Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last
quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0
being the least optimistic and 100 being the most optimistic.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm
anticipates in the next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months? [Unweighted - Winsorized]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the
next 12 months for:   [Unweighted - Sorted]	13
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]	14
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]	15
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]	16
5a. To date, what effect have changes in interest rates had on your business?	17
5a. Has the effect of interest rates on your business been..	18
5a. To date, what effect have changes in oil prices had on your business?	19
5a. Has the effect of oil prices on your business been..	20
5a. To date, what effect have changes in currency values had on your business?	21
5a. Has the effect of currency values on your business been..	22
5b. How have interest rates affected capital spending plans for the next 12 months?	23
5b. How have low oil prices affected capital spending plans for the next 12 months?	24
5b. How has the dollar appreciation affected capital spending plans for the next 12 months?	25
5b. How have interest rates affected hiring plans for the next 12 months?	26
5b. How have low oil prices affected hiring plans for the next 12 months?	27
5b. How has the dollar appreciation affected hiring plans for the next 12 months?	28
5c. By year-end 2015, what do you expect long term interest rates will change by:	29
5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	30
5c. Relative to the euro, the value of the US dollar will change by:	31
Parametric estimates for year-end prices of oil, currencies, and interest rates:	32
Expected change in salaries during the next 12 months?	33
6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal,
change, or make public important data?	34
6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of
concerns about hacking and data security.	35
Other data security steps taken in past year:  	36
7. What should be the focus of the CFO to best serve all stakeholders?	37
The focus of the finance leader (CFO) should be - Other specified:	39
Example of focus for: Administration (back office, support)	40
Example of focus for: Board Relations	41
Example of focus for: Budget and Forecast	43
Example of focus for: Capital Allocation	45
Example of focus for: Capital Structure	47
Example of focus for: Corporate Strategy (including M&A)	48
Example of focus for: Dividends, Share Repurchases	51
Example of focus for: Employee Benefits / Retirement	52
Example of focus for: Executive Leadership Team	53
Example of focus for: Financial Reporting and Compliance	55
Example of focus for: Human Resources	57
Example of focus for: Internal Growth	58
Example of focus for: Investor Relations	59
Example of focus for: Liaison to Regulators / Government	60
Example of focus for: Liquidity Management	61
Example of focus for: Risk Management	62
Example of focus for: Spin-offs, Asset Sales	63
Example of focus for Other new/important roles	64
8. For your country, what do you think is the likelihood of a recession by the end of 2015?	65
9. On May 18, 2015 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following:	66
Revenue Weighted: 9. On May 18, 2015 the annual yield on 10-yr treasury bonds was 2.3%. Please
complete the following:	67
Employee Weighted: 9. On May 18, 2015 the annual yield on 10-yr treasury bonds was 2.3%. Please
complete the following:	68
Return on assets (ROA=operating earnings/assets)	69
Manufacturing capacity utilized	70
Manufacturing capacity utilized (Revenue Weighted)	71
Industry	72
Industry (Other specified)	73
Frequencies: Standard Industrial Classification	75
Sales Revenue	77
Weighted Sales Revenue (Millions)	78
Number of Employees	79
Weighted Number of Employees	80
Where are you personally located?	81
Where are you personally located? - Other specified	82
Ownership	83
Foreign Sales	84
In what region of the world are most of your foreign sales?	85
What is your company's credit rating? 	86
Your job title (e.g., CFO, Asst. Treasurer, etc):	89

 1 

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

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

	 	Number	Percent	95% CI
	1=More optimistic	181	37.0 %	± 4.3 %
	0=No change	200	40.9 %	± 4.4 %
	-1=Less optimistic	108	22.1 %	± 3.7 %
	Total	489	100.0 %

	Mean = 0.15
	SD = 0.75

	Missing Cases = 3
	Response Percent = 99.4 %

2 

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

	Minimum = 0

	Maximum = 100

	Mean = 62.9

	Median = 65

	Standard Deviation (Unbiased Estimate) = 16.8

	95 Percent Confidence Interval Around The Mean = 61.2 - 64.5

4 Groups

	 1 = 50.8
	 2 = 65
	 3 = 75

Valid Cases =403
Missing Cases =89
Response Percent = 81.9%

3 

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

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

	 	Number	Percent	95% CI
	1=More optimistic	226	46.3 %	± 4.4 %
	0=No change	140	28.7 %	± 4.0 %
	-1=Less optimistic	122	25.0 %	± 3.8 %
	Total	488	100.0 %

