1.3	-2.1	10.0	
repurchases		---	0.5	8.1	0.0	18.2	17.2	8.7		14.4	5.3	11.2	15.6	
														
Cash on the		---	7.9	-0.2	-17.8	-0.2	-4.4	-0.7		6.5	-3.4	-1.2	-7.0	
balance sheet		---	13.9	15.9	17.4	16.9	7.3	6.1		15.4	16.1	5.9	12.3	

118 

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

N=60		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Earnings		6.9	4.6	5.3	8.8	15.2	42.2	---	
		11.9	10.1	5.6	6.6	18.7	18.2	---	
									
Revenue		6.2	4.2	14.7	8.0	4.6	21.9	---	
		8.8	5.5	15.7	8.7	3.2	7.3	---	
									
Dividends		2.9	4.1	0.9	3.6	1.5	---	---	
		3.3	5.7	3.6	4.0	1.5	---	---	
									
Share		-2.5	-3.8	0.0	6.9	0.0	---	---	
repurchases		11.9	13.0	0.0	13.8	0.0	---	---	
									
Cash on the		0.3	0.3	-8.7	-5.4	-2.9	-24.5	---	
balance sheet		15.1	6.0	19.4	7.0	19.4	12.8	---	

119 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		14.9%	3.9%	17.4%	3.7%	4.1%	5.0%	11.2%	14.7%	6.4%	15.9%	
														
Experience in our		287		40	12	43	9	14	15	37	45	28	39	
industry		55.5%		51.9%	60.0%	47.8%	47.4%	66.7%	57.7%	63.8%	59.2%	84.8%	47.6%	
				I	i	I	I		i	i	i	AbCDfghJ	I	
														
Outside-the-box thinker		179		26	7	29	4	11	10	20	38	10	19	
		34.6%		33.8%	35.0%	32.2%	21.1%	52.4%	38.5%	34.5%	50.0%	30.3%	23.2%	
				h		h	eh	dJ			acdJ		EH	
														
C-level experience as a
manager at a top		
156		
21	
3	
29	
8	
9	
9	
16	
28	
11	
18	
company		30.2%		27.3%	15.0%	32.2%	42.1%	42.9%	34.6%	27.6%	36.8%	33.3%	22.0%	
											j		h	
														
Specific skills (e.g.,		145		27	12	21	4	9	7	17	18	8	20	
engineering, accounting)		28.0%		35.1%	60.0%	23.3%	21.1%	42.9%	26.9%	29.3%	23.7%	24.2%	24.4%	
				b	aCdfgHiJ	B	b		b	b	B	b	B	
														
People skills (e.g.,		141		16	8	22	2	4	6	14	24	12	27	
consensus builder)		27.3%		20.8%	40.0%	24.4%	10.5%	19.0%	23.1%	24.1%	31.6%	36.4%	32.9%	
					d		bi					d		
														
Experience running a		88		11	3	17	4	4	1	12	9	5	18	
large organization		17.0%		14.3%	15.0%	18.9%	21.1%	19.0%	3.8%	20.7%	11.8%	15.2%	22.0%	
									j				f	

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

120 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		33.7%	23.8%	20.3%	6.2%	8.1%	2.1%	3.9%		7.2%	4.4%	68.9%	4.4%	6.4%	
															
Experience in our		103	66	63	19	20	7	7		18	15	202	12	18	
industry		59.2%	53.7%	60.0%	59.4%	47.6%	63.6%	35.0%		48.6%	65.2%	56.7%	52.2%	54.5%	
		g		g				ac							
															
Outside-the-box thinker		65	48	33	10	13	3	5		10	6	133	5	8	
		37.4%	39.0%	31.4%	31.3%	31.0%	27.3%	25.0%		27.0%	26.1%	37.4%	21.7%	24.2%	
															
C-level experience as a
manager at a top		
36	
39	
33	
18	
17	
5	
8		
20	
12	
98	
5	
10	
company		20.7%	31.7%	31.4%	56.3%	40.5%	45.5%	40.0%		54.1%	52.2%	27.5%	21.7%	30.3%	
		bcDE	ad	ad	Abc	A				Cde	cd	Ab	ab	a	
															
Specific skills (e.g.,		56	32	30	10	9	3	3		7	7	105	5	12	
engineering, accounting)		32.2%	26.0%	28.6%	31.3%	21.4%	27.3%	15.0%		18.9%	30.4%	29.5%	21.7%	36.4%	
															
People skills (e.g.,		57	30	29	6	10	3	5		10	5	90	6	16	
consensus builder)		32.8%	24.4%	27.6%	18.8%	23.8%	27.3%	25.0%		27.0%	21.7%	25.3%	26.1%	48.5%	
											e	E		bC	
															
Experience running a		19	24	17	9	8	4	7		8	4	58	6	7	
large organization		10.9%	19.5%	16.2%	28.1%	19.0%	36.4%	35.0%		21.6%	17.4%	16.3%	26.1%	21.2%	
		bDfG	a		A		a	A							

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

121 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		32.5%	25.1%	7.7%	6.2%	4.8%	3.3%	6.2%		50.5%	35.4%	7.0%	5.0%	
														
Experience in our		98	73	25	19	13	9	12		155	97	18	14	
industry		58.3%	56.2%	62.5%	59.4%	52.0%	52.9%	37.5%		59.4%	53.0%	50.0%	53.8%	
		g		g				ac						
														
Outside-the-box thinker		65	51	15	6	9	5	7		92	64	11	9	
		38.7%	39.2%	37.5%	18.8%	36.0%	29.4%	21.9%		35.2%	35.0%	30.6%	34.6%	
		d	d		ab									
														
C-level experience as a
manager at a top		
39	
35	
12	
12	
9	
9	
16		
65	
56	
21	
13	
company		23.2%	26.9%	30.0%	37.5%	36.0%	52.9%	50.0%		24.9%	30.6%	58.3%	50.0%	
		FG	fg				Ab	Ab		CD	C	AB	A	
														
Specific skills (e.g.,		60	32	11	8	6	3	5		73	58	9	4	
engineering, accounting)		35.7%	24.6%	27.5%	25.0%	24.0%	17.6%	15.6%		28.0%	31.7%	25.0%	15.4%	
		bg	a					a						
														
People skills (e.g.,		50	37	11	5	5	4	9		75	50	8	8	
consensus builder)		29.8%	28.5%	27.5%	15.6%	20.0%	23.5%	28.1%		28.7%	27.3%	22.2%	30.8%	
														
Experience running a		18	23	5	10	5	6	12		39	31	10	8	
large organization		10.7%	17.7%	12.5%	31.3%	20.0%	35.3%	37.5%		14.9%	16.9%	27.8%	30.8%	
		DFG	g	g	A		A	Abc		d			a	

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

122 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.0%	22.4%	15.3%	14.1%	10.6%	6.0%	0.8%	
									
Experience in our		76	68	46	40	30	21	3	
industry		50.7%	58.6%	58.2%	54.8%	54.5%	67.7%	75.0%	
									
Outside-the-box thinker		51	34	29	34	19	8	1	
		34.0%	29.3%	36.7%	46.6%	34.5%	25.8%	25.0%	
			d		b				
									
C-level experience as a
manager at a top		
46	
42	
19	
18	
20	
9	
1	
company		30.7%	36.2%	24.1%	24.7%	36.4%	29.0%	25.0%	
									
Specific skills (e.g.,		32	33	22	25	17	14	2	
engineering, accounting)		21.3%	28.4%	27.8%	34.2%	30.9%	45.2%	50.0%	
		dF			a		A		
									
People skills (e.g.,		45	32	22	14	17	8	0	
consensus builder)		30.0%	27.6%	27.8%	19.2%	30.9%	25.8%	0.0%	
									
Experience running a		33	17	16	10	5	5	2	
large organization		22.0%	14.7%	20.3%	13.7%	9.1%	16.1%	50.0%	
		e				ag		e	

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

123 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Diversity (gender, race,		57		5	2	5	1	4	2	15	6	5	12	
etc.)		11.0%		6.5%	10.0%	5.6%	5.3%	19.0%	7.7%	25.9%	7.9%	15.2%	14.6%	
				G		eGj		c		ACH	G		c	
														
Specific professional		21		2	1	2	0	2	0	2	3	2	7	
degree		4.1%		2.6%	5.0%	2.2%	0.0%	9.5%	0.0%	3.4%	3.9%	6.1%	8.5%	
														
Other		44		8	2	9	3	0	1	3	3	3	11	
		8.5%		10.4%	10.0%	10.0%	15.8%	0.0%	3.8%	5.2%	3.9%	9.1%	13.4%	
											j		h	
														
Don't know		76		12	2	19	4	3	5	7	7	2	15	
		14.7%		15.6%	10.0%	21.1%	21.1%	14.3%	19.2%	12.1%	9.2%	6.1%	18.3%	
						h					c			

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

124 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Diversity (gender, race,		7	7	14	5	14	1	8		14	9	21	3	7	
etc.)		4.0%	5.7%	13.3%	15.6%	33.3%	9.1%	40.0%		37.8%	39.1%	5.9%	13.0%	21.2%	
		CdEG	cEG	AbEG	a	ABC		ABC		Cd	C	ABE	a	C	
															
Specific professional		9	5	4	0	1	0	2		0	0	8	6	5	
degree		5.2%	4.1%	3.8%	0.0%	2.4%	0.0%	10.0%		0.0%	0.0%	2.2%	26.1%	15.2%	
										De	d	DE	AbC	aC	
															
Other		13	12	11	3	4	0	0		1	1	37	1	3	
		7.5%	9.8%	10.5%	9.4%	9.5%	0.0%	0.0%		2.7%	4.3%	10.4%	4.3%	9.1%	
															
Don't know		30	20	12	3	3	0	6		7	2	54	6	2	
		17.2%	16.3%	11.4%	9.4%	7.1%	0.0%	30.0%		18.9%	8.7%	15.2%	26.1%	6.1%	
				g		g		ce					e	d	

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

125 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Diversity (gender, race,		7	10	5	3	5	5	11		31	14	7	5	
etc.)		4.2%	7.7%	12.5%	9.4%	20.0%	29.4%	34.4%		11.9%	7.7%	19.4%	19.2%	
		cEFG	FG	ag	g	A	AB	ABcd			c	b		
														
Specific professional		7	2	4	2	2	0	1		12	8	0	1	
degree		4.2%	1.5%	10.0%	6.3%	8.0%	0.0%	3.1%		4.6%	4.4%	0.0%	3.8%	
			c	b										
														
Other		18	7	6	5	3	1	0		31	10	0	2	
		10.7%	5.4%	15.0%	15.6%	12.0%	5.9%	0.0%		11.9%	5.5%	0.0%	7.7%	
			cd	bg	bg	g		cde		bc	a	a		
														
Don't know		22	25	4	3	4	0	8		36	29	7	4	
		13.1%	19.2%	10.0%	9.4%	16.0%	0.0%	25.0%		13.8%	15.8%	19.4%	15.4%	
			f				bg	f						

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

126 

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

5. What are the most important qualities your board of directors is looking for in its next director? (pick three)

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Diversity (gender, race,		17	13	8	10	8	1	0	
etc.)		11.3%	11.2%	10.1%	13.7%	14.5%	3.2%	0.0%	
									
Specific professional		5	9	3	2	0	0	1	
degree		3.3%	7.8%	3.8%	2.7%	0.0%	0.0%	25.0%	
		g	e		g	bG	G	adEF	
									
Other		14	6	10	7	4	1	1	
		9.3%	5.2%	12.7%	9.6%	7.3%	3.2%	25.0%	
									
Don't know		25	19	13	6	7	6	0	
		16.7%	16.4%	16.5%	8.2%	12.7%	19.4%	0.0%	

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

127 

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

6a. Does your firm have specific goals or guidelines for the mix of men/women/minorities on the board?

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
Yes		21		2	0	1	0	0	0	6	3	4	5	
		4.2%		2.8%	0.0%	1.1%	0.0%	0.0%	0.0%	10.5%	3.9%	12.5%	6.4%	
						gI				c		C		
														
No		389		57	18	68	18	17	18	40	65	24	53	
		77.8%		79.2%	90.0%	78.2%	94.7%	81.0%	72.0%	70.2%	85.5%	75.0%	67.9%	
							gj			dh	gj		dh	
														
Don't know		90		13	2	18	1	4	7	11	8	4	20	
		18.0%		18.1%	10.0%	20.7%	5.3%	19.0%	28.0%	19.3%	10.5%	12.5%	25.6%	
									h		fj		h	

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

128 

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

6a. Does your firm have specific goals or guidelines for the mix of men/women/minorities on the board?

