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
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	15
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]	27
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]	35
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]	39
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]	43
5a. During 2015, does your company plan to:	47
5a. What proportion of your acquisition spending will be cross-border (outside your country)?	51
5a. Where will your cross-border acquisitions occur?	59
5b. During 2015, does your company plan to:	63
6a. To date, what effect have changes in interest rates had on your business?	67
6a. Has the effect of interest rates on your business been..	71
6a. To date, what effect have changes in oil prices had on your business?	75
6a. Has the effect of oil prices on your business been..	79
6a. To date, what effect have changes in currency values had on your business?	83
6a. Has the effect of currency values on your business been..	87
6b. How have interest rates affected capital spending plans for the next 12 months?	91
6b. How have low oil prices affected capital spending plans? for the next 12 months	95
6b. How has the dollar appreciation affected capital spending plans for the next 12 months?	99
6b. How have interest rates affected hiring plans for the next 12 months?	103
6b. How have low oil prices affected hiring plans for the next 12 months?	107
6b. How has the dollar appreciation affected hiring plans for the next 12 months?	111
6c. By year-end 2015, what do you expect long term interest rates will change by:	115
6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	123
6c. Relative to the euro, the value of the US dollar will change by:	131
7. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?	143
7. Why has your firm recently increased your primary employees' real wages/salaries?	147
8. On February 16, 2015 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:	155
Return on assets (ROA=operating earnings/assets)	159
Manufacturing capacity utilized	163
Manufacturing capacity utilized (Revenue Weighted)	167

 1 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
1=More optimistic		253		28	12	41	6	7	20	30	45	17	45	
		46.5%		40.0%	54.5%	40.2%	22.2%	70.0%	64.5%	55.6%	48.4%	43.6%	49.5%	
				f	d	f	beFGhj	d	acD	D	d		d	
														
0=No change		201		30	8	44	12	3	6	15	29	19	34	
		36.9%		42.9%	36.4%	43.1%	44.4%	30.0%	19.4%	27.8%	31.2%	48.7%	37.4%	
				f		f	f		acdi	i		fg		
														
-1=Less optimistic		90		12	2	17	9	0	5	9	19	3	12	
		16.5%		17.1%	9.1%	16.7%	33.3%	0.0%	16.1%	16.7%	20.4%	7.7%	13.2%	
					d		beIj	d				D	d	
														
Mean		0.3		0.2	0.5	0.2	-0.1	0.7	0.5	0.4	0.3	0.4	0.4	
SD		0.7		0.7	0.7	0.7	0.8	0.5	0.8	0.8	0.8	0.6	0.7	
				d	D	de	aBcEFGhIJ	cD	D	D	d	D	D	

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

2 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		199	123	101	34	40	18	25	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%	
									
1=More optimistic		90	62	48	14	18	6	13	
		45.7%	50.8%	47.5%	41.2%	45.0%	33.3%	52.0%	
									
0=No change		71	43	39	15	16	8	7	
		36.0%	35.2%	38.6%	44.1%	40.0%	44.4%	28.0%	
									
-1=Less optimistic		36	17	14	5	6	4	5	
		18.3%	13.9%	13.9%	14.7%	15.0%	22.2%	20.0%	
									
Mean		0.3	0.4	0.3	0.3	0.3	0.1	0.3	
SD		0.8	0.7	0.7	0.7	0.7	0.8	0.8	

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

3 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
1=More optimistic		66	65	37	34	31	15	4	
		42.9%	50.4%	43.5%	50.7%	55.4%	33.3%	80.0%	
			f			f	beg	f	
									
0=No change		64	48	30	25	14	19	1	
		41.6%	37.2%	35.3%	37.3%	25.0%	42.2%	20.0%	
		e				a			
									
-1=Less optimistic		24	16	18	8	11	11	0	
		15.6%	12.4%	21.2%	11.9%	19.6%	24.4%	0.0%	
									
Mean		0.3	0.4	0.2	0.4	0.4	0.1	0.8	
SD		0.7	0.7	0.8	0.7	0.8	0.8	0.4	
			f		f		bdg	f	

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

4 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=547		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		547		70	23	103	27	10	31	54	93	40	91	
Percent		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Optimism rating		456		59	19	90	23	7	25	46	74	33	78	
		64.7		62.2	66.7	63.2	58.3	71.4	69.2	64.7	63.6	68.0	67.2	
		16.5		16.4	10.6	16.7	15.8	9.0	20.1	15.5	17.7	13.6	17.1	
							efij	d	d			d	d	

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

5 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=547		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		199	123	101	34	40	18	25	
Percent		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%	
									
Optimism rating		169	104	91	24	30	18	16	
		63.8	65.8	63.9	68.1	63.6	70.0	62.5	
		17.8	14.6	17.8	15.4	13.9	13.3	17.3	

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

6 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=547		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		155	129	86	67	57	45	5	
Percent		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Optimism rating		134	106	73	55	46	37	4	
		66.6	65.6	62.6	64.1	62.8	61.9	70.0	
		16.1	16.6	16.6	17.0	17.0	16.8	9.1	

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

7 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
1=More optimistic		264		37	13	40	9	6	19	23	49	20	46	
		48.4%		52.9%	56.5%	39.6%	33.3%	60.0%	61.3%	42.6%	52.7%	50.0%	50.5%	
						f	f		cd					
														
0=No change		165		22	6	30	9	1	6	22	26	13	29	
		30.3%		31.4%	26.1%	29.7%	33.3%	10.0%	19.4%	40.7%	28.0%	32.5%	31.9%	
									g	f				
														
-1=Less optimistic		116		11	4	31	9	3	6	9	18	7	16	
		21.3%		15.7%	17.4%	30.7%	33.3%	30.0%	19.4%	16.7%	19.4%	17.5%	17.6%	
				c		aj							c	
														
Mean		0.3		0.4	0.4	0.1	0.0	0.3	0.4	0.3	0.3	0.3	0.3	
SD		0.8		0.7	0.8	0.8	0.8	0.9	0.8	0.7	0.8	0.8	0.8	
				cd		ahj	a				c		c	

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

8 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
1=More optimistic		96	61	45	14	24	10	12		19	12	183	9	23	
		48.7%	49.6%	44.6%	41.2%	60.0%	55.6%	48.0%		41.3%	46.2%	50.0%	45.0%	50.0%	
															
0=No change		56	41	33	13	9	4	7		11	9	110	6	18	
		28.4%	33.3%	32.7%	38.2%	22.5%	22.2%	28.0%		23.9%	34.6%	30.1%	30.0%	39.1%	
															
-1=Less optimistic		45	21	23	7	7	4	6		16	5	73	5	5	
		22.8%	17.1%	22.8%	20.6%	17.5%	22.2%	24.0%		34.8%	19.2%	19.9%	25.0%	10.9%	
										cE		a		A	
															
Mean		0.3	0.3	0.2	0.2	0.4	0.3	0.2		0.1	0.3	0.3	0.2	0.4	
SD		0.8	0.8	0.8	0.8	0.8	0.8	0.8		0.9	0.8	0.8	0.8	0.7	
										e				a	

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

9 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
1=More optimistic		98	58	18	18	17	6	22		136	86	19	17	
		50.8%	45.0%	47.4%	46.2%	58.6%	50.0%	56.4%		49.8%	48.6%	38.8%	45.9%	
														
0=No change		54	42	15	12	8	3	7		84	56	15	9	
		28.0%	32.6%	39.5%	30.8%	27.6%	25.0%	17.9%		30.8%	31.6%	30.6%	24.3%	
				g				c						
														
-1=Less optimistic		41	29	5	9	4	3	10		53	35	15	11	
		21.2%	22.5%	13.2%	23.1%	13.8%	25.0%	25.6%		19.4%	19.8%	30.6%	29.7%	
														
Mean		0.3	0.2	0.3	0.2	0.4	0.3	0.3		0.3	0.3	0.1	0.2	
SD		0.8	0.8	0.7	0.8	0.7	0.9	0.9		0.8	0.8	0.8	0.9	

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

10 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
1=More optimistic		76	61	44	36	24	18	4	
		49.4%	47.3%	51.2%	53.7%	42.1%	40.9%	80.0%	
									
0=No change		41	42	24	25	18	14	1	
		26.6%	32.6%	27.9%	37.3%	31.6%	31.8%	20.0%	
									
-1=Less optimistic		37	26	18	6	15	12	0	
		24.0%	20.2%	20.9%	9.0%	26.3%	27.3%	0.0%	
		D	d	d	Abcef	d	d		
									
Mean		0.3	0.3	0.3	0.4	0.2	0.1	0.8	
SD		0.8	0.8	0.8	0.7	0.8	0.8	0.4	
					ef	d	d		

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

11 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=547		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		547		70	23	103	27	10	31	54	93	40	91	
Percent		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Optimism rating		451		59	20	89	23	7	25	45	75	32	74	
		67.5		66.8	71.2	63.9	59.9	67.4	64.4	71.6	66.2	71.0	72.0	
		18.5		17.1	12.7	18.2	19.0	10.1	22.3	15.9	20.2	17.2	19.4	
					d	gJ	bGiJ			cD		d	CD	

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

12 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
Percent		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
Optimism rating		169	102	87	23	30	18	18		38	19	318	12	37	
		67.1	68.4	66.6	71.8	66.8	71.7	62.5		62.6	61.9	67.8	67.3	72.3	
		19.1	16.7	19.1	18.3	19.8	16.0	21.2		19.4	22.2	18.4	20.3	17.3	
										e				a	

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

13 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=547		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		194	129	38	39	29	12	39		274	178	49	37	
Percent		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
Optimism rating		168	110	31	36	20	6	32		227	152	33	33	
		68.0	67.3	70.1	67.7	73.7	62.5	62.0		68.8	66.8	63.8	65.5	
		18.9	19.4	18.3	18.1	18.7	15.7	18.7		18.5	18.2	18.0	19.8	
						g		e						

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

14 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=547		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		155	129	86	67	57	45	5	
Percent		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Optimism rating		134	104	74	53	45	36	4	
		69.1	67.3	66.2	68.9	63.7	66.4	72.5	
		18.2	18.7	19.8	16.3	18.5	19.8	13.2	

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

15 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		532		67	22	100	25	10	29	52	92	40	90	
		100.0%		12.6%	4.1%	18.8%	4.7%	1.9%	5.5%	9.8%	17.3%	7.5%	16.9%	
														
Government policies		205		22	11	27	13	3	7	17	40	23	38	
		38.5%		32.8%	50.0%	27.0%	52.0%	30.0%	24.1%	32.7%	43.5%	57.5%	42.2%	
				i	c	bdhIj	cf		dI	i	c	aCFg	c	
														
Cost of benefits		195		33	10	42	6	2	7	19	31	12	31	
		36.7%		49.3%	45.5%	42.0%	24.0%	20.0%	24.1%	36.5%	33.7%	30.0%	34.4%	
				dfh			a		a		a			
														
Regulatory requirements		194		21	8	24	9	2	7	38	22	29	31	
		36.5%		31.3%	36.4%	24.0%	36.0%	20.0%	24.1%	73.1%	23.9%	72.5%	34.4%	
				GI	GI	GI	GI	GI	GI	ABCDEFHJ	GI	ABCDEFHJ	GI	
														
Economic uncertainty		186		21	8	41	11	2	5	14	40	9	33	
		35.0%		31.3%	36.4%	41.0%	44.0%	20.0%	17.2%	26.9%	43.5%	22.5%	36.7%	
						fi	f		cdh		fi	ch		
														
Difficulty attracting /
retaining qualified		
155		
17	
7	
29	
7	
2	
12	
14	
20	
19	
27	
employees		29.1%		25.4%	31.8%	29.0%	28.0%	20.0%	41.4%	26.9%	21.7%	47.5%	30.0%	
				i		i			h	i	fI	acgH		
														
Data security		131		13	3	12	2	2	8	28	27	9	27	
		24.6%		19.4%	13.6%	12.0%	8.0%	20.0%	27.6%	53.8%	29.3%	22.5%	30.0%	
				G	G	fGHJ	Ghj		cg	ABCDfHIJ	CdG	G	CdG	
														
Weak demand for your		113		14	2	31	7	5	4	5	23	3	17	
products/services		21.2%		20.9%	9.1%	31.0%	28.0%	50.0%	13.8%	9.6%	25.0%	7.5%	18.9%	
					ce	bGI	gi	bfGIj	e	CdEh	gi	CdEh	e	

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

16 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		195	123	96	32	38	16	25		43	26	358	20	45	
		36.7%	23.1%	18.0%	6.0%	7.1%	3.0%	4.7%		8.1%	4.9%	67.3%	3.8%	8.5%	
															
Government policies		69	53	42	13	13	3	9		11	10	137	11	22	
		35.4%	43.1%	43.8%	40.6%	34.2%	18.8%	36.0%		25.6%	38.5%	38.3%	55.0%	48.9%	
										de			a	a	
															
Cost of benefits		69	57	36	13	11	2	4		10	5	147	8	16	
		35.4%	46.3%	37.5%	40.6%	28.9%	12.5%	16.0%		23.3%	19.2%	41.1%	40.0%	35.6%	
			fG	g	g		b	Bcd		c	c	ab			
															
Regulatory requirements		67	43	33	9	24	7	7		12	13	121	10	25	
		34.4%	35.0%	34.4%	28.1%	63.2%	43.8%	28.0%		27.9%	50.0%	33.8%	50.0%	55.6%	
		E	E	E	E	ABCDG		E		e		E		aC	
															
Economic uncertainty		71	42	38	12	9	4	7		18	9	124	10	11	
		36.4%	34.1%	39.6%	37.5%	23.7%	25.0%	28.0%		41.9%	34.6%	34.6%	50.0%	24.4%	
													e	d	
															
Difficulty attracting /
retaining qualified		
62	
35	
29	
7	
12	
5	
4		
6	
7	
112	
6	
17	
employees		31.8%	28.5%	30.2%	21.9%	31.6%	31.3%	16.0%		14.0%	26.9%	31.3%	30.0%	37.8%	
										ce		a		a	
															
Data security		48	23	19	8	15	7	8		10	8	82	9	15	
		24.6%	18.7%	19.8%	25.0%	39.5%	43.8%	32.0%		23.3%	30.8%	22.9%	45.0%	33.3%	
			Ef	ef		Bc	bc					d	c		
															
Weak demand for your		47	28	19	6	6	3	4		13	7	77	0	9	
products/services		24.1%	22.8%	19.8%	18.8%	15.8%	18.8%	16.0%		30.2%	26.9%	21.5%	0.0%	20.0%	
										D	d	d	Abce	d	

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

17 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		190	127	37	35	28	12	37		264	173	49	37	
		35.7%	23.9%	7.0%	6.6%	5.3%	2.3%	7.0%		49.6%	32.5%	9.2%	7.0%	
														
Government policies		70	44	18	15	10	6	14		125	49	15	11	
		36.8%	34.6%	48.6%	42.9%	35.7%	50.0%	37.8%		47.3%	28.3%	30.6%	29.7%	
										Bcd	A	a	a	
														
Cost of benefits		72	55	13	16	13	1	6		107	65	14	5	
		37.9%	43.3%	35.1%	45.7%	46.4%	8.3%	16.2%		40.5%	37.6%	28.6%	13.5%	
		fg	fG		fG	fg	abde	aBDe		D	D		AB	
														
Regulatory requirements		69	45	8	15	13	6	14		111	52	13	12	
		36.3%	35.4%	21.6%	42.9%	46.4%	50.0%	37.8%		42.0%	30.1%	26.5%	32.4%	
				e		c				bc	a	a		
														
Economic uncertainty		70	40	15	11	8	7	11		86	68	17	12	
		36.8%	31.5%	40.5%	31.4%	28.6%	58.3%	29.7%		32.6%	39.3%	34.7%	32.4%	
														
Difficulty attracting /
retaining qualified		
59	
35	
15	
9	
7	
2	
8		
79	
59	
10	
6	
employees		31.1%	27.6%	40.5%	25.7%	25.0%	16.7%	21.6%		29.9%	34.1%	20.4%	16.2%	
											d		b	
														
Data security		50	26	8	4	10	4	14		71	39	8	9	
		26.3%	20.5%	21.6%	11.4%	35.7%	33.3%	37.8%		26.9%	22.5%	16.3%	24.3%	
			g		eg	d		bd						
														
Weak demand for your		46	28	9	6	3	4	8		50	37	13	12	
products/services		24.2%	22.0%	24.3%	17.1%	10.7%	33.3%	21.6%		18.9%	21.4%	26.5%	32.4%	

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

18 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		151	125	83	66	56	43	5	
		28.4%	23.5%	15.6%	12.4%	10.5%	8.1%	0.9%	
									
Government policies		56	42	39	23	20	20	3	
		37.1%	33.6%	47.0%	34.8%	35.7%	46.5%	60.0%	
									
Cost of benefits		72	38	29	23	13	16	2	
		47.7%	30.4%	34.9%	34.8%	23.2%	37.2%	40.0%	
		BE	A			A			
									
Regulatory requirements		48	45	31	26	20	19	3	
		31.8%	36.0%	37.3%	39.4%	35.7%	44.2%	60.0%	
									
Economic uncertainty		46	50	32	23	19	13	2	
		30.5%	40.0%	38.6%	34.8%	33.9%	30.2%	40.0%	
									
Difficulty attracting /
retaining qualified		
49	
39	
23	
20	
13	
10	
1	
employees		32.5%	31.2%	27.7%	30.3%	23.2%	23.3%	20.0%	
									
Data security		35	28	22	18	13	14	1	
		23.2%	22.4%	26.5%	27.3%	23.2%	32.6%	20.0%	
									
Weak demand for your		30	27	19	13	15	8	1	
products/services		19.9%	21.6%	22.9%	19.7%	26.8%	18.6%	20.0%	

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

19 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		92		11	6	23	2	0	6	7	17	6	13	
		17.3%		16.4%	27.3%	23.0%	8.0%	0.0%	20.7%	13.5%	18.5%	15.0%	14.4%	
														
Currency risk		77		4	2	25	4	3	5	7	13	2	12	
		14.5%		6.0%	9.1%	25.0%	16.0%	30.0%	17.2%	13.5%	14.1%	5.0%	13.3%	
				Ce		AIj		ai				Ce	c	
														
Access to capital		75		8	2	13	3	3	9	9	11	4	12	
		14.1%		11.9%	9.1%	13.0%	12.0%	30.0%	31.0%	17.3%	12.0%	10.0%	13.3%	
				f		f			achij		f	f	f	
														
Employee morale		68		9	1	12	4	2	5	3	11	9	12	
		12.8%		13.4%	4.5%	12.0%	16.0%	20.0%	17.2%	5.8%	12.0%	22.5%	13.3%	
										i		g		
														
Rising wages and salaries		65		8	3	9	3	0	6	4	18	2	11	
		12.2%		11.9%	13.6%	9.0%	12.0%	0.0%	20.7%	7.7%	19.6%	5.0%	12.2%	
						h			i		ci	fh		
														
Corporate tax code		56		11	2	8	2	0	3	3	11	6	10	
[domestic]		10.5%		16.4%	9.1%	8.0%	8.0%	0.0%	10.3%	5.8%	12.0%	15.0%	11.1%	
														
Rising input or		45		9	3	12	2	1	2	1	1	2	12	
commodity costs		8.5%		13.4%	13.6%	12.0%	8.0%	10.0%	6.9%	1.9%	1.1%	5.0%	13.3%	
				gH	gH	gH				abcj	ABCJ		gH	
														
Geopolitical / health		31		5	0	6	2	0	0	1	7	4	6	
crises		5.8%		7.5%	0.0%	6.0%	8.0%	0.0%	0.0%	1.9%	7.6%	10.0%	6.7%	

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

20 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		31	19	22	6	4	5	4		7	0	70	0	8	
		15.9%	15.4%	22.9%	18.8%	10.5%	31.3%	16.0%		16.3%	0.0%	19.6%	0.0%	17.8%	
										b	ace	bd	ce	bd	
															
Currency risk		19	14	17	7	7	4	9		14	6	46	2	1	
		9.7%	11.4%	17.7%	21.9%	18.4%	25.0%	36.0%		32.6%	23.1%	12.8%	10.0%	2.2%	
		dG	G	g	a			ABc		CE	E	Ae		ABc	
															
Access to capital		38	15	9	3	6	1	0		2	6	51	3	5	
		19.5%	12.2%	9.4%	9.4%	15.8%	6.3%	0.0%		4.7%	23.1%	14.2%	15.0%	11.1%	
		cg		a		g		ae		b	a				
															
Employee morale		24	15	12	4	6	1	6		12	3	37	5	8	
		12.3%	12.2%	12.5%	12.5%	15.8%	6.3%	24.0%		27.9%	11.5%	10.3%	25.0%	17.8%	
										C		Ad	c		
															
Rising wages and salaries		25	20	9	2	4	2	2		2	2	47	1	7	
		12.8%	16.3%	9.4%	6.3%	10.5%	12.5%	8.0%		4.7%	7.7%	13.1%	5.0%	15.6%	
															
Corporate tax code		22	9	12	1	4	3	4		3	7	42	0	0	
[domestic]		11.3%	7.3%	12.5%	3.1%	10.5%	18.8%	16.0%		7.0%	26.9%	11.7%	0.0%	0.0%	
										b	acdE	be	b	Bc	
															
Rising input or		16	9	11	5	2	0	2		4	2	32	1	2	
commodity costs		8.2%	7.3%	11.5%	15.6%	5.3%	0.0%	8.0%		9.3%	7.7%	8.9%	5.0%	4.4%	
															
Geopolitical / health		12	8	3	2	4	1	1		1	2	21	2	3	
crises		6.2%	6.5%	3.1%	6.3%	10.5%	6.3%	4.0%		2.3%	7.7%	5.9%	10.0%	6.7%	

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

21 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		29	24	10	8	5	2	4		37	41	4	9	
		15.3%	18.9%	27.0%	22.9%	17.9%	16.7%	10.8%		14.0%	23.7%	8.2%	24.3%	
										b	ac	bd	c	
														
Currency risk		19	14	5	6	5	3	12		11	30	21	15	
		10.0%	11.0%	13.5%	17.1%	17.9%	25.0%	32.4%		4.2%	17.3%	42.9%	40.5%	
		G	G					AB		BCD	ACD	AB	AB	
														
Access to capital		36	16	4	2	1	1	2		37	24	5	7	
		18.9%	12.6%	10.8%	5.7%	3.6%	8.3%	5.4%		14.0%	13.9%	10.2%	18.9%	
		eg				a		a						
														
Employee morale		14	15	7	9	4	1	8		31	23	7	6	
		7.4%	11.8%	18.9%	25.7%	14.3%	8.3%	21.6%		11.7%	13.3%	14.3%	16.2%	
		cDG	d	a	Ab			A						
														
Rising wages and salaries		25	18	3	4	8	0	2		35	22	4	1	
		13.2%	14.2%	8.1%	11.4%	28.6%	0.0%	5.4%		13.3%	12.7%	8.2%	2.7%	
		e		e		acfg	e	e						
														
Corporate tax code		22	14	2	4	1	3	4		30	15	8	3	
[domestic]		11.6%	11.0%	5.4%	11.4%	3.6%	25.0%	10.8%		11.4%	8.7%	16.3%	8.1%	
						f	e							
														
Rising input or		16	13	3	4	2	0	3		20	20	3	2	
commodity costs		8.4%	10.2%	8.1%	11.4%	7.1%	0.0%	8.1%		7.6%	11.6%	6.1%	5.4%	
														
Geopolitical / health		12	7	2	2	2	1	3		10	13	3	5	
crises		6.3%	5.5%	5.4%	5.7%	7.1%	8.3%	8.1%		3.8%	7.5%	6.1%	13.5%	
										d			a	

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

22 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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		32	18	11	14	6	9	1	
		21.2%	14.4%	13.3%	21.2%	10.7%	20.9%	20.0%	
									
Currency risk		18	22	14	9	9	5	0	
		11.9%	17.6%	16.9%	13.6%	16.1%	11.6%	0.0%	
									
Access to capital		13	19	14	6	12	10	0	
		8.6%	15.2%	16.9%	9.1%	21.4%	23.3%	0.0%	
		eF			f	a	Ad		
									
Employee morale		20	19	6	11	9	3	0	
		13.2%	15.2%	7.2%	16.7%	16.1%	7.0%	0.0%	
									
Rising wages and salaries		21	17	4	11	5	6	0	
		13.9%	13.6%	4.8%	16.7%	8.9%	14.0%	0.0%	
		c	c	abd	c				
									
Corporate tax code		17	14	9	5	3	7	1	
[domestic]		11.3%	11.2%	10.8%	7.6%	5.4%	16.3%	20.0%	
									
Rising input or		16	9	6	6	7	0	1	
commodity costs		10.6%	7.2%	7.2%	9.1%	12.5%	0.0%	20.0%	
		f			f	f	adeG	F	
									
Geopolitical / health		9	6	5	2	4	4	1	
crises		6.0%	4.8%	6.0%	3.0%	7.1%	9.3%	20.0%	

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

23 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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	
														
Cost of borrowing		29		6	2	4	0	2	1	6	4	0	4	
		5.5%		9.0%	9.1%	4.0%	0.0%	20.0%	3.4%	11.5%	4.3%	0.0%	4.4%	
						e	e	cdhI		i	e	Eg		
														
Deflation		15		2	0	4	2	0	1	1	3	1	1	
		2.8%		3.0%	0.0%	4.0%	8.0%	0.0%	3.4%	1.9%	3.3%	2.5%	1.1%	
														
Inflation		9		1	2	1	0	0	0	2	2	0	1	
		1.7%		1.5%	9.1%	1.0%	0.0%	0.0%	0.0%	3.8%	2.2%	0.0%	1.1%	
					cj	b							b	
														
Other		41		3	1	9	2	0	2	1	8	2	13	
		7.7%		4.5%	4.5%	9.0%	8.0%	0.0%	6.9%	1.9%	8.7%	5.0%	14.4%	
				j						j			ag	

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

24 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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	
															
Cost of borrowing		12	6	3	3	2	1	1		2	2	21	1	1	
		6.2%	4.9%	3.1%	9.4%	5.3%	6.3%	4.0%		4.7%	7.7%	5.9%	5.0%	2.2%	
															
Deflation		3	8	2	0	1	0	1		1	1	11	0	0	
		1.5%	6.5%	2.1%	0.0%	2.6%	0.0%	4.0%		2.3%	3.8%	3.1%	0.0%	0.0%	
		b	a												
															
Inflation		5	1	0	0	1	0	2		3	1	4	0	1	
		2.6%	0.8%	0.0%	0.0%	2.6%	0.0%	8.0%		7.0%	3.8%	1.1%	0.0%	2.2%	
			g	G				bC		C		A			
															
Other		12	10	6	3	4	2	4		5	0	31	0	3	
		6.2%	8.1%	6.3%	9.4%	10.5%	12.5%	16.0%		11.6%	0.0%	8.7%	0.0%	6.7%	

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

25 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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	
														
Cost of borrowing		12	8	1	2	2	0	3		14	8	3	4	
		6.3%	6.3%	2.7%	5.7%	7.1%	0.0%	8.1%		5.3%	4.6%	6.1%	10.8%	
														
Deflation		4	6	1	0	0	0	1		3	10	0	1	
		2.1%	4.7%	2.7%	0.0%	0.0%	0.0%	2.7%		1.1%	5.8%	0.0%	2.7%	
										B	A			
														
Inflation		4	2	0	0	1	0	1		5	4	0	0	
		2.1%	1.6%	0.0%	0.0%	3.6%	0.0%	2.7%		1.9%	2.3%	0.0%	0.0%	
														
Other		13	11	3	3	3	1	3		16	16	5	4	
		6.8%	8.7%	8.1%	8.6%	10.7%	8.3%	8.1%		6.1%	9.2%	10.2%	10.8%	

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

26 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?