	Mean = 0.21
	SD = 0.82

	Missing Cases = 4
	Response Percent = 99.2 %

4 

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

	Minimum = 0

	Maximum = 202

	Mean = 67.5

	Median = 70

	Standard Deviation (Unbiased Estimate) = 19.9

	95 Percent Confidence Interval Around The Mean = 65.5 - 69.4

4 Groups

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =402
Missing Cases =90
Response Percent = 81.7%

5 

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

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

	 	Number	Percent	95% CI
	Economic uncertainty	181	37.3 %	± 4.3 %
	Cost of benefits	174	35.9 %	± 4.3 %
	Difficulty attracting / retaining qualified employees	164	33.8 %	± 4.2 %
	Regulatory requirements	159	32.8 %	± 4.2 %
	Government policies	148	30.5 %	± 4.1 %
	Weak demand for your products/services	134	27.6 %	± 4.0 %
	Data security	96	19.8 %	± 3.6 %
	Employee morale	84	17.3 %	± 3.4 %
	Access to capital	80	16.5 %	± 3.3 %
	Employee productivity	71	14.6 %	± 3.2 %
	Rising wages and salaries	64	13.2 %	± 3.0 %
	Currency risk	63	13.0 %	± 3.0 %
	Corporate tax code [domestic]	43	8.9 %	± 2.5 %
	Rising input or commodity costs	32	6.6 %	± 2.2 %
	Geopolitical / health crises	27	5.6 %	± 2.0 %
	Cost of borrowing	25	5.2 %	± 2.0 %
	Deflation	15	3.1 %	± 1.5 %
	Inflation	8	1.6 %	± 1.1 %
	Other	27	5.6 %	± 2.0 %
	Total	1595

	Number of Cases = 485
	Number of Responses = 1595
	Average Number Of Responses Per Case = 3.3
	Number Of Cases With At Least One Response = 485
	Response Percent = 100.0 %

6 

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

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

Agr, Forestry, Fishing	Bird Flu	
Bank/Fin/Insur/Real Est	Low Interest Rates	
Bank/Fin/Insur/Real Est	Low interest rates	
Bank/Fin/Insur/Real Est	Succession Planning	
Energy	Drop in oil & Natural gas prices	
Energy	Price of Oil	
Healthcare/Pharm	Changes in patent law negative for innovators	
Manufacturing	Labor negotiations (see morale)	
Manufacturing	Low/volatile oil price	
Manufacturing	management team itself (i.e., weakness or turnover)	
Mining/Construction	credit availability	
Mining/Construction	Poor construction activity	
Other	competition	
Other	lack of movement of products from manufacturing sector	
Other	Medical Marijauna	
Other	Pending merger	
Other	Sequestration - Govt Budget Issues	
Other	Short Term Activist Hedge Funds	
Retail/Wholesale	Change Management	
Retail/Wholesale	Competition	
Retail/Wholesale	Import delays due to west coast port slowdown	
Retail/Wholesale	Merger, Margins	
Retail/Wholesale	Supply chain	
Services, Consulting	affiliated health system financial weakness	
Services, Consulting	Membership recruitment and Cash Flow	
Services, Consulting	none of these are major issues for us, competition is	
Tech [Soft/Hard/Bio]	Competition	