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%		7.8%	4.9%	75.4%	4.9%	7.0%	
															
Yes		11	3	2	0	2	2	1		2	2	13	1	3	
		6.5%	2.5%	2.0%	0.0%	4.9%	22.2%	5.0%		5.4%	8.7%	3.8%	4.3%	9.4%	
			F	F	F		BCD								
															
No		138	97	81	26	27	6	8		19	17	277	14	25	
		81.2%	80.8%	81.0%	81.3%	65.9%	66.7%	40.0%		51.4%	73.9%	81.0%	60.9%	78.1%	
		eG	G	G	G	a		ABCD		Ce		Ad	c	a	
															
Don't know		21	20	17	6	12	1	11		16	4	52	8	4	
		12.4%	16.7%	17.0%	18.8%	29.3%	11.1%	55.0%		43.2%	17.4%	15.2%	34.8%	12.5%	
		EG	G	G	G	A	g	ABCDf		bCE	a	Ad	c	A	

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

129 

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

6a. Does your firm have specific goals or guidelines for the mix of men/women/minorities on the board?

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		37.8%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.6%	36.2%	7.1%	5.1%	
														
Yes		9	3	1	1	0	2	2		14	5	1	1	
		5.5%	2.4%	2.6%	3.3%	0.0%	11.8%	6.5%		5.5%	2.9%	2.8%	3.8%	
			f				b							
														
No		134	99	33	23	21	9	13		200	141	24	17	
		82.2%	78.6%	86.8%	76.7%	84.0%	52.9%	41.9%		78.7%	80.6%	66.7%	65.4%	
		FG	fG	FG	G	fG	AbCe	ABCDE						
														
Don't know		20	24	4	6	4	6	16		40	29	11	8	
		12.3%	19.0%	10.5%	20.0%	16.0%	35.3%	51.6%		15.7%	16.6%	30.6%	30.8%	
		fG	G	fG	g	G	ac	ABCdE		c		a		

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

130 

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

6a. Does your firm have specific goals or guidelines for the mix of men/women/minorities on the board?

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
Yes		3	5	4	4	3	1	0	
		2.1%	4.5%	5.2%	5.6%	5.7%	3.2%	0.0%	
									
No		115	86	56	58	38	28	4	
		79.3%	76.8%	72.7%	81.7%	71.7%	90.3%	100.0%	
				f		f	ce		
									
Don't know		27	21	17	9	12	2	0	
		18.6%	18.8%	22.1%	12.7%	22.6%	6.5%	0.0%	

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

131 

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

6a. What is the target composition of your board for: 

N=21		Totals		Industry	
Number
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		21		2	0	1	0	0	0	6	3	4	5	
Percent		100.0%		9.5%	0.0%	4.8%	0.0%	0.0%	0.0%	28.6%	14.3%	19.0%	23.8%	
														
Men, minumum %		16		2	0	1	0	0	0	5	0	3	5	
		58.4		54.0	---	80.0	---	---	---	58.4	---	60.0	55.0	
		25.1		65.1	---	---	---	---	---	24.2	---	30.0	11.2	
														
Women, minumum %		16		1	0	1	0	0	0	5	1	3	5	
		31.9		5.0	---	20.0	---	---	---	34.0	30.0	26.7	41.0	
		17.6		---	---	---	---	---	---	21.1	---	20.8	12.4	
														
Minorities, minumum %		12		1	0	1	0	0	0	3	1	2	4	
		19.8		3.0	---	40.0	---	---	---	12.7	20.0	20.0	24.0	
		15.1		---	---	---	---	---	---	17.8	---	0.0	17.8	

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

132 

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

6a. What is the target composition of your board for: 

N=21		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		11	3	2	0	2	2	1		2	2	13	1	3	
Percent		52.4%	14.3%	9.5%	0.0%	9.5%	9.5%	4.8%		9.5%	9.5%	61.9%	4.8%	14.3%	
															
Men, minumum %		8	2	2	0	1	2	1		2	2	9	1	2	
		53.6	70.0	94.0	---	80.0	19.0	60.0		19.0	84.0	64.3	50.0	50.0	
		15.9	28.3	8.5	---	---	15.6	---		15.6	5.7	23.0	---	0.0	
		Cf		Af			ac			bc	a	a			
															
Women, minumum %		8	3	1	0	1	2	1		2	2	9	1	2	
		39.1	30.0	12.0	---	20.0	27.5	20.0		27.5	16.0	30.3	50.0	50.0	
		15.6	20.0	---	---	---	31.8	---		31.8	5.7	16.0	---	0.0	
															
Minorities, minumum %		6	2	0	0	1	2	1		2	1	6	1	2	
		20.7	15.0	---	---	40.0	11.5	20.0		11.5	40.0	16.3	50.0	13.0	
		18.5	7.1	---	---	---	12.0	---		12.0	---	11.9	---	4.2	

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

133 

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

6a. What is the target composition of your board for: 

N=21		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		9	3	1	1	0	2	2		14	5	1	1	
Percent		50.0%	16.7%	5.6%	5.6%	0.0%	11.1%	11.1%		66.7%	23.8%	4.8%	4.8%	
														
Men, minumum %		6	3	1	1	0	2	1		11	3	1	1	
		54.8	66.7	88.0	90.0	---	55.0	60.0		64.3	29.3	60.0	80.0	
		18.7	28.9	---	---	---	35.4	---		22.8	21.0	---	---	
										b	a			
														
Women, minumum %		6	2	1	1	0	2	1		10	4	1	1	
		35.5	50.0	12.0	10.0	---	35.0	20.0		33.5	33.8	20.0	20.0	
		16.6	0.0	---	---	---	21.2	---		18.1	21.4	---	---	
														
Minorities, minumum %		4	2	0	0	0	2	1		6	4	1	1	
		18.5	30.0	---	---	---	30.0	20.0		22.3	10.8	20.0	40.0	
		11.6	28.3	---	---	---	14.1	---		16.6	10.8	---	---	

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

134 

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

6a. What is the target composition of your board for: 

N=21		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		3	5	4	4	3	1	0	
Percent		15.0%	25.0%	20.0%	20.0%	15.0%	5.0%	0.0%	
									
Men, minumum %		2	4	4	3	1	1	0	
		80.0	35.5	55.0	82.7	75.0	50.0	---	
		28.3	19.8	25.2	4.6	---	---	---	
			d		b				
									
Women, minumum %		1	4	4	3	2	1	0	
		20.0	34.5	40.0	15.7	27.5	30.0	---	
		---	21.2	20.0	4.0	3.5	---	---	
					e	d			
									
Minorities, minumum %		1	4	3	2	1	1	0	
		20.0	13.0	26.7	22.5	20.0	20.0	---	
		---	15.0	20.8	24.7	---	---	---	

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

135 

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

6a. What is the current composition of your board for: 

N=517		Totals		Industry	
Number
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		517		77	20	90	19	21	26	58	76	33	82	
Percent		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
Men %		405		52	17	78	17	17	21	49	59	25	61	
		80.6		81.2	84.4	85.2	81.5	79.8	84.0	82.0	79.6	76.9	73.7	
		21.2		23.7	24.4	19.2	19.8	27.5	18.7	16.8	22.7	17.7	22.1	
						J				j			Cg	
														
Women %		308		32	12	53	11	12	15	40	51	21	54	
		23.8		26.1	12.1	19.8	28.5	27.4	22.3	21.2	24.9	26.0	27.0	
		19.8		21.5	9.2	16.6	17.6	29.1	18.7	15.9	25.3	16.6	19.1	
				b	aDij	j	B					b	bc	
														
Minorities %		243		19	11	41	7	11	15	35	35	16	46	
		11.7		9.1	6.4	11.8	5.0	11.8	11.6	12.7	12.0	11.3	11.7	
		21.2		23.2	12.9	27.6	9.6	29.5	12.1	20.7	22.9	16.1	17.0	

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

136 

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

6a. What is the current composition of your board for: 

N=517		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		174	123	105	32	42	11	20		37	23	356	23	33	
Percent		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%		7.8%	4.9%	75.4%	4.9%	7.0%	
															
Men %		136	100	85	29	28	9	15		30	16	279	18	28	
		75.4	83.3	87.7	77.9	81.8	72.0	78.4		80.5	87.9	82.1	66.4	71.3	
		26.5	18.4	13.9	21.3	15.3	22.1	16.8		18.4	7.7	22.2	21.1	17.4	
		bC	a	ADFg	C		C	c		d	DE	De	aBC	Bc	
															
Women %		102	70	60	26	26	9	12		27	14	194	18	27	
		30.0	23.3	16.6	23.8	19.6	18.1	23.8		17.1	13.9	23.8	33.6	29.3	
		24.9	17.2	13.5	20.3	15.0	6.4	13.2		11.7	6.5	21.4	21.0	17.3	
		Ce	c	Ab		a				DE	DE		AB	AB	
															
Minorities %		78	50	52	19	23	7	11		25	11	149	16	22	
		9.9	13.3	12.7	14.2	9.5	16.7	10.3		6.1	8.2	11.9	23.1	12.9	
		20.6	24.7	22.5	24.1	15.0	26.1	6.0		7.2	9.8	23.6	26.7	19.2	
										D			A		

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

137 

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

6a. What is the current composition of your board for: 

N=517		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		168	130	40	32	25	17	32		261	183	36	26	
Percent		37.8%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.6%	36.2%	7.1%	5.1%	
														
Men %		132	104	30	25	19	14	23		206	146	29	20	
		77.0	84.6	85.9	82.5	80.7	81.9	79.2		78.7	82.1	84.8	81.7	
		24.9	17.9	18.0	16.7	16.9	20.7	14.5		23.1	19.9	15.8	15.1	
		B	A											
														
Women %		95	75	20	21	17	12	22		158	108	23	16	
		29.9	21.6	21.1	21.3	20.0	19.0	20.7		25.9	22.1	18.7	22.3	
		23.7	19.5	18.4	16.0	14.6	20.5	13.2		21.8	18.2	15.0	13.2	
		b	a											
														
Minorities %		71	61	18	17	14	9	19		121	89	19	11	
		10.4	9.5	20.8	16.5	6.1	17.8	9.5		11.2	12.2	11.6	8.0	
		19.6	19.2	34.2	28.6	11.3	23.5	9.8		22.0	21.4	18.3	8.9	

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

138 

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

6a. What is the current composition of your board for: 

N=517		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		150	116	79	73	55	31	4	
Percent		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
Men %		118	84	65	59	45	27	4	
		82.4	80.1	73.5	80.1	85.6	84.9	87.3	
		20.7	19.7	28.1	18.8	17.3	15.5	9.1	
		c		ae		c			
									
Women %		85	63	52	47	34	20	4	
		22.6	25.5	28.2	24.9	18.8	18.9	12.8	
		19.3	19.1	24.7	18.0	17.5	14.8	9.1	
									
Minorities %		62	48	43	41	29	15	3	
		8.0	14.6	11.9	15.1	9.8	14.0	0.0	
		20.3	21.5	18.9	21.7	21.0	31.4	0.0	

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

139 

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

6a. For companies that have composition goals or guidelines, what is the actual composition compared to the target composition?

N=21		Totals		Industry	
Number
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		21		2	0	1	0	0	0	6	3	4	5	
Percent		100.0%		9.5%	0.0%	4.8%	0.0%	0.0%	0.0%	28.6%	14.3%	19.0%	23.8%	
														
Men - Actual % /		16		2	0	1	0	0	0	5	0	3	5	
Target%		1.4		1.5	---	1.1	---	---	---	1.3	---	1.7	1.2	
		0.5		0.6	---	---	---	---	---	0.7	---	0.7	0.4	
														
Women - Actual % /		14		1	0	1	0	0	0	4	1	2	5	
Target %		0.7		1.2	---	0.5	---	---	---	0.7	0.0	0.7	0.8	
		0.4		---	---	---	---	---	---	0.4	---	0.4	0.3	
														
Minorities - Actual % /		10		1	0	1	0	0	0	2	1	1	4	
Target %		0.6		0.7	---	0.5	---	---	---	1.1	0.8	0.5	0.4	
		0.4		---	---	---	---	---	---	0.1	---	---	0.4	

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

140 

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

6a. For companies that have composition goals or guidelines, what is the actual composition compared to the target composition?

N=21		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		11	3	2	0	2	2	1		2	2	13	1	3	
Percent		52.4%	14.3%	9.5%	0.0%	9.5%	9.5%	4.8%		9.5%	9.5%	61.9%	4.8%	14.3%	
															
Men - Actual % /		8	2	2	0	1	2	1		2	2	9	1	2	
Target%		1.4	0.9	1.0	---	1.1	2.1	1.7		2.1	1.1	1.3	1.5	0.9	
		0.5	0.2	0.1	---	---	0.3	---		0.3	0.0	0.5	---	0.4	
			f	f			bc								
															
Women - Actual % /		8	3	0	0	1	2	0		2	1	8	1	2	
Target %		0.7	0.8	---	---	0.5	0.8	---		0.8	0.5	0.6	0.5	1.0	
		0.2	0.7	---	---	---	0.6	---		0.6	---	0.4	---	0.4	
															
Minorities - Actual % /		5	2	0	0	1	2	0		2	1	4	1	2	
Target %		0.7	0.6	---	---	0.5	0.6	---		0.6	0.5	0.8	1.0	0.4	
		0.5	0.4	---	---	---	0.1	---		0.1	---	0.5	---	0.1	

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

141 

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

6a. For companies that have composition goals or guidelines, what is the actual composition compared to the target composition?