N=532		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	
									
Cost of borrowing		12	4	6	3	3	1	0	
		7.9%	3.2%	7.2%	4.5%	5.4%	2.3%	0.0%	
									
Deflation		3	4	3	2	2	1	0	
		2.0%	3.2%	3.6%	3.0%	3.6%	2.3%	0.0%	
									
Inflation		3	1	4	1	0	0	0	
		2.0%	0.8%	4.8%	1.5%	0.0%	0.0%	0.0%	
									
Other		13	9	5	9	4	1	0	
		8.6%	7.2%	6.0%	13.6%	7.1%	2.3%	0.0%	
					f		d		

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

27 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		9.3		12.2	12.9	9.4	7.5	9.5	11.1	7.4	9.0	8.3	7.8	
costs		9.2		11.8	11.0	9.4	10.9	6.0	15.0	7.4	7.0	7.1	6.6	
														
Dividends		8.7		0.6	10.0	15.7	2.0	0.0	0.0	20.4	0.0	1.7	3.7	
		24.9		0.9	---	35.8	4.0	---	0.0	38.0	0.0	2.9	5.0	
														
Revenue		8.3		6.6	5.1	6.7	-1.6	5.8	20.8	8.0	11.8	8.7	7.9	
		15.4		12.6	13.0	13.8	17.2	7.8	23.2	10.2	16.1	18.0	14.7	
														
Earnings		7.8		3.3	11.2	7.0	7.9	10.0	11.8	6.2	11.2	5.3	8.3	
		17.2		16.8	23.7	16.6	22.5	16.1	23.2	12.4	18.5	17.7	12.0	
														
Research and		6.4		3.4	0.3	5.8	6.4	3.0	15.3	1.1	3.3	6.8	10.4	
development
spending		14.4		12.1	0.8	14.9	11.9	2.4	22.6	4.5	7.3	13.0	17.7	
														
Capital spending		6.1		9.9	2.8	9.6	12.2	-9.4	2.5	1.3	2.5	8.5	6.3	
		23.7		23.6	6.3	28.3	22.4	20.6	25.9	15.6	17.7	20.7	29.4	
														
Technology		5.9		2.1	5.8	5.6	3.5	3.0	10.9	3.5	8.5	7.2	6.1	
spending		13.1		8.1	6.5	15.3	21.7	2.4	17.1	10.2	14.1	13.1	10.3	
														
Marketing/		5.8		6.4	-0.4	4.4	3.1	3.7	9.7	6.0	8.2	8.7	4.0	
advertising
spending		14.5		11.7	4.0	15.5	11.1	5.0	20.1	8.8	23.1	15.4	6.6	
														
Number of		5.0		5.4	3.4	4.4	5.1	-3.0	10.5	4.1	4.9	7.1	4.4	
domestic full-
time employees		13.4		12.9	6.8	15.0	7.0	2.1	19.2	8.5	14.3	17.1	12.1	
														
Wages/Salaries		4.2		3.1	3.1	4.2	1.7	1.8	8.4	3.6	6.8	4.0	3.4	
		6.2		2.3	2.9	4.8	9.2	1.0	12.8	3.3	9.6	4.3	3.8	
														
Productivity		3.4		3.6	1.2	4.1	2.1	2.0	4.2	3.9	3.6	2.6	2.8	
(output per
hour worked)		5.4		4.8	2.9	6.6	3.2	2.6	5.7	3.5	6.5	4.4	5.0	

28 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		10.8	10.5	8.9	6.4	7.4	6.0	3.6		6.7	10.6	9.9	6.6	7.0	
costs		9.8	10.0	8.5	7.0	8.3	3.0	6.0		7.8	11.2	9.9	4.1	4.9	
															
Dividends		0.0	0.0	0.0	29.3	11.1	3.6	11.0		14.5	1.7	---	---	---	
		---	0.0	0.0	47.8	29.6	5.0	27.5		31.8	3.1	---	---	---	
															
Revenue		13.1	7.3	7.6	3.1	4.5	7.4	-0.2		-0.4	6.7	10.0	1.5	5.0	
		19.0	12.9	13.7	11.7	13.0	12.0	11.4		11.7	13.7	15.9	7.4	12.4	
															
Earnings		9.4	8.4	5.2	3.8	11.5	15.5	3.7		6.4	10.1	8.2	6.0	4.0	
		19.1	17.4	15.4	11.9	20.8	19.9	6.9		14.4	20.7	18.0	7.1	13.9	
															
Research and		10.5	4.3	7.7	4.3	2.7	4.6	2.1		3.5	8.3	7.2	1.5	6.2	
development
spending		19.7	11.0	13.0	11.7	6.8	16.3	11.0		18.3	11.9	14.8	2.6	7.9	
															
Capital spending		6.4	8.2	4.7	1.0	13.2	2.6	0.4		2.5	7.7	6.7	11.3	-1.8	
		22.6	28.8	22.4	24.0	22.4	16.5	7.9		19.2	17.2	24.1	28.0	24.4	
															
Technology		7.3	6.5	5.7	4.1	5.4	8.1	0.3		0.7	12.9	6.0	5.5	5.9	
spending		17.4	14.1	6.8	10.4	5.9	15.7	6.5		7.6	18.3	14.0	6.2	6.8	
															
Marketing/		9.5	5.0	5.7	3.1	2.9	1.5	1.9		3.5	6.7	6.4	3.3	6.3	
advertising
spending		22.4	12.2	8.9	9.6	4.6	1.9	3.2		7.5	16.3	16.3	3.9	8.9	
															
Number of		8.7	4.2	4.6	5.0	2.7	-0.2	-0.6		0.3	4.7	6.5	2.7	2.2	
domestic full-
time employees		19.1	11.4	10.7	13.9	4.7	5.4	5.6		6.3	15.6	14.9	6.0	4.6	
															
Wages/Salaries		6.5	3.8	3.6	1.7	2.9	2.9	1.9		2.2	2.7	4.8	2.1	3.0	
		9.0	4.3	4.0	7.3	1.7	0.9	2.6		2.4	1.1	7.1	1.5	2.0	
															
Productivity		4.5	3.9	2.9	2.7	2.2	1.3	2.1		2.0	4.0	3.9	0.9	2.6	
(output per
hour worked)		7.8	4.7	4.8	3.1	2.2	1.0	1.3		1.9	6.6	5.7	1.2	5.3	

29 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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		10.7	10.2	9.5	6.9	8.7	6.6	5.3		10.2	8.3	8.0	9.9	
costs		9.4	10.5	9.7	6.8	10.4	2.1	6.9		9.6	8.0	7.2	13.0	
														
Dividends		0.0	0.0	0.0	2.5	54.8	3.3	8.0		3.2	2.1	22.3	2.0	
		---	0.0	0.0	5.0	52.6	4.7	22.7		5.8	3.4	41.3	3.3	
														
Revenue		11.8	6.9	4.9	5.6	5.1	6.9	0.7		8.8	8.2	5.3	9.8	
		18.3	13.9	10.4	9.1	11.0	12.8	9.2		15.9	13.3	15.0	21.2	
														
Earnings		8.4	7.2	5.0	8.9	7.7	13.2	4.3		6.4	8.4	10.6	10.9	
		19.5	16.9	15.1	20.1	16.4	18.1	6.4		17.2	17.5	15.8	18.4	
														
Research and		9.1	8.4	7.2	0.3	5.5	5.9	1.7		5.5	6.3	6.0	10.9	
development
spending		18.8	15.3	12.3	2.4	8.0	12.2	10.6		12.7	14.1	15.4	20.2	
														
Capital spending		8.4	7.5	5.8	2.0	11.8	2.2	4.5		6.7	5.6	4.0	9.3	
		23.2	28.5	23.3	24.0	26.7	8.4	19.0		23.6	25.8	13.2	26.1	
														
Technology		7.1	7.0	6.6	3.2	5.5	3.6	1.9		6.3	4.8	5.5	9.6	
spending		17.5	13.8	9.1	8.3	5.3	3.1	10.2		11.2	11.3	17.8	22.2	
														
Marketing/		8.3	5.9	6.9	3.0	4.8	3.1	1.3		6.3	5.9	4.3	4.2	
advertising
spending		21.6	14.2	8.7	5.0	8.6	5.0	1.9		16.9	10.1	12.7	19.9	
														
Number of		8.4	4.4	4.0	2.1	6.5	0.6	0.0		6.7	4.5	1.6	2.3	
domestic full-
time employees		18.1	14.1	6.0	4.9	14.8	2.9	6.3		15.1	11.8	8.7	15.1	
														
Wages/Salaries		5.9	3.5	2.9	2.8	2.8	2.6	1.8		4.4	4.4	3.2	4.2	
		9.4	3.3	1.5	1.2	0.8	0.8	2.0		7.0	5.2	4.1	8.3	
														
Productivity		4.8	4.0	3.3	1.7	1.6	2.4	1.8		3.4	3.7	3.0	2.6	
(output per
hour worked)		7.6	4.9	4.7	2.3	2.9	1.5	1.3		5.4	5.8	4.8	4.9	

30 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Health care		9.7	8.5	10.5	11.5	7.2	7.0	13.3	
costs		9.3	6.7	8.6	13.2	7.5	9.3	14.4	
									
Dividends		9.9	4.9	11.3	19.7	1.0	0.0	---	
		29.9	5.9	31.5	39.5	2.2	0.0	---	
									
Revenue		7.2	8.5	8.3	14.7	2.5	9.7	13.5	
		13.6	14.5	14.0	19.0	17.5	16.0	16.3	
									
Earnings		8.0	6.9	8.5	7.0	6.2	10.7	15.0	
		18.9	14.3	13.5	16.2	20.6	21.2	14.1	
									
Research and		5.4	7.7	6.4	8.0	4.3	6.2	0.5	
development
spending		8.6	15.4	19.0	15.2	13.9	16.8	0.7	
									
Capital spending		8.3	4.0	4.8	-1.1	9.5	11.1	2.0	
		25.0	20.5	16.0	23.6	34.5	20.9	1.4	
									
Technology		7.4	5.5	3.4	9.1	6.2	1.8	0.0	
spending		14.6	11.2	9.3	12.5	18.9	6.4	---	
									
Marketing/		5.3	6.3	3.5	9.5	4.1	6.8	10.0	
advertising
spending		12.1	14.1	6.3	21.6	14.8	19.7	---	
									
Number of		6.4	3.6	4.6	4.6	5.2	5.1	6.0	
domestic full-
time employees		15.2	10.0	11.5	13.9	12.6	18.1	5.7	
									
Wages/Salaries		4.1	4.2	4.5	6.1	2.8	3.8	2.7	
		5.1	5.1	8.2	8.2	6.5	5.8	2.5	
									
Productivity		3.5	2.3	3.9	3.4	4.2	3.8	1.0	
(output per
hour worked)		5.9	4.1	5.5	4.9	5.8	6.5	---	

31 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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	
														
Cash on the		2.6		2.3	-3.8	2.1	-4.4	-6.8	10.6	-0.6	8.6	1.5	2.2	
balance sheet		22.9		22.8	18.3	25.0	31.9	18.8	22.9	20.1	21.9	20.3	21.7	
														
Share		1.8		0.0	4.5	3.4	0.8	2.5	-0.5	4.2	0.7	0.0	2.0	
repurchases		7.7		8.7	5.3	11.8	1.9	5.0	1.6	7.0	3.9	0.0	7.1	
														
Prices of your		1.7		2.0	2.9	0.5	-0.3	1.1	-1.1	1.7	3.2	2.6	2.3	
products		4.5		3.7	4.3	4.9	6.5	3.2	5.0	2.6	4.3	2.7	3.7	
														
Number of		1.6		1.4	0.3	1.6	-4.1	5.0	1.9	2.3	0.9	3.8	2.5	
offshore
outsourced
employees		6.8		9.4	0.5	6.3	11.8	7.1	8.9	3.7	3.1	9.1	7.2	
														
Number of		0.9		0.7	1.3	-0.1	-0.8	-9.4	0.9	1.0	2.8	3.7	0.7	
domestic
temporary
employees		8.3		6.1	2.6	9.8	5.0	13.1	9.1	2.4	9.2	7.2	9.4	

32 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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	
															
Cash on the		4.3	8.2	-1.2	3.3	-6.1	1.4	-0.9		-1.6	-3.1	5.7	-4.2	-7.5	
balance sheet		25.7	25.8	19.6	20.8	17.0	9.4	14.2		14.1	15.1	24.5	12.7	18.7	
															
Share		0.8	2.1	2.6	3.6	2.1	-3.6	2.5		1.7	2.1	2.0	0.0	0.0	
repurchases		4.2	6.6	9.5	14.7	5.6	9.9	4.6		12.1	6.3	7.2	0.0	0.0	
															
Prices of your		2.4	1.8	1.8	0.1	2.0	0.1	-0.6		0.1	1.1	1.9	2.0	2.1	
products		4.9	3.6	3.8	5.0	5.2	4.7	5.1		5.2	4.0	4.6	1.8	1.9	
															
Number of		0.4	1.8	1.1	1.9	1.1	3.6	3.7		0.3	1.2	1.4	0.0	7.4	
offshore
outsourced
employees		2.0	7.4	7.5	8.1	10.1	6.8	7.2		7.7	11.7	5.4	0.0	11.8	
															
Number of		3.8	0.7	0.8	-1.6	-2.0	-2.8	0.2		-2.8	-0.9	1.3	3.4	2.4	
domestic
temporary
employees		10.3	6.5	7.8	10.0	7.2	10.2	4.7		9.0	4.6	8.9	4.9	7.5	

33 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		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%	
														
Cash on the		5.5	5.4	0.3	-1.6	-6.0	-3.3	-0.8		2.8	2.6	1.6	2.6	
balance sheet		25.3	25.5	24.6	10.4	23.0	18.0	12.6		24.3	20.7	19.6	29.7	
														
Share		2.0	0.2	5.1	3.8	3.7	-2.3	0.7		0.0	3.4	3.4	1.0	
repurchases		6.9	2.2	12.1	9.2	10.4	11.1	7.5		4.0	9.2	8.3	10.5	
														
Prices of your		2.4	1.5	2.9	1.5	1.3	1.9	-1.4		2.2	1.9	0.8	-1.6	
products		4.7	4.4	3.1	4.4	3.3	1.7	5.0		4.0	4.7	3.9	5.5	
														
Number of		0.9	2.5	-2.7	0.1	5.1	4.0	3.8		1.1	1.2	2.9	2.4	
offshore
outsourced
employees		3.1	7.7	8.9	1.7	10.2	4.2	7.2		5.1	7.1	6.5	10.2	
														
Number of		3.9	0.4	1.4	-7.3	1.2	0.0	-0.3		2.4	-0.2	-1.5	1.8	
domestic
temporary
employees		9.0	8.3	5.3	11.6	3.7	2.5	7.3		7.6	8.0	8.6	11.1	

34 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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

N=547		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Cash on the		2.4	5.6	0.5	2.0	3.3	-0.2	5.0	
balance sheet		23.3	21.4	12.0	26.1	33.1	20.2	7.1	
									
Share		3.4	1.6	0.1	1.1	2.3	0.1	0.0	
repurchases		9.7	4.9	7.9	3.2	12.3	0.3	---	
									
Prices of your		2.2	2.4	0.5	2.0	-0.4	1.9	5.0	
products		5.0	3.6	4.6	3.8	5.9	2.4	0.0	
									
Number of		2.8	2.6	2.3	2.5	-2.6	0.2	0.0	
offshore
outsourced
employees		7.1	5.8	7.3	5.7	6.9	7.6	---	
									
Number of		1.7	0.3	1.6	-1.2	1.3	1.5	-2.0	
domestic
temporary
employees		6.6	6.9	5.9	9.7	12.3	9.8	---	

35 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=540		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	
														
Dividends		10.0		1.1	10.0	11.7	1.7	0.0	0.0	30.5	0.0	4.5	3.2	
		25.5		0.7	0.0	27.7	3.2	0.0	0.0	43.0	0.0	1.6	4.1	
														
Earnings		7.6		0.0	13.3	5.5	10.4	18.6	5.0	6.6	8.3	4.1	11.2	
		15.8		14.8	19.1	11.7	25.4	17.0	13.0	8.4	13.4	7.9	16.2	
														
Capital spending		5.2		6.7	4.5	4.5	5.4	-5.6	-0.9	6.0	3.6	6.2	7.2	
		18.9		27.6	5.2	24.5	13.2	14.1	15.7	10.0	9.1	8.2	22.6	
														
Revenue		4.2		1.7	8.0	4.0	-17.8	8.6	9.4	6.3	6.8	5.9	7.3	
		13.0		12.8	13.0	7.4	18.3	5.2	16.9	6.3	8.9	7.5	13.2	
														
Technology		3.8		0.7	2.2	2.4	0.3	2.3	2.5	4.7	5.7	4.5	5.9	
spending		9.2		12.5	3.7	9.4	12.6	1.5	7.3	4.7	7.3	6.6	10.4	
														
Research and		3.6		-6.3	0.1	3.6	16.5	1.3	6.0	1.5	1.7	5.3	5.6	
development
spending		11.3		18.0	0.4	11.1	13.5	2.0	12.0	2.5	3.9	6.2	12.1	
														
Marketing/		3.2		6.5	0.4	1.6	6.0	3.3	4.7	3.9	2.9	3.7	2.5	
advertising
spending		7.2		7.5	1.7	6.4	9.5	6.1	11.9	6.2	10.2	7.0	4.5	
														
Share		1.8		-0.5	7.2	0.3	0.2	1.1	-0.3	9.4	1.0	0.0	0.7	
repurchases		6.8		4.7	2.6	9.7	1.1	3.2	1.2	6.2	3.4	0.0	4.3	
														
Prices of your		0.8		-0.3	1.7	-0.6	-3.7	2.0	-1.5	2.3	3.5	2.1	1.5	
products		4.8		5.5	2.1	5.0	7.7	2.9	3.3	2.5	2.7	1.5	2.8	
														
Cash on the		-1.4		-1.5	1.0	-0.2	-18.2	-16.7	4.2	1.6	2.9	3.0	1.1	
balance sheet		17.2		24.7	6.6	15.2	21.6	19.4	12.0	8.3	12.2	13.2	16.7	

36 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=540		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	
															
Dividends		0.0	0.0	0.0	29.3	11.1	3.6	11.0		12.7	2.4	---	---	---	
		0.0	0.0	0.0	41.7	28.3	4.5	26.5		28.9	3.2	---	---	---	
															
Earnings		9.1	8.4	5.2	3.8	11.5	15.5	3.7		5.2	16.0	7.6	2.5	1.8	
		19.0	17.3	15.3	11.7	20.4	19.1	6.7		12.7	18.9	17.3	4.2	7.5	
															
Capital spending		6.2	8.2	4.7	1.0	13.2	2.6	0.4		-0.4	5.1	8.3	7.4	14.0	
		22.7	28.7	22.3	23.5	22.0	15.9	7.7		12.5	10.6	22.4	15.6	27.1	
															
Revenue		13.0	7.2	7.6	3.1	4.5	7.4	-0.2		-1.7	9.4	7.0	2.6	5.7	
		18.7	12.7	13.6	11.5	12.8	11.5	11.1		12.0	13.9	12.5	3.4	12.4	
															
Technology		7.4	6.4	5.7	4.1	5.4	8.1	0.3		0.1	9.8	5.4	4.8	6.2	
spending		17.6	13.9	6.8	10.2	5.7	14.7	6.3		7.7	10.8	9.4	3.4	4.9	
															
Research and		10.4	4.2	7.7	4.3	2.7	4.6	2.1		1.4	7.8	4.1	0.5	11.0	
development
spending		19.4	10.8	12.8	11.4	6.6	15.1	10.7		13.2	11.8	8.9	2.1	6.2	
															
Marketing/		9.6	5.0	5.7	3.1	2.9	1.5	1.9		2.1	2.1	4.2	1.5	7.1	
advertising
spending		22.0	12.1	8.9	9.4	4.6	1.7	3.2		4.3	5.6	9.4	2.0	8.0	
															
Share		0.7	2.1	2.6	3.5	2.1	-3.6	2.5		2.2	1.0	1.6	0.0	0.0	
repurchases		3.9	6.6	9.3	14.1	5.4	9.1	4.5		8.0	3.2	6.3	0.0	0.0	
															
Prices of your		2.4	1.8	1.8	0.1	2.0	0.1	-0.6		-0.9	1.4	1.9	1.4	2.2	
products		4.9	3.5	3.8	4.9	5.1	4.5	4.9		5.4	4.1	4.5	1.5	1.3	
															
Cash on the		4.2	8.1	-1.2	3.3	-6.1	1.4	-0.9		-3.6	-2.5	1.7	0.0	-11.4	
balance sheet		25.6	25.6	19.4	20.4	16.7	8.9	13.8		14.8	13.7	19.4	9.2	22.8	

37 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=540		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%	
														
Dividends		0.0	0.0	0.0	3.1	52.3	5.6	9.3		4.9	3.9	21.4	2.7	
		0.0	0.0	0.0	4.6	47.9	4.1	24.2		5.2	3.8	38.8	3.6	
														
Earnings		3.1	6.0	12.5	14.0	7.5	14.7	3.9		3.7	10.4	9.1	7.0	
		17.0	15.1	18.4	21.9	20.4	19.2	6.4		14.4	18.3	12.4	16.0	
														
Capital spending		7.1	7.2	6.0	6.5	13.9	2.7	2.2		8.8	7.9	2.7	-1.7	
		18.6	25.8	15.5	18.1	27.7	8.7	15.5		19.6	23.2	7.4	18.2	
														
Revenue		8.0	7.0	5.8	7.1	5.3	7.2	-0.1		5.3	4.8	4.8	1.1	
		17.4	13.0	14.6	8.1	12.9	14.1	9.8		12.3	11.5	10.3	18.7	
														
Technology		4.6	7.5	7.7	5.9	6.8	3.4	1.0		5.8	4.3	3.3	0.5	
spending		12.6	10.9	8.8	9.0	4.6	2.2	8.9		7.5	9.7	8.2	11.5	
														
Research and		5.0	10.5	9.0	-0.5	6.6	7.3	1.7		4.1	1.9	3.4	7.2	
development
spending		13.5	16.3	11.0	2.1	8.1	12.4	10.9		7.8	12.0	10.3	14.5	
														
Marketing/		4.9	5.0	6.2	2.1	4.0	4.5	1.2		3.3	4.9	1.3	2.4	
advertising
spending		16.9	11.0	6.0	4.4	6.0	5.7	1.9		10.5	6.0	4.9	6.0	
														
Share		2.2	-0.2	4.1	3.7	1.5	0.7	1.5		0.1	3.3	2.9	-0.7	
repurchases		5.0	1.9	11.2	8.3	5.8	6.2	6.5		4.1	7.0	5.9	8.2	
														
Prices of your		3.0	0.7	4.3	2.5	2.2	2.1	-1.3		1.1	2.1	1.2	-3.0	
products		4.6	5.4	4.7	4.6	2.6	1.6	4.9		4.1	5.2	2.3	6.1	
														
Cash on the		1.9	2.8	-1.6	-0.9	-10.2	0.0	-1.4		-2.5	0.6	3.3	-10.5	
balance sheet		21.3	21.0	23.7	8.1	23.5	15.6	13.4		20.8	15.5	6.9	22.1	

38 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=540		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Dividends		3.3	4.6	27.5	19.0	2.1	0.0	---	
		14.4	4.7	42.7	34.5	2.5	0.0	---	
									
Earnings		5.9	7.1	6.9	9.6	13.5	5.9	13.3	
		13.3	13.0	14.6	14.8	22.3	21.8	10.3	
									
Capital spending		4.7	7.2	2.7	1.6	5.7	10.7	2.2	
		16.5	21.2	13.0	17.2	26.3	20.0	1.0	
									
Revenue		1.6	5.7	5.7	6.6	-2.4	6.2	11.6	
		14.8	10.3	9.5	11.9	16.4	15.8	11.8	
									
Technology		4.7	4.8	0.1	6.2	3.8	2.0	0.0	
spending		9.0	8.0	10.4	6.6	13.0	4.7	0.0	
									
Research and		3.3	5.8	1.3	2.8	3.8	2.7	0.4	
development
spending		6.3	11.0	17.5	6.2	13.0	6.8	0.5	
									
Marketing/		3.4	2.7	3.3	2.9	5.5	1.8	10.0	
advertising
spending		7.8	6.6	4.3	8.3	9.3	8.3	0.0	
									
Share		1.5	2.1	4.7	1.2	-1.4	0.2	0.0	
repurchases		7.0	4.9	7.6	3.3	12.6	0.4	0.0	
									
Prices of your		-0.1	2.4	-1.0	1.0	0.3	1.2	5.0	
products		5.6	2.4	6.1	3.2	7.3	3.3	0.0	
									
Cash on the		-0.9	2.1	-2.5	-0.2	-6.8	-4.0	4.2	
balance sheet		19.8	14.5	12.2	13.9	23.3	19.3	5.1	

39 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=480		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		7.2		10.7	12.4	7.0	5.7	7.9	1.5	6.5	8.3	7.1	4.8	
costs		8.3		11.2	9.9	7.8	7.9	4.1	15.9	5.3	6.1	5.2	6.8	
														
Number of		3.2		-0.9	0.5	2.5	-0.8	4.1	-3.4	2.8	1.6	10.0	7.2	
offshore
outsourced
employees		7.0		8.0	0.5	5.0	4.6	5.1	3.2	2.6	2.7	11.2	8.2	
														
Wages/Salaries		2.7		1.4	2.2	3.1	1.6	1.7	4.0	2.7	4.6	3.0	2.4	
		3.7		4.0	0.9	2.7	4.5	1.1	9.0	1.5	6.8	2.7	2.3	
														
Number of		2.3		4.6	1.3	2.2	0.6	-3.2	1.4	4.0	2.4	3.6	1.2	
domestic full-
time employees		10.3		11.1	3.6	12.2	10.9	1.5	14.4	6.6	10.7	9.6	9.2	
														
Productivity		2.3		2.8	1.7	2.6	0.5	1.8	1.5	3.5	2.8	2.4	1.6	
(output per
hour worked)		3.4		3.8	1.8	3.5	2.6	1.9	3.8	2.3	4.7	2.5	3.0	
														
Number of		-0.3		-0.8	-0.3	-2.6	2.5	-14.0	-5.5	3.1	1.8	4.0	-0.7	
domestic
temporary
employees		7.8		7.1	1.1	9.6	3.7	11.3	7.5	4.0	7.2	4.8	7.3	

40 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=480		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		11.2	11.0	8.0	10.3	7.4	5.5	3.4		5.7	8.2	8.8	4.8	5.6	
costs		9.9	10.7	8.0	9.4	7.8	2.5	6.2		7.7	8.9	9.5	2.7	4.3	
															
Number of		0.5	0.6	0.9	2.6	2.9	5.4	3.8		2.0	8.1	1.9	0.0	21.0	
offshore
outsourced
employees		2.1	6.1	6.3	7.2	5.9	7.7	7.3		4.5	9.5	5.5	0.0	8.3	
															