7 

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Agr, Forestry, Fishing	We are expecting higher commodity costs and increased competition for	
	our product.	
Bank/Fin/Insur/Real Est	Access to operational capital to scale is limited.	
Bank/Fin/Insur/Real Est	Construction costs/contractor availability	
Bank/Fin/Insur/Real Est	Continue regulatory oversight.  Increased costs due to external audit	
	compliance with PCAOB audits.	
Bank/Fin/Insur/Real Est	data security	
Bank/Fin/Insur/Real Est	Debt crisis somewhere	
Bank/Fin/Insur/Real Est	Developing personal relationships with young customers.	
Bank/Fin/Insur/Real Est	Employee loss as job market improves which will impact wages	
Bank/Fin/Insur/Real Est	Execution risk	
Bank/Fin/Insur/Real Est	further anti-business shift due to media/ politicians	
Bank/Fin/Insur/Real Est	Gov't policies	
Bank/Fin/Insur/Real Est	Housing new starts and sales volume negatively affecting the apartment	
	rental market	
Bank/Fin/Insur/Real Est	increased competition	
Bank/Fin/Insur/Real Est	Intense Competition	
Bank/Fin/Insur/Real Est	IT	
Bank/Fin/Insur/Real Est	Keeping up with technology change	
Bank/Fin/Insur/Real Est	Less demand for my services.  Too much competition.  Limited by a small	
	advertising budget.	
Bank/Fin/Insur/Real Est	M&A issues & compliance	
Bank/Fin/Insur/Real Est	money	
Bank/Fin/Insur/Real Est	New technology-based competitors	
Bank/Fin/Insur/Real Est	none	
Bank/Fin/Insur/Real Est	Repricing in the capital markets as interest rates rise.	
Bank/Fin/Insur/Real Est	Uncertain impact from rising interest rates after emerging from this	
	prolonged low interest rate era	
Bank/Fin/Insur/Real Est	Uncertainty of the compliance/regulatory old rules, new rules and	
	pending rules	
Bank/Fin/Insur/Real Est	We are all inundated with weak economy news, I don't advocate being	
	overly optimistic but a positive	
Bank/Fin/Insur/Real Est	Will eventual Fed directed interest rate increases constrict the economy.	
Energy	Benefit Costs	
Energy	COst of borrowings and access to borrowings will be impacted negatively	
Energy	Managing through the energy industry downturn - holding on to critical	
	talent	
Energy	retention of key employees	
Energy	rising interest rate, rising US dollar, falling oil price	
Energy	uncertainty of Obamacare costs and related mandatory coverage issues	
Healthcare/Pharm	Cash Flow & unforeseen expenses.	
Healthcare/Pharm	Competitors entering our market.	
Healthcare/Pharm	Constant re-positioning of government regulations.	
Healthcare/Pharm	Health care law uncertainties.	
Healthcare/Pharm	INCOMPETENCE OF THE ADMINISTRATION APPOINTEES	
Healthcare/Pharm	Increase pressure on pricing	
Healthcare/Pharm	increased regulations at local and state level	
Healthcare/Pharm	Increasing customer base; healthcare legislation	
Healthcare/Pharm	Managing growth and transitioning from development organization to a	
	commercial organization	

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Healthcare/Pharm	none	
Healthcare/Pharm	products coming off patent	
Healthcare/Pharm	Qualified Workforce	
Healthcare/Pharm	revenue	
Healthcare/Pharm	Risk of takeover or acquisition as the industry consolidates.  Also the	
	risk of competition.	
Healthcare/Pharm	Slowing local economy	
Healthcare/Pharm	Uncertainty surrounding public health exchanges.	
Manufacturing	Avian Influenza	
Manufacturing	Change in US Government policies on defence spending	
Manufacturing	continued weakness in export markets	
Manufacturing	Cost & effort to maintain system technology	
Manufacturing	dealing with the rate of change	
Manufacturing	Demand being low, large companies that were never competition have	
	entered our market for cash flow.	
Manufacturing	Earnings and Cash Flow generation.	
Manufacturing	Entrance of new competitor(s) in our market	
Manufacturing	financial crisis	
Manufacturing	Finding skilled welders to replace aging baby boomers.	
Manufacturing	Foreign competition.  Unknown international conflicts	
Manufacturing	Geopolitical turmoil	
Manufacturing	Global Deflation	
Manufacturing	global economic slowdown, slow down in the renewable energy sector	
Manufacturing	Global industrial activity slowdown	
Manufacturing	Global slowdown in Europe and Asia.	
Manufacturing	Good employees and health care	
Manufacturing	increase in interest rates and inflation	
Manufacturing	increased competition	
Manufacturing	inflation; Middle East conflicts (ISIS)	
Manufacturing	Inventory levels	
Manufacturing	Labor negotiations with our largest location are going much longer than	
	normal.	
Manufacturing	meeting high growth rate expectations	
Manufacturing	Middle East conflict	
Manufacturing	Price competition from competitors	
Manufacturing	Price of a barrel of oil is having dramatic negative effects on our sales	
Manufacturing	Reverse engineering of our products in China	
Manufacturing	Rising cost of raw materials. Rising cost of freight and Rising health care	
	costs	
Manufacturing	Rising interest rates	
Manufacturing	Sales growth and overall efficiency and productivity of production and	
	sales employees.	
Manufacturing	Slowdown in retail sales and construction, both of which would	
	negatively impact our business.	
Manufacturing	Soft Asian demand.	
Manufacturing	Steel Imports into the US impacting our domestic steel customers	
	production levels	
Manufacturing	Supply chain interruptions	
Manufacturing	the upcoming presidential election could cause an economic slowdown	
	and uncertainty in the EU	