N=21		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		9	3	1	1	0	2	2		14	5	1	1	
Percent		50.0%	16.7%	5.6%	5.6%	0.0%	11.1%	11.1%		66.7%	23.8%	4.8%	4.8%	
														
Men - Actual % /		6	3	1	1	0	2	1		11	3	1	1	
Target%		1.4	1.1	1.1	1.0	---	1.7	1.7		1.3	1.7	1.7	1.1	
		0.6	0.4	---	---	---	0.8	---		0.5	0.7	---	---	
														
Women - Actual % /		6	2	0	1	0	2	0		9	4	0	1	
Target %		0.6	0.9	---	1.0	---	0.4	---		0.7	0.6	---	0.5	
		0.2	0.6	---	---	---	0.1	---		0.3	0.6	---	---	
														
Minorities - Actual % /		4	2	0	0	0	2	0		6	3	0	1	
Target %		0.7	0.6	---	---	---	0.5	---		0.7	0.7	---	0.5	
		0.5	0.5	---	---	---	0.0	---		0.5	0.2	---	---	

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

142 

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

6a. For companies that have composition goals or guidelines, what is the actual composition compared to the target composition?

N=21		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		3	5	4	4	3	1	0	
Percent		15.0%	25.0%	20.0%	20.0%	15.0%	5.0%	0.0%	
									
Men - Actual % /		2	4	4	3	1	1	0	
Target%		1.4	1.6	1.4	1.1	1.1	1.6	---	
		0.5	0.7	0.7	0.0	---	---	---	
									
Women - Actual % /		0	4	4	2	2	1	0	
Target %		---	0.9	0.8	0.4	0.3	0.7	---	
		---	0.3	0.4	0.1	0.4	---	---	
									
Minorities - Actual % /		0	3	3	2	1	1	0	
Target %		---	0.8	0.6	0.8	0.8	0.0	---	
		---	0.4	0.4	0.4	---	---	---	

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

143 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		14.9%	3.9%	17.4%	3.7%	4.1%	5.0%	11.2%	14.7%	6.4%	15.9%	
														
No particular challenges		256		40	14	34	9	10	11	30	40	19	43	
or obstacles		49.5%		51.9%	70.0%	37.8%	47.4%	47.6%	42.3%	51.7%	52.6%	57.6%	52.4%	
					C	B								
														
NET: Too few women
with certain experiences/		
106		
9	
4	
17	
3	
6	
6	
17	
18	
10	
14	
skills		20.5%		11.7%	20.0%	18.9%	15.8%	28.6%	23.1%	29.3%	23.7%	30.3%	17.1%	
				gi						a		a		
														
Too few women with
desired industry		
72		
5	
3	
15	
2	
4	
5	
11	
12	
4	
9	
experience		13.9%		6.5%	15.0%	16.7%	10.5%	19.0%	19.2%	19.0%	15.8%	12.1%	11.0%	
				cg		a				a				
														
We need to wait until
some current board		
49		
7	
1	
8	
3	
3	
2	
8	
6	
2	
8	
members retire		9.5%		9.1%	5.0%	8.9%	15.8%	14.3%	7.7%	13.8%	7.9%	6.1%	9.8%	
														
Too few women with		35		3	2	5	1	1	2	5	7	3	6	
desired skill set		6.8%		3.9%	10.0%	5.6%	5.3%	4.8%	7.7%	8.6%	9.2%	9.1%	7.3%	
														
Too few women with		34		2	2	4	0	4	2	7	5	5	3	
desired board experience		6.6%		2.6%	10.0%	4.4%	0.0%	19.0%	7.7%	12.1%	6.6%	15.2%	3.7%	
				Egi		ei		Acj		a		acj	ei	

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

144 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		33.7%	23.8%	20.3%	6.2%	8.1%	2.1%	3.9%		7.2%	4.4%	68.9%	4.4%	6.4%	
															
No particular challenges		97	71	36	16	20	5	6		18	7	175	16	21	
or obstacles		55.7%	57.7%	34.3%	50.0%	47.6%	45.5%	30.0%		48.6%	30.4%	49.2%	69.6%	63.6%	
		Cg	Cg	AB				ab			de		b	b	
															
NET: Too few women
with certain experiences/		
28	
20	
28	
10	
10	
5	
5		
10	
12	
67	
2	
6	
skills		16.1%	16.3%	26.7%	31.3%	23.8%	45.5%	25.0%		27.0%	52.2%	18.8%	8.7%	18.2%	
		cdf	f	a	a		ab				CDE	B	B	B	
															
Too few women with
desired industry		
21	
14	
22	
7	
5	
2	
1		
7	
8	
51	
1	
0	
experience		12.1%	11.4%	21.0%	21.9%	11.9%	18.2%	5.0%		18.9%	34.8%	14.3%	4.3%	0.0%	
		c	c	ab						e	CdE	Be	b	aBc	
															
We need to wait until
some current board		
19	
10	
13	
1	
4	
0	
2		
3	
3	
36	
2	
3	
members retire		10.9%	8.1%	12.4%	3.1%	9.5%	0.0%	10.0%		8.1%	13.0%	10.1%	8.7%	9.1%	
															
Too few women with		6	9	8	2	6	2	2		4	2	19	1	3	
desired skill set		3.4%	7.3%	7.6%	6.3%	14.3%	18.2%	10.0%		10.8%	8.7%	5.3%	4.3%	9.1%	
		Ef				A	a								
															
Too few women with		10	7	4	5	4	1	3		3	4	21	0	4	
desired board experience		5.7%	5.7%	3.8%	15.6%	9.5%	9.1%	15.0%		8.1%	17.4%	5.9%	0.0%	12.1%	
		d		dg	ac			c			cd	b	b		

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

145 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		32.5%	25.1%	7.7%	6.2%	4.8%	3.3%	6.2%		50.5%	35.4%	7.0%	5.0%	
														
No particular challenges		86	73	18	12	12	5	12		146	83	13	11	
or obstacles		51.2%	56.2%	45.0%	37.5%	48.0%	29.4%	37.5%		55.9%	45.4%	36.1%	42.3%	
			f				b			bc	a	a		
														
NET: Too few women
with certain experiences/		
32	
20	
12	
7	
5	
7	
8		
45	
36	
18	
6	
skills		19.0%	15.4%	30.0%	21.9%	20.0%	41.2%	25.0%		17.2%	19.7%	50.0%	23.1%	
		f	cf	b			ab			C	C	ABd	c	
														
Too few women with
desired industry		
22	
16	
10	
5	
5	
2	
2		
29	
26	
13	
3	
experience		13.1%	12.3%	25.0%	15.6%	20.0%	11.8%	6.3%		11.1%	14.2%	36.1%	11.5%	
				g				c		C	C	ABd	c	
														
We need to wait until
some current board		
18	
11	
3	
5	
2	
1	
2		
27	
11	
6	
5	
members retire		10.7%	8.5%	7.5%	15.6%	8.0%	5.9%	6.3%		10.3%	6.0%	16.7%	19.2%	
											cd	b	b	
														
Too few women with		9	9	4	0	2	3	3		16	12	5	2	
desired skill set		5.4%	6.9%	10.0%	0.0%	8.0%	17.6%	9.4%		6.1%	6.6%	13.9%	7.7%	
					f		d							
														
Too few women with		11	6	4	1	2	4	4		15	9	7	3	
desired board experience		6.5%	4.6%	10.0%	3.1%	8.0%	23.5%	12.5%		5.7%	4.9%	19.4%	11.5%	
		f	F		f		aBd			C	C	AB		

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

146 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.0%	22.4%	15.3%	14.1%	10.6%	6.0%	0.8%	
									
No particular challenges		66	61	39	39	30	18	2	
or obstacles		44.0%	52.6%	49.4%	53.4%	54.5%	58.1%	50.0%	
									
NET: Too few women
with certain experiences/		
26	
22	
17	
19	
10	
9	
1	
skills		17.3%	19.0%	21.5%	26.0%	18.2%	29.0%	25.0%	
									
Too few women with
desired industry		
18	
15	
10	
13	
7	
7	
1	
experience		12.0%	12.9%	12.7%	17.8%	12.7%	22.6%	25.0%	
									
We need to wait until
some current board		
16	
7	
7	
6	
9	
3	
1	
members retire		10.7%	6.0%	8.9%	8.2%	16.4%	9.7%	25.0%	
			e			b			
									
Too few women with		9	6	6	6	5	2	0	
desired skill set		6.0%	5.2%	7.6%	8.2%	9.1%	6.5%	0.0%	
									
Too few women with		5	8	7	8	3	2	0	
desired board experience		3.3%	6.9%	8.9%	11.0%	5.5%	6.5%	0.0%	
		d			a				

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

147 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Too few women with
desired C-suite		
29		
1	
1	
9	
0	
2	
2	
3	
4	
1	
5	
experience		5.6%		1.3%	5.0%	10.0%	0.0%	9.5%	7.7%	5.2%	5.3%	3.0%	6.1%	
				c		a								
														
Too few women with
connections to our		
25		
1	
0	
7	
1	
3	
2	
3	
3	
4	
1	
current board/executives		4.8%		1.3%	0.0%	7.8%	5.3%	14.3%	7.7%	5.2%	3.9%	12.1%	1.2%	
				Ei		j		AJ				aj	cEi	
														
Geographical constraints
[too few qualified
women located in our		

17		

2	

0	

2	

0	

2	

3	

3	

1	

3	

1	
geographic area]		3.3%		2.6%	0.0%	2.2%	0.0%	9.5%	11.5%	5.2%	1.3%	9.1%	1.2%	
						f		j	chj		fi	hj	efi	
														
Women have declined
our invitation to sit on		
5		
1	
0	
1	
0	
0	
0	
1	
0	
1	
1	
the board		1.0%		1.3%	0.0%	1.1%	0.0%	0.0%	0.0%	1.7%	0.0%	3.0%	1.2%	
														
Other challenges		28		8	1	8	0	0	1	1	2	2	5	
		5.4%		10.4%	5.0%	8.9%	0.0%	0.0%	3.8%	1.7%	2.6%	6.1%	6.1%	
				g						a				
														
Don't know		86		15	1	18	5	3	3	11	12	3	13	
		16.6%		19.5%	5.0%	20.0%	26.3%	14.3%	11.5%	19.0%	15.8%	9.1%	15.9%	

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

148 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Too few women with
desired C-suite		
6	
4	
8	
6	
4	
0	
1		
3	
4	
19	
0	
1	
experience		3.4%	3.3%	7.6%	18.8%	9.5%	0.0%	5.0%		8.1%	17.4%	5.3%	0.0%	3.0%	
		D	D		AB						cd	b	b		
															
Too few women with
connections to our		
4	
4	
9	
2	
4	
0	
2		
3	
2	
17	
1	
0	
current board/executives		2.3%	3.3%	8.6%	6.3%	9.5%	0.0%	10.0%		8.1%	8.7%	4.8%	4.3%	0.0%	
		ce		a		a									
															
Geographical constraints
[too few qualified
women located in our		

7	

2	

3	

0	

1	

1	

3		

0	

2	

11	

2	

0	
geographic area]		4.0%	1.6%	2.9%	0.0%	2.4%	9.1%	15.0%		0.0%	8.7%	3.1%	8.7%	0.0%	
		g	G	g	g			aBcd							
															
Women have declined
our invitation to sit on		
1	
2	
1	
0	
1	
0	
0		
0	
1	
3	
0	
0	
the board		0.6%	1.6%	1.0%	0.0%	2.4%	0.0%	0.0%		0.0%	4.3%	0.8%	0.0%	0.0%	
															
Other challenges		8	6	8	3	2	0	1		0	0	22	2	2	
		4.6%	4.9%	7.6%	9.4%	4.8%	0.0%	5.0%		0.0%	0.0%	6.2%	8.7%	6.1%	
															
Don't know		27	20	21	3	6	1	6		8	3	60	3	2	
		15.5%	16.3%	20.0%	9.4%	14.3%	9.1%	30.0%		21.6%	13.0%	16.9%	13.0%	6.1%	

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

149 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Too few women with
desired C-suite		
5	
5	
3	
4	
3	
3	
1		
8	
10	
9	
2	
experience		3.0%	3.8%	7.5%	12.5%	12.0%	17.6%	3.1%		3.1%	5.5%	25.0%	7.7%	
		deF	f		a	a	Ab			C	C	AB		
														
Too few women with
connections to our		
5	
3	
3	
4	
0	
3	
3		
6	
12	
5	
2	
current board/executives		3.0%	2.3%	7.5%	12.5%	0.0%	17.6%	9.4%		2.3%	6.6%	13.9%	7.7%	
		dF	dF		ab	f	ABe			bC	a	A		
														
Geographical constraints
[too few qualified
women located in our		

7	

4	

1	

0	

0	

0	

5		

5	

7	

3	

2	
geographic area]		4.2%	3.1%	2.5%	0.0%	0.0%	0.0%	15.6%		1.9%	3.8%	8.3%	7.7%	
		g	G	g	g	g		aBcde		c		a		
														