Wages/Salaries		6.3	3.5	3.3	2.1	2.3	2.7	1.5		1.5	2.7	3.8	1.6	2.5	
		8.6	3.7	2.4	4.1	0.9	0.6	2.4		2.4	0.8	5.1	1.1	1.3	
															
Number of		9.2	4.3	4.4	7.6	3.1	-0.6	-1.0		-1.0	2.0	5.7	1.9	2.3	
domestic full-
time employees		19.6	11.7	9.8	18.8	4.8	6.2	5.7		6.9	6.8	13.5	4.6	3.2	
															
Productivity		5.0	3.9	2.3	2.9	1.7	1.3	2.0		1.8	2.6	3.2	0.5	1.1	
(output per
hour worked)		7.8	4.4	4.4	2.7	1.7	1.1	1.3		1.4	2.5	4.5	1.0	3.5	
															
Number of		3.7	0.7	0.0	-4.1	1.0	-4.1	0.1		-2.1	0.1	0.1	1.2	4.9	
domestic
temporary
employees		10.9	6.7	9.3	9.0	5.8	11.2	4.9		8.6	3.1	8.1	3.0	5.5	

41 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=480		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		10.7	10.2	9.4	6.9	8.7	6.6	5.3		9.6	7.6	4.6	6.6	
costs		9.4	10.5	9.6	6.7	10.2	2.0	6.8		9.6	7.0	6.3	8.3	
														
Number of		0.9	2.5	-2.7	0.1	5.1	4.0	3.8		4.8	2.0	5.4	2.7	
offshore
outsourced
employees		3.1	7.6	8.5	1.7	9.7	4.0	7.0		9.7	5.7	7.1	5.0	
														
Wages/Salaries		5.9	3.5	2.9	2.8	2.8	2.6	1.8		3.5	2.7	2.2	2.4	
		9.4	3.2	1.5	1.2	0.8	0.7	2.0		4.9	3.8	1.9	3.0	
														
Number of		8.4	4.4	4.0	2.1	6.5	0.6	0.0		6.4	3.3	0.0	-1.2	
domestic full-
time employees		18.0	14.0	5.8	4.9	14.5	2.8	6.2		13.0	10.6	4.9	8.7	
														
Productivity		4.8	4.0	3.2	1.7	1.6	2.4	1.8		2.5	2.9	1.8	2.2	
(output per
hour worked)		7.6	4.8	4.6	2.2	2.8	1.4	1.2		4.4	3.8	1.9	2.6	
														
Number of		3.9	0.4	1.4	-7.3	1.2	0.0	-0.3		3.4	0.0	-1.1	-2.3	
domestic
temporary
employees		9.0	8.3	5.2	11.3	3.6	2.3	7.2		6.7	7.3	5.3	10.1	

42 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=480		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Health care		7.9	5.8	8.3	10.5	5.5	4.0	5.0	
costs		8.1	6.7	6.7	10.5	5.5	10.2	0.0	
									
Number of		5.4	4.7	0.1	1.9	1.8	4.3	---	
offshore
outsourced
employees		7.5	7.0	3.5	3.3	4.2	11.3	---	
									
Wages/Salaries		3.2	2.8	1.6	3.4	3.1	2.2	4.0	
		3.7	2.1	5.3	4.1	4.2	2.9	1.0	
									
Number of		4.1	1.2	2.1	3.0	0.3	2.9	10.0	
domestic full-
time employees		15.6	6.1	7.6	8.1	8.9	10.6	0.0	
									
Productivity		2.9	1.6	2.7	2.6	3.9	1.4	---	
(output per
hour worked)		4.3	2.3	3.5	2.7	4.1	3.6	---	
									
Number of		2.6	-0.5	-0.4	-0.9	-4.5	0.5	---	
domestic
temporary
employees		5.6	4.5	5.3	7.5	14.2	8.4	---	

43 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=46		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	
														
Dividends		10.3		1.1	10.0	11.8	1.7	0.0	0.0	30.5	0.0	4.9	3.3	
		25.8		0.6	0.0	27.8	3.2	0.0	0.0	43.0	0.0	0.8	4.2	
														
Earnings		8.2		-3.5	20.6	6.5	12.7	20.3	0.7	6.4	2.0	4.4	13.3	
		15.5		7.0	22.2	7.1	26.8	18.6	6.6	3.9	0.0	3.5	18.0	
														
Share		1.9		-2.0	8.0	-0.7	0.0	0.0	-0.5	9.7	0.0	0.0	0.0	
repurchases		7.2		6.9	0.0	9.0	0.0	0.0	1.5	6.1	0.0	0.0	0.0	
														
Revenue		1.3		2.2	12.7	1.9	-25.8	8.2	0.5	5.7	5.0	4.9	6.3	
		13.5		4.5	16.6	3.5	12.7	4.4	6.2	3.0	0.0	0.8	16.1	
														
Cash on the		-3.3		1.0	0.9	-2.5	-27.3	-20.9	1.8	2.2	0.0	9.7	5.8	
balance sheet		14.5		6.8	2.9	9.8	16.7	17.7	7.0	4.5	0.0	1.6	3.2	

44 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=46		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	
															
Dividends		---	0.0	0.0	39.0	11.1	3.6	11.0		12.7	2.4	---	---	---	
		---	0.0	0.0	44.0	28.3	4.5	26.5		28.9	3.2	---	---	---	
															
Earnings		-20.0	5.0	1.0	5.4	17.8	15.5	3.3		5.2	16.0	---	---	---	
		0.0	18.5	8.4	9.9	21.9	19.0	6.8		12.7	18.9	---	---	---	
															
Share		---	10.0	-1.6	1.9	3.6	-6.5	2.7		2.2	1.0	---	---	---	
repurchases		---	10.4	2.4	23.7	6.6	11.2	4.7		8.0	3.2	---	---	---	
															
Revenue		---	-0.2	3.2	2.0	3.5	11.6	-1.5		-1.7	9.4	---	---	---	
		---	10.0	8.6	6.5	15.2	17.4	11.2		12.0	13.9	---	---	---	
															
Cash on the		10.0	-8.8	4.4	5.5	-8.0	-0.4	-2.5		-3.6	-2.5	---	---	---	
balance sheet		0.0	12.7	12.5	13.0	12.8	11.0	15.3		14.8	13.7	---	---	---	

45 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=46		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%	
														
Dividends		0.0	0.0	0.0	3.1	52.3	6.1	9.3		5.9	4.0	21.5	2.7	
		0.0	0.0	0.0	4.6	47.9	3.9	24.2		5.1	3.8	38.9	3.6	
														
Earnings		15.0	0.7	33.1	4.8	19.5	25.2	4.0		3.8	11.1	9.9	6.5	
		30.9	8.1	27.8	5.0	23.6	24.2	6.8		7.5	20.6	13.0	15.5	
														
Share		20.0	-4.0	0.0	6.2	3.9	1.9	1.6		-3.9	5.5	3.3	-1.2	
repurchases		0.0	2.1	0.0	9.3	9.1	10.0	6.7		8.5	6.3	6.2	7.5	
														
Revenue		10.0	-0.1	-15.1	6.1	12.9	15.2	-0.9		4.1	-1.9	5.2	-1.6	
		0.0	10.4	17.1	4.8	14.7	18.0	10.6		7.7	12.0	10.3	17.4	
														
Cash on the		-13.3	-1.1	-12.7	-1.0	2.3	-8.0	-2.5		0.7	-2.0	3.7	-12.8	
balance sheet		20.6	10.4	18.0	4.8	4.9	18.9	14.5		4.8	11.7	4.4	19.7	

46 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

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=46		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Dividends		3.6	4.6	28.2	19.0	2.1	0.0	---	
		15.0	4.7	43.0	34.5	2.5	0.0	---	
									
Earnings		3.6	8.8	2.8	8.7	20.5	14.6	---	
		7.0	13.1	12.5	9.1	24.2	22.1	---	
									
Share		0.9	2.4	6.2	1.5	-3.3	0.0	---	
repurchases		5.7	5.2	8.2	3.6	11.8	0.0	---	
									
Revenue		-7.1	6.0	1.4	1.4	-8.8	11.8	---	
		18.6	10.7	6.7	2.2	14.6	14.9	---	
									
Cash on the		-8.6	4.3	-4.3	-4.1	-10.7	-1.2	---	
balance sheet		25.0	4.5	12.9	6.0	12.9	5.4	---	

47 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. During 2015, does your company plan to:

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Acquire another		73		5	1	11	3	5	11	8	14	4	10	
company or companies?		14.3%		7.9%	4.5%	11.6%	11.5%	71.4%	40.7%	15.1%	16.1%	11.1%	11.4%	
				EF	EF	EF	Ef	ABCDGHIJ	ABCdgHIJ	Ef	EF	EF	EF	
														
Acquire part of another		18		3	0	1	1	0	1	1	3	3	5	
company or companies?		3.5%		4.8%	0.0%	1.1%	3.8%	0.0%	3.7%	1.9%	3.4%	8.3%	5.7%	
						i						c		
														
Both		44		8	1	11	4	0	3	3	5	4	5	
		8.6%		12.7%	4.5%	11.6%	15.4%	0.0%	11.1%	5.7%	5.7%	11.1%	5.7%	
														
Neither		374		47	20	72	18	2	12	41	65	25	68	
		73.5%		74.6%	90.9%	75.8%	69.2%	28.6%	44.4%	77.4%	74.7%	69.4%	77.3%	
				eF	EF	EF		aBCGhiJ	ABCGHJ	EF	eF	e	EF	

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

48 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. During 2015, does your company plan to:

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
Acquire another		13	18	21	8	4	3	5		12	6	46	0	2	
company or companies?		7.3%	14.9%	22.8%	25.8%	10.3%	18.8%	20.8%		28.6%	26.1%	13.5%	0.0%	4.5%	
		bCDg	a	A	A			a		cDE	de	a	Ab	Ab	
															
Acquire part of another		1	3	7	1	4	0	2		3	1	9	0	2	
company or companies?		0.6%	2.5%	7.6%	3.2%	10.3%	0.0%	8.3%		7.1%	4.3%	2.6%	0.0%	4.5%	
		CEG	e	A		Ab		A							
															
Both		6	4	9	2	8	7	8		9	6	26	0	1	
		3.4%	3.3%	9.8%	6.5%	20.5%	43.8%	33.3%		21.4%	26.1%	7.6%	0.0%	2.3%	
		cEFG	EFG	aFG	Fg	AB	ABCD	ABCd		CdE	CdE	AB	ab	AB	
															
Neither		159	96	55	20	23	6	9		18	10	260	20	39	
		88.8%	79.3%	59.8%	64.5%	59.0%	37.5%	37.5%		42.9%	43.5%	76.2%	100.0%	88.6%	
		bCDEFG	aCeFG	AB	A	Ab	AB	AB		CDE	CDE	ABd	ABc	AB	

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

49 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. During 2015, does your company plan to:

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
Acquire another		13	17	9	10	5	1	7		29	28	11	4	
company or companies?		7.4%	14.3%	24.3%	25.6%	17.9%	9.1%	19.4%		11.3%	17.0%	24.4%	12.1%	
		CDg		A	A			a		c		a		
														
Acquire part of another		2	4	1	3	3	0	4		7	4	6	1	
company or companies?		1.1%	3.4%	2.7%	7.7%	10.7%	0.0%	11.1%		2.7%	2.4%	13.3%	3.0%	
		dEG			a	A		A		C	C	AB		
														
Both		6	8	4	3	4	4	10		16	15	8	5	
		3.4%	6.7%	10.8%	7.7%	14.3%	36.4%	27.8%		6.2%	9.1%	17.8%	15.2%	
		eFG	FG		fg	a	ABd	ABd		C		A		
														
Neither		154	90	23	23	16	6	15		205	118	20	23	
		88.0%	75.6%	62.2%	59.0%	57.1%	54.5%	41.7%		79.8%	71.5%	44.4%	69.7%	
		BCDEFG	AdG	A	Ab	A	A	AB		C	C	ABd	c	

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

50 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. During 2015, does your company plan to:

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Acquire another		22	23	13	5	3	7	0	
company or companies?		15.4%	18.9%	16.5%	8.3%	5.6%	16.3%	0.0%	
			e			b			
									
Acquire part of another		6	5	1	1	3	2	0	
company or companies?		4.2%	4.1%	1.3%	1.7%	5.6%	4.7%	0.0%	
									
Both		7	15	5	5	6	5	1	
		4.9%	12.3%	6.3%	8.3%	11.1%	11.6%	20.0%	
		b	a						
									
Neither		108	79	60	49	42	29	4	
		75.5%	64.8%	75.9%	81.7%	77.8%	67.4%	80.0%	
			d		b				

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

51 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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		135		16	2	23	8	5	15	12	22	11	20	
		100.0%		11.9%	1.5%	17.2%	6.0%	3.7%	11.2%	9.0%	16.4%	8.2%	14.9%	
														
0% [None]		83		14	0	10	4	3	10	9	12	6	15	
		64.8%		87.5%	0.0%	43.5%	50.0%	60.0%	71.4%	75.0%	66.7%	60.0%	78.9%	
				bC	aj	Aj							bc	
														
10%		4		0	0	2	0	0	0	0	1	0	0	
		3.1%		0.0%	0.0%	8.7%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	
														
20%		10		1	0	2	2	1	1	1	2	0	0	
		7.8%		6.3%	0.0%	8.7%	25.0%	20.0%	7.1%	8.3%	11.1%	0.0%	0.0%	
							j						d	
														
30%		2		0	1	0	0	0	0	0	1	0	0	
		1.6%		0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	
				b	aCfgiJ	B			b	b		b	B	
														
40%		3		0	1	0	1	0	0	0	0	1	0	
		2.3%		0.0%	50.0%	0.0%	12.5%	0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	
				b	aCfgHJ	B			b	b	B		B	
														
50%		10		0	0	4	1	0	1	0	0	2	2	
		7.8%		0.0%	0.0%	17.4%	12.5%	0.0%	7.1%	0.0%	0.0%	20.0%	10.5%	
														
60%		3		1	0	1	0	0	0	0	0	1	0	
		2.3%		6.3%	0.0%	4.3%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	
														
70%		3		0	0	0	0	1	0	0	1	0	1	
		2.3%		0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	5.6%	0.0%	5.3%	
						e		c						

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

52 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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		20	25	37	11	16	10	15		24	13	81	0	5	
		14.9%	18.7%	27.6%	8.2%	11.9%	7.5%	11.2%		19.5%	10.6%	65.9%	0.0%	4.1%	
															
0% [None]		16	19	27	5	5	6	4		7	7	60	0	3	
		84.2%	79.2%	81.8%	45.5%	33.3%	60.0%	26.7%		29.2%	53.8%	76.9%	0.0%	100.0%	
		dEG	EG	dEG	ac	ABC		ABC		Ce		A		a	
															
10%		1	1	0	2	0	0	0		0	0	4	0	0	
		5.3%	4.2%	0.0%	18.2%	0.0%	0.0%	0.0%		0.0%	0.0%	5.1%	0.0%	0.0%	
				d	c										
															
20%		1	0	1	1	3	0	4		5	1	3	0	0	
		5.3%	0.0%	3.0%	9.1%	20.0%	0.0%	26.7%		20.8%	7.7%	3.8%	0.0%	0.0%	
			eg	g		b		bc		C		A			
															
30%		0	0	0	0	1	0	1		1	1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	6.7%	0.0%	6.7%		4.2%	7.7%	0.0%	0.0%	0.0%	
											c	b			
															
40%		0	0	0	0	0	0	3		3	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	20.0%		12.5%	0.0%	0.0%	0.0%	0.0%	
		g	g	g				abc		C		A			
															
50%		0	2	2	1	2	0	3		5	1	3	0	0	
		0.0%	8.3%	6.1%	9.1%	13.3%	0.0%	20.0%		20.8%	7.7%	3.8%	0.0%	0.0%	
		g						a		C		A			
															
60%		0	0	1	1	1	0	0		1	0	2	0	0	
		0.0%	0.0%	3.0%	9.1%	6.7%	0.0%	0.0%		4.2%	0.0%	2.6%	0.0%	0.0%	
															
70%		0	0	1	1	0	1	0		0	0	2	0	0	
		0.0%	0.0%	3.0%	9.1%	0.0%	10.0%	0.0%		0.0%	0.0%	2.6%	0.0%	0.0%	

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

53 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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		21	29	14	16	12	5	21		52	47	25	10	
		17.8%	24.6%	11.9%	13.6%	10.2%	4.2%	17.8%		38.8%	35.1%	18.7%	7.5%	
														
0% [None]		20	23	8	10	7	1	7		49	25	7	2	
		95.2%	79.3%	66.7%	66.7%	58.3%	25.0%	33.3%		98.0%	59.5%	28.0%	20.0%	
		cdeFG	fG	a	a	a	Ab	AB		BCD	Acd	Ab	Ab	
														
10%		0	2	0	0	0	1	0		0	4	0	0	
		0.0%	6.9%	0.0%	0.0%	0.0%	25.0%	0.0%		0.0%	9.5%	0.0%	0.0%	
		f					ag	f		b	a			
														
20%		0	1	1	0	2	1	3		0	6	1	2	
		0.0%	3.4%	8.3%	0.0%	16.7%	25.0%	14.3%		0.0%	14.3%	4.0%	20.0%	
		f					a			BD	A		A	
														
30%		0	0	0	0	1	0	1		0	0	1	1	
		0.0%	0.0%	0.0%	0.0%	8.3%	0.0%	4.8%		0.0%	0.0%	4.0%	10.0%	
										d	d		ab	
														
40%		0	0	0	0	0	0	3		0	0	1	2	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%		0.0%	0.0%	4.0%	20.0%	
			g					b		D	D		AB	
														
50%		0	3	0	2	2	0	2		0	3	7	0	
		0.0%	10.3%	0.0%	13.3%	16.7%	0.0%	9.5%		0.0%	7.1%	28.0%	0.0%	
										C	c	Ab		
														
60%		0	0	1	1	0	0	1		0	0	3	0	
		0.0%	0.0%	8.3%	6.7%	0.0%	0.0%	4.8%		0.0%	0.0%	12.0%	0.0%	
										c	c	ab		
														
70%		0	0	2	0	0	0	0		0	1	1	1	
		0.0%	0.0%	16.7%	0.0%	0.0%	0.0%	0.0%		0.0%	2.4%	4.0%	10.0%	
			c	b						d			a	

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

54 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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		35	43	19	11	12	14	1	
		25.9%	31.9%	14.1%	8.1%	8.9%	10.4%	0.7%	
									
0% [None]		20	25	13	8	6	10	1	
		62.5%	61.0%	68.4%	80.0%	50.0%	76.9%	100.0%	
									
10%		1	2	1	0	0	0	0	
		3.1%	4.9%	5.3%	0.0%	0.0%	0.0%	0.0%	
									
20%		2	3	0	0	3	2	0	
		6.3%	7.3%	0.0%	0.0%	25.0%	15.4%	0.0%	
				e		c			
									
30%		0	1	0	0	0	1	0	
		0.0%	2.4%	0.0%	0.0%	0.0%	7.7%	0.0%	
									
40%		0	2	1	0	0	0	0	
		0.0%	4.9%	5.3%	0.0%	0.0%	0.0%	0.0%	
									
50%		6	2	0	1	1	0	0	
		18.8%	4.9%	0.0%	10.0%	8.3%	0.0%	0.0%	
									
60%		2	0	1	0	0	0	0	
		6.3%	0.0%	5.3%	0.0%	0.0%	0.0%	0.0%	
									
70%		0	2	0	0	1	0	0	
		0.0%	4.9%	0.0%	0.0%	8.3%	0.0%	0.0%	

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

55 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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	
														
80%		3		0	0	1	0	0	0	1	1	0	0	
		2.3%		0.0%	0.0%	4.3%	0.0%	0.0%	0.0%	8.3%	5.6%	0.0%	0.0%	
														
90%		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
100% [All]		7		0	0	3	0	0	2	1	0	0	1	
		5.5%		0.0%	0.0%	13.0%	0.0%	0.0%	14.3%	8.3%	0.0%	0.0%	5.3%	
														
Mean		17.6		5.0	35.0	30.4	16.3	18.0	19.3	16.7	12.8	20.0	14.2	
SD		29.6		15.5	7.1	36.7	20.0	30.3	36.9	35.0	24.4	26.2	29.9	
				bc	a	a								

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

56 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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	
															
80%		1	0	0	0	1	1	0		2	0	1	0	0	
		5.3%	0.0%	0.0%	0.0%	6.7%	10.0%	0.0%		8.3%	0.0%	1.3%	0.0%	0.0%	
															
90%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
															
100% [All]		0	2	1	0	2	2	0		0	3	3	0	0	
		0.0%	8.3%	3.0%	0.0%	13.3%	20.0%	0.0%		0.0%	23.1%	3.8%	0.0%	0.0%	
										b	ac	b			
															
Mean		5.8	12.9	10.6	20.0	35.3	35.0	25.3		30.0	30.8	11.4	---	0.0	
SD		18.7	30.3	25.1	26.8	36.2	46.0	19.2		25.5	42.3	26.1	---	0.0	
		EfG	e	Efg		AbC	ac	Ac		C	c	Ab			

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

57 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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	
														
80%		1	0	0	0	0	1	1		1	0	1	1	
		4.8%	0.0%	0.0%	0.0%	0.0%	25.0%	4.8%		2.0%	0.0%	4.0%	10.0%	
			f				b				d		b	
														
90%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
100% [All]		0	0	0	2	0	0	3		0	3	3	1	
		0.0%	0.0%	0.0%	13.3%	0.0%	0.0%	14.3%		0.0%	7.1%	12.0%	10.0%	
			g					b		cd		a	a	
														
Mean		3.8	6.6	18.3	24.0	14.2	27.5	35.7		1.6	16.2	42.8	40.0	
SD		17.5	15.6	29.8	37.8	19.8	35.9	35.4		11.3	28.9	33.4	33.7	
		dfG	dfG		ab		ab	AB		BCD	ACd	AB	Ab	

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

58 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. What proportion of your acquisition spending will be cross-border (outside your country)?

N=135		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	
									
80%		0	1	2	0	0	0	0	
		0.0%	2.4%	10.5%	0.0%	0.0%	0.0%	0.0%	
									
90%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
100% [All]		1	3	1	1	1	0	0	
		3.1%	7.3%	5.3%	10.0%	8.3%	0.0%	0.0%	
									
Mean		17.8	19.8	19.5	15.0	23.3	5.4	0.0	
SD		27.2	31.9	34.1	33.7	33.1	10.5	0.0	

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

59 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. Where will your cross-border acquisitions occur?

N=45		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		45		2	2	13	4	2	4	3	6	4	4	
		100.0%		4.4%	4.4%	28.9%	8.9%	4.4%	8.9%	6.7%	13.3%	8.9%	8.9%	
														
Europe		20		0	0	7	0	1	4	2	3	1	2	
		44.4%		0.0%	0.0%	53.8%	0.0%	50.0%	100.0%	66.7%	50.0%	25.0%	50.0%	
							f		d					
														
Asia/Pacific Basin		17		0	0	5	1	1	2	2	2	2	2	
		37.8%		0.0%	0.0%	38.5%	25.0%	50.0%	50.0%	66.7%	33.3%	50.0%	50.0%	
														
Latin America		13		0	0	4	0	1	1	1	2	1	3	
		28.9%		0.0%	0.0%	30.8%	0.0%	50.0%	25.0%	33.3%	33.3%	25.0%	75.0%	
														
Canada		10		0	1	4	3	0	0	0	1	1	0	
		22.2%		0.0%	50.0%	30.8%	75.0%	0.0%	0.0%	0.0%	16.7%	25.0%	0.0%	
														
Africa		3		1	0	1	0	0	1	0	0	0	0	
		6.7%		50.0%	0.0%	7.7%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	

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

60 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. Where will your cross-border acquisitions occur?

N=45		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		3	5	6	6	10	4	11		17	6	18	0	0	
		6.7%	11.1%	13.3%	13.3%	22.2%	8.9%	24.4%		37.8%	13.3%	40.0%	0.0%	0.0%	
															
Europe		1	3	5	3	1	3	4		8	1	10	0	0	
		33.3%	60.0%	83.3%	50.0%	10.0%	75.0%	36.4%		47.1%	16.7%	55.6%	0.0%	0.0%	
				e		cf	e								
															
Asia/Pacific Basin		1	1	3	1	4	1	6		8	3	6	0	0	
		33.3%	20.0%	50.0%	16.7%	40.0%	25.0%	54.5%		47.1%	50.0%	33.3%	0.0%	0.0%	
															
Latin America		1	1	0	3	2	2	4		6	2	3	0	0	
		33.3%	20.0%	0.0%	50.0%	20.0%	50.0%	36.4%		35.3%	33.3%	16.7%	0.0%	0.0%	
															
Canada		0	1	1	2	4	1	1		5	2	2	0	0	
		0.0%	20.0%	16.7%	33.3%	40.0%	25.0%	9.1%		29.4%	33.3%	11.1%	0.0%	0.0%	
															
Africa		0	0	0	0	1	0	2		1	1	1	0	0	
		0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	18.2%		5.9%	16.7%	5.6%	0.0%	0.0%	

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

61 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. Where will your cross-border acquisitions occur?

N=45		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		1	6	4	5	5	3	14		1	17	18	8	
		2.2%	13.3%	8.9%	11.1%	11.1%	6.7%	31.1%		2.2%	37.8%	40.0%	17.8%	
														
Europe		1	3	2	2	2	1	7		1	7	9	2	
		100.0%	50.0%	50.0%	40.0%	40.0%	33.3%	50.0%		100.0%	41.2%	50.0%	25.0%	
														
Asia/Pacific Basin		0	3	2	2	1	1	8		0	3	8	5	
		0.0%	50.0%	50.0%	40.0%	20.0%	33.3%	57.1%		0.0%	17.6%	44.4%	62.5%	
											d		b	
														
Latin America		0	1	1	1	2	1	5		0	3	6	3	
		0.0%	16.7%	25.0%	20.0%	40.0%	33.3%	35.7%		0.0%	17.6%	33.3%	37.5%	
														
Canada		0	1	1	1	3	1	1		0	5	3	2	
		0.0%	16.7%	25.0%	20.0%	60.0%	33.3%	7.1%		0.0%	29.4%	16.7%	25.0%	
						g		e						
														
Africa		0	0	0	0	1	1	1		0	1	0	1	
		0.0%	0.0%	0.0%	0.0%	20.0%	33.3%	7.1%		0.0%	5.9%	0.0%	12.5%	

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

62 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5a. Where will your cross-border acquisitions occur?