9 

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Manufacturing	Wage Inflation and employee turnover are starting to be more common in	
	the market.	
Manufacturing	we are worried about a financial collapse in the US government.	
Manufacturing	We operate in mature markets and have little appetite for risk so growth	
	is harder to come by.	
Mining/Construction	Affordable Care Act	
Mining/Construction	Business is expanding rapidly, challenges in finding great performing	
	employees is top of mind.	
Mining/Construction	Commodity price outlook deteriorating	
Mining/Construction	Continued decline in home ownership and growth in rental households.	
Mining/Construction	Cost of medical insurance, availability of surety bonds, cost of capital.	
Mining/Construction	Downturn in the Texas oilfield -- high priced unemployed applicants,	
	requests for red in prices ext.	
Mining/Construction	Foreign supply / demand balance	
Mining/Construction	General weakness in demand for residential housing	
Mining/Construction	increased competition.	
Mining/Construction	None	
Mining/Construction	The poor public education system is creating people who don't know	
	how to function in the real world	
Mining/Construction	Transportation and logistics for getting our products (crushed stone) to	
	job sites	
Other	A forced location change, splitting into several smaller facilities as a large	
	one is not available	
Other	Additional scrutiny/legislation regarding NGO's	
Other	Affordability of Higher Education	
Other	Budget	
Other	Changes in communications technology will directly affect us, our	
	dealers, and their customers.	
Other	Communication Disruption	
Other	Concern about International customers in certain countries (e.g. Russia)	
	that they may fail to pay.	
Other	Continued Sequestration.	
Other	cybersecurity	
Other	election cycle = no work in DC	
Other	Finding and keeping the right talent.	
Other	finding qualified help	
Other	Further government regulation	
Other	Heightened competitive respons	
Other	Inability to pass on rising costs to our customers.	
Other	Increase salaries for employees to retain talent by reducing the total	
	number of full time employees	
Other	international expansion.	
Other	Lack of any clear guidance on tax reporting requirements linked to the	
	ACA.	
Other	Managing Growth	
Other	Margin compression due to oil and gas prices reductions forcing clients	
	to revise their spending.	
Other	Merging 2 multi billion $ companies; Outsourcing of support functions	
Other	N/A	
Other	NLRB, DOL, State and local wage and hour issues;  competition	

10 

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Other	no answer	
Other	None	
Other	North American ethics and lack of leaders with ethics.	
Other	Obamacare will impact us in a negative way. Our health care costs will	
	double.	
Other	Predicting the timing of the next economic downturn, and it affects our	
	growth now.	
Other	Product offering expansion.	
Other	reduced enrollmment	
Other	Sequestration is a major challenge impacting Defense spending	
Pub Admin	Changes in political environment and new changes in state rules	
Pub Admin	Changing face of higher education.	
Pub Admin	City funding for employer-sided funding of pension obligations	
Pub Admin	cost of health insurance is sky rocketing	
Pub Admin	Potential for rising interest rates.	
Pub Admin	Replacing lost revenue due to loss of large customer.	
Retail/Wholesale	Challenge: Cash Flow Improvement	
Retail/Wholesale	Continued reduction in corporate capital expenditures and delayed large	
	maintenance projects	
Retail/Wholesale	Cost of real estate	
Retail/Wholesale	cyber risk	
Retail/Wholesale	Cyber Security	
Retail/Wholesale	Expanding sales in Europe and currency flux.	
Retail/Wholesale	general economic conditions	
Retail/Wholesale	Health care sounds like it is going through the roof and the government	
	has made it worse.	
Retail/Wholesale	Implementation of an ERP system	
Retail/Wholesale	Increasing cost of health insurance	
Retail/Wholesale	Keeping current in the e commerce realm	
Retail/Wholesale	Liquidation by Investors	
Retail/Wholesale	Maintaining current sales volume and keeping qualified management in	
	place.	
Retail/Wholesale	Merger during the quarter	
Retail/Wholesale	None other than indicated above	
Retail/Wholesale	Pace of technology innovation	
Retail/Wholesale	Rising cost of health care, government regulation	
Retail/Wholesale	UNCONTROLLED COST INCREASES	
Retail/Wholesale	Water supply/cost in Southern California. Rising health insurance costs.	
Services, Consulting	Aligning sales performance with operations and backroom numbers.	
Services, Consulting	Clients are skittish about a slowdown &  becoming cautious (Reducing	
	Capital expenditures & new hire	
Services, Consulting	competition is stiffening driving down fees	
Services, Consulting	Concern with China economic growth rate in 2016.	
Services, Consulting	Constantly increasing health care costs	
Services, Consulting	continuing retreat by state government from support for higher education	
Services, Consulting	Dissatisfaction with standardized testing. Congress and Supreme Court	
	that are completely misguided	
Services, Consulting	Euro zone and China economic problems.	
Services, Consulting	Expansion costs	
Services, Consulting	Getting clients	