Women have declined
our invitation to sit on		
1	
3	
0	
0	
0	
0	
1		
2	
2	
0	
1	
the board		0.6%	2.3%	0.0%	0.0%	0.0%	0.0%	3.1%		0.8%	1.1%	0.0%	3.8%	
														
Other challenges		11	5	2	4	2	1	0		13	11	0	2	
		6.5%	3.8%	5.0%	12.5%	8.0%	5.9%	0.0%		5.0%	6.0%	0.0%	7.7%	
					g			d						
														
Don't know		27	21	4	6	6	3	8		36	35	7	6	
		16.1%	16.2%	10.0%	18.8%	24.0%	17.6%	25.0%		13.8%	19.1%	19.4%	23.1%	

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

150 

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

6b. What challenges has your company faced in adding women to the board of directors?  (check most important challenges)

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Too few women with
desired C-suite		
8	
4	
6	
5	
4	
2	
0	
experience		5.3%	3.4%	7.6%	6.8%	7.3%	6.5%	0.0%	
									
Too few women with
connections to our		
8	
5	
5	
3	
3	
1	
0	
current board/executives		5.3%	4.3%	6.3%	4.1%	5.5%	3.2%	0.0%	
									
Geographical constraints
[too few qualified
women located in our		

4	

2	

0	

2	

3	

4	

0	
geographic area]		2.7%	1.7%	0.0%	2.7%	5.5%	12.9%	0.0%	
		f	F	eF	f	c	aBCd		
									
Women have declined
our invitation to sit on		
1	
2	
1	
1	
0	
0	
0	
the board		0.7%	1.7%	1.3%	1.4%	0.0%	0.0%	0.0%	
									
Other challenges		10	2	8	3	4	0	0	
		6.7%	1.7%	10.1%	4.1%	7.3%	0.0%	0.0%	
			C	B					
									
Don't know		32	24	11	6	6	3	1	
		21.3%	20.7%	13.9%	8.2%	10.9%	9.7%	25.0%	
		d	d		ab				

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

151 

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

7a. To the best of your knowledge, approximately what percentage of your company's employees are “Millennials” (under the age of 35)? (Mean is estimated from category midpoints)

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
Less than 10%		74		9	2	14	2	5	2	10	19	1	7	
		14.5%		11.7%	10.0%	15.6%	10.5%	23.8%	7.7%	17.5%	25.0%	3.0%	8.8%	
				h				i		i	aIJ	egH	H	
														
10-20%		134		22	5	34	4	3	7	18	10	9	19	
		26.3%		28.6%	25.0%	37.8%	21.1%	14.3%	26.9%	31.6%	13.2%	27.3%	23.8%	
				h		eH		c		h	aCg			
														
20-30%		166		18	8	27	9	7	7	18	23	15	32	
		32.5%		23.4%	40.0%	30.0%	47.4%	33.3%	26.9%	31.6%	30.3%	45.5%	40.0%	
				dij			a					a	a	
														
30-40%		61		9	3	8	3	4	3	5	13	3	8	
		12.0%		11.7%	15.0%	8.9%	15.8%	19.0%	11.5%	8.8%	17.1%	9.1%	10.0%	
														
40-50%		38		13	0	6	1	0	1	4	5	4	3	
		7.5%		16.9%	0.0%	6.7%	5.3%	0.0%	3.8%	7.0%	6.6%	12.1%	3.8%	
				cehJ		a		a			a		A	
														
More than 50%		37		6	2	1	0	2	6	2	6	1	11	
		7.3%		7.8%	10.0%	1.1%	0.0%	9.5%	23.1%	3.5%	7.9%	3.0%	13.8%	
				cf	c	abeFhJ	f	c	aCdGhi	Fj	cf	f	Cg	
														
Mean		25.8		28.2	27.0	20.9	23.4	25.5	34.2	22.4	25.7	26.5	29.5	
SD		17.5		18.5	18.5	12.2	10.1	19.6	24.5	14.9	18.9	13.3	20.3	
				C		AFiJ			CG	Fj		c	Cg	

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

152 

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

7a. To the best of your knowledge, approximately what percentage of your company's employees are “Millennials” (under the age of 35)? (Mean is estimated from category midpoints)

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%		7.8%	4.9%	75.4%	4.9%	7.0%	
															
Less than 10%		48	9	9	3	3	0	2		2	0	62	5	3	
		27.9%	7.3%	8.7%	9.4%	7.1%	0.0%	10.0%		5.4%	0.0%	17.5%	21.7%	9.4%	
		BCdEf	A	A	a	A	a				cd	b	b		
															
10-20%		34	30	32	14	8	4	8		14	5	90	9	5	
		19.8%	24.4%	30.8%	43.8%	19.0%	36.4%	40.0%		37.8%	21.7%	25.4%	39.1%	15.6%	
		cDg	d	a	Abe	d		a		e				a	
															
20-30%		44	44	35	9	20	6	7		15	12	105	8	12	
		25.6%	35.8%	33.7%	28.1%	47.6%	54.5%	35.0%		40.5%	52.2%	29.7%	34.8%	37.5%	
		Ef				A	a				c	b			
															
30-40%		17	16	17	3	5	1	2		4	1	44	1	5	
		9.9%	13.0%	16.3%	9.4%	11.9%	9.1%	10.0%		10.8%	4.3%	12.4%	4.3%	15.6%	
															
40-50%		13	12	5	3	3	0	1		1	2	28	0	2	
		7.6%	9.8%	4.8%	9.4%	7.1%	0.0%	5.0%		2.7%	8.7%	7.9%	0.0%	6.3%	
															
More than 50%		16	12	6	0	3	0	0		1	3	25	0	5	
		9.3%	9.8%	5.8%	0.0%	7.1%	0.0%	0.0%		2.7%	13.0%	7.1%	0.0%	15.6%	
															
Mean		24.6	29.2	25.7	21.6	27.9	22.3	21.0		23.1	31.5	25.3	17.2	32.2	
SD		20.2	18.3	15.7	11.0	16.3	6.5	9.9		12.2	19.0	17.8	8.5	21.1	
		b	ad		b					bde	aD	de	aBcE	acD	

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

153 

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

7a. To the best of your knowledge, approximately what percentage of your company's employees are “Millennials” (under the age of 35)? (Mean is estimated from category midpoints)

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		37.8%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.6%	36.2%	7.1%	5.1%	
														
Less than 10%		48	9	1	5	0	2	2		49	20	4	1	
		28.7%	7.0%	2.5%	15.6%	0.0%	11.8%	6.3%		19.0%	10.9%	11.1%	3.8%	
		BCEG	A	Ad	ce	Ad		A		b	a			
														
10-20%		37	31	9	13	9	5	11		62	48	12	9	
		22.2%	24.0%	22.5%	40.6%	36.0%	29.4%	34.4%		24.0%	26.2%	33.3%	34.6%	
		d			a									
														
20-30%		38	50	18	10	10	7	13		82	57	14	10	
		22.8%	38.8%	45.0%	31.3%	40.0%	41.2%	40.6%		31.8%	31.1%	38.9%	38.5%	
		BCg	A	A				a						
														
30-40%		14	20	7	2	3	2	4		28	26	4	2	
		8.4%	15.5%	17.5%	6.3%	12.0%	11.8%	12.5%		10.9%	14.2%	11.1%	7.7%	
														
40-50%		17	6	3	2	1	0	1		16	19	2	1	
		10.2%	4.7%	7.5%	6.3%	4.0%	0.0%	3.1%		6.2%	10.4%	5.6%	3.8%	
														
More than 50%		13	13	2	0	2	1	1		21	13	0	3	
		7.8%	10.1%	5.0%	0.0%	8.0%	5.9%	3.1%		8.1%	7.1%	0.0%	11.5%	
												d	c	
														
Mean		23.8	28.7	28.0	19.7	27.4	23.8	23.8		25.2	27.2	21.7	28.1	
SD		19.5	18.1	14.2	10.5	16.4	15.8	12.9		18.5	17.3	10.1	19.1	
		b	aD	D	BCe	d								

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

154 

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

7a. To the best of your knowledge, approximately what percentage of your company's employees are “Millennials” (under the age of 35)? (Mean is estimated from category midpoints)

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
Less than 10%		23	16	14	10	5	5	0	
		15.3%	13.8%	17.9%	13.9%	9.1%	16.1%	0.0%	
									
10-20%		46	35	21	17	9	5	0	
		30.7%	30.2%	26.9%	23.6%	16.4%	16.1%	0.0%	
		e				a			
									
20-30%		39	32	29	26	23	12	3	
		26.0%	27.6%	37.2%	36.1%	41.8%	38.7%	75.0%	
		eg	g			a		ab	
									
30-40%		22	13	4	7	10	5	0	
		14.7%	11.2%	5.1%	9.7%	18.2%	16.1%	0.0%	
		c		ae		c			
									
40-50%		6	11	5	7	4	4	1	
		4.0%	9.5%	6.4%	9.7%	7.3%	12.9%	25.0%	
		fg					a	a	
									
More than 50%		14	9	5	5	4	0	0	
		9.3%	7.8%	6.4%	6.9%	7.3%	0.0%	0.0%	
									
Mean		25.8	26.1	23.7	26.3	28.5	24.4	30.0	
SD		18.9	18.2	17.1	17.4	16.6	12.4	10.0	

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

155 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		14.9%	3.9%	17.4%	3.7%	4.1%	5.0%	11.2%	14.7%	6.4%	15.9%	
														
Technologically savvy		365		54	14	60	11	15	18	43	53	28	62	
		70.6%		70.1%	70.0%	66.7%	57.9%	71.4%	69.2%	74.1%	69.7%	84.8%	75.6%	
						i	i					cd		
														
NET: Cost savings		255		38	9	49	9	14	11	31	31	21	38	
		49.3%		49.4%	45.0%	54.4%	47.4%	66.7%	42.3%	53.4%	40.8%	63.6%	46.3%	
								h			ei	h		
														
Cost savings in terms of		185		27	6	34	6	11	7	22	26	16	27	
salary		35.8%		35.1%	30.0%	37.8%	31.6%	52.4%	26.9%	37.9%	34.2%	48.5%	32.9%	
														
Cost savings in terms of		132		23	7	28	5	6	6	13	16	11	16	
health care costs		25.5%		29.9%	35.0%	31.1%	26.3%	28.6%	23.1%	22.4%	21.1%	33.3%	19.5%	
														
More energetic		116		12	4	22	2	5	7	15	18	6	22	
		22.4%		15.6%	20.0%	24.4%	10.5%	23.8%	26.9%	25.9%	23.7%	18.2%	26.8%	
														
More creative and
innovative employees		
108		
13	
6	
19	
4	
6	
3	
17	
16	
6	
16	
than older workers		20.9%		16.9%	30.0%	21.1%	21.1%	28.6%	11.5%	29.3%	21.1%	18.2%	19.5%	
														
Reverse mentoring
[young employees
teaching older		

32		

6	

0	

4	

1	

1	

2	

2	

7	

4	

2	
employees]		6.2%		7.8%	0.0%	4.4%	5.3%	4.8%	7.7%	3.4%	9.2%	12.1%	2.4%	
												j	i	

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

156 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		33.7%	23.8%	20.3%	6.2%	8.1%	2.1%	3.9%		7.2%	4.4%	68.9%	4.4%	6.4%	
															
Technologically savvy		114	85	79	27	31	9	16		26	15	249	21	25	
		65.5%	69.1%	75.2%	84.4%	73.8%	81.8%	80.0%		70.3%	65.2%	69.9%	91.3%	75.8%	
		d			a						d	d	bc		
															
NET: Cost savings		78	66	50	16	25	4	13		16	11	173	14	17	
		44.8%	53.7%	47.6%	50.0%	59.5%	36.4%	65.0%		43.2%	47.8%	48.6%	60.9%	51.5%	
															
Cost savings in terms of		55	51	33	12	16	3	12		14	7	123	11	13	
salary		31.6%	41.5%	31.4%	37.5%	38.1%	27.3%	60.0%		37.8%	30.4%	34.6%	47.8%	39.4%	
		g		g				ac							
															
Cost savings in terms of		42	35	27	7	13	2	5		5	9	95	6	5	
health care costs		24.1%	28.5%	25.7%	21.9%	31.0%	18.2%	25.0%		13.5%	39.1%	26.7%	26.1%	15.2%	
										b	ae			b	
															
More energetic		39	35	21	8	6	2	4		10	6	79	4	8	
		22.4%	28.5%	20.0%	25.0%	14.3%	18.2%	20.0%		27.0%	26.1%	22.2%	17.4%	24.2%	
															
More creative and
innovative employees		
29	
29	
23	
11	
5	
3	
4		
7	
6	
71	
4	
9	
than older workers		16.7%	23.6%	21.9%	34.4%	11.9%	27.3%	20.0%		18.9%	26.1%	19.9%	17.4%	27.3%	
		d			ae	d									
															
Reverse mentoring
[young employees
teaching older		

9	

8	

7	

2	

5	

1	

0		

2	

1	

19	

1	

3	
employees]		5.2%	6.5%	6.7%	6.3%	11.9%	9.1%	0.0%		5.4%	4.3%	5.3%	4.3%	9.1%	

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

157 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		32.5%	25.1%	7.7%	6.2%	4.8%	3.3%	6.2%		50.5%	35.4%	7.0%	5.0%	
														