N=45		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		12	16	6	2	6	3	0	
		26.7%	35.6%	13.3%	4.4%	13.3%	6.7%	0.0%	
									
Europe		5	7	3	0	3	2	0	
		41.7%	43.8%	50.0%	0.0%	50.0%	66.7%	0.0%	
									
Asia/Pacific Basin		4	6	5	1	0	1	0	
		33.3%	37.5%	83.3%	50.0%	0.0%	33.3%	0.0%	
				e		c			
									
Latin America		3	5	2	0	2	1	0	
		25.0%	31.3%	33.3%	0.0%	33.3%	33.3%	0.0%	
									
Canada		2	3	1	1	2	1	0	
		16.7%	18.8%	16.7%	50.0%	33.3%	33.3%	0.0%	
									
Africa		1	1	0	0	0	1	0	
		8.3%	6.3%	0.0%	0.0%	0.0%	33.3%	0.0%	

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

63 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5b. During 2015, does your company plan to:

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Sell your company		28		5	1	8	0	3	4	0	1	4	2	
		6.1%		8.1%	5.0%	9.0%	0.0%	42.9%	17.4%	0.0%	1.3%	11.4%	2.6%	
				E	e	Egh	E	AbCDGHiJ	GHJ	cEFi	cEFi	egh	EF	
														
Sell part of your		47		11	2	7	2	1	7	2	4	4	7	
company		10.2%		17.7%	10.0%	7.9%	9.5%	14.3%	30.4%	4.3%	5.3%	11.4%	9.0%	
				gh		F			CGHj	aF	aF		f	
														
Neither		384		46	17	74	19	3	12	44	70	27	69	
		83.7%		74.2%	85.0%	83.1%	90.5%	42.9%	52.2%	95.7%	93.3%	77.1%	88.5%	
				GHj	ef	eFgh	eF	bcdGHJ	bCDGHJ	AcEFi	AcEFi	gh	aEF	

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

64 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5b. During 2015, does your company plan to:

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
Sell your company		13	6	4	3	0	1	1		1	2	22	1	0	
		7.3%	5.7%	5.0%	11.1%	0.0%	6.3%	5.3%		3.1%	9.5%	6.9%	5.0%	0.0%	
											e			b	
															
Sell part of your		12	7	12	3	4	4	5		11	6	25	0	2	
company		6.8%	6.6%	15.0%	11.1%	13.3%	25.0%	26.3%		34.4%	28.6%	7.8%	0.0%	4.7%	
		cfG	fG	a			ab	AB		CDE	CdE	AB	Ab	AB	
															
Neither		152	93	64	21	26	11	13		20	13	273	19	41	
		85.9%	87.7%	80.0%	77.8%	86.7%	68.8%	68.4%		62.5%	61.9%	85.3%	95.0%	95.3%	
		g	fg				b	ab		CdE	CdE	AB	ab	AB	

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

65 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5b. During 2015, does your company plan to:

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
Sell your company		12	5	0	3	0	0	2		9	11	4	4	
		6.9%	4.5%	0.0%	10.0%	0.0%	0.0%	6.5%		3.8%	7.5%	11.4%	13.3%	
										cd		a	a	
														
Sell part of your		10	11	4	2	4	1	8		18	15	7	6	
company		5.7%	9.9%	14.3%	6.7%	16.7%	11.1%	25.8%		7.5%	10.2%	20.0%	20.0%	
		G	g		g			Abd		cd		a	a	
														
Neither		153	95	24	25	20	8	21		213	121	24	20	
		87.4%	85.6%	85.7%	83.3%	83.3%	88.9%	67.7%		88.8%	82.3%	68.6%	66.7%	
		G	g					Ab		CD		A	A	

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

66 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

5b. During 2015, does your company plan to:

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Sell your company		7	8	6	1	4	2	0	
		5.3%	7.5%	8.2%	1.7%	8.5%	5.4%	0.0%	
									
Sell part of your		16	14	5	5	1	6	0	
company		12.1%	13.1%	6.8%	8.6%	2.1%	16.2%	0.0%	
		e	e			abf	e		
									
Neither		109	85	62	52	42	29	4	
		82.6%	79.4%	84.9%	89.7%	89.4%	78.4%	100.0%	

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

67 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in interest rates had on your business?

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Direct		112		14	1	14	7	2	6	24	13	8	22	
		20.9%		20.3%	4.3%	14.0%	26.9%	20.0%	20.0%	45.3%	14.4%	20.0%	24.4%	
				G	dGj	G	b		g	ABCfHij	G	g	bg	
														
Indirect		72		7	4	10	5	1	5	6	17	2	14	
		13.5%		10.1%	17.4%	10.0%	19.2%	10.0%	16.7%	11.3%	18.9%	5.0%	15.6%	
											i	h		
														
Both		44		7	3	7	2	1	1	7	7	1	8	
		8.2%		10.1%	13.0%	7.0%	7.7%	10.0%	3.3%	13.2%	7.8%	2.5%	8.9%	
														
No effect		307		41	15	69	12	6	18	16	53	29	46	
		57.4%		59.4%	65.2%	69.0%	46.2%	60.0%	60.0%	30.2%	58.9%	72.5%	51.1%	
				G	G	dGj	ci		G	ABCFHIj	G	dGj	cgi	

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

68 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in interest rates had on your business?

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
Direct		38	20	29	5	6	6	6		7	6	67	6	15	
		19.6%	16.8%	29.0%	15.2%	15.0%	33.3%	24.0%		15.2%	23.1%	18.7%	30.0%	32.6%	
			c	b								e		c	
															
Indirect		25	10	14	3	11	0	9		12	4	45	2	5	
		12.9%	8.4%	14.0%	9.1%	27.5%	0.0%	36.0%		26.1%	15.4%	12.6%	10.0%	10.9%	
		eG	EG	g	g	aBf	eG	ABcdF		c		a			
															
Both		15	9	5	5	5	3	2		5	3	28	2	3	
		7.7%	7.6%	5.0%	15.2%	12.5%	16.7%	8.0%		10.9%	11.5%	7.8%	10.0%	6.5%	
															
No effect		116	80	52	20	18	9	8		22	13	218	10	23	
		59.8%	67.2%	52.0%	60.6%	45.0%	50.0%	32.0%		47.8%	50.0%	60.9%	50.0%	50.0%	
		G	ceG	b	g	b		ABd							

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

69 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in interest rates had on your business?

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
Direct		42	21	11	7	8	0	9		63	32	8	5	
		22.5%	16.3%	28.9%	18.4%	27.6%	0.0%	23.1%		23.3%	18.5%	16.3%	14.3%	
				f		f	ce							
														
Indirect		26	12	5	5	6	1	12		34	25	7	6	
		13.9%	9.3%	13.2%	13.2%	20.7%	8.3%	30.8%		12.6%	14.5%	14.3%	17.1%	
		g	G					aB						
														
Both		14	8	2	3	3	2	6		21	12	6	5	
		7.5%	6.2%	5.3%	7.9%	10.3%	16.7%	15.4%		7.8%	6.9%	12.2%	14.3%	
														
No effect		105	88	20	23	12	9	12		152	104	28	19	
		56.1%	68.2%	52.6%	60.5%	41.4%	75.0%	30.8%		56.3%	60.1%	57.1%	54.3%	
		bG	aEG		g	B	G	ABdF						

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

70 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in interest rates had on your business?

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Direct		29	25	21	17	9	10	1	
		19.3%	19.8%	24.4%	25.4%	16.4%	22.7%	20.0%	
									
Indirect		18	17	17	10	4	5	1	
		12.0%	13.5%	19.8%	14.9%	7.3%	11.4%	20.0%	
				e		c			
									
Both		9	11	10	6	3	5	0	
		6.0%	8.7%	11.6%	9.0%	5.5%	11.4%	0.0%	
									
No effect		94	73	38	34	39	24	3	
		62.7%	57.9%	44.2%	50.7%	70.9%	54.5%	60.0%	
		C		AE	e	Cd			

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

71 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of interest rates on your business been..

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
+2=Very positive		11		0	0	0	1	0	1	3	4	0	2	
		4.6%		0.0%	0.0%	0.0%	7.1%	0.0%	7.7%	8.1%	9.8%	0.0%	4.3%	
														
+1=Positive		88		12	3	13	4	1	5	10	13	5	21	
		36.7%		42.9%	33.3%	39.4%	28.6%	25.0%	38.5%	27.0%	31.7%	41.7%	44.7%	
														
0=No impact		48		3	1	9	5	1	6	5	8	2	7	
		20.0%		10.7%	11.1%	27.3%	35.7%	25.0%	46.2%	13.5%	19.5%	16.7%	14.9%	
				f					agj	f			f	
														
-1=Negative		90		12	5	11	4	2	1	18	16	5	16	
		37.5%		42.9%	55.6%	33.3%	28.6%	50.0%	7.7%	48.6%	39.0%	41.7%	34.0%	
				f	f				abgh	f	f			
														
-2=Very negative		3		1	0	0	0	0	0	1	0	0	1	
		1.3%		3.6%	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%	0.0%	0.0%	2.1%	
														
Mean		0.1		-0.1	-0.2	0.1	0.1	-0.3	0.5	-0.1	0.1	0.0	0.1	
SD		1.0		1.0	1.0	0.9	0.9	1.0	0.8	1.1	1.1	1.0	1.0	

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

72 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of interest rates on your business been..

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
+2=Very positive		2	5	1	0	1	0	2		2	0	6	2	1	
		2.4%	11.9%	2.0%	0.0%	4.8%	0.0%	12.5%		8.7%	0.0%	3.9%	20.0%	4.0%	
		b	a									d	c		
															
+1=Positive		31	11	24	6	5	6	3		4	3	62	1	9	
		36.5%	26.2%	49.0%	40.0%	23.8%	60.0%	18.8%		17.4%	21.4%	40.8%	10.0%	36.0%	
			cf	bg			bg	cf		c		a			
															
0=No impact		18	9	4	4	8	1	4		7	4	30	2	3	
		21.2%	21.4%	8.2%	26.7%	38.1%	10.0%	25.0%		30.4%	28.6%	19.7%	20.0%	12.0%	
				E		C									
															
-1=Negative		33	17	18	5	7	3	7		10	7	52	5	11	
		38.8%	40.5%	36.7%	33.3%	33.3%	30.0%	43.8%		43.5%	50.0%	34.2%	50.0%	44.0%	
															
-2=Very negative		1	0	2	0	0	0	0		0	0	2	0	1	
		1.2%	0.0%	4.1%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.3%	0.0%	4.0%	
															
Mean		0.0	0.1	0.1	0.1	0.0	0.3	0.0		-0.1	-0.3	0.1	0.0	-0.1	
SD		1.0	1.1	1.1	0.9	0.9	0.9	1.1		1.0	0.8	1.0	1.2	1.1	

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

73 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of interest rates on your business been..

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
+2=Very positive		3	3	1	1	0	0	1		9	0	0	1	
		3.3%	7.0%	5.6%	6.3%	0.0%	0.0%	3.8%		7.1%	0.0%	0.0%	5.9%	
										b	ad		b	
														
+1=Positive		29	16	9	5	8	2	7		50	26	6	4	
		31.9%	37.2%	50.0%	31.3%	44.4%	66.7%	26.9%		39.4%	35.6%	31.6%	23.5%	
														
0=No impact		23	5	0	4	6	1	6		18	19	7	4	
		25.3%	11.6%	0.0%	25.0%	33.3%	33.3%	23.1%		14.2%	26.0%	36.8%	23.5%	
		c	e	adefg	c	bc	c	c		bc	a	a		
														
-1=Negative		34	18	8	6	4	0	12		48	28	6	7	
		37.4%	41.9%	44.4%	37.5%	22.2%	0.0%	46.2%		37.8%	38.4%	31.6%	41.2%	
														
-2=Very negative		2	1	0	0	0	0	0		2	0	0	1	
		2.2%	2.3%	0.0%	0.0%	0.0%	0.0%	0.0%		1.6%	0.0%	0.0%	5.9%	
											d		b	
														
Mean		0.0	0.0	0.2	0.1	0.2	0.7	-0.1		0.1	0.0	0.0	-0.2	
SD		1.0	1.1	1.1	1.0	0.8	0.6	1.0		1.1	0.9	0.8	1.1	

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

74 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of interest rates on your business been..

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
+2=Very positive		3	1	2	4	0	1	0	
		5.2%	1.7%	4.1%	12.1%	0.0%	4.8%	0.0%	
			d		b				
									
+1=Positive		24	24	16	17	1	6	0	
		41.4%	41.4%	32.7%	51.5%	5.3%	28.6%	0.0%	
		E	E	e	E	ABcD			
									
0=No impact		8	14	12	3	7	3	1	
		13.8%	24.1%	24.5%	9.1%	36.8%	14.3%	50.0%	
		e			e	ad			
									
-1=Negative		23	19	18	8	10	11	1	
		39.7%	32.8%	36.7%	24.2%	52.6%	52.4%	50.0%	
					ef	d	d		
									
-2=Very negative		0	0	1	1	1	0	0	
		0.0%	0.0%	2.0%	3.0%	5.3%	0.0%	0.0%	
									
Mean		0.1	0.1	0.0	0.5	-0.6	-0.1	-0.5	
SD		1.0	0.9	1.0	1.1	0.7	1.0	0.7	
		E	E	e	Ef	ABcD	d		

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

75 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in oil prices had on your business?

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Direct		116		20	9	21	15	1	2	4	14	7	21	
		21.7%		29.0%	39.1%	20.8%	57.7%	10.0%	6.7%	7.5%	15.6%	17.5%	23.6%	
				dfGh	FGh	Dg	aCeFGHIJ	d	aBDj	ABcDj	abD	D	Dfg	
														
Indirect		161		24	4	34	4	4	10	20	23	8	30	
		30.1%		34.8%	17.4%	33.7%	15.4%	40.0%	33.3%	37.7%	25.6%	20.0%	33.7%	
							g			d				
														
Both		77		14	6	22	5	1	1	2	11	3	12	
		14.4%		20.3%	26.1%	21.8%	19.2%	10.0%	3.3%	3.8%	12.2%	7.5%	13.5%	
				fG	fGi	fGi	g		abc	ABCd		bc		
														
No effect		181		11	4	24	2	4	17	27	42	22	26	
		33.8%		15.9%	17.4%	23.8%	7.7%	40.0%	56.7%	50.9%	46.7%	55.0%	29.2%	
				FGHI	FGhI	FGHI	eFGHIj	d	ABCDJ	ABCDj	AbCDj	ABCDJ	dFghI	

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

76 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in oil prices had on your business?

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
Direct		37	30	20	11	9	5	4		10	1	85	6	7	
		19.2%	25.0%	19.8%	33.3%	23.1%	27.8%	16.0%		21.7%	3.8%	23.7%	30.0%	15.6%	
										b	acd	b	b		
															
Indirect		49	33	41	8	12	4	12		18	6	105	5	17	
		25.4%	27.5%	40.6%	24.2%	30.8%	22.2%	48.0%		39.1%	23.1%	29.2%	25.0%	37.8%	
		Cg	cg	Ab				ab							
															
Both		21	20	11	5	9	5	5		8	8	48	6	3	
		10.9%	16.7%	10.9%	15.2%	23.1%	27.8%	20.0%		17.4%	30.8%	13.4%	30.0%	6.7%	
		ef				a	a				cE	bd	ce	Bd	
															
No effect		86	37	29	9	9	4	4		10	11	121	3	18	
		44.6%	30.8%	28.7%	27.3%	23.1%	22.2%	16.0%		21.7%	42.3%	33.7%	15.0%	40.0%	
		bCeG	a	A		a		A							

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

77 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in oil prices had on your business?

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
Direct		36	25	9	16	8	3	4		60	37	10	8	
		19.3%	19.5%	23.7%	41.0%	27.6%	25.0%	10.3%		22.2%	21.3%	20.4%	22.9%	
		D	D		ABG			D						
														
Indirect		54	41	13	9	10	2	18		77	60	13	7	
		28.9%	32.0%	34.2%	23.1%	34.5%	16.7%	46.2%		28.5%	34.5%	26.5%	20.0%	
		g			g			ad						
														
Both		20	20	4	6	6	3	11		35	24	11	7	
		10.7%	15.6%	10.5%	15.4%	20.7%	25.0%	28.2%		13.0%	13.8%	22.4%	20.0%	
		G						A						
														
No effect		77	42	12	8	5	4	6		98	53	15	13	
		41.2%	32.8%	31.6%	20.5%	17.2%	33.3%	15.4%		36.3%	30.5%	30.6%	37.1%	
		deG	g		a	a		Ab						

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

78 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in oil prices had on your business?

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Direct		31	22	19	14	18	11	1	
		20.5%	17.6%	22.1%	20.9%	32.7%	25.0%	20.0%	
			e			b			
									
Indirect		57	34	25	17	14	11	3	
		37.7%	27.2%	29.1%	25.4%	25.5%	25.0%	60.0%	
									
Both		19	15	12	13	8	10	0	
		12.6%	12.0%	14.0%	19.4%	14.5%	22.7%	0.0%	
									
No effect		44	54	30	23	15	12	1	
		29.1%	43.2%	34.9%	34.3%	27.3%	27.3%	20.0%	
		b	ae			b			

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

79 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of oil prices on your business been..

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
+2=Very positive		40		12	3	2	3	0	1	2	6	1	10	
		11.1%		20.3%	15.0%	2.5%	12.5%	0.0%	7.7%	7.4%	12.5%	5.6%	15.6%	
				C	c	AbdhJ	c				c		C	
														
+1=Positive		194		33	10	46	7	4	6	11	27	13	35	
		53.7%		55.9%	50.0%	57.5%	29.2%	66.7%	46.2%	40.7%	56.3%	72.2%	54.7%	
				d		d	achIj			i	d	Dg	d	
														
0=No impact		44		5	3	8	3	0	3	4	7	2	9	
		12.2%		8.5%	15.0%	10.0%	12.5%	0.0%	23.1%	14.8%	14.6%	11.1%	14.1%	
														
-1=Negative		66		9	2	17	7	2	3	10	6	2	8	
		18.3%		15.3%	10.0%	21.3%	29.2%	33.3%	23.1%	37.0%	12.5%	11.1%	12.5%	
				g	g					abhJ	g		G	
														
-2=Very negative		17		0	2	7	4	0	0	0	2	0	2	
		4.7%		0.0%	10.0%	8.8%	16.7%	0.0%	0.0%	0.0%	4.2%	0.0%	3.1%	
				bcD	a	a	Agj			d			d	
														
Mean		0.5		0.8	0.5	0.2	-0.1	0.3	0.4	0.2	0.6	0.7	0.7	
SD		1.1		0.9	1.2	1.1	1.3	1.0	1.0	1.0	1.0	0.8	1.0	
				CDG		Aj	AhiJ			Aj	d	d	cDg	

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

80 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of oil prices on your business been..

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
+2=Very positive		10	10	4	5	5	4	2		4	1	30	2	1	
		8.9%	11.5%	5.6%	20.8%	17.2%	28.6%	10.0%		11.8%	5.9%	12.1%	11.8%	3.4%	
		f		dF	c		aC								
															
+1=Positive		53	50	44	13	17	5	10		15	10	130	12	19	
		47.3%	57.5%	61.1%	54.2%	58.6%	35.7%	50.0%		44.1%	58.8%	52.6%	70.6%	65.5%	
															
0=No impact		18	5	11	1	4	1	3		2	6	29	0	5	
		16.1%	5.7%	15.3%	4.2%	13.8%	7.1%	15.0%		5.9%	35.3%	11.7%	0.0%	17.2%	
		b	ac	b						B	ACd	B	b		
															
-1=Negative		25	19	12	2	2	3	3		9	0	45	3	4	
		22.3%	21.8%	16.7%	8.3%	6.9%	21.4%	15.0%		26.5%	0.0%	18.2%	17.6%	13.8%	
										b	a				
															
-2=Very negative		6	3	1	3	1	1	2		4	0	13	0	0	
		5.4%	3.4%	1.4%	12.5%	3.4%	7.1%	10.0%		11.8%	0.0%	5.3%	0.0%	0.0%	
				d	c										
															
Mean		0.3	0.5	0.5	0.6	0.8	0.6	0.4		0.2	0.7	0.5	0.8	0.6	
SD		1.1	1.1	0.9	1.3	0.9	1.3	1.2		1.3	0.6	1.1	0.9	0.8	
		e				a									

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

81 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of oil prices on your business been..

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
+2=Very positive		13	7	6	4	3	0	2		24	10	2	3	
		10.9%	8.0%	23.1%	12.9%	13.0%	0.0%	6.3%		13.6%	7.9%	6.3%	13.6%	
			c	b										
														
+1=Positive		54	51	13	19	15	6	17		96	70	16	8	
		45.4%	58.0%	50.0%	61.3%	65.2%	85.7%	53.1%		54.5%	55.6%	50.0%	36.4%	
		f					a							
														
0=No impact		18	9	3	3	3	0	5		20	16	3	5	
		15.1%	10.2%	11.5%	9.7%	13.0%	0.0%	15.6%		11.4%	12.7%	9.4%	22.7%	
														
-1=Negative		28	17	4	3	2	0	5		30	24	10	2	
		23.5%	19.3%	15.4%	9.7%	8.7%	0.0%	15.6%		17.0%	19.0%	31.3%	9.1%	
														
-2=Very negative		6	4	0	2	0	1	3		6	6	1	4	
		5.0%	4.5%	0.0%	6.5%	0.0%	14.3%	9.4%		3.4%	4.8%	3.1%	18.2%	
										D	d		Ab	
														
Mean		0.3	0.5	0.8	0.6	0.8	0.6	0.3		0.6	0.4	0.3	0.2	
SD		1.1	1.0	1.0	1.1	0.8	1.1	1.1		1.0	1.0	1.1	1.3	
		ce		a		a								

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

82 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of oil prices on your business been..

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
+2=Very positive		10	10	6	6	6	2	0	
		9.3%	13.5%	10.9%	12.8%	14.6%	6.3%	0.0%	
									
+1=Positive		55	37	31	31	12	26	2	
		50.9%	50.0%	56.4%	66.0%	29.3%	81.3%	50.0%	
		eF	eF	Ef	E	abCDF	ABcE		
									
0=No impact		14	11	7	6	5	0	1	
		13.0%	14.9%	12.7%	12.8%	12.2%	0.0%	25.0%	
		f	f	f	f	f	abcdeG	F	
									
-1=Negative		25	12	9	4	12	3	1	
		23.1%	16.2%	16.4%	8.5%	29.3%	9.4%	25.0%	
		d			ae	df	e		
									
-2=Very negative		4	4	2	0	6	1	0	
		3.7%	5.4%	3.6%	0.0%	14.6%	3.1%	0.0%	
		e			E	aD			
									
Mean		0.4	0.5	0.5	0.8	0.0	0.8	0.3	
SD		1.1	1.1	1.0	0.8	1.3	0.8	1.0	
		d	e	e	aE	bcDF	E		

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

83 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in currency values had on your business?

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Direct		103		15	2	32	8	3	11	7	7	4	14	
		19.6%		22.1%	9.1%	31.7%	30.8%	37.5%	37.9%	13.5%	7.8%	10.0%	16.1%	
				h	cf	bgHIj	Hi	H	bgHIj	cf	aCDEF	CdF	cf	
														
Indirect		85		11	4	14	5	0	4	11	12	6	17	
		16.2%		16.2%	18.2%	13.9%	19.2%	0.0%	13.8%	21.2%	13.3%	15.0%	19.5%	
														
Both		55		6	3	23	2	2	2	4	8	1	4	
		10.5%		8.8%	13.6%	22.8%	7.7%	25.0%	6.9%	7.7%	8.9%	2.5%	4.6%	
				c		aghIJ		ij		c	c	Ce	Ce	
														
No effect		283		36	13	32	11	3	12	30	63	29	52	
		53.8%		52.9%	59.1%	31.7%	42.3%	37.5%	41.4%	57.7%	70.0%	72.5%	59.8%	
				Chi	c	AbGHIJ	hi		Hi	C	aCdF	aCdf	C	

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

84 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in currency values had on your business?

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
Direct		18	20	30	10	11	5	9		16	7	72	3	1	
		9.5%	16.8%	30.3%	30.3%	29.7%	27.8%	36.0%		35.6%	29.2%	20.3%	15.0%	2.2%	
		CDEfG	cg	Ab	A	A	a	Ab		cE	E	aE		ABC	
															
Indirect		27	17	18	9	6	1	6		6	3	58	6	6	
		14.2%	14.3%	18.2%	27.3%	16.2%	5.6%	24.0%		13.3%	12.5%	16.3%	30.0%	13.3%	
															
Both		15	7	8	4	8	6	7		10	9	29	1	0	
		7.9%	5.9%	8.1%	12.1%	21.6%	33.3%	28.0%		22.2%	37.5%	8.2%	5.0%	0.0%	
		eFG	EFG	eFG		aBc	ABC	ABC		CE	CdE	ABe	b	ABc	
															
No effect		130	75	43	10	12	6	3		13	5	196	10	38	
		68.4%	63.0%	43.4%	30.3%	32.4%	33.3%	12.0%		28.9%	20.8%	55.2%	50.0%	84.4%	
		CDEFG	CDEfG	ABG	AB	AB	Ab	ABC		CE	CdE	ABE	bE	ABCD	

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

85 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in currency values had on your business?

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
Direct		25	19	7	16	5	5	12		10	48	26	17	
		13.6%	15.1%	18.4%	42.1%	17.2%	45.5%	30.8%		3.8%	27.6%	53.1%	50.0%	
		DFG	Dfg	d	ABce	d	Ab	Ab		BCD	ACd	AB	Ab	
														
Indirect		30	17	10	7	6	2	6		36	38	7	4	
		16.3%	13.5%	26.3%	18.4%	20.7%	18.2%	15.4%		13.7%	21.8%	14.3%	11.8%	
										b	a			
														
Both		14	12	3	4	3	2	13		7	25	12	11	
		7.6%	9.5%	7.9%	10.5%	10.3%	18.2%	33.3%		2.7%	14.4%	24.5%	32.4%	
		G	G	G	g	g		ABCde		BCD	Ad	A	Ab	
														
No effect		115	78	18	11	15	2	8		210	63	4	2	
		62.5%	61.9%	47.4%	28.9%	51.7%	18.2%	20.5%		79.8%	36.2%	8.2%	5.9%	
		DFG	DFG	g	AB	G	AB	ABcE		BCD	ACD	AB	AB	

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

86 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. To date, what effect have changes in currency values had on your business?

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Direct		26	21	18	14	15	9	0	
		17.3%	16.9%	22.0%	21.2%	27.3%	20.9%	0.0%	
									
Indirect		24	17	17	13	8	6	0	
		16.0%	13.7%	20.7%	19.7%	14.5%	14.0%	0.0%	
									
Both		11	18	5	9	5	7	0	
		7.3%	14.5%	6.1%	13.6%	9.1%	16.3%	0.0%	
									
No effect		89	68	42	30	27	21	5	
		59.3%	54.8%	51.2%	45.5%	49.1%	48.8%	100.0%	
			g	g	g	g	g	bcdef	

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

87 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of currency values on your business been..

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
+2=Very positive		8		2	0	1	0	0	1	0	1	0	3	
		3.1%		5.9%	0.0%	1.4%	0.0%	0.0%	5.3%	0.0%	3.4%	0.0%	8.1%	
														
+1=Positive		64		9	5	16	4	2	5	6	5	4	8	
		24.8%		26.5%	45.5%	22.9%	25.0%	28.6%	26.3%	26.1%	17.2%	36.4%	21.6%	
														
0=No impact		35		4	1	6	5	1	1	1	7	1	8	
		13.6%		11.8%	9.1%	8.6%	31.3%	14.3%	5.3%	4.3%	24.1%	9.1%	21.6%	
						dh	cg			d	c			
														
-1=Negative		127		15	5	35	5	3	11	16	16	6	14	
		49.2%		44.1%	45.5%	50.0%	31.3%	42.9%	57.9%	69.6%	55.2%	54.5%	37.8%	
							g			dj			g	
														
-2=Very negative		24		4	0	12	2	1	1	0	0	0	4	
		9.3%		11.8%	0.0%	17.1%	12.5%	14.3%	5.3%	0.0%	0.0%	0.0%	10.8%	
						gh		h		c	ce			
														
Mean		-0.4		-0.3	0.0	-0.6	-0.3	-0.4	-0.3	-0.4	-0.3	-0.2	-0.2	
SD		1.1		1.2	1.0	1.1	1.0	1.1	1.1	0.9	0.9	1.0	1.2	

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

88 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of currency values on your business been..