Technologically savvy		109	94	29	26	20	14	24		187	131	25	19	
		64.9%	72.3%	72.5%	81.3%	80.0%	82.4%	75.0%		71.6%	71.6%	69.4%	73.1%	
														
NET: Cost savings		72	66	17	20	12	10	19		124	100	18	11	
		42.9%	50.8%	42.5%	62.5%	48.0%	58.8%	59.4%		47.5%	54.6%	50.0%	42.3%	
		d			a									
														
Cost savings in terms of		54	46	12	14	8	9	15		90	67	17	9	
salary		32.1%	35.4%	30.0%	43.8%	32.0%	52.9%	46.9%		34.5%	36.6%	47.2%	34.6%	
														
Cost savings in terms of		41	34	10	10	5	5	8		62	56	9	4	
health care costs		24.4%	26.2%	25.0%	31.3%	20.0%	29.4%	25.0%		23.8%	30.6%	25.0%	15.4%	
														
More energetic		41	33	8	4	8	1	6		62	42	8	3	
		24.4%	25.4%	20.0%	12.5%	32.0%	5.9%	18.8%		23.8%	23.0%	22.2%	11.5%	
						f	e							
														
More creative and
innovative employees		
30	
29	
10	
8	
9	
4	
3		
55	
43	
5	
4	
than older workers		17.9%	22.3%	25.0%	25.0%	36.0%	23.5%	9.4%		21.1%	23.5%	13.9%	15.4%	
		e				ag		e						
														
Reverse mentoring
[young employees
teaching older		

8	

10	

0	

4	

0	

2	

3		

12	

15	

2	

3	
employees]		4.8%	7.7%	0.0%	12.5%	0.0%	11.8%	9.4%		4.6%	8.2%	5.6%	11.5%	
				df	c		c							

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

158 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.0%	22.4%	15.3%	14.1%	10.6%	6.0%	0.8%	
									
Technologically savvy		117	83	52	46	39	23	2	
		78.0%	71.6%	65.8%	63.0%	70.9%	74.2%	50.0%	
		cd		a	a				
									
NET: Cost savings		87	59	34	30	30	11	2	
		58.0%	50.9%	43.0%	41.1%	54.5%	35.5%	50.0%	
		cdf		a	a		a		
									
Cost savings in terms of		54	45	25	23	25	9	2	
salary		36.0%	38.8%	31.6%	31.5%	45.5%	29.0%	50.0%	
									
Cost savings in terms of		49	27	17	13	16	7	2	
health care costs		32.7%	23.3%	21.5%	17.8%	29.1%	22.6%	50.0%	
		d			a				
									
More energetic		29	28	15	20	13	8	1	
		19.3%	24.1%	19.0%	27.4%	23.6%	25.8%	25.0%	
									
More creative and
innovative employees		
38	
22	
11	
14	
13	
6	
2	
than older workers		25.3%	19.0%	13.9%	19.2%	23.6%	19.4%	50.0%	
		c		a					
									
Reverse mentoring
[young employees
teaching older		

8	

9	

7	

2	

2	

3	

0	
employees]		5.3%	7.8%	8.9%	2.7%	3.6%	9.7%	0.0%	

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

159 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
More efficient workers		28		3	1	4	0	2	3	1	4	2	8	
		5.4%		3.9%	5.0%	4.4%	0.0%	9.5%	11.5%	1.7%	5.3%	6.1%	9.8%	
														
Cost savings in terms of
company retirement		
26		
0	
1	
4	
1	
3	
1	
6	
4	
2	
3	
obligations		5.0%		0.0%	5.0%	4.4%	5.3%	14.3%	3.8%	10.3%	5.3%	6.1%	3.7%	
				dEGhi			a	A		A	a	a		
														
Other		26		3	1	8	0	0	1	3	2	3	5	
		5.0%		3.9%	5.0%	8.9%	0.0%	0.0%	3.8%	5.2%	2.6%	9.1%	6.1%	
														
Millennials offer no
particular advantages in		
110		
18	
4	
20	
7	
1	
4	
10	
18	
6	
19	
our firm		21.3%		23.4%	20.0%	22.2%	36.8%	4.8%	15.4%	17.2%	23.7%	18.2%	23.2%	
							e	d						

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

160 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
More efficient workers		9	6	6	2	4	0	1		1	0	23	2	2	
		5.2%	4.9%	5.7%	6.3%	9.5%	0.0%	5.0%		2.7%	0.0%	6.5%	8.7%	6.1%	
															
Cost savings in terms of
company retirement		
12	
5	
4	
0	
2	
0	
3		
4	
1	
17	
2	
1	
obligations		6.9%	4.1%	3.8%	0.0%	4.8%	0.0%	15.0%		10.8%	4.3%	4.8%	8.7%	3.0%	
				g	g			cd							
															
Other		7	4	7	2	5	0	0		3	4	13	2	4	
		4.0%	3.3%	6.7%	6.3%	11.9%	0.0%	0.0%		8.1%	17.4%	3.7%	8.7%	12.1%	
		e	e			ab					C	Be		c	
															
Millennials offer no
particular advantages in		
44	
25	
22	
6	
8	
4	
1		
8	
6	
80	
4	
6	
our firm		25.3%	20.3%	21.0%	18.8%	19.0%	36.4%	5.0%		21.6%	26.1%	22.5%	17.4%	18.2%	
		g					g	af							

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

161 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
More efficient workers		11	4	3	1	4	0	2		15	9	3	1	
		6.5%	3.1%	7.5%	3.1%	16.0%	0.0%	6.3%		5.7%	4.9%	8.3%	3.8%	
			E			B								
														
Cost savings in terms of
company retirement		
12	
3	
1	
2	
1	
1	
3		
11	
10	
2	
3	
obligations		7.1%	2.3%	2.5%	6.3%	4.0%	5.9%	9.4%		4.2%	5.5%	5.6%	11.5%	
														
Other		6	10	4	0	3	2	0		13	8	3	2	
		3.6%	7.7%	10.0%	0.0%	12.0%	11.8%	0.0%		5.0%	4.4%	8.3%	7.7%	
					e	dg		e						
														
Millennials offer no
particular advantages in		
43	
29	
11	
6	
1	
1	
7		
55	
39	
5	
7	
our firm		25.6%	22.3%	27.5%	18.8%	4.0%	5.9%	21.9%		21.1%	21.3%	13.9%	26.9%	
		e	e	e		abc								

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

162 

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

7b. What are the primary advantages of employing Millennials under age 35?

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
More efficient workers		7	5	5	2	5	3	1	
		4.7%	4.3%	6.3%	2.7%	9.1%	9.7%	25.0%	
					g			d	
									
Cost savings in terms of
company retirement		
9	
5	
4	
6	
2	
0	
0	
obligations		6.0%	4.3%	5.1%	8.2%	3.6%	0.0%	0.0%	
									
Other		9	4	3	5	4	0	1	
		6.0%	3.4%	3.8%	6.8%	7.3%	0.0%	25.0%	
			g				G	bF	
									
Millennials offer no
particular advantages in		
23	
24	
20	
21	
15	
7	
0	
our firm		15.3%	20.7%	25.3%	28.8%	27.3%	22.6%	0.0%	
		d			a				

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

163 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		14.9%	3.9%	17.4%	3.7%	4.1%	5.0%	11.2%	14.7%	6.4%	15.9%	
														
Less loyal to company		272		43	10	54	6	13	10	31	36	22	40	
		52.6%		55.8%	50.0%	60.0%	31.6%	61.9%	38.5%	53.4%	47.4%	66.7%	48.8%	
						d	ci		i			df		
														
Attitude of entitlement		240		37	9	48	12	12	10	28	32	13	33	
		46.4%		48.1%	45.0%	53.3%	63.2%	57.1%	38.5%	48.3%	42.1%	39.4%	40.2%	
														
Require more intense		161		24	6	34	5	7	11	14	22	12	23	
management		31.1%		31.2%	30.0%	37.8%	26.3%	33.3%	42.3%	24.1%	28.9%	36.4%	28.0%	
														
Me-first  attitude		140		24	3	27	10	3	10	13	13	4	27	
		27.1%		31.2%	15.0%	30.0%	52.6%	14.3%	38.5%	22.4%	17.1%	12.1%	32.9%	
				hi	d	i	begHI	d	hi	d	aDfj	acDfj	hi	
														
More interested in their
own professional
development than in the		

118		

15	

4	

14	

5	

5	

9	

19	

22	

8	

14	
company		22.8%		19.5%	20.0%	15.6%	26.3%	23.8%	34.6%	32.8%	28.9%	24.2%	17.1%	
						fgh			c	cj	c		g	
														
Less efficient workers		66		11	1	11	3	2	3	8	10	2	13	
		12.8%		14.3%	5.0%	12.2%	15.8%	9.5%	11.5%	13.8%	13.2%	6.1%	15.9%	

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

164 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		33.7%	23.8%	20.3%	6.2%	8.1%	2.1%	3.9%		7.2%	4.4%	68.9%	4.4%	6.4%	
															
Less loyal to company		70	78	59	19	24	4	13		18	13	189	10	16	
		40.2%	63.4%	56.2%	59.4%	57.1%	36.4%	65.0%		48.6%	56.5%	53.1%	43.5%	48.5%	
		Bcdeg	A	a	a	a		a							
															
Attitude of entitlement		78	64	45	14	21	5	10		19	11	169	7	15	
		44.8%	52.0%	42.9%	43.8%	50.0%	45.5%	50.0%		51.4%	47.8%	47.5%	30.4%	45.5%	
															
Require more intense		60	42	31	11	8	3	5		8	8	109	4	18	
management		34.5%	34.1%	29.5%	34.4%	19.0%	27.3%	25.0%		21.6%	34.8%	30.6%	17.4%	54.5%	
										E		E	E	ACD	
															
Me-first  attitude		41	30	38	5	15	4	5		11	9	99	6	6	
		23.6%	24.4%	36.2%	15.6%	35.7%	36.4%	25.0%		29.7%	39.1%	27.8%	26.1%	18.2%	
		c		ad	c										
															
More interested in their
own professional
development than in the		

38	

26	

26	

7	

8	

3	

8		

6	

4	

86	

7	

7	
company		21.8%	21.1%	24.8%	21.9%	19.0%	27.3%	40.0%		16.2%	17.4%	24.2%	30.4%	21.2%	
															
Less efficient workers		24	18	7	8	4	1	2		3	4	46	4	4	
		13.8%	14.6%	6.7%	25.0%	9.5%	9.1%	10.0%		8.1%	17.4%	12.9%	17.4%	12.1%	
				D	C										

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

165 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		32.5%	25.1%	7.7%	6.2%	4.8%	3.3%	6.2%		50.5%	35.4%	7.0%	5.0%	
														
Less loyal to company		69	82	15	23	16	7	20		135	102	17	14	
		41.1%	63.1%	37.5%	71.9%	64.0%	41.2%	62.5%		51.7%	55.7%	47.2%	53.8%	
		BDeg	AC	BDeg	ACf	ac	d	ac						
														
Attitude of entitlement		72	69	18	11	14	10	15		123	88	14	13	
		42.9%	53.1%	45.0%	34.4%	56.0%	58.8%	46.9%		47.1%	48.1%	38.9%	50.0%	
														
Require more intense		52	39	18	11	4	5	8		82	62	7	8	
management		31.0%	30.0%	45.0%	34.4%	16.0%	29.4%	25.0%		31.4%	33.9%	19.4%	30.8%	
				e		c								
														
Me-first  attitude		42	38	9	12	6	2	10		63	55	12	10	
		25.0%	29.2%	22.5%	37.5%	24.0%	11.8%	31.3%		24.1%	30.1%	33.3%	38.5%	
														
More interested in their
own professional
development than in the		

40	

26	

11	

9	

5	

7	

7		

57	

44	

8	

7	
company		23.8%	20.0%	27.5%	28.1%	20.0%	41.2%	21.9%		21.8%	24.0%	22.2%	26.9%	
														
Less efficient workers		23	20	6	1	3	5	1		37	24	2	1	
		13.7%	15.4%	15.0%	3.1%	12.0%	29.4%	3.1%		14.2%	13.1%	5.6%	3.8%	
					f		dg	f						

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

166 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.0%	22.4%	15.3%	14.1%	10.6%	6.0%	0.8%	
									
Less loyal to company		90	63	31	34	34	16	1	
		60.0%	54.3%	39.2%	46.6%	61.8%	51.6%	25.0%	
		C	c	Abe		c			
									
Attitude of entitlement		77	51	35	33	31	10	2	
		51.3%	44.0%	44.3%	45.2%	56.4%	32.3%	50.0%	
						f	e		
									
Require more intense		44	38	34	17	15	9	1	
management		29.3%	32.8%	43.0%	23.3%	27.3%	29.0%	25.0%	
		c		ad	c				
									
Me-first  attitude		51	23	16	19	17	11	2	
		34.0%	19.8%	20.3%	26.0%	30.9%	35.5%	50.0%	
		bc	a	a					
									
More interested in their
own professional
development than in the		

35	

25	

16	

21	

13	

6	

1	
company		23.3%	21.6%	20.3%	28.8%	23.6%	19.4%	25.0%	
									
Less efficient workers		21	17	16	6	5	1	0	
		14.0%	14.7%	20.3%	8.2%	9.1%	3.2%	0.0%	
				df	c		c		

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

167 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Open company up to		41		5	2	3	1	1	3	5	8	3	9	
more online risk		7.9%		6.5%	10.0%	3.3%	5.3%	4.8%	11.5%	8.6%	10.5%	9.1%	11.0%	
														
Demand  change in		40		7	2	8	1	3	1	3	6	2	7	
culture of company		7.7%		9.1%	10.0%	8.9%	5.3%	14.3%	3.8%	5.2%	7.9%	6.1%	8.5%	
														
Demand change in		8		1	1	1	0	1	0	1	1	0	2	
operations of company		1.5%		1.3%	5.0%	1.1%	0.0%	4.8%	0.0%	1.7%	1.3%	0.0%	2.4%	
														
Other:		17		0	0	2	1	1	0	3	3	1	6	
		3.3%		0.0%	0.0%	2.2%	5.3%	4.8%	0.0%	5.2%	3.9%	3.0%	7.3%	
				dgj			a			a			a	
														
Millennials offer no
particular challenges in		
85		
13	
6	
9	
2	
2	
5	
9	
18	
7	
12	
our firm		16.4%		16.9%	30.0%	10.0%	10.5%	9.5%	19.2%	15.5%	23.7%	21.2%	14.6%	
					c	bh					c			

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

168 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Open company up to		18	11	7	3	2	0	0		1	2	28	2	3	
more online risk		10.3%	8.9%	6.7%	9.4%	4.8%	0.0%	0.0%		2.7%	8.7%	7.9%	8.7%	9.1%	
															
Demand  change in		14	8	7	3	4	1	3		4	3	24	2	2	
culture of company		8.0%	6.5%	6.7%	9.4%	9.5%	9.1%	15.0%		10.8%	13.0%	6.7%	8.7%	6.1%	
															
Demand change in		5	0	0	1	1	0	1		1	0	5	0	1	
operations of company		2.9%	0.0%	0.0%	3.1%	2.4%	0.0%	5.0%		2.7%	0.0%	1.4%	0.0%	3.0%	
			g	g				bc							
															
Other:		7	5	2	1	1	1	0		2	2	9	0	3	
		4.0%	4.1%	1.9%	3.1%	2.4%	9.1%	0.0%		5.4%	8.7%	2.5%	0.0%	9.1%	
												e		c	
															
Millennials offer no
particular challenges in		
35	
16	
16	
5	
9	
2	
2		
9	
0	
60	
7	
3	
our firm		20.1%	13.0%	15.2%	15.6%	21.4%	18.2%	10.0%		24.3%	0.0%	16.9%	30.4%	9.1%	
										b	acD	b	Be	d	

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

169 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Open company up to		16	11	4	3	1	0	2		20	17	2	2	
more online risk		9.5%	8.5%	10.0%	9.4%	4.0%	0.0%	6.3%		7.7%	9.3%	5.6%	7.7%	
														
Demand  change in		14	4	7	2	3	1	3		18	15	6	1	
culture of company		8.3%	3.1%	17.5%	6.3%	12.0%	5.9%	9.4%		6.9%	8.2%	16.7%	3.8%	
			C	B						c		a		
														
Demand change in		5	0	0	1	0	0	1		3	4	1	0	
operations of company		3.0%	0.0%	0.0%	3.1%	0.0%	0.0%	3.1%		1.1%	2.2%	2.8%	0.0%	
		b	adg		b			b						
														
Other:		6	3	2	1	2	0	1		12	3	2	0	
		3.6%	2.3%	5.0%	3.1%	8.0%	0.0%	3.1%		4.6%	1.6%	5.6%	0.0%	
														
Millennials offer no
particular challenges in		
36	
18	
5	
4	
3	
3	
5		
43	
30	
6	
3	
our firm		21.4%	13.8%	12.5%	12.5%	12.0%	17.6%	15.6%		16.5%	16.4%	16.7%	11.5%	

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

170 

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

7c. What are the primary challenges related to employing Millennials (under age 35)?

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Open company up to		12	9	6	7	4	3	0	
more online risk		8.0%	7.8%	7.6%	9.6%	7.3%	9.7%	0.0%	
									
Demand  change in		11	12	6	6	3	2	0	
culture of company		7.3%	10.3%	7.6%	8.2%	5.5%	6.5%	0.0%	
									
Demand change in		0	2	2	2	0	2	0	
operations of company		0.0%	1.7%	2.5%	2.7%	0.0%	6.5%	0.0%	
		dF			a		A		
									
Other:		3	4	5	3	1	1	0	
		2.0%	3.4%	6.3%	4.1%	1.8%	3.2%	0.0%	
									
Millennials offer no
particular challenges in		
21	
17	
14	
17	
8	
6	
1	
our firm		14.0%	14.7%	17.7%	23.3%	14.5%	19.4%	25.0%	

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

171 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Total		517		77	20	90	19	21	26	58	76	33	82	
		100.0%		14.9%	3.9%	17.4%	3.7%	4.1%	5.0%	11.2%	14.7%	6.4%	15.9%	
														
Redefined work hours to		108		16	5	14	2	3	6	12	24	5	17	
be more flexible		20.9%		20.8%	25.0%	15.6%	10.5%	14.3%	23.1%	20.7%	31.6%	15.2%	20.7%	
						h					c			
														
Allow employees to		89		9	4	8	1	7	6	14	20	5	12	
work from home		17.2%		11.7%	20.0%	8.9%	5.3%	33.3%	23.1%	24.1%	26.3%	15.2%	14.6%	
				eh		EgH	e	aCd		c	aC			
														
Implemented new		83		12	3	14	1	3	4	12	14	5	12	
training modules		16.1%		15.6%	15.0%	15.6%	5.3%	14.3%	15.4%	20.7%	18.4%	15.2%	14.6%	
														
Implemented new		69		10	4	8	0	3	6	10	12	4	12	
mentoring programs		13.3%		13.0%	20.0%	8.9%	0.0%	14.3%	23.1%	17.2%	15.8%	12.1%	14.6%	
					d		bf		d					
														
Redefined company		50		7	2	11	1	3	5	3	6	3	8	
culture		9.7%		9.1%	10.0%	12.2%	5.3%	14.3%	19.2%	5.2%	7.9%	9.1%	9.8%	
									g	f				
														
Implemented a social
responsibility policy for		
36		
6	
0	
5	
0	
1	
1	
4	
8	
4	
7	
company		7.0%		7.8%	0.0%	5.6%	0.0%	4.8%	3.8%	6.9%	10.5%	12.1%	8.5%	

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

172 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		174	123	105	32	42	11	20		37	23	356	23	33	
		33.7%	23.8%	20.3%	6.2%	8.1%	2.1%	3.9%		7.2%	4.4%	68.9%	4.4%	6.4%	
															
Redefined work hours to		28	34	19	8	10	5	3		7	5	74	2	7	
be more flexible		16.1%	27.6%	18.1%	25.0%	23.8%	45.5%	15.0%		18.9%	21.7%	20.8%	8.7%	21.2%	
		bf	a	f			ac								
															
Allow employees to		25	23	17	4	11	2	6		6	5	62	4	3	
work from home		14.4%	18.7%	16.2%	12.5%	26.2%	18.2%	30.0%		16.2%	21.7%	17.4%	17.4%	9.1%	
															
Implemented new		23	17	19	5	10	4	3		6	5	49	5	6	
training modules		13.2%	13.8%	18.1%	15.6%	23.8%	36.4%	15.0%		16.2%	21.7%	13.8%	21.7%	18.2%	
		f					a								
															
Implemented new		16	12	14	3	8	5	9		8	4	45	5	2	
mentoring programs		9.2%	9.8%	13.3%	9.4%	19.0%	45.5%	45.0%		21.6%	17.4%	12.6%	21.7%	6.1%	
		FG	FG	FG	fG	g	ABCd	ABCDe							
															
Redefined company		13	12	11	4	6	3	1		2	4	33	2	4	
culture		7.5%	9.8%	10.5%	12.5%	14.3%	27.3%	5.0%		5.4%	17.4%	9.3%	8.7%	12.1%	
		f					a								
															
Implemented a social
responsibility policy for		
12	
5	
5	
1	
7	
3	
2		
2	
5	
24	
1	
2	
company		6.9%	4.1%	4.8%	3.1%	16.7%	27.3%	10.0%		5.4%	21.7%	6.7%	4.3%	6.1%	
		ef	EF	eF	f	aBc	aBCd				C	B			

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

173 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		168	130	40	32	25	17	32		261	183	36	26	
		32.5%	25.1%	7.7%	6.2%	4.8%	3.3%	6.2%		50.5%	35.4%	7.0%	5.0%	
														
Redefined work hours to		34	23	10	8	8	2	5		54	43	9	2	
be more flexible		20.2%	17.7%	25.0%	25.0%	32.0%	11.8%	15.6%		20.7%	23.5%	25.0%	7.7%	
														
Allow employees to		30	19	6	7	4	3	9		41	33	11	4	
work from home		17.9%	14.6%	15.0%	21.9%	16.0%	17.6%	28.1%		15.7%	18.0%	30.6%	15.4%	
										c		a		
														
Implemented new		18	18	12	0	6	3	8		47	27	5	4	
training modules		10.7%	13.8%	30.0%	0.0%	24.0%	17.6%	25.0%		18.0%	14.8%	13.9%	15.4%	
		Cg	cd	AbD	bCEfG	D	d	aD						
														
Implemented new		15	16	4	3	3	5	13		29	25	8	6	
mentoring programs		8.9%	12.3%	10.0%	9.4%	12.0%	29.4%	40.6%		11.1%	13.7%	22.2%	23.1%	
		fG	G	G	G	g	a	ABCDe						
														
Redefined company		11	11	7	6	2	2	2		15	29	3	3	
culture		6.5%	8.5%	17.5%	18.8%	8.0%	11.8%	6.3%		5.7%	15.8%	8.3%	11.5%	
		cd		a	a					B	A			
														
Implemented a social
responsibility policy for		
12	
5	
5	
1	
1	
5	
2		
10	
20	
3	
3	
company		7.1%	3.8%	12.5%	3.1%	4.0%	29.4%	6.3%		3.8%	10.9%	8.3%	11.5%	
		F	cF	b	f	f	ABdeg	f		B	A			

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

174 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		150	116	79	73	55	31	4	
		29.0%	22.4%	15.3%	14.1%	10.6%	6.0%	0.8%	
									
Redefined work hours to		33	22	20	13	15	3	1	
be more flexible		22.0%	19.0%	25.3%	17.8%	27.3%	9.7%	25.0%	
									
Allow employees to		26	21	15	12	9	5	0	
work from home		17.3%	18.1%	19.0%	16.4%	16.4%	16.1%	0.0%	
									
Implemented new		25	16	13	8	15	4	1	
training modules		16.7%	13.8%	16.5%	11.0%	27.3%	12.9%	25.0%	
			e		e	bd			
									
Implemented new		12	17	15	10	8	4	2	
mentoring programs		8.0%	14.7%	19.0%	13.7%	14.5%	12.9%	50.0%	
		cG		a				A	
									
Redefined company		14	12	5	9	7	3	0	
culture		9.3%	10.3%	6.3%	12.3%	12.7%	9.7%	0.0%	
									
Implemented a social
responsibility policy for		
13	
8	
3	
7	
3	
1	
1	
company		8.7%	6.9%	3.8%	9.6%	5.5%	3.2%	25.0%	

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

175 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Totals		Industry	

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
		 		A	B	C	D	E	F	G	H	I	J	
														
Added more  fringe
benefits  such as on-site		
31		
4	
2	
8	
0	
3	
4	
3	
2	
0	
2	
fitness centers		6.0%		5.2%	10.0%	8.9%	0.0%	14.3%	15.4%	5.2%	2.6%	0.0%	2.4%	
								hij	hij		ef	ef	ef	
														
Reduced hours worked		11		1	1	2	0	2	1	0	2	1	1	
per week		2.1%		1.3%	5.0%	2.2%	0.0%	9.5%	3.8%	0.0%	2.6%	3.0%	1.2%	
								gj		e			e	
														
Did away with required		10		0	0	1	0	3	1	2	2	0	1	
work hours		1.9%		0.0%	0.0%	1.1%	0.0%	14.3%	3.8%	3.4%	2.6%	0.0%	1.2%	
				E		E		AChiJ			e	e	E	
														
Other:		12		3	1	4	0	0	0	1	0	1	2	
		2.3%		3.9%	5.0%	4.4%	0.0%	0.0%	0.0%	1.7%	0.0%	3.0%	2.4%	
														