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
+2=Very positive		1	2	1	1	1	1	1		0	1	5	0	1	
		1.5%	4.2%	1.7%	4.0%	3.8%	8.3%	5.0%		0.0%	4.8%	2.9%	0.0%	12.5%	
										e				a	
															
+1=Positive		14	18	14	5	8	1	4		6	6	44	4	1	
		20.9%	37.5%	23.7%	20.0%	30.8%	8.3%	20.0%		18.8%	28.6%	25.6%	40.0%	12.5%	
															
0=No impact		16	3	8	2	3	1	1		2	2	24	2	2	
		23.9%	6.3%	13.6%	8.0%	11.5%	8.3%	5.0%		6.3%	9.5%	14.0%	20.0%	25.0%	
		b	a												
															
-1=Negative		31	20	33	14	10	6	13		18	9	84	4	4	
		46.3%	41.7%	55.9%	56.0%	38.5%	50.0%	65.0%		56.3%	42.9%	48.8%	40.0%	50.0%	
															
-2=Very negative		5	5	3	3	4	3	1		6	3	15	0	0	
		7.5%	10.4%	5.1%	12.0%	15.4%	25.0%	5.0%		18.8%	14.3%	8.7%	0.0%	0.0%	
				f			c								
															
Mean		-0.4	-0.2	-0.4	-0.5	-0.3	-0.8	-0.5		-0.8	-0.3	-0.3	0.0	-0.1	
SD		1.0	1.2	1.0	1.1	1.2	1.2	1.1		1.0	1.2	1.0	0.9	1.1	
										cd		a	a		

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

89 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of currency values on your business been..

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
+2=Very positive		4	1	0	0	0	0	0		4	2	0	2	
		5.1%	1.9%	0.0%	0.0%	0.0%	0.0%	0.0%		5.9%	1.8%	0.0%	6.1%	
														
+1=Positive		19	15	3	12	2	0	7		18	30	8	7	
		24.1%	28.8%	15.8%	41.4%	14.3%	0.0%	25.0%		26.5%	26.8%	18.6%	21.2%	
					f		d							
														
0=No impact		14	8	2	5	1	1	1		19	12	3	1	
		17.7%	15.4%	10.5%	17.2%	7.1%	10.0%	3.6%		27.9%	10.7%	7.0%	3.0%	
										BCD	A	A	A	
														
-1=Negative		37	23	14	10	10	5	16		22	61	26	17	
		46.8%	44.2%	73.7%	34.5%	71.4%	50.0%	57.1%		32.4%	54.5%	60.5%	51.5%	
		c	c	abd	ce	d				BC	A	A		
														
-2=Very negative		5	5	0	2	1	4	4		5	7	6	6	
		6.3%	9.6%	0.0%	6.9%	7.1%	40.0%	14.3%		7.4%	6.3%	14.0%	18.2%	
		F	f	F	f		AbCd				d		b	
														
Mean		-0.3	-0.3	-0.6	-0.1	-0.7	-1.3	-0.6		-0.1	-0.4	-0.7	-0.5	
SD		1.1	1.1	0.8	1.0	0.8	0.7	1.0		1.1	1.0	0.9	1.2	
		F	F	f	eF	d	ABcD			C		A		

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

90 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6a. Has the effect of currency values on your business been..

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
+2=Very positive		1	3	1	2	1	0	0	
		1.6%	5.0%	2.3%	5.3%	3.4%	0.0%	0.0%	
									
+1=Positive		14	15	12	10	5	8	0	
		22.2%	25.0%	27.3%	26.3%	17.2%	33.3%	0.0%	
									
0=No impact		10	8	7	4	2	4	0	
		15.9%	13.3%	15.9%	10.5%	6.9%	16.7%	0.0%	
									
-1=Negative		34	28	23	16	14	12	0	
		54.0%	46.7%	52.3%	42.1%	48.3%	50.0%	0.0%	
									
-2=Very negative		4	6	1	6	7	0	0	
		6.3%	10.0%	2.3%	15.8%	24.1%	0.0%	0.0%	
		e		dE	cf	aCf	de		
									
Mean		-0.4	-0.3	-0.3	-0.4	-0.7	-0.2	---	
SD		1.0	1.1	1.0	1.2	1.1	0.9	---	

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

91 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected capital spending plans for the next 12 months?

N=533		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		533		68	23	100	27	10	30	53	90	37	90	
		100.0%		12.9%	4.4%	18.9%	5.1%	1.9%	5.7%	10.0%	17.0%	7.0%	17.0%	
														
+2=Up large		6		0	0	0	1	0	0	1	2	1	1	
		1.1%		0.0%	0.0%	0.0%	3.8%	0.0%	0.0%	1.9%	2.3%	2.7%	1.1%	
														
+1=Up medium		51		4	3	6	2	1	2	10	9	4	10	
		9.8%		5.9%	13.0%	6.1%	7.7%	11.1%	6.7%	19.2%	10.3%	10.8%	11.2%	
				g		g				ac				
														
0=No change		423		56	18	89	22	7	27	36	66	29	69	
		80.9%		82.4%	78.3%	90.8%	84.6%	77.8%	90.0%	69.2%	75.9%	78.4%	77.5%	
						GHj			g	Cf	C		c	
														
-1=Down medium		38		6	1	2	1	0	1	5	10	3	9	
		7.3%		8.8%	4.3%	2.0%	3.8%	0.0%	3.3%	9.6%	11.5%	8.1%	10.1%	
				c		agHj				c	C		c	
														
-2=Down large		5		2	1	1	0	1	0	0	0	0	0	
		1.0%		2.9%	4.3%	1.0%	0.0%	11.1%	0.0%	0.0%	0.0%	0.0%	0.0%	
						e		cgHiJ		e	E	e	E	
														
Mean		0.0		-0.1	0.0	0.0	0.1	-0.1	0.0	0.1	0.0	0.1	0.0	
SD		0.5		0.5	0.6	0.4	0.5	0.8	0.3	0.6	0.6	0.5	0.5	
				g						a				

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

92 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected capital spending plans for the next 12 months?

N=533		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		196	118	96	34	39	18	25		45	26	359	20	43	
		37.3%	22.4%	18.3%	6.5%	7.4%	3.4%	4.8%		9.1%	5.3%	72.8%	4.1%	8.7%	
															
+2=Up large		4	0	1	1	0	0	0		0	0	4	0	1	
		2.1%	0.0%	1.0%	3.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.1%	0.0%	2.4%	
															
+1=Up medium		15	16	10	3	3	2	1		4	1	34	3	3	
		7.9%	13.6%	10.4%	9.1%	7.9%	11.1%	4.0%		8.9%	3.8%	9.6%	15.0%	7.1%	
															
0=No change		151	94	82	25	30	16	21		36	24	286	15	35	
		79.5%	79.7%	85.4%	75.8%	78.9%	88.9%	84.0%		80.0%	92.3%	80.8%	75.0%	83.3%	
															
-1=Down medium		16	8	2	4	5	0	3		5	1	25	2	3	
		8.4%	6.8%	2.1%	12.1%	13.2%	0.0%	12.0%		11.1%	3.8%	7.1%	10.0%	7.1%	
		c		adeg	c	c		c							
															
-2=Down large		4	0	1	0	0	0	0		0	0	5	0	0	
		2.1%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.4%	0.0%	0.0%	
															
Mean		0.0	0.1	0.1	0.0	-0.1	0.1	-0.1		0.0	0.0	0.0	0.1	0.0	
SD		0.6	0.4	0.5	0.6	0.5	0.3	0.4		0.5	0.3	0.5	0.5	0.5	

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

93 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected capital spending plans for the next 12 months?

N=533		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		189	124	38	38	29	12	39		266	173	48	37	
		40.3%	26.4%	8.1%	8.1%	6.2%	2.6%	8.3%		50.8%	33.0%	9.2%	7.1%	
														
+2=Up large		2	2	1	0	0	0	0		3	1	1	1	
		1.1%	1.6%	2.6%	0.0%	0.0%	0.0%	0.0%		1.1%	0.6%	2.1%	2.9%	
														
+1=Up medium		18	14	4	2	3	0	5		27	17	4	2	
		9.7%	11.4%	10.5%	5.3%	11.1%	0.0%	13.2%		10.2%	10.0%	8.3%	5.7%	
														
0=No change		147	98	32	32	23	12	28		213	139	37	29	
		79.0%	79.7%	84.2%	84.2%	85.2%	100.0%	73.7%		80.7%	81.8%	77.1%	82.9%	
														
-1=Down medium		17	6	1	4	1	0	5		18	12	5	3	
		9.1%	4.9%	2.6%	10.5%	3.7%	0.0%	13.2%		6.8%	7.1%	10.4%	8.6%	
														
-2=Down large		2	3	0	0	0	0	0		3	1	1	0	
		1.1%	2.4%	0.0%	0.0%	0.0%	0.0%	0.0%		1.1%	0.6%	2.1%	0.0%	
														
Mean		0.0	0.0	0.1	-0.1	0.1	0.0	0.0		0.0	0.0	0.0	0.0	
SD		0.5	0.6	0.5	0.4	0.4	0.0	0.5		0.5	0.5	0.6	0.5	

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

94 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected capital spending plans for the next 12 months?

N=533		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	123	84	67	56	45	5	
		28.3%	23.2%	15.8%	12.6%	10.6%	8.5%	0.9%	
									
+2=Up large		2	2	0	0	1	1	0	
		1.4%	1.7%	0.0%	0.0%	1.8%	2.2%	0.0%	
									
+1=Up medium		13	12	9	8	3	4	2	
		8.8%	10.0%	11.0%	12.1%	5.5%	8.9%	40.0%	
		g	g			G	g	abEf	
									
0=No change		123	95	63	54	48	35	3	
		83.1%	79.2%	76.8%	81.8%	87.3%	77.8%	60.0%	
									
-1=Down medium		8	11	10	3	2	4	0	
		5.4%	9.2%	12.2%	4.5%	3.6%	8.9%	0.0%	
									
-2=Down large		2	0	0	1	1	1	0	
		1.4%	0.0%	0.0%	1.5%	1.8%	2.2%	0.0%	
									
Mean		0.0	0.0	0.0	0.0	0.0	0.0	0.4	
SD		0.5	0.5	0.5	0.5	0.5	0.6	0.5	

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

95 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected capital spending plans? for the next 12 months

N=530		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		530		68	22	101	26	10	30	50	90	38	90	
		100.0%		13.0%	4.2%	19.2%	5.0%	1.9%	5.7%	9.5%	17.1%	7.2%	17.1%	
														
+2=Up large		4		1	0	0	0	0	0	0	1	0	2	
		0.8%		1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	0.0%	2.3%	
														
+1=Up medium		58		6	5	6	5	0	1	7	9	7	12	
		11.2%		9.0%	22.7%	6.1%	20.0%	0.0%	3.3%	14.3%	10.3%	18.4%	13.6%	
					cf	bdi	c		b			c		
														
0=No change		409		58	14	77	14	9	27	37	69	31	70	
		79.3%		86.6%	63.6%	78.6%	56.0%	100.0%	90.0%	75.5%	79.3%	81.6%	79.5%	
				bD	aef	d	AceFhij	bd	bD		d	d	d	
														
-1=Down medium		31		1	3	9	3	0	2	5	5	0	3	
		6.0%		1.5%	13.6%	9.2%	12.0%	0.0%	6.7%	10.2%	5.7%	0.0%	3.4%	
				bcdg	ai	a	ai			ai		bdg		
														
-2=Down large		14		1	0	6	3	0	0	0	3	0	1	
		2.7%		1.5%	0.0%	6.1%	12.0%	0.0%	0.0%	0.0%	3.4%	0.0%	1.1%	
				d			agij			d		d	d	
														
Mean		0.0		0.1	0.1	-0.2	-0.2	0.0	0.0	0.0	0.0	0.2	0.1	
SD		0.6		0.5	0.6	0.6	0.9	0.0	0.3	0.5	0.6	0.4	0.5	
				c		aIJ	i		i			Cdf	C	

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

96 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected capital spending plans? for the next 12 months

N=530		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		195	117	94	34	40	18	25		45	25	357	20	43	
		37.3%	22.4%	18.0%	6.5%	7.6%	3.4%	4.8%		9.2%	5.1%	72.9%	4.1%	8.8%	
															
+2=Up large		3	0	0	1	0	0	0		0	0	4	0	0	
		1.6%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%		0.0%	0.0%	1.1%	0.0%	0.0%	
															
+1=Up medium		23	11	8	3	7	4	1		4	3	41	3	2	
		12.4%	9.4%	8.5%	8.8%	17.9%	22.2%	4.0%		8.9%	12.0%	11.7%	15.8%	4.8%	
															
0=No change		146	98	80	24	29	11	18		30	22	275	16	40	
		78.9%	83.8%	85.1%	70.6%	74.4%	61.1%	72.0%		66.7%	88.0%	78.3%	84.2%	95.2%	
			f	f			bc			E		E		AC	
															
-1=Down medium		12	4	3	4	3	2	3		6	0	23	0	0	
		6.5%	3.4%	3.2%	11.8%	7.7%	11.1%	12.0%		13.3%	0.0%	6.6%	0.0%	0.0%	
										e				a	
															
-2=Down large		1	4	3	2	0	1	3		5	0	8	0	0	
		0.5%	3.4%	3.2%	5.9%	0.0%	5.6%	12.0%		11.1%	0.0%	2.3%	0.0%	0.0%	
		dfG			a	g	a	Ae		Ce		A		a	
															
Mean		0.1	0.0	0.0	-0.1	0.1	0.0	-0.3		-0.3	0.1	0.0	0.2	0.0	
SD		0.5	0.5	0.5	0.8	0.5	0.8	0.7		0.8	0.3	0.6	0.4	0.2	
		G	g	g		G		AbcE		bCde	a	A	a	a	

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

97 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected capital spending plans? for the next 12 months

N=530		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		186	123	38	38	29	12	39		263	173	48	37	
		40.0%	26.5%	8.2%	8.2%	6.2%	2.6%	8.4%		50.5%	33.2%	9.2%	7.1%	
														
+2=Up large		3	0	1	0	0	0	0		3	0	0	1	
		1.6%	0.0%	2.6%	0.0%	0.0%	0.0%	0.0%		1.2%	0.0%	0.0%	2.9%	
											d		b	
														
+1=Up medium		25	9	2	6	2	2	3		31	17	8	2	
		13.7%	7.4%	5.3%	15.8%	7.1%	16.7%	7.9%		12.0%	10.0%	16.7%	5.7%	
														
0=No change		138	104	33	28	25	9	26		210	133	34	27	
		75.8%	86.0%	86.8%	73.7%	89.3%	75.0%	68.4%		81.4%	78.2%	70.8%	77.1%	
		b	ag			g		be						
														
-1=Down medium		13	5	2	1	1	1	5		11	14	4	2	
		7.1%	4.1%	5.3%	2.6%	3.6%	8.3%	13.2%		4.3%	8.2%	8.3%	5.7%	
			g					b						
														
-2=Down large		3	3	0	3	0	0	4		3	6	2	3	
		1.6%	2.5%	0.0%	7.9%	0.0%	0.0%	10.5%		1.2%	3.5%	4.2%	8.6%	
		dG	g	g	a			Abc		D			A	
														
Mean		0.1	0.0	0.1	0.0	0.0	0.1	-0.3		0.1	-0.1	0.0	-0.1	
SD		0.6	0.5	0.5	0.7	0.3	0.5	0.8		0.5	0.6	0.7	0.8	
		G	g	g				Abc		bd	a		a	

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

98 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected capital spending plans? for the next 12 months

N=530		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	120	83	67	57	45	5	
		28.5%	22.8%	15.7%	12.7%	10.8%	8.5%	0.9%	
									
+2=Up large		0	1	1	0	2	0	0	
		0.0%	0.9%	1.3%	0.0%	3.6%	0.0%	0.0%	
		e				a			
									
+1=Up medium		19	9	10	10	5	5	0	
		12.9%	7.7%	12.7%	14.9%	8.9%	11.4%	0.0%	
									
0=No change		114	99	63	57	34	38	3	
		77.6%	84.6%	79.7%	85.1%	60.7%	86.4%	60.0%	
		e	E	e	E	aBcDF	E		
									
-1=Down medium		10	5	4	0	9	1	2	
		6.8%	4.3%	5.1%	0.0%	16.1%	2.3%	40.0%	
		deG	EG	eG	aEG	aBcDf	eG	ABCDF	
									
-2=Down large		4	3	1	0	6	0	0	
		2.7%	2.6%	1.3%	0.0%	10.7%	0.0%	0.0%	
		e	e	e	E	abcDf	e		
									
Mean		0.0	0.0	0.1	0.1	-0.2	0.1	-0.4	
SD		0.6	0.5	0.5	0.4	0.9	0.4	0.5	
		e	de	e	bEG	abcDf	eG	DF	

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

99 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=522		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		522		66	23	102	24	10	31	49	88	37	87	
		100.0%		12.8%	4.4%	19.7%	4.6%	1.9%	6.0%	9.5%	17.0%	7.2%	16.8%	
														
+2=Up large		6		1	0	3	0	0	1	0	0	0	1	
		1.2%		1.5%	0.0%	3.1%	0.0%	0.0%	3.2%	0.0%	0.0%	0.0%	1.2%	
														
+1=Up medium		36		3	0	5	3	0	3	7	8	2	5	
		7.1%		4.5%	0.0%	5.2%	13.0%	0.0%	9.7%	14.6%	9.3%	5.7%	5.9%	
														
0=No change		398		55	22	71	17	6	21	34	69	30	71	
		78.8%		83.3%	100.0%	73.2%	73.9%	66.7%	67.7%	70.8%	80.2%	85.7%	83.5%	
				b	aCdEFGhj	B	b	B	B	B	b		b	
														
-1=Down medium		48		5	0	12	3	2	4	7	8	2	4	
		9.5%		7.6%	0.0%	12.4%	13.0%	22.2%	12.9%	14.6%	9.3%	5.7%	4.7%	
					e			bj		j			eg	
														
-2=Down large		17		2	0	6	0	1	2	0	1	1	4	
		3.4%		3.0%	0.0%	6.2%	0.0%	11.1%	6.5%	0.0%	1.2%	2.9%	4.7%	
								g		e				
														
Mean		-0.1		-0.1	0.0	-0.1	0.0	-0.4	-0.1	0.0	0.0	-0.1	-0.1	
SD		0.6		0.6	0.0	0.7	0.5	0.7	0.8	0.5	0.5	0.5	0.6	
								gh		e	e			

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

100 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=522		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		194	113	92	34	40	18	25		45	26	352	19	42	
		37.6%	21.9%	17.8%	6.6%	7.8%	3.5%	4.8%		9.3%	5.4%	72.7%	3.9%	8.7%	
															
+2=Up large		2	1	1	1	1	0	0		0	1	4	0	0	
		1.1%	0.9%	1.1%	3.0%	2.6%	0.0%	0.0%		0.0%	3.8%	1.2%	0.0%	0.0%	
															
+1=Up medium		15	6	6	2	2	1	4		3	2	23	4	1	
		8.2%	5.4%	6.5%	6.1%	5.1%	5.6%	16.0%		6.8%	7.7%	6.7%	22.2%	2.4%	
												d	ce	d	
															
0=No change		153	91	75	24	27	12	14		31	18	274	12	39	
		83.2%	81.3%	81.5%	72.7%	69.2%	66.7%	56.0%		70.5%	69.2%	79.7%	66.7%	95.1%	
		eG	G	G		a		ABC		E	E	e	E	ABcD	
															
-1=Down medium		10	8	8	5	7	3	7		8	3	32	1	1	
		5.4%	7.1%	8.7%	15.2%	17.9%	16.7%	28.0%		18.2%	11.5%	9.3%	5.6%	2.4%	
		dEG	G	g	a	A		ABc		e				a	
															
-2=Down large		4	6	2	1	2	2	0		2	2	11	1	0	
		2.2%	5.4%	2.2%	3.0%	5.1%	11.1%	0.0%		4.5%	7.7%	3.2%	5.6%	0.0%	
		f					a								
															
Mean		0.0	-0.1	0.0	-0.1	-0.2	-0.3	-0.1		-0.2	-0.1	-0.1	0.1	0.0	
SD		0.5	0.6	0.5	0.7	0.7	0.8	0.7		0.6	0.8	0.6	0.7	0.2	
		f					a								

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

101 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=522		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		185	120	38	37	27	12	39		254	173	49	37	
		40.4%	26.2%	8.3%	8.1%	5.9%	2.6%	8.5%		49.5%	33.7%	9.6%	7.2%	
														
+2=Up large		2	1	0	0	0	0	1		2	2	0	2	
		1.1%	0.9%	0.0%	0.0%	0.0%	0.0%	2.6%		0.8%	1.2%	0.0%	5.7%	
										d			a	
														
+1=Up medium		17	3	4	6	1	0	3		15	8	10	2	
		9.4%	2.6%	10.5%	16.7%	3.8%	0.0%	7.9%		6.1%	4.7%	20.4%	5.7%	
		b	acD	b	B					C	C	AB		
														
0=No change		146	100	30	27	22	8	21		214	132	26	23	
		80.7%	86.2%	78.9%	75.0%	84.6%	66.7%	55.3%		87.0%	77.6%	53.1%	65.7%	
		G	G	g		g		ABce		bCD	aC	AB	A	
														
-1=Down medium		12	7	3	2	2	4	10		12	22	8	5	
		6.6%	6.0%	7.9%	5.6%	7.7%	33.3%	26.3%		4.9%	12.9%	16.3%	14.3%	
		FG	FG	fg	fg		ABcd	ABcd		BCd	A	A	a	
														
-2=Down large		4	5	1	1	1	0	3		3	6	5	3	
		2.2%	4.3%	2.6%	2.8%	3.8%	0.0%	7.9%		1.2%	3.5%	10.2%	8.6%	
										CD		A	A	
														
Mean		0.0	-0.1	0.0	0.1	-0.1	-0.3	-0.3		0.0	-0.1	-0.2	-0.1	
SD		0.5	0.5	0.5	0.6	0.5	0.5	0.8		0.4	0.6	0.9	0.9	
		fG			fg		ad	Ad		Bc	A	a		

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

102 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected capital spending plans for the next 12 months?

N=522		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		146	121	81	66	56	44	5	
		28.1%	23.3%	15.6%	12.7%	10.8%	8.5%	1.0%	
									
+2=Up large		2	1	1	1	1	0	0	
		1.4%	0.8%	1.3%	1.5%	1.9%	0.0%	0.0%	
									
+1=Up medium		9	6	9	5	4	3	0	
		6.3%	5.1%	12.0%	7.6%	7.4%	6.8%	0.0%	
									
0=No change		115	93	57	51	38	38	5	
		81.0%	78.8%	76.0%	77.3%	70.4%	86.4%	100.0%	
									
-1=Down medium		13	15	7	6	6	1	0	
		9.2%	12.7%	9.3%	9.1%	11.1%	2.3%	0.0%	
			f				b		
									
-2=Down large		3	3	1	3	5	2	0	
		2.1%	2.5%	1.3%	4.5%	9.3%	4.5%	0.0%	
		e		e		ac			
									
Mean		0.0	-0.1	0.0	-0.1	-0.2	0.0	0.0	
SD		0.5	0.6	0.6	0.6	0.8	0.5	0.0	

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

103 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected hiring plans for the next 12 months?

N=530		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		530		69	23	100	27	10	30	51	89	37	89	
		100.0%		13.1%	4.4%	19.0%	5.1%	1.9%	5.7%	9.7%	17.0%	7.0%	17.0%	
														
+2=Up large		3		0	0	0	0	0	0	0	2	0	1	
		0.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.3%	0.0%	1.2%	
														
+1=Up medium		41		1	4	7	2	0	3	6	6	4	8	
		7.9%		1.4%	17.4%	7.1%	8.0%	0.0%	10.0%	12.0%	7.0%	10.8%	9.4%	
				Bfgij	A				a	a		a	a	
														
0=No change		443		63	18	88	22	9	26	39	71	31	72	
		85.9%		91.3%	78.3%	89.8%	88.0%	100.0%	86.7%	78.0%	82.6%	83.8%	84.7%	
				g						a				
														
-1=Down medium		27		3	1	3	1	0	1	5	7	2	4	
		5.2%		4.3%	4.3%	3.1%	4.0%	0.0%	3.3%	10.0%	8.1%	5.4%	4.7%	
														
-2=Down large		2		2	0	0	0	0	0	0	0	0	0	
		0.4%		2.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mean		0.0		-0.1	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	
SD		0.4		0.4	0.5	0.3	0.4	0.0	0.4	0.5	0.5	0.4	0.4	
				bcj	a	a							a	

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

104 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected hiring plans for the next 12 months?

N=530		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		193	119	95	34	40	18	25		45	26	357	20	43	
		36.8%	22.7%	18.1%	6.5%	7.6%	3.4%	4.8%		9.2%	5.3%	72.7%	4.1%	8.8%	
															
+2=Up large		2	0	0	1	0	0	0		0	0	3	0	0	
		1.1%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%		0.0%	0.0%	0.9%	0.0%	0.0%	
															
+1=Up medium		14	9	4	3	5	3	2		5	2	26	0	3	
		7.6%	7.6%	4.3%	8.8%	12.8%	16.7%	8.3%		11.1%	7.7%	7.4%	0.0%	7.1%	
				f			c								
															
0=No change		159	104	84	28	31	15	19		36	23	305	17	35	
		85.9%	88.1%	89.4%	82.4%	79.5%	83.3%	79.2%		80.0%	88.5%	86.9%	89.5%	83.3%	
															
-1=Down medium		9	5	6	2	3	0	2		3	1	16	2	4	
		4.9%	4.2%	6.4%	5.9%	7.7%	0.0%	8.3%		6.7%	3.8%	4.6%	10.5%	9.5%	
															
-2=Down large		1	0	0	0	0	0	1		1	0	1	0	0	
		0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	4.2%		2.2%	0.0%	0.3%	0.0%	0.0%	
			g	g				bc							
															
Mean		0.0	0.0	0.0	0.1	0.1	0.2	-0.1		0.0	0.0	0.0	-0.1	0.0	
SD		0.4	0.3	0.3	0.5	0.5	0.4	0.6		0.5	0.3	0.4	0.3	0.4	
				f			c								

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

105 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected hiring plans for the next 12 months?