We have not made
special efforts to attract		
305		
47	
10	
58	
16	
9	
13	
34	
41	
22	
49	
Millennials		59.0%		61.0%	50.0%	64.4%	84.2%	42.9%	50.0%	58.6%	53.9%	66.7%	59.8%	
					d		befghj	d	d	d	d		d	

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

176 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Added more  fringe
benefits  such as on-site		
7	
7	
6	
4	
4	
1	
2		
3	
5	
19	
1	
0	
fitness centers		4.0%	5.7%	5.7%	12.5%	9.5%	9.1%	10.0%		8.1%	21.7%	5.3%	4.3%	0.0%	
											CE	B		B	
															
Reduced hours worked		7	1	0	0	2	1	0		3	0	6	0	1	
per week		4.0%	0.8%	0.0%	0.0%	4.8%	9.1%	0.0%		8.1%	0.0%	1.7%	0.0%	3.0%	
		c	f	aeF		c	bC			c		a			
															
Did away with required		8	0	1	1	0	0	0		0	2	6	0	1	
work hours		4.6%	0.0%	1.0%	3.1%	0.0%	0.0%	0.0%		0.0%	8.7%	1.7%	0.0%	3.0%	
		b	a								c	b			
															
Other:		4	1	3	1	1	1	1		2	0	8	0	1	
		2.3%	0.8%	2.9%	3.1%	2.4%	9.1%	5.0%		5.4%	0.0%	2.2%	0.0%	3.0%	
			f				b								
															
We have not made
special efforts to attract		
113	
77	
61	
17	
21	
4	
9		
20	
11	
219	
17	
18	
Millennials		64.9%	62.6%	58.1%	53.1%	50.0%	36.4%	45.0%		54.1%	47.8%	61.5%	73.9%	54.5%	

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

177 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Added more  fringe
benefits  such as on-site		
5	
10	
2	
1	
2	
1	
2		
10	
15	
3	
3	
fitness centers		3.0%	7.7%	5.0%	3.1%	8.0%	5.9%	6.3%		3.8%	8.2%	8.3%	11.5%	
														
Reduced hours worked		8	0	0	0	1	1	1		4	6	0	1	
per week		4.8%	0.0%	0.0%	0.0%	4.0%	5.9%	3.1%		1.5%	3.3%	0.0%	3.8%	
		b	aeFg			b	B	b						
														
Did away with required		7	0	0	0	0	0	0		4	4	1	1	
work hours		4.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		1.5%	2.2%	2.8%	3.8%	
		b	a											
														
Other:		4	1	1	3	0	0	2		6	4	1	1	
		2.4%	0.8%	2.5%	9.4%	0.0%	0.0%	6.3%		2.3%	2.2%	2.8%	3.8%	
		d	Dg		aB			b						
														
We have not made
special efforts to attract		
102	
88	
21	
21	
11	
10	
17		
167	
98	
21	
15	
Millennials		60.7%	67.7%	52.5%	65.6%	44.0%	58.8%	53.1%		64.0%	53.6%	58.3%	57.7%	
			e			b				b	a			

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

178 

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

7d. Has your company made any of the following changes in an effort to retain or recruit Millennials (under age 35)?

N=517		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Added more  fringe
benefits  such as on-site		
9	
3	
3	
7	
6	
1	
1	
fitness centers		6.0%	2.6%	3.8%	9.6%	10.9%	3.2%	25.0%	
			deg		b	b		b	
									
Reduced hours worked		4	2	4	0	1	0	0	
per week		2.7%	1.7%	5.1%	0.0%	1.8%	0.0%	0.0%	
									
Did away with required		2	2	3	2	0	1	0	
work hours		1.3%	1.7%	3.8%	2.7%	0.0%	3.2%	0.0%	
									
Other:		2	3	3	2	1	0	1	
		1.3%	2.6%	3.8%	2.7%	1.8%	0.0%	25.0%	
		G	g		g	g	G	AbdeF	
									
We have not made
special efforts to attract		
89	
67	
45	
47	
30	
24	
2	
Millennials		59.3%	57.8%	57.0%	64.4%	54.5%	77.4%	50.0%	
			f	f		f	bce		

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

179 

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

8. On November 17, 2014 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:

N=517		Totals		Industry	
Number
Mean
Median		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
														
Number		517		77	20	90	19	21	26	58	76	33	82	
Percent		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
Over the next year, I		445		71	15	79	15	20	24	52	67	29	65	
expect the average annual		10.6		10.4	10.6	9.8	11.4	10.3	11.7	10.9	10.9	10.1	10.4	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		2.5		5.0	6.0	5.0	5.0	5.5	5.5	5.0	5.0	5.0	5.0	
														
Over the next 10 years, I		444		70	15	78	17	20	24	53	66	29	64	
expect the average annual		10.4		9.5	10.7	9.8	10.5	10.6	10.9	10.6	10.4	11.3	10.9	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		3.5		9.0	9.5	10.0	10.0	8.0	10.0	10.0	10.0	10.0	10.0	
														
Over the next 10 years, I		461		72	16	82	16	21	24	54	68	29	70	
expect the average annual		6.7		6.3	6.8	6.2	6.3	8.0	7.0	6.6	7.0	6.5	6.7	
S&P 500 return will be:
Expected return:		2.5		6.0	6.5	6.0	6.0	6.5	6.5	7.0	7.0	5.0	6.0	
														
Over the next year, I		462		73	16	83	17	21	24	53	68	29	69	
expect the average annual		5.9		5.7	6.5	5.5	5.8	6.7	6.0	5.9	6.3	5.9	5.4	
S&P 500 return will be:
Expected return:		3.3		10.0	10.0	10.0	10.0	10.0	9.5	10.0	10.0	8.0	10.0	
														
Over the next 10 years, I		442		70	15	79	15	19	24	53	66	28	64	
expect the average annual		1.5		1.5	1.0	1.1	2.4	4.0	2.1	0.7	1.9	1.9	1.1	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		4.3		1.5	0.0	0.8	2.3	1.0	-2.5	0.0	1.0	1.0	0.0	
														
Over the next year, I		443		71	15	79	16	19	24	52	66	27	65	
expect the average annual		-1.8		-1.9	-1.5	-2.1	-0.7	0.3	-4.0	-2.6	-0.7	0.1	-2.3	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		0.0		2.0	2.1	2.0	3.0	3.3	2.0	2.0	2.5	2.0	2.0	

180 

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

8. On November 17, 2014 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:

N=517		Sales Revenue		Ownership	
Number
Mean
Median		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Number		174	123	105	32	42	11	20		37	23	356	23	33	
Percent		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%		7.8%	4.9%	75.4%	4.9%	7.0%	
															
Over the next year, I		141	107	96	31	38	10	17		35	23	305	18	26	
expect the average annual		10.2	10.1	11.8	10.2	10.7	10.2	10.4		11.2	11.0	10.3	12.8	10.1	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		5.0	5.0	6.0	6.0	5.0	6.0	5.0		5.5	5.5	5.0	5.5	6.0	
															
Over the next 10 years, I		141	108	95	31	37	10	17		34	23	306	18	26	
expect the average annual		10.3	10.0	10.7	10.3	10.2	11.7	10.8		12.7	9.8	10.0	10.8	10.6	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		10.0	10.0	10.0	10.0	10.0	10.0	9.0		11.5	9.0	10.0	10.0	10.0	
															
Over the next 10 years, I		145	113	99	31	39	10	19		37	23	316	19	28	
expect the average annual		6.8	6.5	6.6	6.1	6.8	7.8	7.8		7.5	6.2	6.5	7.3	6.8	
S&P 500 return will be:
Expected return:		6.0	6.3	6.8	5.5	6.5	7.5	7.0		7.5	5.5	6.0	6.5	7.0	
															
Over the next year, I		143	114	100	31	39	10	20		37	23	316	19	28	
expect the average annual		5.8	5.9	6.3	5.3	5.6	6.5	5.1		5.4	5.3	5.9	5.7	6.0	
S&P 500 return will be:
Expected return:		10.0	10.0	10.0	10.5	10.0	10.0	7.5		10.0	10.0	10.0	12.0	10.0	
															
Over the next 10 years, I		137	107	96	31	38	10	18		35	23	303	18	26	
expect the average annual		2.3	1.5	0.7	1.0	1.5	2.9	-0.5		0.2	2.1	1.6	-0.1	2.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.0	0.0	0.0	0.5	-0.5	-1.0	-1.0		-2.0	-4.0	1.0	1.0	0.0	
															
Over the next year, I		140	106	96	31	38	10	17		34	23	304	18	26	
expect the average annual		0.5	-1.8	-3.4	-3.0	-4.3	0.0	-4.7		-5.0	-4.2	-1.4	-2.5	-1.2	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.0	2.0	2.0	2.0	2.0	3.5	2.5		2.0	2.0	2.0	1.0	3.0	

181 

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

8. On November 17, 2014 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:

N=517		Number of Employees		Foreign Sales	
Number
Mean
Median		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Number		168	130	40	32	25	17	32		261	183	36	26	
Percent		37.8%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.6%	36.2%	7.1%	5.1%	
														
Over the next year, I		138	111	39	27	23	14	29		218	166	32	24	
expect the average annual		10.3	10.2	10.7	11.1	9.5	12.6	10.4		10.3	10.7	10.6	12.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		5.0	5.0	5.0	6.5	5.0	5.0	5.0		5.0	5.0	5.0	5.5	
														
Over the next 10 years, I		138	112	39	26	22	14	29		219	164	32	24	
expect the average annual		10.3	10.3	10.1	9.8	10.7	10.5	10.3		10.2	10.3	10.9	11.4	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		10.0	10.0	9.5	9.0	10.0	10.0	10.0		10.0	10.0	10.0	10.0	
														
Over the next 10 years, I		143	115	40	28	24	15	30		228	170	33	25	
expect the average annual		6.5	6.7	5.9	7.2	6.6	7.2	6.7		6.3	7.0	7.2	7.3	
S&P 500 return will be:
Expected return:		6.0	7.0	5.0	7.0	7.0	6.0	7.0		6.0	7.0	7.0	6.0	
														
Over the next year, I		143	115	40	29	24	16	30		228	170	33	26	
expect the average annual		5.8	5.9	5.7	6.6	4.8	6.0	5.2		5.9	5.7	6.0	6.6	
S&P 500 return will be:
Expected return:		10.0	10.0	10.0	11.5	9.0	12.5	10.0		10.0	10.0	9.0	11.0	
														
Over the next 10 years, I		134	111	39	26	23	15	29		214	166	32	25	
expect the average annual		1.7	1.9	0.3	1.9	0.6	2.6	0.1		1.1	2.1	0.5	1.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		1.0	1.5	0.0	-5.0	0.0	1.0	-2.0		1.0	0.5	0.0	-1.0	
														
Over the next year, I		135	111	39	27	22	14	29		216	166	32	24	
expect the average annual		-0.7	-1.2	-3.1	-3.5	-4.0	-2.0	-4.7		-1.1	-2.0	-3.6	-3.7	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.0	2.0	2.0	2.1	2.0	2.0	2.0		2.0	2.2	2.5	2.0	

182 

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

8. On November 17, 2014 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:

N=517		Where are you personally located?	
Number
Mean
Median		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Number		150	116	79	73	55	31	4	
Percent		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
Over the next year, I		134	101	67	60	49	29	2	
expect the average annual		10.0	10.8	10.2	10.9	10.9	11.4	8.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		5.0	6.0	5.0	5.0	5.0	5.0	7.0	
									
Over the next 10 years, I		134	100	65	63	48	29	2	
expect the average annual		9.7	10.4	11.1	10.0	10.9	11.7	9.3	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		9.0	10.0	10.0	10.0	10.0	10.0	9.3	
									
Over the next 10 years, I		138	107	64	64	52	30	2	
expect the average annual		6.3	7.2	6.4	6.8	6.8	6.3	7.3	
S&P 500 return will be:
Expected return:		6.0	7.0	6.0	6.5	7.0	5.5	7.3	
									
Over the next year, I		137	107	67	63	52	30	2	
expect the average annual		5.8	6.4	5.4	6.2	5.1	5.7	7.0	
S&P 500 return will be:
Expected return:		10.0	10.0	10.0	10.0	10.0	10.0	8.0	
									
Over the next 10 years, I		133	100	64	61	49	29	2	
expect the average annual		2.0	2.5	1.9	0.8	-0.5	-1.0	5.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.0	1.0	0.0	0.0	-4.0	-2.0	5.0	
									
Over the next year, I		134	99	65	61	49	29	2	
expect the average annual		-0.8	-0.2	-1.3	-2.8	-6.3	-3.4	5.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.1	3.0	2.0	1.5	2.0	1.5	5.0	

183 

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

Return on assets (ROA=operating earnings/assets)

N=517		Totals		Industry	
Number
Mean
SD
Median		

		
Retail
Whole-
sale	
Mining
Construc-
tion	

Manufac-
turing	
Trans-
portation
Energy	
Commun-
ications
Media	
Tech
Software
Biotech	
Banking
Finance
Insur.	
Service
Consult-
ing	
Health-
care
Pharmac.	