N=530		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		185	125	38	38	29	12	39		263	173	48	37	
		39.7%	26.8%	8.2%	8.2%	6.2%	2.6%	8.4%		50.5%	33.2%	9.2%	7.1%	
														
+2=Up large		2	0	1	0	0	0	0		2	0	0	1	
		1.1%	0.0%	2.6%	0.0%	0.0%	0.0%	0.0%		0.8%	0.0%	0.0%	2.9%	
											d		b	
														
+1=Up medium		16	7	3	1	4	1	6		18	16	3	4	
		8.8%	5.7%	7.9%	2.6%	14.3%	8.3%	15.8%		6.9%	9.5%	6.4%	11.8%	
			g					b						
														
0=No change		154	109	31	34	23	11	28		229	141	41	26	
		85.1%	89.3%	81.6%	89.5%	82.1%	91.7%	73.7%		88.1%	83.4%	87.2%	76.5%	
			g					b						
														
-1=Down medium		8	6	3	3	1	0	3		10	11	3	3	
		4.4%	4.9%	7.9%	7.9%	3.6%	0.0%	7.9%		3.8%	6.5%	6.4%	8.8%	
														
-2=Down large		1	0	0	0	0	0	1		1	1	0	0	
		0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%		0.4%	0.6%	0.0%	0.0%	
														
Mean		0.1	0.0	0.1	-0.1	0.1	0.1	0.0		0.0	0.0	0.0	0.1	
SD		0.4	0.3	0.5	0.3	0.4	0.3	0.6		0.4	0.4	0.4	0.6	

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

106 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have interest rates affected hiring plans for the next 12 months?

N=530		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		149	122	82	67	57	45	5	
		28.3%	23.1%	15.6%	12.7%	10.8%	8.5%	0.9%	
									
+2=Up large		1	0	0	0	1	1	0	
		0.7%	0.0%	0.0%	0.0%	1.8%	2.3%	0.0%	
									
+1=Up medium		14	10	6	5	3	2	1	
		9.5%	8.5%	7.6%	7.6%	5.4%	4.5%	20.0%	
									
0=No change		127	99	69	56	48	38	4	
		86.4%	84.6%	87.3%	84.8%	85.7%	86.4%	80.0%	
									
-1=Down medium		5	8	3	5	3	3	0	
		3.4%	6.8%	3.8%	7.6%	5.4%	6.8%	0.0%	
									
-2=Down large		0	0	1	0	1	0	0	
		0.0%	0.0%	1.3%	0.0%	1.8%	0.0%	0.0%	
									
Mean		0.1	0.0	0.0	0.0	0.0	0.0	0.2	
SD		0.4	0.4	0.4	0.4	0.5	0.5	0.4	

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

107 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected hiring plans for the next 12 months?

N=527		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		527		69	23	100	27	10	30	48	89	37	89	
		100.0%		13.2%	4.4%	19.2%	5.2%	1.9%	5.7%	9.2%	17.0%	7.1%	17.0%	
														
+2=Up large		2		1	0	0	0	0	0	0	0	0	1	
		0.4%		1.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	
														
+1=Up medium		35		10	3	5	3	0	1	2	4	3	4	
		6.9%		14.5%	13.0%	5.3%	12.5%	0.0%	3.3%	4.3%	4.7%	8.3%	4.6%	
				chj		a					a		a	
														
0=No change		439		57	20	78	15	9	29	42	74	33	79	
		86.4%		82.6%	87.0%	82.1%	62.5%	100.0%	96.7%	89.4%	87.1%	91.7%	90.8%	
				d		df	aceFGHIJ	d	cD	D	D	D	D	
														
-1=Down medium		17		0	0	6	2	0	0	3	5	0	1	
		3.3%		0.0%	0.0%	6.3%	8.3%	0.0%	0.0%	6.4%	5.9%	0.0%	1.1%	
				cdgh		a	a			a	a			
														
-2=Down large		15		1	0	6	4	0	0	0	2	0	2	
		3.0%		1.4%	0.0%	6.3%	16.7%	0.0%	0.0%	0.0%	2.4%	0.0%	2.3%	
				D	d		AbfGHiJ		d	D	D	d	D	
														
Mean		0.0		0.1	0.1	-0.1	-0.3	0.0	0.0	0.0	-0.1	0.1	0.0	
SD		0.5		0.5	0.3	0.6	0.9	0.0	0.2	0.3	0.4	0.3	0.4	
				CDgH	cd	Abi	Abij			a	A	cd	d	

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

108 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected hiring plans for the next 12 months?

N=527		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		191	118	95	34	40	18	25		45	26	354	20	43	
		36.7%	22.6%	18.2%	6.5%	7.7%	3.5%	4.8%		9.2%	5.3%	72.5%	4.1%	8.8%	
															
+2=Up large		1	0	0	1	0	0	0		0	0	2	0	0	
		0.6%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%		0.0%	0.0%	0.6%	0.0%	0.0%	
															
+1=Up medium		10	6	6	3	6	2	2		5	3	22	1	2	
		5.5%	5.2%	6.5%	8.8%	15.4%	11.1%	8.3%		11.1%	11.5%	6.4%	5.0%	4.8%	
		e	e			ab									
															
0=No change		164	99	83	26	32	14	18		32	23	298	19	39	
		90.6%	85.3%	89.2%	76.5%	82.1%	77.8%	75.0%		71.1%	88.5%	86.9%	95.0%	92.9%	
		dg			a			a		Cde		A	a	a	
															
-1=Down medium		5	6	2	2	0	1	1		2	0	13	0	1	
		2.8%	5.2%	2.2%	5.9%	0.0%	5.6%	4.2%		4.4%	0.0%	3.8%	0.0%	2.4%	
															
-2=Down large		1	5	2	2	1	1	3		6	0	8	0	0	
		0.6%	4.3%	2.2%	5.9%	2.6%	5.6%	12.5%		13.3%	0.0%	2.3%	0.0%	0.0%	
		bdfG	a	g	a		a	Ac		Ce		A		a	
															
Mean		0.0	-0.1	0.0	0.0	0.1	-0.1	-0.2		-0.2	0.1	0.0	0.1	0.0	
SD		0.4	0.5	0.4	0.7	0.5	0.6	0.8		0.8	0.3	0.5	0.2	0.3	
		bg	ae			b		a		c		a			

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

109 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected hiring plans for the next 12 months?

N=527		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		183	124	38	38	29	12	39		260	173	48	37	
		39.5%	26.8%	8.2%	8.2%	6.3%	2.6%	8.4%		50.2%	33.4%	9.3%	7.1%	
														
+2=Up large		1	0	1	0	0	0	0		1	0	0	1	
		0.6%	0.0%	2.6%	0.0%	0.0%	0.0%	0.0%		0.4%	0.0%	0.0%	2.9%	
											d		b	
														
+1=Up medium		9	3	5	5	0	0	5		16	11	6	2	
		5.1%	2.5%	13.2%	13.5%	0.0%	0.0%	13.2%		6.3%	6.5%	12.8%	5.9%	
			CDG	B	Be	d		B						
														
0=No change		157	111	31	28	27	11	27		226	144	38	26	
		88.7%	92.5%	81.6%	75.7%	96.4%	91.7%	71.1%		89.0%	85.7%	80.9%	76.5%	
		dG	DG		aBe	dg		ABe		d			a	
														
-1=Down medium		8	2	1	1	1	0	2		8	6	1	2	
		4.5%	1.7%	2.6%	2.7%	3.6%	0.0%	5.3%		3.1%	3.6%	2.1%	5.9%	
														
-2=Down large		2	4	0	3	0	1	4		3	7	2	3	
		1.1%	3.3%	0.0%	8.1%	0.0%	8.3%	10.5%		1.2%	4.2%	4.3%	8.8%	
		dG		g	a			Ac		bD	a		A	
														
Mean		0.0	-0.1	0.2	-0.1	0.0	-0.2	-0.1		0.0	-0.1	0.0	-0.1	
SD		0.4	0.4	0.5	0.7	0.2	0.6	0.8		0.4	0.5	0.6	0.8	
		c	C	aB										

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

110 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How have low oil prices affected hiring plans for the next 12 months?

N=527		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		148	120	82	67	57	45	5	
		28.2%	22.9%	15.6%	12.8%	10.9%	8.6%	1.0%	
									
+2=Up large		0	0	0	0	2	0	0	
		0.0%	0.0%	0.0%	0.0%	3.6%	0.0%	0.0%	
		e	e			ab			
									
+1=Up medium		12	4	2	6	8	3	0	
		8.5%	3.4%	2.5%	9.0%	14.3%	7.0%	0.0%	
			E	e		Bc			
									
0=No change		121	106	74	59	33	40	5	
		85.8%	91.4%	93.7%	88.1%	58.9%	93.0%	100.0%	
		E	E	E	E	ABCDF	E		
									
-1=Down medium		3	4	1	2	7	0	0	
		2.1%	3.4%	1.3%	3.0%	12.5%	0.0%	0.0%	
		E	e	E	e	AbCdf	e		
									
-2=Down large		5	2	2	0	6	0	0	
		3.5%	1.7%	2.5%	0.0%	10.7%	0.0%	0.0%	
		e	E	e	E	aBcDf	e		
									
Mean		0.0	0.0	0.0	0.1	-0.1	0.1	0.0	
SD		0.5	0.4	0.4	0.3	0.9	0.3	0.0	

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

111 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=522		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		522		67	23	102	25	10	31	49	87	37	86	
		100.0%		13.0%	4.4%	19.7%	4.8%	1.9%	6.0%	9.5%	16.8%	7.2%	16.6%	
														
+2=Up large		2		0	0	0	0	0	1	0	0	0	1	
		0.4%		0.0%	0.0%	0.0%	0.0%	0.0%	3.3%	0.0%	0.0%	0.0%	1.2%	
														
+1=Up medium		22		3	1	3	0	1	2	4	5	1	2	
		4.4%		4.5%	4.3%	3.1%	0.0%	11.1%	6.7%	8.3%	6.0%	2.7%	2.4%	
														
0=No change		434		57	22	79	22	7	23	42	71	34	74	
		86.1%		85.1%	95.7%	82.3%	95.7%	77.8%	76.7%	87.5%	84.5%	91.9%	88.1%	
														
-1=Down medium		38		5	0	10	1	1	2	2	8	2	7	
		7.5%		7.5%	0.0%	10.4%	4.3%	11.1%	6.7%	4.2%	9.5%	5.4%	8.3%	
														
-2=Down large		8		2	0	4	0	0	2	0	0	0	0	
		1.6%		3.0%	0.0%	4.2%	0.0%	0.0%	6.7%	0.0%	0.0%	0.0%	0.0%	
									hj		f		f	
														
Mean		-0.1		-0.1	0.0	-0.2	0.0	0.0	-0.1	0.0	0.0	0.0	0.0	
SD		0.4		0.5	0.2	0.5	0.2	0.5	0.7	0.4	0.4	0.3	0.4	
						g				c				

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

112 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=522		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		193	113	93	34	40	18	25		45	26	352	19	42	
		37.4%	21.9%	18.0%	6.6%	7.8%	3.5%	4.8%		9.3%	5.4%	72.7%	3.9%	8.7%	
															
+2=Up large		0	1	1	0	0	0	0		0	0	0	0	1	
		0.0%	0.9%	1.1%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	2.4%	
												E		C	
															
+1=Up medium		7	7	2	2	3	1	0		1	4	13	2	0	
		3.8%	6.3%	2.2%	5.9%	7.7%	5.6%	0.0%		2.2%	15.4%	3.8%	10.5%	0.0%	
										b	aCe	B	e	bd	
															
0=No change		166	94	81	28	31	14	17		34	20	302	17	38	
		90.7%	84.7%	88.0%	82.4%	79.5%	77.8%	70.8%		75.6%	76.9%	88.0%	89.5%	92.7%	
		eG		g		a		Ac		ce		a		a	
															
-1=Down medium		7	7	8	4	4	2	6		8	1	24	0	2	
		3.8%	6.3%	8.7%	11.8%	10.3%	11.1%	25.0%		17.8%	3.8%	7.0%	0.0%	4.9%	
		G	G	g				ABc		c		a			
															
-2=Down large		3	2	0	0	1	1	1		2	1	4	0	0	
		1.6%	1.8%	0.0%	0.0%	2.6%	5.6%	4.2%		4.4%	3.8%	1.2%	0.0%	0.0%	
				f			c								
															
Mean		0.0	0.0	0.0	-0.1	-0.1	-0.2	-0.3		-0.2	0.0	-0.1	0.1	0.0	
SD		0.4	0.5	0.4	0.4	0.5	0.6	0.6		0.6	0.6	0.4	0.3	0.4	
		G	G	G	g			ABCd		Cde		A	a	a	

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

113 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=522		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		185	120	38	38	27	12	39		253	174	49	37	
		40.3%	26.1%	8.3%	8.3%	5.9%	2.6%	8.5%		49.3%	33.9%	9.6%	7.2%	
														
+2=Up large		1	0	0	0	0	0	0		1	0	0	1	
		0.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.4%	0.0%	0.0%	2.9%	
											d		b	
														
+1=Up medium		7	2	3	4	0	0	2		5	7	5	5	
		3.9%	1.7%	7.9%	10.8%	0.0%	0.0%	5.3%		2.0%	4.1%	10.6%	14.7%	
			d		b					CD	d	A	Ab	
														
0=No change		159	111	28	31	25	9	24		233	144	32	21	
		88.8%	94.9%	73.7%	83.8%	96.2%	75.0%	63.2%		93.6%	85.2%	68.1%	61.8%	
		cG	CdfG	aBe	bg	cG	b	ABdE		BCD	ACD	AB	AB	
														
-1=Down medium		10	3	6	2	1	2	10		8	16	8	5	
		5.6%	2.6%	15.8%	5.4%	3.8%	16.7%	26.3%		3.2%	9.5%	17.0%	14.7%	
		cG	CfG	aB	g	g	b	ABde		BCD	A	A	A	
														
-2=Down large		2	1	1	0	0	1	2		2	2	2	2	
		1.1%	0.9%	2.6%	0.0%	0.0%	8.3%	5.3%		0.8%	1.2%	4.3%	5.9%	
			f				b			d			a	
														
Mean		0.0	0.0	-0.1	0.1	0.0	-0.3	-0.3		0.0	-0.1	-0.1	-0.1	
SD		0.4	0.3	0.6	0.4	0.2	0.7	0.7		0.3	0.4	0.7	0.8	
		fG	FG		fG	fg	aBde	ABDe		c		a		

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

114 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6b. How has the dollar appreciation affected hiring plans for the next 12 months?

N=522		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		146	120	82	66	56	44	5	
		28.1%	23.1%	15.8%	12.7%	10.8%	8.5%	1.0%	
									
+2=Up large		0	0	1	1	0	0	0	
		0.0%	0.0%	1.3%	1.5%	0.0%	0.0%	0.0%	
									
+1=Up medium		7	6	1	3	3	2	0	
		5.0%	5.2%	1.3%	4.5%	5.6%	4.8%	0.0%	
									
0=No change		126	97	70	57	40	38	5	
		89.4%	83.6%	88.6%	86.4%	74.1%	90.5%	100.0%	
		E		e		Acf	e		
									
-1=Down medium		7	12	6	4	7	2	0	
		5.0%	10.3%	7.6%	6.1%	13.0%	4.8%	0.0%	
									
-2=Down large		1	1	1	1	4	0	0	
		0.7%	0.9%	1.3%	1.5%	7.4%	0.0%	0.0%	
		E	e			Ab			
									
Mean		0.0	-0.1	-0.1	0.0	-0.2	0.0	0.0	
SD		0.4	0.4	0.4	0.5	0.7	0.3	0.0	
		E			e	Adf	e		

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

115 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
-300 bps		1		0	0	0	0	0	1	0	0	0	0	
		0.2%		0.0%	0.0%	0.0%	0.0%	0.0%	3.4%	0.0%	0.0%	0.0%	0.0%	
														
-250 bps		3		0	0	1	0	0	0	0	0	0	2	
		0.6%		0.0%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.2%	
														
-200 bps		3		1	0	0	0	0	1	0	1	0	0	
		0.6%		1.5%	0.0%	0.0%	0.0%	0.0%	3.4%	0.0%	1.1%	0.0%	0.0%	
														
-150 bps		11		1	1	0	1	0	0	0	5	1	2	
		2.1%		1.5%	4.3%	0.0%	3.7%	0.0%	0.0%	0.0%	5.6%	2.6%	2.2%	
					c	bh					c			
														
-100 bps		14		2	0	1	0	1	1	1	3	2	3	
		2.6%		2.9%	0.0%	1.0%	0.0%	10.0%	3.4%	1.9%	3.4%	5.3%	3.3%	
						e		c						
														
-50 bps		21		1	2	3	2	0	0	2	1	2	8	
		3.9%		1.5%	8.7%	2.9%	7.4%	0.0%	0.0%	3.8%	1.1%	5.3%	8.9%	
				j	h						bj		ah	
														
no chg		87		16	0	22	1	0	5	9	14	6	14	
		16.4%		23.5%	0.0%	21.6%	3.7%	0.0%	17.2%	17.0%	15.7%	15.8%	15.6%	
				bd	acfghij	bd	ac		b	b	b	b	b	
														
+50 bps		207		23	15	36	13	5	8	23	28	18	37	
		38.9%		33.8%	65.2%	35.3%	48.1%	50.0%	27.6%	43.4%	31.5%	47.4%	41.1%	
				B	ACFHj	B			B		B		b	

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

116 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
-300 bps		1	0	0	0	0	0	0		0	0	1	0	0	
		0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.3%	0.0%	0.0%	
															
-250 bps		1	2	0	0	0	0	0		0	0	1	1	1	
		0.5%	1.6%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.3%	5.3%	2.3%	
												D	C		
															
-200 bps		1	0	0	2	0	0	0		0	0	2	0	0	
		0.5%	0.0%	0.0%	5.9%	0.0%	0.0%	0.0%		0.0%	0.0%	0.6%	0.0%	0.0%	
		d	D	d	aBc										
															
-150 bps		4	1	3	2	1	0	0		1	1	7	0	0	
		2.1%	0.8%	3.1%	5.9%	2.6%	0.0%	0.0%		2.2%	3.8%	1.9%	0.0%	0.0%	
															
-100 bps		5	3	3	1	1	1	0		1	0	11	0	0	
		2.6%	2.5%	3.1%	2.9%	2.6%	5.6%	0.0%		2.2%	0.0%	3.0%	0.0%	0.0%	
															
-50 bps		7	4	2	1	2	1	4		2	1	10	3	4	
		3.6%	3.3%	2.0%	2.9%	5.3%	5.6%	16.0%		4.4%	3.8%	2.8%	15.8%	9.1%	
		G	g	G				AbC				De	C	c	
															
no chg		41	19	14	4	3	3	2		3	1	64	0	11	
		21.2%	15.6%	14.3%	11.8%	7.9%	16.7%	8.0%		6.7%	3.8%	17.7%	0.0%	25.0%	
										e	e	d	ce	abd	
															
+50 bps		60	58	43	14	14	7	11		20	14	137	8	17	
		31.1%	47.5%	43.9%	41.2%	36.8%	38.9%	44.0%		44.4%	53.8%	38.0%	42.1%	38.6%	
		Bc	A	a											

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

117 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
-300 bps		1	0	0	0	0	0	0		1	0	0	0	
		0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.4%	0.0%	0.0%	0.0%	
														
-250 bps		1	2	0	0	0	0	0		3	0	0	0	
		0.5%	1.6%	0.0%	0.0%	0.0%	0.0%	0.0%		1.1%	0.0%	0.0%	0.0%	
														
-200 bps		1	1	0	0	0	0	0		1	1	1	0	
		0.5%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.4%	0.6%	2.1%	0.0%	
														
-150 bps		2	2	1	2	1	0	0		7	4	0	0	
		1.1%	1.6%	2.7%	5.1%	3.7%	0.0%	0.0%		2.6%	2.3%	0.0%	0.0%	
														
-100 bps		4	4	0	0	2	0	1		8	5	1	0	
		2.1%	3.1%	0.0%	0.0%	7.4%	0.0%	2.7%		3.0%	2.9%	2.1%	0.0%	
														
-50 bps		6	5	2	1	2	1	3		12	8	1	0	
		3.2%	3.9%	5.4%	2.6%	7.4%	8.3%	8.1%		4.4%	4.6%	2.1%	0.0%	
														
no chg		38	23	2	5	4	0	5		52	24	5	6	
		20.1%	18.1%	5.4%	12.8%	14.8%	0.0%	13.5%		19.3%	13.9%	10.4%	16.7%	
		c		a										
														
+50 bps		64	60	13	16	11	5	15		104	63	20	19	
		33.9%	47.2%	35.1%	41.0%	40.7%	41.7%	40.5%		38.5%	36.4%	41.7%	52.8%	
		b	a											

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

118 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
-300 bps		1	0	0	0	0	0	0	
		0.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
-250 bps		2	0	0	0	1	0	0	
		1.3%	0.0%	0.0%	0.0%	1.8%	0.0%	0.0%	
									
-200 bps		0	1	0	1	1	0	0	
		0.0%	0.8%	0.0%	1.5%	1.8%	0.0%	0.0%	
									
-150 bps		0	2	4	2	1	1	1	
		0.0%	1.6%	4.8%	3.1%	1.8%	2.3%	20.0%	
		CdG	G	A	a	g		ABe	
									
-100 bps		4	5	0	2	1	2	0	
		2.6%	4.0%	0.0%	3.1%	1.8%	4.7%	0.0%	
				f			c		
									
-50 bps		6	5	5	0	2	3	0	
		4.0%	4.0%	6.0%	0.0%	3.5%	7.0%	0.0%	
				d	cf		d		
									
no chg		27	20	15	10	9	6	0	
		17.9%	15.9%	17.9%	15.4%	15.8%	14.0%	0.0%	
									
+50 bps		63	46	28	30	24	14	2	
		41.7%	36.5%	33.3%	46.2%	42.1%	32.6%	40.0%	

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

119 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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	
														
+100 bps		109		12	0	22	5	4	7	12	28	5	13	
		20.5%		17.6%	0.0%	21.6%	18.5%	40.0%	24.1%	22.6%	31.5%	13.2%	14.4%	
				b	acdEfgH	b	b	Bj	b	b	BiJ	h	eH	
														
+150 bps		37		7	4	7	2	0	2	3	5	1	6	
		7.0%		10.3%	17.4%	6.9%	7.4%	0.0%	6.9%	5.7%	5.6%	2.6%	6.7%	
					i							b		
														
+200 bps		24		3	0	7	2	0	1	1	2	3	4	
		4.5%		4.4%	0.0%	6.9%	7.4%	0.0%	3.4%	1.9%	2.2%	7.9%	4.4%	
														
+250 bps		12		2	1	3	0	0	1	2	2	0	1	
		2.3%		2.9%	4.3%	2.9%	0.0%	0.0%	3.4%	3.8%	2.2%	0.0%	1.1%	
														
+300 bps		3		0	0	0	1	0	2	0	0	0	0	
		0.6%		0.0%	0.0%	0.0%	3.7%	0.0%	6.9%	0.0%	0.0%	0.0%	0.0%	
				f		F			aChj		f		f	
														
Mean		55.9		57.4	58.7	65.7	70.4	55.0	63.8	62.3	51.1	44.7	40.0	
SD		82.3		81.2	79.3	75.4	85.8	59.9	125.3	65.0	83.9	75.1	85.9	
						j							c	

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

120 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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	
															
+100 bps		46	20	15	6	11	4	6		13	5	75	3	5	
		23.8%	16.4%	15.3%	17.6%	28.9%	22.2%	24.0%		28.9%	19.2%	20.8%	15.8%	11.4%	
										e				a	
															
+150 bps		12	6	12	1	2	1	2		2	0	30	1	3	
		6.2%	4.9%	12.2%	2.9%	5.3%	5.6%	8.0%		4.4%	0.0%	8.3%	5.3%	6.8%	
															
+200 bps		10	5	3	1	4	0	0		2	3	11	2	3	
		5.2%	4.1%	3.1%	2.9%	10.5%	0.0%	0.0%		4.4%	11.5%	3.0%	10.5%	6.8%	
											c	b			
															
+250 bps		3	3	3	2	0	1	0		1	1	9	1	0	
		1.6%	2.5%	3.1%	5.9%	0.0%	5.6%	0.0%		2.2%	3.8%	2.5%	5.3%	0.0%	
															
+300 bps		2	1	0	0	0	0	0		0	0	3	0	0	
		1.0%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.8%	0.0%	0.0%	
															
Mean		54.7	54.9	60.7	38.2	67.1	55.6	50.0		64.4	71.2	57.1	57.9	44.3	
SD		86.0	80.1	77.1	105.9	76.5	76.5	57.7		70.4	80.2	81.5	110.9	78.7	

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

121 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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	
														
+100 bps		40	18	8	12	5	3	7		48	38	16	6	
		21.2%	14.2%	21.6%	30.8%	18.5%	25.0%	18.9%		17.8%	22.0%	33.3%	16.7%	
			d		b					c		a		
														
+150 bps		16	6	6	2	1	0	4		19	13	2	2	
		8.5%	4.7%	16.2%	5.1%	3.7%	0.0%	10.8%		7.0%	7.5%	4.2%	5.6%	
			c	b										
														
+200 bps		13	4	0	0	1	3	1		8	10	2	3	
		6.9%	3.1%	0.0%	0.0%	3.7%	25.0%	2.7%		3.0%	5.8%	4.2%	8.3%	
		f	F	F	F		aBCDg	f						
														
+250 bps		2	2	4	1	0	0	1		4	7	0	0	
		1.1%	1.6%	10.8%	2.6%	0.0%	0.0%	2.7%		1.5%	4.0%	0.0%	0.0%	
		C	C	AB										
														
+300 bps		1	0	1	0	0	0	0		3	0	0	0	
		0.5%	0.0%	2.7%	0.0%	0.0%	0.0%	0.0%		1.1%	0.0%	0.0%	0.0%	
														
Mean		59.5	42.1	91.9	56.4	35.2	91.7	60.8		46.9	63.3	61.5	68.1	
SD		82.4	79.0	91.7	70.9	77.0	76.4	70.8		86.2	82.6	66.2	55.0	
		c	Cf	aBe		cf	be			b	a			

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

122 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect long term interest rates will change by:

N=547		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	
									
+100 bps		27	31	18	11	13	8	1	
		17.9%	24.6%	21.4%	16.9%	22.8%	18.6%	20.0%	
									
+150 bps		8	9	7	3	5	5	0	
		5.3%	7.1%	8.3%	4.6%	8.8%	11.6%	0.0%	
									
+200 bps		10	3	3	4	0	3	0	
		6.6%	2.4%	3.6%	6.2%	0.0%	7.0%	0.0%	
		e				af	e		
									
+250 bps		3	2	3	2	0	1	1	
		2.0%	1.6%	3.6%	3.1%	0.0%	2.3%	20.0%	
		g	G			G		aBE	
									
+300 bps		0	2	1	0	0	0	0	
		0.0%	1.6%	1.2%	0.0%	0.0%	0.0%	0.0%	
									
Mean		55.0	57.1	60.1	56.2	43.0	60.5	60.0	
SD		82.0	79.4	85.3	82.7	77.6	84.9	143.2	

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

123 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
$25		3		0	0	0	0	0	0	0	2	0	1	
		0.6%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.2%	0.0%	1.1%	
														
$30		3		2	0	1	0	0	0	0	0	0	0	
		0.6%		2.9%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
$35		6		2	0	0	0	0	1	1	1	0	1	
		1.1%		2.9%	0.0%	0.0%	0.0%	0.0%	3.4%	1.9%	1.1%	0.0%	1.1%	
														
$40		7		1	0	1	1	0	1	1	1	0	1	
		1.3%		1.5%	0.0%	1.0%	3.7%	0.0%	3.4%	1.9%	1.1%	0.0%	1.1%	
														