Other	
		A		A	B	C	D	E	F	G	H	I	J	
														
Number		517		77	20	90	19	21	26	58	76	33	82	
Percent		100.0%		15.3%	4.0%	17.9%	3.8%	4.2%	5.2%	11.6%	15.1%	6.6%	16.3%	
														
% Approximate ROA in		395		63	19	75	17	16	19	46	57	21	54	
2013		7.5		9.0	5.5	9.0	3.6	11.7	2.4	5.7	10.0	2.4	7.3	
		11.1		10.0	11.3	11.5	9.2	13.6	11.2	9.0	14.2	10.7	8.4	
		0.0		7.0	4.5	7.1	3.0	6.8	3.8	2.8	7.0	2.8	6.5	
				dfi		fi	a	fgi	acehj	e	fi	acehj	fi	
														
% Expected ROA in		391		63	18	74	17	16	19	45	57	21	53	
2014		9.5		9.6	9.3	11.3	7.1	11.0	6.9	6.3	13.4	5.9	8.7	
		11.0		10.1	9.6	12.1	6.5	13.8	7.2	9.3	14.8	8.7	9.1	
		-5.0		7.2	7.0	9.1	4.8	7.0	5.0	2.5	7.0	4.5	7.0	
						g				cH	Gij	h	h	

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

184 

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

Return on assets (ROA=operating earnings/assets)

N=517		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public,
NYSE	
Public,
Nasdaq/
AMEX	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		174	123	105	32	42	11	20		37	23	356	23	33	
Percent		34.3%	24.3%	20.7%	6.3%	8.3%	2.2%	3.9%		7.8%	4.9%	75.4%	4.9%	7.0%	
															
% Approximate ROA in		133	95	83	27	30	9	15		31	17	283	12	18	
2013		6.5	8.2	8.3	7.8	5.6	7.5	12.9		9.2	5.9	7.8	5.4	3.0	
		13.2	11.0	8.6	11.4	8.6	4.2	10.8		11.8	9.9	11.3	13.9	5.9	
		5.0	5.8	5.6	7.2	5.0	5.4	8.5		9.0	3.5	6.0	2.5	1.5	
						g		e		e				a	
															
% Expected ROA in		131	93	84	27	29	9	15		31	16	280	12	19	
2014		10.3	8.9	9.0	10.8	7.7	8.6	12.9		11.3	6.7	10.1	7.8	2.7	
		13.4	11.5	8.9	8.2	6.5	5.2	11.4		8.6	9.4	11.5	12.6	3.8	
		5.8	6.3	7.1	9.0	6.5	6.3	9.5		9.5	3.0	7.1	3.5	1.0	
										E		E		AC	

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

185 

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

Return on assets (ROA=operating earnings/assets)

N=517		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		168	130	40	32	25	17	32		261	183	36	26	
Percent		37.8%	29.3%	9.0%	7.2%	5.6%	3.8%	7.2%		51.6%	36.2%	7.1%	5.1%	
														
% Approximate ROA in		135	101	28	25	18	15	23		200	149	24	19	
2013		6.3	8.3	8.3	6.7	9.1	11.5	9.3		6.5	7.9	10.9	10.0	
		12.6	10.0	11.3	7.0	7.7	10.9	7.8		10.8	11.3	13.0	7.9	
		5.0	5.0	5.0	7.8	7.5	8.0	7.0		5.0	6.0	8.0	10.3	
														
% Expected ROA in		134	99	28	25	18	15	23		197	149	24	18	
2014		9.3	9.6	9.8	8.2	10.2	11.8	9.6		8.6	10.2	12.3	10.6	
		12.6	11.4	9.6	7.0	7.6	11.6	7.4		11.0	10.9	13.9	7.5	
		5.8	7.0	6.0	7.3	9.5	8.0	8.0		5.8	7.8	8.5	10.7	

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

186 

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

Return on assets (ROA=operating earnings/assets)

N=517		Where are you personally located?	
Number
Mean
SD
Median		

Midwest
US	

Northeast
US	
South
Atlantic
US	

Pacific
US	
South
Central
US	

Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		150	116	79	73	55	31	4	
Percent		29.5%	22.8%	15.6%	14.4%	10.8%	6.1%	0.8%	
									
% Approximate ROA in		118	90	56	55	45	25	3	
2013		7.0	7.8	8.1	10.1	5.3	6.6	-0.3	
		11.6	9.9	7.8	14.0	11.6	11.1	8.4	
		5.0	6.0	7.0	6.3	5.0	5.3	-3.0	
									
% Expected ROA in		119	89	56	53	44	24	3	
2014		8.9	9.3	8.6	13.5	8.2	9.6	2.5	
		11.5	9.6	7.4	15.2	10.7	10.4	6.6	
		5.4	7.0	7.5	7.1	6.2	5.8	0.0	
		d	d	d	abc				

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

187 

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

Manufacturing capacity utilized

N=86		Total		Industry	
Number
Mean
SD
Median		

		
Retail
Whole-
sale	
Mining
Construc-
tion	

Manufac-
turing	
Trans-
portation
Energy	
Commun-
ications
Media	
Tech
Software
Biotech	
Banking
Finance
Insur.	
Service
Consult-
ing	
Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Number		86		0	0	86	0	0	0	0	0	0	0	
Percent		100.0%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
% of capacity utilized in		86		0	0	86	0	0	0	0	0	0	0	
first half of 2014		69.5		---	---	69.5	---	---	---	---	---	---	---	
		18.5		---	---	18.5	---	---	---	---	---	---	---	
		75.0		---	---	75.0	---	---	---	---	---	---	---	
														
% of capacity utilization		86		0	0	86	0	0	0	0	0	0	0	
planned for the		71.7		---	---	71.7	---	---	---	---	---	---	---	
remainder of 2014		17.8		---	---	17.8	---	---	---	---	---	---	---	
		75.0		---	---	75.0	---	---	---	---	---	---	---	

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

188 

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

Manufacturing capacity utilized

N=86		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public,
NYSE	
Public,
Nasdaq/
AMEX	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		20	18	27	9	7	1	3		6	7	69	0	0	
Percent		23.5%	21.2%	31.8%	10.6%	8.2%	1.2%	3.5%		7.3%	8.5%	84.1%	0.0%	0.0%	
															
% of capacity utilized in		20	18	27	9	7	1	3		6	7	69	0	0	
first half of 2014		65.8	62.8	72.2	74.7	76.4	90.0	70.0		80.5	68.6	68.7	---	---	
		19.5	16.3	17.6	16.9	22.9	---	26.5		16.7	18.6	18.5	---	---	
		71.0	65.0	75.0	77.5	82.5	45.0	60.0		85.0	72.5	75.0	---	---	
															
% of capacity utilization		20	18	27	9	7	1	3		6	7	69	0	0	
planned for the		69.6	65.3	74.6	77.8	71.3	90.0	73.3		78.5	71.9	71.0	---	---	
remainder of 2014		18.8	19.4	15.2	16.3	22.3	---	20.8		15.3	16.5	18.3	---	---	
		75.0	70.0	80.0	76.5	75.0	45.0	65.0		80.0	75.0	75.0	---	---	

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

189 

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

Manufacturing capacity utilized

N=86		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		20	26	9	12	7	3	4		14	55	10	6	
Percent		24.7%	32.1%	11.1%	14.8%	8.6%	3.7%	4.9%		16.5%	64.7%	11.8%	7.1%	
														
% of capacity utilized in		20	26	9	12	7	3	4		14	55	10	6	
first half of 2014		59.0	70.2	71.7	78.4	80.7	85.0	61.3		68.1	67.1	73.5	85.8	
		18.5	17.5	18.4	12.6	12.5	5.0	30.7		21.9	18.1	17.3	3.8	
		60.0	75.0	75.0	72.5	77.5	82.5	62.5		67.5	70.0	75.0	85.0	
		bDEf	a		A	A	a				d		b	
														
% of capacity utilization		20	26	9	12	7	3	4		14	55	10	6	
planned for the		63.0	72.8	74.8	80.2	80.1	83.3	58.8		70.4	70.3	75.2	80.0	
remainder of 2014		18.5	18.0	17.3	11.5	10.3	5.8	27.8		22.7	17.5	16.4	8.9	
		67.5	77.5	80.0	80.0	77.5	80.0	60.0		72.5	75.0	77.5	80.0	
		De			Ag	a		d						

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

190 

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

Manufacturing capacity utilized

N=86		Where are you personally located?	
Number
Mean
SD
Median		

Midwest
US	

Northeast
US	
South
Atlantic
US	

Pacific
US	
South
Central
US	

Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		42	8	12	12	8	3	1	
Percent		48.8%	9.3%	14.0%	14.0%	9.3%	3.5%	1.2%	
									
% of capacity utilized in		42	8	12	12	8	3	1	
first half of 2014		69.9	71.0	67.0	72.6	72.5	43.7	90.0	
		16.9	18.5	19.4	20.8	18.5	20.7	---	
		75.0	72.5	67.5	75.0	80.0	32.5	45.0	
		f					a		
									
% of capacity utilization		42	8	12	12	8	3	1	
planned for the		71.9	66.3	67.9	77.2	72.9	67.3	95.0	
remainder of 2014		16.6	19.6	16.8	20.4	20.7	19.7	---	
		75.0	72.5	71.0	82.5	80.0	60.0	47.5	

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

191 

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

Manufacturing capacity utilized (Revenue Weighted)

N=86		Total		Industry	
Number
Mean
SD		

		Retail
Whole-
sale	Mining
Construc-
tion	
Manufac-
turing	Trans-
portation
Energy	Commun-
ications
Media	Tech
Software
Biotech	Banking
Finance
Insur.	Service
Consult-
ing	Health-
care
Pharmac.	

Other	
				A	B	C	D	E	F	G	H	I	J	
														
Number		86		0	0	86	0	0	0	0	0	0	0	
Percent		100.0%		0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
% of capacity utilized in		86		0	0	86	0	0	0	0	0	0	0	
first half of 2014		74.1		---	---	74.1	---	---	---	---	---	---	---	
		22.4		---	---	22.4	---	---	---	---	---	---	---	
														
% of capacity utilization		86		0	0	86	0	0	0	0	0	0	0	
planned for the		74.0		---	---	74.0	---	---	---	---	---	---	---	
remainder of 2014		20.4		---	---	20.4	---	---	---	---	---	---	---	

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

192 

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

Manufacturing capacity utilized (Revenue Weighted)

N=86		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		1	3	26	3	30	2	21		11	18	56	0	0	
Percent		1.2%	3.5%	30.2%	3.5%	34.9%	2.3%	24.4%		12.9%	21.2%	65.9%	0.0%	0.0%	
															
% of capacity utilized in		1	3	26	3	30	2	21		11	18	56	0	0	
first half of 2014		75.0	61.7	79.4	70.7	75.5	90.0	66.2		94.2	57.5	75.9	---	---	
		---	27.5	18.7	11.0	25.0	0.0	23.6		5.5	21.6	21.1	---	---	
				g				c		BC	AC	AB			
															
% of capacity utilization		1	3	26	3	30	2	21		11	18	56	0	0	
planned for the		90.0	61.7	79.5	79.3	70.9	90.0	70.5		90.2	61.4	75.1	---	---	
remainder of 2014		---	27.5	15.7	5.1	25.0	0.0	18.6		10.3	15.3	21.0	---	---	
										Bc	Ac	ab			

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

193 

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

Manufacturing capacity utilized (Revenue Weighted)

N=86		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		1	6	9	16	16	17	19		11	44	14	16	
Percent		1.2%	7.1%	10.7%	19.0%	19.0%	20.2%	22.6%		12.9%	51.8%	16.5%	18.8%	
														
% of capacity utilized in		1	6	9	16	16	17	19		11	44	14	16	
first half of 2014		75.0	62.8	77.8	82.2	89.3	85.6	46.8		81.4	72.0	58.6	87.8	
		---	27.1	19.2	13.3	11.2	4.3	22.1		18.5	23.0	26.6	2.6	
			dEF	G	bG	BG	BG	CDEF		c	D	aD	BC	
														
% of capacity utilization		1	6	9	16	16	17	19		11	44	14	16	
planned for the		75.0	69.2	76.2	82.3	86.4	84.1	48.4		80.5	71.3	65.0	84.4	
remainder of 2014		---	27.5	16.5	11.3	8.9	5.1	20.7		17.7	22.3	21.8	7.3	
			ef	G	G	bG	bG	CDEF			d	D	bC	

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

194 

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

Manufacturing capacity utilized (Revenue Weighted)

N=86		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		21	9	21	23	12	0	0	
Percent		24.4%	10.5%	24.4%	26.7%	14.0%	0.0%	0.0%	
									
% of capacity utilized in		21	9	21	23	12	0	0	
first half of 2014		76.4	46.7	82.6	71.1	81.3	---	---	
		17.8	25.4	16.9	26.2	10.7	---	---	
		B	ACdE	B	b	B			
									
% of capacity utilization		21	9	21	23	12	0	0	
planned for the		79.4	41.1	79.8	73.3	80.3	---	---	
remainder of 2014		16.0	24.3	14.4	20.2	8.2	---	---	
		B	ACDE	B	B	B			

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