$45		24		2	2	5	1	0	0	2	7	2	3	
		4.5%		2.9%	9.1%	4.9%	3.7%	0.0%	0.0%	3.8%	7.8%	5.3%	3.3%	
														
$50  (current spot)		29		2	1	6	3	0	1	3	4	1	8	
		5.5%		2.9%	4.5%	5.8%	11.1%	0.0%	3.4%	5.8%	4.4%	2.6%	8.9%	
														
$55		57		7	3	15	2	0	1	6	10	6	7	
		10.7%		10.3%	13.6%	14.6%	7.4%	0.0%	3.4%	11.5%	11.1%	15.8%	7.8%	
														
$60		135		21	3	28	8	3	8	17	15	11	20	
		25.4%		30.9%	13.6%	27.2%	29.6%	33.3%	27.6%	32.7%	16.7%	28.9%	22.2%	
				h						h	ag			

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

124 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
$25		2	0	1	0	0	0	0		0	0	1	0	1	
		1.0%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.3%	0.0%	2.3%	
															
$30		1	0	1	0	0	0	1		1	0	2	0	0	
		0.5%	0.0%	1.0%	0.0%	0.0%	0.0%	4.0%		2.2%	0.0%	0.6%	0.0%	0.0%	
			g					b							
															
$35		2	0	3	0	1	0	0		0	0	3	1	0	
		1.0%	0.0%	3.0%	0.0%	2.6%	0.0%	0.0%		0.0%	0.0%	0.8%	5.3%	0.0%	
															
$40		3	3	0	0	1	0	0		1	0	3	0	1	
		1.6%	2.5%	0.0%	0.0%	2.6%	0.0%	0.0%		2.2%	0.0%	0.8%	0.0%	2.3%	
															
$45		9	7	2	3	1	0	1		0	1	18	2	1	
		4.7%	5.8%	2.0%	8.8%	2.6%	0.0%	4.0%		0.0%	3.8%	5.0%	10.5%	2.3%	
										d			a		
															
$50  (current spot)		11	4	7	2	1	1	3		5	1	17	0	3	
		5.7%	3.3%	7.1%	5.9%	2.6%	5.6%	12.0%		11.1%	3.8%	4.7%	0.0%	6.8%	
															
$55		22	13	10	3	2	3	4		7	3	35	2	4	
		11.5%	10.7%	10.1%	8.8%	5.3%	16.7%	16.0%		15.6%	11.5%	9.7%	10.5%	9.1%	
															
$60		38	43	19	9	14	5	7		12	8	90	4	13	
		19.8%	35.5%	19.2%	26.5%	36.8%	27.8%	28.0%		26.7%	30.8%	25.1%	21.1%	29.5%	
		Be	AC	Be		ac									

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

125 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
$25		2	0	0	0	0	0	0		2	0	0	1	
		1.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.7%	0.0%	0.0%	2.8%	
											d		b	
														
$30		1	0	1	0	0	0	1		1	1	0	0	
		0.5%	0.0%	2.6%	0.0%	0.0%	0.0%	2.7%		0.4%	0.6%	0.0%	0.0%	
														
$35		0	2	1	0	0	0	1		3	2	0	1	
		0.0%	1.6%	2.6%	0.0%	0.0%	0.0%	2.7%		1.1%	1.1%	0.0%	2.8%	
		cg		a				a						
														
$40		2	3	0	0	0	1	0		4	1	2	0	
		1.1%	2.4%	0.0%	0.0%	0.0%	8.3%	0.0%		1.5%	0.6%	4.2%	0.0%	
		f					a							
														
$45		11	9	1	1	0	1	1		16	5	2	1	
		5.9%	7.1%	2.6%	2.6%	0.0%	8.3%	2.7%		6.0%	2.9%	4.2%	2.8%	
														
$50  (current spot)		11	4	2	4	0	1	4		16	8	2	3	
		5.9%	3.2%	5.3%	10.3%	0.0%	8.3%	10.8%		6.0%	4.6%	4.2%	8.3%	
														
$55		18	18	2	1	3	0	7		27	23	4	3	
		9.6%	14.3%	5.3%	2.6%	11.1%	0.0%	18.9%		10.1%	13.1%	8.3%	8.3%	
			d		bg			d						
														
$60		42	37	11	10	9	3	10		65	43	14	12	
		22.3%	29.4%	28.9%	25.6%	33.3%	25.0%	27.0%		24.3%	24.6%	29.2%	33.3%	

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

126 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
$25		0	2	0	1	0	0	0	
		0.0%	1.6%	0.0%	1.5%	0.0%	0.0%	0.0%	
									
$30		0	0	1	1	1	0	0	
		0.0%	0.0%	1.2%	1.5%	1.8%	0.0%	0.0%	
									
$35		2	1	1	0	1	1	0	
		1.3%	0.8%	1.2%	0.0%	1.8%	2.3%	0.0%	
									
$40		0	2	2	1	2	0	0	
		0.0%	1.6%	2.4%	1.5%	3.6%	0.0%	0.0%	
		e				a			
									
$45		5	8	3	2	4	2	0	
		3.3%	6.3%	3.6%	3.1%	7.1%	4.7%	0.0%	
									
$50  (current spot)		7	9	6	5	1	1	0	
		4.6%	7.1%	7.2%	7.7%	1.8%	2.3%	0.0%	
									
$55		19	13	5	5	11	3	1	
		12.6%	10.2%	6.0%	7.7%	19.6%	7.0%	20.0%	
				e		c			
									
$60		42	34	15	9	18	15	2	
		27.8%	26.8%	18.1%	13.8%	32.1%	34.9%	40.0%	
		d	d	f	abef	d	cd		

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

127 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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	
														
$65		86		6	4	13	5	3	6	8	22	4	14	
		16.2%		8.8%	18.2%	12.6%	18.5%	33.3%	20.7%	15.4%	24.4%	10.5%	15.6%	
				eh		h		a			ac			
														
$70		67		8	5	9	2	2	4	6	12	5	14	
		12.6%		11.8%	22.7%	8.7%	7.4%	22.2%	13.8%	11.5%	13.3%	13.2%	15.6%	
														
$75		51		8	2	12	2	0	3	2	9	3	10	
		9.6%		11.8%	9.1%	11.7%	7.4%	0.0%	10.3%	3.8%	10.0%	7.9%	11.1%	
														
$80		31		2	1	6	2	1	3	5	3	2	6	
		5.8%		2.9%	4.5%	5.8%	7.4%	11.1%	10.3%	9.6%	3.3%	5.3%	6.7%	
														
$85		9		2	1	1	0	0	0	0	0	3	2	
		1.7%		2.9%	4.5%	1.0%	0.0%	0.0%	0.0%	0.0%	0.0%	7.9%	2.2%	
					h	i				i	bI	cgH		
														
$90		8		3	0	2	0	0	0	0	2	1	0	
		1.5%		4.4%	0.0%	1.9%	0.0%	0.0%	0.0%	0.0%	2.2%	2.6%	0.0%	
				j									a	
														
$95		4		1	0	1	1	0	0	0	0	0	1	
		0.8%		1.5%	0.0%	1.0%	3.7%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	
														
$100		11		1	0	3	0	0	1	1	2	0	2	
		2.1%		1.5%	0.0%	2.9%	0.0%	0.0%	3.4%	1.9%	2.2%	0.0%	2.2%	
														
Mean		64.0		64.0	64.1	64.2	62.8	66.1	65.3	62.6	62.8	65.0	64.5	
SD		12.5		14.2	10.5	12.7	11.7	6.5	12.5	11.2	13.0	11.2	12.6	

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

128 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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	
															
$65		36	17	12	6	7	2	6		10	5	56	2	6	
		18.8%	14.0%	12.1%	17.6%	18.4%	11.1%	24.0%		22.2%	19.2%	15.6%	10.5%	13.6%	
															
$70		17	16	21	4	3	3	2		5	3	46	3	6	
		8.9%	13.2%	21.2%	11.8%	7.9%	16.7%	8.0%		11.1%	11.5%	12.8%	15.8%	13.6%	
		C		A											
															
$75		19	7	12	3	5	3	1		4	3	37	2	5	
		9.9%	5.8%	12.1%	8.8%	13.2%	16.7%	4.0%		8.9%	11.5%	10.3%	10.5%	11.4%	
															
$80		13	8	7	1	2	0	0		0	1	23	2	3	
		6.8%	6.6%	7.1%	2.9%	5.3%	0.0%	0.0%		0.0%	3.8%	6.4%	10.5%	6.8%	
										d			a		
															
$85		6	0	0	2	0	1	0		0	1	8	0	0	
		3.1%	0.0%	0.0%	5.9%	0.0%	5.6%	0.0%		0.0%	3.8%	2.2%	0.0%	0.0%	
			Df	df	Bc		bc								
															
$90		3	1	3	0	1	0	0		0	0	8	0	0	
		1.6%	0.8%	3.0%	0.0%	2.6%	0.0%	0.0%		0.0%	0.0%	2.2%	0.0%	0.0%	
															
$95		3	1	0	0	0	0	0		0	0	3	1	0	
		1.6%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.8%	5.3%	0.0%	
															
$100		7	1	1	1	0	0	0		0	0	9	0	1	
		3.6%	0.8%	1.0%	2.9%	0.0%	0.0%	0.0%		0.0%	0.0%	2.5%	0.0%	2.3%	
															
Mean		65.0	62.9	64.3	64.3	63.4	64.7	58.8		60.6	64.0	65.1	64.2	63.3	
SD		14.1	10.4	12.7	12.1	10.7	9.2	9.3		9.1	9.2	12.7	14.2	12.2	
		g		g			g	acf		c		a			

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

129 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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	
														
$65		31	13	7	6	4	3	7		42	29	7	8	
		16.5%	10.3%	18.4%	15.4%	14.8%	25.0%	18.9%		15.7%	16.6%	14.6%	22.2%	
														
$70		24	16	7	6	3	3	4		35	22	6	4	
		12.8%	12.7%	18.4%	15.4%	11.1%	25.0%	10.8%		13.1%	12.6%	12.5%	11.1%	
														
$75		21	10	2	6	6	0	2		22	21	5	2	
		11.2%	7.9%	5.3%	15.4%	22.2%	0.0%	5.4%		8.2%	12.0%	10.4%	5.6%	
			e	e		bcg		e						
														
$80		11	9	3	4	0	0	0		15	8	6	1	
		5.9%	7.1%	7.9%	10.3%	0.0%	0.0%	0.0%		5.6%	4.6%	12.5%	2.8%	
					g			d			c	b		
														
$85		5	1	0	1	0	0	0		3	6	0	0	
		2.7%	0.8%	0.0%	2.6%	0.0%	0.0%	0.0%		1.1%	3.4%	0.0%	0.0%	
														
$90		3	0	1	0	1	0	0		5	3	0	0	
		1.6%	0.0%	2.6%	0.0%	3.7%	0.0%	0.0%		1.9%	1.7%	0.0%	0.0%	
			e			b								
														
$95		3	1	0	0	0	0	0		3	1	0	0	
		1.6%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		1.1%	0.6%	0.0%	0.0%	
														
$100		3	3	0	0	1	0	0		8	2	0	0	
		1.6%	2.4%	0.0%	0.0%	3.7%	0.0%	0.0%		3.0%	1.1%	0.0%	0.0%	
														
Mean		64.6	62.9	63.3	65.8	67.2	60.0	58.9		63.9	64.7	63.8	60.3	
SD		12.8	12.2	11.6	9.8	10.6	10.0	9.6		13.3	11.5	10.5	10.6	
		g			G	G		aDE			d		b	

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

130 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

N=547		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	
									
$65		18	28	14	13	8	5	0	
		11.9%	22.0%	16.9%	20.0%	14.3%	11.6%	0.0%	
		b	a						
									
$70		24	10	14	10	2	7	0	
		15.9%	7.9%	16.9%	15.4%	3.6%	16.3%	0.0%	
		be	ac	be	e	acdf	e		
									
$75		15	5	12	9	4	4	2	
		9.9%	3.9%	14.5%	13.8%	7.1%	9.3%	40.0%	
		g	CdG	B	b	g		aBe	
									
$80		10	8	5	4	1	3	0	
		6.6%	6.3%	6.0%	6.2%	1.8%	7.0%	0.0%	
									
$85		4	4	0	1	0	0	0	
		2.6%	3.1%	0.0%	1.5%	0.0%	0.0%	0.0%	
									
$90		2	0	2	2	1	1	0	
		1.3%	0.0%	2.4%	3.1%	1.8%	2.3%	0.0%	
			d		b				
									
$95		1	1	1	0	1	0	0	
		0.7%	0.8%	1.2%	0.0%	1.8%	0.0%	0.0%	
									
$100		2	2	2	2	1	1	0	
		1.3%	1.6%	2.4%	3.1%	1.8%	2.3%	0.0%	
									
Mean		64.9	62.2	65.3	65.5	60.4	64.8	65.0	
SD		11.2	12.4	13.1	13.8	12.8	11.6	9.4	
		e		e	e	acd			

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

131 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
-50%		2		0	0	0	0	0	0	1	0	0	0	
		0.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.9%	0.0%	0.0%	0.0%	
														
-45%		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
-40%		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
-35%		1		0	0	0	0	0	0	1	0	0	0	
		0.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.9%	0.0%	0.0%	0.0%	
														
-30%		3		0	0	1	0	0	0	0	1	0	1	
		0.6%		0.0%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%	1.1%	0.0%	1.1%	
														
-25%		5		1	0	3	1	0	0	0	0	0	0	
		0.9%		1.5%	0.0%	3.0%	3.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
-20%		8		0	0	2	2	0	1	0	3	0	0	
		1.5%		0.0%	0.0%	2.0%	7.4%	0.0%	3.4%	0.0%	3.4%	0.0%	0.0%	
				d			agj			d			d	
														
-15%		8		2	0	2	0	0	2	0	1	1	0	
		1.5%		2.9%	0.0%	2.0%	0.0%	0.0%	6.9%	0.0%	1.1%	2.6%	0.0%	
									j				f	
														
-10%		48		4	2	12	1	0	4	4	7	3	11	
		9.1%		5.9%	9.1%	11.9%	3.7%	0.0%	13.8%	7.5%	7.9%	7.9%	12.4%	

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

132 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
-50%		0	0	1	0	0	0	0		0	0	1	0	0	
		0.0%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.3%	0.0%	0.0%	
															
-45%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
															
-40%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
															
-35%		1	0	0	0	0	0	0		0	0	1	0	0	
		0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.3%	0.0%	0.0%	
															
-30%		2	1	0	0	0	0	0		0	1	1	0	1	
		1.1%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	3.8%	0.3%	0.0%	2.3%	
											c	b			
															
-25%		2	2	1	0	0	0	0		0	0	4	0	0	
		1.1%	1.7%	1.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.1%	0.0%	0.0%	
															
-20%		3	0	1	1	1	0	2		1	1	6	0	0	
		1.6%	0.0%	1.0%	2.9%	2.6%	0.0%	8.0%		2.2%	3.8%	1.7%	0.0%	0.0%	
		g	G	g				aBc							
															
-15%		7	0	0	1	0	0	0		0	0	8	0	0	
		3.7%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%		0.0%	0.0%	2.2%	0.0%	0.0%	
		b	a												
															
-10%		16	7	11	1	7	3	3		2	2	32	3	5	
		8.4%	5.8%	11.2%	2.9%	18.4%	16.7%	12.0%		4.4%	7.7%	8.9%	15.8%	11.4%	
			e		e	bd									

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

133 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
-50%		0	1	0	0	0	0	0		1	0	0	0	
		0.0%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.4%	0.0%	0.0%	0.0%	
														
-45%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-40%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
-35%		0	0	0	0	0	0	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.4%	0.0%	0.0%	0.0%	
														
-30%		2	1	0	0	0	0	0		1	2	0	0	
		1.1%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.4%	1.1%	0.0%	0.0%	
														
-25%		2	1	0	1	0	0	0		3	1	1	0	
		1.1%	0.8%	0.0%	2.6%	0.0%	0.0%	0.0%		1.1%	0.6%	2.1%	0.0%	
														
-20%		4	0	0	1	0	0	2		3	1	1	2	
		2.1%	0.0%	0.0%	2.6%	0.0%	0.0%	5.4%		1.1%	0.6%	2.1%	5.6%	
			G					B			d		b	
														
-15%		7	1	0	0	0	0	0		4	3	1	0	
		3.7%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%		1.5%	1.7%	2.1%	0.0%	
														
-10%		15	10	0	6	1	3	5		21	19	6	2	
		8.0%	8.0%	0.0%	15.4%	3.7%	25.0%	13.5%		7.9%	10.9%	12.5%	5.6%	
		f		dFg	c		aC	c						

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

134 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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		155	129	86	67	57	45	5	
		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
-50%		0	0	1	0	0	0	0	
		0.0%	0.0%	1.2%	0.0%	0.0%	0.0%	0.0%	
									
-45%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
-40%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
-35%		0	0	1	0	0	0	0	
		0.0%	0.0%	1.2%	0.0%	0.0%	0.0%	0.0%	
									
-30%		1	0	2	0	0	0	0	
		0.7%	0.0%	2.4%	0.0%	0.0%	0.0%	0.0%	
									
-25%		1	0	1	1	2	0	0	
		0.7%	0.0%	1.2%	1.5%	3.6%	0.0%	0.0%	
			e			b			
									
-20%		0	1	2	2	1	2	0	
		0.0%	0.8%	2.4%	3.1%	1.8%	4.7%	0.0%	
		dF			a		A		
									
-15%		4	2	1	0	1	0	0	
		2.7%	1.6%	1.2%	0.0%	1.8%	0.0%	0.0%	
									
-10%		13	13	6	5	4	6	1	
		8.7%	10.3%	7.3%	7.7%	7.1%	14.0%	20.0%	

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

135 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
														
-5%		60		7	1	16	5	3	2	6	7	5	7	
		11.4%		10.3%	4.5%	15.8%	18.5%	33.3%	6.9%	11.3%	7.9%	13.2%	7.9%	
					e			bfhj	e		e		e	
														
no change		75		9	4	16	0	0	3	6	15	5	17	
		14.2%		13.2%	18.2%	15.8%	0.0%	0.0%	10.3%	11.3%	16.9%	13.2%	19.1%	
				d	d	d	abchj				d		d	
														
+5%		153		21	8	25	9	3	6	16	20	14	31	
		29.0%		30.9%	36.4%	24.8%	33.3%	33.3%	20.7%	30.2%	22.5%	36.8%	34.8%	
														
+10%		114		17	7	14	9	3	8	16	21	7	12	
		21.6%		25.0%	31.8%	13.9%	33.3%	33.3%	27.6%	30.2%	23.6%	18.4%	13.5%	
					cj	bdg	cj			cj			bdg	
														
+15%		32		5	0	6	0	0	1	3	6	2	8	
		6.1%		7.4%	0.0%	5.9%	0.0%	0.0%	3.4%	5.7%	6.7%	5.3%	9.0%	
														
+20%		15		1	0	3	0	0	2	0	6	1	2	
		2.8%		1.5%	0.0%	3.0%	0.0%	0.0%	6.9%	0.0%	6.7%	2.6%	2.2%	
														
+25%		3		1	0	1	0	0	0	0	1	0	0	
		0.6%		1.5%	0.0%	1.0%	0.0%	0.0%	0.0%	0.0%	1.1%	0.0%	0.0%	
														
+30%		1		0	0	0	0	0	0	0	1	0	0	
		0.2%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	0.0%	0.0%	

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

136 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
															
-5%		14	14	11	4	9	2	5		7	5	43	2	3	
		7.4%	11.6%	11.2%	11.8%	23.7%	11.1%	20.0%		15.6%	19.2%	12.0%	10.5%	6.8%	
		Eg				A		a							
															
no change		26	17	15	6	3	5	3		9	3	49	3	6	
		13.7%	14.0%	15.3%	17.6%	7.9%	27.8%	12.0%		20.0%	11.5%	13.7%	15.8%	13.6%	
															
+5%		58	32	32	11	7	3	8		12	7	93	6	19	
		30.5%	26.4%	32.7%	32.4%	18.4%	16.7%	32.0%		26.7%	26.9%	26.0%	31.6%	43.2%	
												e		c	
															
+10%		41	35	19	6	9	3	1		10	5	83	3	6	
		21.6%	28.9%	19.4%	17.6%	23.7%	16.7%	4.0%		22.2%	19.2%	23.2%	15.8%	13.6%	
		g	G			g		aBe							
															
+15%		11	9	4	2	2	2	2		3	1	23	2	3	
		5.8%	7.4%	4.1%	5.9%	5.3%	11.1%	8.0%		6.7%	3.8%	6.4%	10.5%	6.8%	
															
+20%		7	4	3	1	0	0	0		0	1	11	0	1	
		3.7%	3.3%	3.1%	2.9%	0.0%	0.0%	0.0%		0.0%	3.8%	3.1%	0.0%	2.3%	
															
+25%		2	0	0	0	0	0	1		1	0	2	0	0	
		1.1%	0.0%	0.0%	0.0%	0.0%	0.0%	4.0%		2.2%	0.0%	0.6%	0.0%	0.0%	
			g	g				bc							
															
+30%		0	0	0	1	0	0	0		0	0	1	0	0	
		0.0%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%		0.0%	0.0%	0.3%	0.0%	0.0%	
		d			a										

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

137 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
														
-5%		17	13	4	9	6	1	6		25	18	9	8	
		9.1%	10.4%	10.5%	23.1%	22.2%	8.3%	16.2%		9.4%	10.3%	18.8%	22.2%	
		de	d		ab	a				d			a	
														
no change		25	17	3	4	6	1	8		38	26	5	6	
		13.4%	13.6%	7.9%	10.3%	22.2%	8.3%	21.6%		14.3%	14.9%	10.4%	16.7%	
														
+5%		61	31	15	11	8	4	9		76	53	14	9	
		32.6%	24.8%	39.5%	28.2%	29.6%	33.3%	24.3%		28.7%	30.5%	29.2%	25.0%	
														
+10%		39	34	10	6	5	2	4		69	32	8	4	
		20.9%	27.2%	26.3%	15.4%	18.5%	16.7%	10.8%		26.0%	18.4%	16.7%	11.1%	
			g					b						
														
+15%		8	11	5	1	1	1	2		17	11	1	3	
		4.3%	8.8%	13.2%	2.6%	3.7%	8.3%	5.4%		6.4%	6.3%	2.1%	8.3%	
		c		a										
														
+20%		5	5	1	0	0	0	0		5	6	1	2	
		2.7%	4.0%	2.6%	0.0%	0.0%	0.0%	0.0%		1.9%	3.4%	2.1%	5.6%	
														
+25%		2	0	0	0	0	0	1		0	2	1	0	
		1.1%	0.0%	0.0%	0.0%	0.0%	0.0%	2.7%		0.0%	1.1%	2.1%	0.0%	
										c		a		
														
+30%		0	0	0	0	0	0	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.4%	0.0%	0.0%	0.0%	

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

138 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
									
-5%		18	11	13	9	6	3	0	
		12.0%	8.7%	15.9%	13.8%	10.7%	7.0%	0.0%	
									
no change		28	17	7	10	10	2	1	
		18.7%	13.5%	8.5%	15.4%	17.9%	4.7%	20.0%	
		cf		a		f	ae		
									
+5%		45	39	22	15	14	17	1	
		30.0%	31.0%	26.8%	23.1%	25.0%	39.5%	20.0%	
									
+10%		27	26	20	13	14	12	2	
		18.0%	20.6%	24.4%	20.0%	25.0%	27.9%	40.0%	
									
+15%		9	10	5	7	1	0	0	
		6.0%	7.9%	6.1%	10.8%	1.8%	0.0%	0.0%	
					ef	d	d		
									
+20%		4	5	0	3	3	0	0	
		2.7%	4.0%	0.0%	4.6%	5.4%	0.0%	0.0%	
				e		c			
									
+25%		0	1	1	0	0	1	0	
		0.0%	0.8%	1.2%	0.0%	0.0%	2.3%	0.0%	
									
+30%		0	1	0	0	0	0	0	
		0.0%	0.8%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

139 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
														
+35%		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
+40%		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
+45%		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
+50%		0		0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
														
Mean		2.6		3.9	3.9	0.6	1.3	3.3	2.2	2.5	4.1	3.2	2.9	
SD		9.8		8.6	6.2	10.4	10.2	6.6	10.6	11.3	10.4	7.7	8.3	
				c		ah					c			

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

140 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
															
+35%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
															
+40%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
															
+45%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
															
+50%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	
															
Mean		2.7	4.2	2.1	3.8	0.5	1.9	0.4		3.4	1.0	2.7	2.6	2.8	
SD		10.2	8.7	9.8	9.5	8.8	8.1	10.4		8.0	10.8	10.0	7.9	8.7	
			e			b									

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

141 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
														
+35%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+40%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+45%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
+50%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
Mean		2.3	3.8	6.6	-0.5	2.4	1.7	0.5		3.1	2.8	0.9	1.9	
SD		9.7	10.0	6.1	8.8	6.3	8.6	9.3		9.6	9.3	9.7	9.5	
		c	d	aDEfG	bC	C	c	C						

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

142 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

6c. Relative to the euro, the value of the US dollar will change by:

N=547		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	
									
+35%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
+40%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
+45%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
+50%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
Mean		2.5	4.2	0.7	3.2	2.3	2.7	3.0	
SD		8.5	8.8	12.4	9.6	9.8	9.0	8.4	
			c	b					

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

143 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

N=498		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		498		66	23	96	24	10	27	44	83	37	84	
		100.0%		13.4%	4.7%	19.4%	4.9%	2.0%	5.5%	8.9%	16.8%	7.5%	17.0%	
														
Yes		309		44	16	61	13	6	15	25	52	30	45	
		62.9%		67.7%	69.6%	64.9%	54.2%	60.0%	57.7%	56.8%	62.7%	81.1%	54.9%	
							i		i	i	i	dfghJ	I	
														
No		182		21	7	33	11	4	11	19	31	7	37	
		37.1%		32.3%	30.4%	35.1%	45.8%	40.0%	42.3%	43.2%	37.3%	18.9%	45.1%	
							i		i	i	i	dfghJ	I	

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

144 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

N=498		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		178	114	98	30	38	15	21		42	23	335	18	44	
		36.0%	23.1%	19.8%	6.1%	7.7%	3.0%	4.3%		9.1%	5.0%	72.5%	3.9%	9.5%	
															
Yes		102	70	68	20	29	9	10		23	11	218	12	27	
		57.6%	62.5%	70.8%	66.7%	76.3%	64.3%	47.6%		54.8%	47.8%	65.9%	66.7%	62.8%	
		ce		ag		ag		ce							
															
No		75	42	28	10	9	5	11		19	12	113	6	16	
		42.4%	37.5%	29.2%	33.3%	23.7%	35.7%	52.4%		45.2%	52.2%	34.1%	33.3%	37.2%	
		ce		ag		ag		ce							

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

145 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

N=498		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		170	120	37	38	27	11	32		248	169	43	31	
		39.1%	27.6%	8.5%	8.7%	6.2%	2.5%	7.4%		50.5%	34.4%	8.8%	6.3%	
														
Yes		98	79	26	27	20	7	18		156	104	25	21	
		58.0%	66.4%	70.3%	71.1%	74.1%	70.0%	56.3%		63.7%	61.9%	61.0%	67.7%	
														
No		71	40	11	11	7	3	14		89	64	16	10	
		42.0%	33.6%	29.7%	28.9%	25.9%	30.0%	43.8%		36.3%	38.1%	39.0%	32.3%	

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

146 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

N=498		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		140	114	77	64	53	43	4	
		28.3%	23.0%	15.6%	12.9%	10.7%	8.7%	0.8%	
									
Yes		90	75	48	46	25	22	2	
		65.2%	65.8%	63.2%	75.4%	47.2%	51.2%	50.0%	
		e	e		Ef	abD	d		
									
No		48	39	28	15	28	21	2	
		34.8%	34.2%	36.8%	24.6%	52.8%	48.8%	50.0%	
		e	e		Ef	abD	d		

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

147 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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		309		44	16	61	13	6	15	25	52	30	45	
		100.0%		14.3%	5.2%	19.9%	4.2%	2.0%	4.9%	8.1%	16.9%	9.8%	14.7%	
														
Difficulty attracting/
retaining qualified		
131		
16	
5	
26	
5	
4	
7	
9	
28	
13	
18	
employees		26.2%		24.2%	20.0%	25.2%	26.3%	50.0%	28.0%	20.9%	31.5%	30.2%	23.4%	
														
Company s financial
performance has		
117		
15	
6	
22	
5	
1	
4	
13	
24	
7	
20	
improved		23.4%		22.7%	24.0%	21.4%	26.3%	12.5%	16.0%	30.2%	27.0%	16.3%	26.0%	
														
Labor market pressures		104		11	7	23	6	1	8	9	14	11	14	
		20.8%		16.7%	28.0%	22.3%	31.6%	12.5%	32.0%	20.9%	15.7%	25.6%	18.2%	
														
Pressure from
employees or their		
46		
8	
2	
9	
0	
0	
3	
2	
10	
5	
6	
representatives		9.2%		12.1%	8.0%	8.7%	0.0%	0.0%	12.0%	4.7%	11.2%	11.6%	7.8%	
														
Company altruism		42		4	2	13	3	0	1	3	4	2	10	
		8.4%		6.1%	8.0%	12.6%	15.8%	0.0%	4.0%	7.0%	4.5%	4.7%	13.0%	
						h					c			
														
Employees are		35		6	1	6	0	0	1	6	8	3	4	
stakeholders in the firm		7.0%		9.1%	4.0%	5.8%	0.0%	0.0%	4.0%	14.0%	9.0%	7.0%	5.2%	

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

148 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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		102	70	68	20	29	9	10		23	11	218	12	27	
		33.1%	22.7%	22.1%	6.5%	9.4%	2.9%	3.2%		7.9%	3.8%	74.9%	4.1%	9.3%	
															
Difficulty attracting/
retaining qualified		
42	
32	
32	
4	
15	
5	
1		
3	
4	
98	
3	
15	
employees		26.8%	28.1%	28.8%	13.8%	27.3%	27.8%	6.7%		8.6%	19.0%	27.1%	25.0%	32.6%	
										ce		a		a	
															
Company s financial
performance has		
38	
22	
26	
9	
14	
6	
2		
8	
6	
87	
3	
7	
improved		24.2%	19.3%	23.4%	31.0%	25.5%	33.3%	13.3%		22.9%	28.6%	24.0%	25.0%	15.2%	
															
Labor market pressures		18	31	27	6	12	4	6		11	6	68	3	11	
		11.5%	27.2%	24.3%	20.7%	21.8%	22.2%	40.0%		31.4%	28.6%	18.8%	25.0%	23.9%	
		BCG	A	A				A							
															
Pressure from
employees or their		
21	
8	
6	
2	
6	
2	
0		
4	
0	
32	
2	
5	
representatives		13.4%	7.0%	5.4%	6.9%	10.9%	11.1%	0.0%		11.4%	0.0%	8.8%	16.7%	10.9%	
		c		a											
															
Company altruism		18	9	7	2	2	1	3		2	2	34	0	3	
		11.5%	7.9%	6.3%	6.9%	3.6%	5.6%	20.0%		5.7%	9.5%	9.4%	0.0%	6.5%	
						g		e							
															
Employees are		11	6	9	3	4	0	2		4	2	24	0	4	
stakeholders in the firm		7.0%	5.3%	8.1%	10.3%	7.3%	0.0%	13.3%		11.4%	9.5%	6.6%	0.0%	8.7%	

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

149 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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		98	79	26	27	20	7	18		156	104	25	21	
		35.6%	28.7%	9.5%	9.8%	7.3%	2.5%	6.5%		51.0%	34.0%	8.2%	6.9%	
														
Difficulty attracting/
retaining qualified		
40	
36	
11	
9	
10	
4	
6		
64	
48	
10	
7	
employees		26.0%	29.3%	26.2%	18.8%	23.8%	44.4%	21.4%		26.7%	27.3%	21.7%	21.2%	
														
Company s financial
performance has		
42	
21	
9	
14	
10	
2	
6		
55	
44	
9	
9	
improved		27.3%	17.1%	21.4%	29.2%	23.8%	22.2%	21.4%		22.9%	25.0%	19.6%	27.3%	
		b	a											
														
Labor market pressures		18	29	13	11	10	3	9		47	33	17	6	
		11.7%	23.6%	31.0%	22.9%	23.8%	33.3%	32.1%		19.6%	18.8%	37.0%	18.2%	
		BCeG	A	A		a		A		c	C	aB		
														
Pressure from
employees or their		
16	
13	
2	
2	
5	
0	
2		
25	
16	
3	
1	
representatives		10.4%	10.6%	4.8%	4.2%	11.9%	0.0%	7.1%		10.4%	9.1%	6.5%	3.0%	
														
Company altruism		20	9	3	5	1	0	2		16	17	3	5	
		13.0%	7.3%	7.1%	10.4%	2.4%	0.0%	7.1%		6.7%	9.7%	6.5%	15.2%	
														
Employees are		11	6	3	2	5	0	2		20	10	2	3	
stakeholders in the firm		7.1%	4.9%	7.1%	4.2%	11.9%	0.0%	7.1%		8.3%	5.7%	4.3%	9.1%	

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

150 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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		90	75	48	46	25	22	2	
		29.2%	24.4%	15.6%	14.9%	8.1%	7.1%	0.6%	
									
Difficulty attracting/
retaining qualified		
41	
29	
20	
18	
12	
10	
1	
employees		27.5%	25.0%	26.3%	24.0%	28.6%	26.3%	33.3%	
									
Company s financial
performance has		
36	
27	
23	
11	
10	
10	
0	
improved		24.2%	23.3%	30.3%	14.7%	23.8%	26.3%	0.0%	
				d	c				
									
Labor market pressures		30	19	11	22	11	9	2	
		20.1%	16.4%	14.5%	29.3%	26.2%	23.7%	66.7%	
			dg	dg	bc			bc	
									
Pressure from
employees or their		
15	
12	
7	
10	
1	
0	
0	
representatives		10.1%	10.3%	9.2%	13.3%	2.4%	0.0%	0.0%	
		f	f		f		abd		
									
Company altruism		12	9	8	5	3	5	0	
		8.1%	7.8%	10.5%	6.7%	7.1%	13.2%	0.0%	
									
Employees are		11	10	3	4	3	4	0	
stakeholders in the firm		7.4%	8.6%	3.9%	5.3%	7.1%	10.5%	0.0%	

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

151 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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	
														
Other:		25		6	2	4	0	2	1	1	1	2	5	
		5.0%		9.1%	8.0%	3.9%	0.0%	25.0%	4.0%	2.3%	1.1%	4.7%	6.5%	
				h		e	e	cdgH		e	aE			

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

152 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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	
															
Other:		9	6	4	3	2	0	1		3	1	19	1	1	
		5.7%	5.3%	3.6%	10.3%	3.6%	0.0%	6.7%		8.6%	4.8%	5.2%	8.3%	2.2%	

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

153 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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	
														
Other:		7	9	1	5	1	0	1		13	8	2	2	
		4.5%	7.3%	2.4%	10.4%	2.4%	0.0%	3.6%		5.4%	4.5%	4.3%	6.1%	

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

154 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

7. Why has your firm recently increased your primary employees' real wages/salaries?

N=309		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	
									
Other:		4	10	4	5	2	0	0	
		2.7%	8.6%	5.3%	6.7%	4.8%	0.0%	0.0%	
		b	a						

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

155 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

8. On February 16, 2015 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
Percent		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
Over the next year, I		484		63	21	88	25	9	27	47	84	33	85	
expect the average annual		10.3		10.7	10.8	10.0	9.8	11.0	10.5	10.3	10.3	9.7	10.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		-5.0		6.0	6.5	5.0	5.0	5.0	5.0	5.0	5.0	5.5	5.3	
														
Over the next 10 years, I		488		63	20	89	25	9	27	48	86	34	85	
expect the average annual		10.2		9.5	12.0	9.8	9.3	11.6	11.5	11.3	9.8	9.4	10.2	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		1.5		9.0	9.0	10.0	10.0	10.0	10.0	10.0	9.5	8.5	9.0	
														
Over the next 10 years, I		502		67	21	93	26	9	28	50	85	36	85	
expect the average annual		6.8		6.4	8.5	6.7	5.6	7.1	7.5	7.2	7.0	6.2	6.9	
S&P 500 return will be:
Expected return:		-2.5		5.5	6.0	6.0	5.5	7.0	7.0	6.0	6.5	6.0	5.0	
														
Over the next year, I		500		67	22	93	26	9	27	49	85	35	85	
expect the average annual		5.9		6.1	7.1	5.3	4.7	5.9	6.4	5.8	6.1	5.8	5.9	
S&P 500 return will be:
Expected return:		2.5		10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	8.5	10.0	
														
Over the next 10 years, I		487		64	20	90	25	9	27	48	84	34	84	
expect the average annual		1.9		2.2	1.4	1.4	1.2	1.3	1.4	2.4	2.1	2.1	2.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		1.5		2.0	-2.0	0.0	1.0	1.0	1.0	1.0	0.0	3.0	0.5	
														
Over the next year, I		484		64	21	88	25	9	28	47	83	33	84	
expect the average annual		-1.2		0.1	-1.9	-2.9	-2.3	-0.3	-1.2	-1.9	-1.3	1.4	-0.9	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		0.0		2.0	2.0	2.5	3.0	0.8	2.0	2.0	2.3	2.0	2.5	

156 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

8. On February 16, 2015 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
Percent		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
Over the next year, I		169	110	95	33	34	16	24		39	25	330	17	40	
expect the average annual		9.8	10.8	10.6	10.4	9.6	10.6	10.1		10.7	9.6	10.4	8.6	10.2	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		5.0	6.0	6.0	5.0	5.0	5.5	5.0		5.0	4.5	5.0	6.0	5.8	
															
Over the next 10 years, I		172	109	97	33	34	16	24		39	25	333	17	41	
expect the average annual		10.0	10.6	10.4	10.5	8.8	9.7	11.2		11.5	9.4	10.3	8.6	9.6	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		9.0	10.0	9.0	10.0	8.5	10.0	9.8		10.0	9.0	10.0	9.0	8.0	
															
Over the next 10 years, I		178	113	98	34	36	16	24		43	25	340	18	42	
expect the average annual		7.3	6.8	6.5	7.0	5.3	6.4	7.6		7.2	5.6	7.1	6.4	5.9	
S&P 500 return will be:
Expected return:		6.0	7.0	6.0	5.5	5.0	7.0	6.0		6.0	6.0	6.0	6.3	6.0	
															
Over the next year, I		177	114	96	34	36	16	24		43	25	339	18	41	
expect the average annual		6.2	6.1	5.6	4.9	4.6	6.1	6.2		5.6	4.8	6.1	5.9	5.6	
S&P 500 return will be:
Expected return:		9.0	10.0	10.0	10.0	9.5	10.0	10.0		10.0	10.0	10.0	10.0	10.0	
															
Over the next 10 years, I		169	110	97	33	35	16	24		41	25	330	17	41	
expect the average annual		2.5	1.4	2.0	1.5	0.5	2.3	1.6		1.3	0.1	2.0	3.7	1.2	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.0	0.3	0.5	-4.0	-1.5	0.0	-5.0		-4.0	-0.5	1.0	1.5	1.0	
															
Over the next year, I		167	111	95	33	35	16	24		41	25	328	17	40	
expect the average annual		0.9	-1.6	-2.3	-3.9	-2.7	-1.3	-4.9		-2.9	-3.5	-1.0	1.9	-1.6	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		3.0	2.0	2.0	2.0	2.0	3.0	2.5		2.0	2.0	2.0	3.5	2.3	

157 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

8. On February 16, 2015 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
Percent		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
Over the next year, I		169	111	35	38	26	11	35		239	164	43	34	
expect the average annual		10.4	11.0	10.1	11.0	8.1	10.8	9.4		10.1	10.4	10.0	10.5	
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	5.5	5.0		5.0	5.0	5.0	5.3	
														
Over the next 10 years, I		171	112	36	38	26	11	35		242	165	43	34	
expect the average annual		10.3	10.5	10.6	9.7	8.0	10.4	9.9		10.3	10.0	9.3	11.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		10.0	10.0	9.5	10.0	8.0	10.0	9.0		10.0	9.0	8.0	10.0	
														
Over the next 10 years, I		176	118	36	38	26	12	35		254	166	45	33	
expect the average annual		7.2	6.9	6.5	6.0	5.5	6.5	6.8		7.2	6.3	6.1	7.6	
S&P 500 return will be:
Expected return:		6.0	6.0	5.5	6.0	5.0	7.0	6.0		6.0	6.0	5.5	6.0	
														
Over the next year, I		177	117	35	38	26	12	35		252	166	45	33	
expect the average annual		6.3	6.1	5.1	6.0	4.6	4.9	5.7		6.0	5.9	5.2	5.9	
S&P 500 return will be:
Expected return:		10.0	10.0	10.0	10.0	7.0	10.0	10.0		10.0	10.0	10.0	10.0	
														
Over the next 10 years, I		169	113	36	38	26	11	36		240	167	43	33	
expect the average annual		2.7	1.0	1.3	1.3	2.6	1.1	1.8		2.4	1.5	1.2	1.4	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.0	0.0	0.5	-1.5	-1.0	-1.5	-1.0		2.0	1.0	0.0	-5.0	
														
Over the next year, I		167	112	35	38	26	11	36		239	165	43	33	
expect the average annual		0.6	-2.6	-2.5	-2.5	-1.9	-3.0	-3.4		-0.5	-1.5	-2.1	-3.8	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		2.8	2.0	2.0	2.5	2.0	2.5	2.0		3.0	2.0	2.0	3.0	

158 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

8. On February 16, 2015 the annual yield on 10-yr treasury bonds was 2.0%. Please complete the following:

N=547		Where are you personally located?	
Number
Mean
Median		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	

Other	
									
Number		155	129	86	67	57	45	5	
Percent		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
Over the next year, I		138	111	73	63	53	42	4	
expect the average annual		10.7	10.6	9.0	10.3	10.3	9.6	12.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		6.0	6.0	5.0	5.0	5.0	5.0	5.5	
									
Over the next 10 years, I		139	111	74	63	53	43	5	
expect the average annual		10.1	10.2	10.1	9.8	10.4	10.2	12.9	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		10.0	9.0	9.3	9.5	10.0	10.0	8.5	
									
Over the next 10 years, I		144	118	74	64	54	43	5	
expect the average annual		7.0	6.9	6.7	6.8	6.4	6.4	8.6	
S&P 500 return will be:
Expected return:		6.0	6.0	6.0	6.0	6.5	6.0	6.0	
									
Over the next year, I		146	117	73	64	54	42	4	
expect the average annual		6.2	6.5	5.0	5.8	5.2	5.4	7.8	
S&P 500 return will be:
Expected return:		10.0	10.0	9.0	10.0	10.0	10.0	10.0	
									
Over the next 10 years, I		140	111	73	62	53	43	5	
expect the average annual		2.1	2.6	2.2	1.4	1.2	0.5	-0.1	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		1.3	2.0	1.0	0.5	-0.5	1.0	0.0	
									
Over the next year, I		139	112	72	62	53	42	4	
expect the average annual		-0.5	-0.7	-1.6	-2.2	-2.7	-1.2	-2.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		3.0	3.0	2.0	2.0	2.0	1.4	0.0	

159 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=547		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		547		70	23	103	27	10	31	54	93	40	91	
Percent		100.0%		12.9%	4.2%	19.0%	5.0%	1.8%	5.7%	10.0%	17.2%	7.4%	16.8%	
														
% Approximate ROA in		468		61	20	97	25	9	28	44	72	39	71	
2014		8.1		8.2	8.9	9.0	6.6	8.0	3.7	7.3	10.2	6.6	8.3	
		11.6		9.5	11.0	12.1	12.4	14.2	18.3	9.9	11.7	10.8	10.1	
		0.0		6.8	5.0	7.8	5.7	8.0	4.0	5.0	7.0	6.0	5.0	
									h		f			
														
% Expected ROA in		462		60	20	94	25	9	28	44	69	39	72	
2015		10.2		9.9	10.6	11.5	11.5	11.3	9.9	8.0	11.8	7.9	9.3	
		11.4		8.5	9.2	11.4	13.4	11.8	17.9	10.3	12.4	10.7	10.2	
		-5.0		7.5	7.8	9.0	5.9	8.8	10.0	4.5	8.5	6.8	6.0	

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

160 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=547		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		199	123	101	34	40	18	25		46	26	367	20	46	
Percent		36.9%	22.8%	18.7%	6.3%	7.4%	3.3%	4.6%		9.1%	5.1%	72.7%	4.0%	9.1%	
															
% Approximate ROA in		166	112	92	30	35	12	19		38	25	326	14	37	
2014		8.5	7.7	8.3	8.4	5.5	9.4	9.3		5.9	4.8	9.1	4.7	5.5	
		14.6	10.5	9.6	7.9	9.4	5.6	7.6		8.8	10.0	12.3	4.8	9.4	
		5.0	5.0	7.0	8.0	6.0	8.5	9.0		7.0	6.3	6.8	3.0	3.0	
															
% Expected ROA in		164	111	91	30	35	11	18		38	24	321	14	37	
2015		11.0	9.6	9.6	9.4	10.6	10.7	10.3		10.1	7.5	11.3	4.9	5.5	
		14.2	9.9	9.7	9.1	9.7	4.6	8.6		9.4	10.5	11.9	4.6	9.9	
		6.0	6.8	8.0	9.2	7.5	9.0	8.0		8.0	8.0	8.0	4.3	2.5	
										e		dE	c	aC	

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

161 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=547		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		194	129	38	39	29	12	39		274	178	49	37	
Percent		40.4%	26.9%	7.9%	8.1%	6.0%	2.5%	8.1%		50.9%	33.1%	9.1%	6.9%	
														
% Approximate ROA in		162	117	33	36	24	11	31		231	162	40	32	
2014		9.6	7.0	6.8	8.3	9.1	7.8	8.5		7.9	8.4	9.7	6.8	
		13.8	10.0	9.4	8.2	5.2	8.1	6.9		11.3	11.7	12.5	12.5	
		5.2	5.0	5.0	7.0	8.0	10.3	6.7		5.4	6.0	8.4	8.7	
														
% Expected ROA in		159	117	32	36	24	11	31		227	160	40	32	
2015		12.0	8.7	9.7	9.8	10.6	7.8	8.9		9.4	11.1	12.4	9.9	
		13.7	9.4	11.0	7.8	6.8	7.2	7.5		11.2	11.9	10.6	10.9	
		7.0	7.0	6.8	8.0	9.0	9.0	7.0		6.0	8.0	10.0	10.0	
		b	a											

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

162 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Return on assets (ROA=operating earnings/assets)

N=547		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		155	129	86	67	57	45	5	
Percent		28.5%	23.7%	15.8%	12.3%	10.5%	8.3%	0.9%	
									
% Approximate ROA in		139	109	67	59	52	38	4	
2014		8.8	7.9	9.3	8.2	6.2	7.5	4.3	
		10.9	12.1	10.7	11.7	12.6	12.6	14.8	
		7.0	5.6	5.7	6.1	5.5	6.0	1.0	
									
% Expected ROA in		137	106	67	59	51	38	4	
2015		10.7	10.8	10.2	9.0	9.4	9.6	10.5	
		11.3	11.3	10.9	12.1	11.9	11.7	10.2	
		8.0	9.0	6.8	6.8	7.0	7.0	7.5	

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

163 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized

N=96		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		96		0	0	96	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		96		0	0	96	0	0	0	0	0	0	0	
last half of 2014		73.2		---	---	73.2	---	---	---	---	---	---	---	
		18.0		---	---	18.0	---	---	---	---	---	---	---	
		75.0		---	---	75.0	---	---	---	---	---	---	---	
														
% of capacity utilization		96		0	0	96	0	0	0	0	0	0	0	
planned for the first half		74.7		---	---	74.7	---	---	---	---	---	---	---	
of 2015		18.8		---	---	18.8	---	---	---	---	---	---	---	
		79.0		---	---	79.0	---	---	---	---	---	---	---	

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

164 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized

N=96		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		30	20	25	7	6	5	3		12	7	73	0	0	
Percent		31.3%	20.8%	26.0%	7.3%	6.3%	5.2%	3.1%		13.0%	7.6%	79.3%	0.0%	0.0%	
															
% of capacity utilized in		30	20	25	7	6	5	3		12	7	73	0	0	
last half of 2014		69.7	62.3	81.6	79.3	76.0	83.0	75.0		79.9	76.4	72.4	---	---	
		19.5	15.7	10.7	8.9	33.2	14.8	5.0		12.8	9.0	19.0	---	---	
		75.0	65.0	83.5	77.5	85.0	80.0	72.5		80.0	77.5	75.0	---	---	
		C	Cdf	AB	b		b								
															
% of capacity utilization		30	20	25	7	6	5	3		12	7	73	0	0	
planned for the first half		70.9	65.8	82.0	81.4	78.8	81.0	77.7		77.3	82.9	73.6	---	---	
of 2015		21.0	17.9	11.8	10.4	34.3	13.9	2.5		13.0	8.6	19.9	---	---	
		72.5	70.0	85.0	76.5	90.0	75.0	76.5		76.5	82.5	76.5	---	---	
		c	Cd	aB	b										

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

165 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized

N=96		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		28	33	3	9	4	3	10		14	53	13	15	
Percent		31.1%	36.7%	3.3%	10.0%	4.4%	3.3%	11.1%		14.7%	55.8%	13.7%	15.8%	
														
% of capacity utilized in		28	33	3	9	4	3	10		14	53	13	15	
last half of 2014		69.3	73.3	82.7	81.2	84.0	83.3	73.5		64.6	71.9	76.2	82.3	
		20.2	15.6	4.0	13.3	9.0	5.8	24.8		18.0	19.0	18.3	8.8	
		72.5	75.0	81.5	77.5	82.5	80.0	77.5		62.5	75.0	75.0	80.0	
										D	d		Ab	
														
% of capacity utilization		28	33	3	9	4	3	10		14	53	13	15	
planned for the first half		69.1	74.9	89.0	81.4	85.0	81.7	74.3		67.5	73.5	79.0	80.9	
of 2015		20.9	16.2	6.6	11.3	9.6	10.4	25.0		21.3	19.2	19.0	13.0	
		69.0	80.0	86.0	76.5	83.5	77.5	76.5		62.5	76.5	80.0	79.0	
										d			a	

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

166 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized

N=96		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		45	17	4	13	9	7	1	
Percent		46.9%	17.7%	4.2%	13.5%	9.4%	7.3%	1.0%	
									
% of capacity utilized in		45	17	4	13	9	7	1	
last half of 2014		74.8	72.9	79.0	75.2	68.9	58.3	100.0	
		14.7	23.7	12.9	16.6	20.9	19.3	---	
		75.0	80.0	77.5	77.5	70.0	65.0	50.0	
		f					a		
									
% of capacity utilization		45	17	4	13	9	7	1	
planned for the first half		77.5	72.2	77.5	78.7	66.7	60.1	100.0	
of 2015		14.4	24.1	10.4	17.6	25.5	20.4	---	
		79.0	79.0	77.5	85.0	70.0	66.5	50.0	
		F			f		Ad		

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

167 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=96		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		96		0	0	96	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		96		0	0	96	0	0	0	0	0	0	0	
last half of 2014		76.6		---	---	76.6	---	---	---	---	---	---	---	
		17.9		---	---	17.9	---	---	---	---	---	---	---	
														
% of capacity utilization		96		0	0	96	0	0	0	0	0	0	0	
planned for the first half		78.5		---	---	78.5	---	---	---	---	---	---	---	
of 2015		18.4		---	---	18.4	---	---	---	---	---	---	---	

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

168 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=96		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		5	3	22	4	24	17	21		23	30	42	0	0	
Percent		5.2%	3.1%	22.9%	4.2%	25.0%	17.7%	21.9%		24.2%	31.6%	44.2%	0.0%	0.0%	
															
% of capacity utilized in		5	3	22	4	24	17	21		23	30	42	0	0	
last half of 2014		60.0	68.3	82.2	80.0	74.5	80.6	74.5		84.3	77.7	72.3	---	---	
		13.7	16.1	8.8	7.1	30.2	14.5	4.2		8.1	6.0	24.7	---	---	
		CdfG	c	AbG	ag		a	ACd		Bc	A	a			
															
% of capacity utilization		5	3	22	4	24	17	21		23	30	42	0	0	
planned for the first half		67.0	76.7	83.5	81.3	77.6	77.6	77.5		81.3	82.7	73.5	---	---	
of 2015		23.9	15.3	10.9	6.5	31.4	13.2	2.2		9.7	6.5	25.6	---	---	
		cg		ag	g			acd							

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

169 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=96		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		5	22	2	3	11	6	46		4	33	17	41	
Percent		5.3%	23.2%	2.1%	3.2%	11.6%	6.3%	48.4%		4.2%	34.7%	17.9%	43.2%	
														
% of capacity utilized in		5	22	2	3	11	6	46		4	33	17	41	
last half of 2014		71.0	82.3	81.5	70.0	87.6	81.7	72.1		75.0	67.9	81.4	81.7	
		20.1	11.6	4.9	5.0	7.3	4.1	21.7		28.9	24.8	8.8	8.7	
		e	g		EF	aDg	D	be			cD	b	B	
														
% of capacity utilization		5	22	2	3	11	6	46		4	33	17	41	
planned for the first half		66.0	84.6	86.0	72.7	88.5	85.8	73.2		87.5	69.7	84.4	82.0	
of 2015		21.9	12.2	5.7	5.0	8.0	2.0	21.9		25.0	26.0	7.9	9.6	
		bE	ag		EF	ADg	D	be			cD	b	B	

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

170 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

N=96		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		35	23	0	24	12	2	0	
Percent		36.5%	24.0%	0.0%	25.0%	12.5%	2.1%	0.0%	
									
% of capacity utilized in		35	23	0	24	12	2	0	
last half of 2014		77.4	69.0	---	83.1	77.5	70.0	---	
		14.9	28.0	---	7.5	13.1	7.1	---	
			d		bf		d		
									
% of capacity utilization		35	23	0	24	12	2	0	
planned for the first half		81.3	69.3	---	88.0	72.5	59.0	---	
of 2015		14.4	28.1	---	6.9	9.4	12.7	---	
		bdf	aD		aBEF	D	aD		

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