11 

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

3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates in the next year. 

Services, Consulting	Government funding levels	
Services, Consulting	Greece and its successful resolution for the German and French banks.	
Services, Consulting	Greek crisis long-term resolution, China's economic outlook	
Services, Consulting	Growth that may outstrip our ability to handle it well.	
Services, Consulting	Impact of weather on demand for our services	
Services, Consulting	Lack of services opportunities for small companies under $1million	
	Revenue.	
Services, Consulting	larges dispositions	
Services, Consulting	Leadership challenges	
Services, Consulting	none	
Services, Consulting	Potential drain in liquidity	
Services, Consulting	Price competition for services	
Services, Consulting	security	
Services, Consulting	technology	
Services, Consulting	War in the Middle East	
Services, Consulting	We are finding it difficult to keep our margins up, due to slow growth.	
Tech [Soft/Hard/Bio]	.	
Tech [Soft/Hard/Bio]	Access to capital, pricing pressure from increased competition, evolving	
	regulation landscape	
Tech [Soft/Hard/Bio]	Changing regulatory environment/issues.	
Tech [Soft/Hard/Bio]	Continued tightening of the labor market for specialized skills resulting in	
	rising labor costs.	
Tech [Soft/Hard/Bio]	Continuing pricing pressures plus weak demand that will curb our ability	
	to increase our top line	
Tech [Soft/Hard/Bio]	foreign currency exchange risk and volatility	
Tech [Soft/Hard/Bio]	Foreign government demands to locate operations or IP on their turf	
Tech [Soft/Hard/Bio]	Geo-political events in developing countries and EMEA continue to hurt	
	demand and growth	
Tech [Soft/Hard/Bio]	Higher fuel/gas prices, higher euro value hurts us	
Tech [Soft/Hard/Bio]	Insurance structures and costs	
Tech [Soft/Hard/Bio]	None	
Tech [Soft/Hard/Bio]	Poor market conditions - USD is too high in value	
Tech [Soft/Hard/Bio]	Presidential Election distractions	
Tech [Soft/Hard/Bio]	Price compression & additional competition	
Tech [Soft/Hard/Bio]	Scaling	
Tech [Soft/Hard/Bio]	Slow and inconsistent growth in the economy	
Tech [Soft/Hard/Bio]	Tougher competition in the market	
Transp, Public Util	Finding qualified pilots at wages we can afford.	
Transp, Public Util	Health Insurance Costs	
Transp, Public Util	Inflation after interest rate increase.	
Transp, Public Util	Mideast conflicts dragging more nations into its quagmire.  Negative	
	effect of rebounding oil prices	
Transp, Public Util	More issues around the inadequate and weakening US infrastructure	
	(Ports, roads/bridges, waterways)	
Transp, Public Util	Not a new risk but attracting a sufficient number or qualified drivers	
	continues to grow as a risk.	
Transp, Public Util	Not new... recruiting drivers.  New reacting to a weakened freight	
	environment.	
Unspecified Industry	none	

12 

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

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	8.84	6.64	8.18 - 9.51	8	-6.36	24.67	330

Revenue	6.06	12.61	4.81 - 7.31	5	-26.60	40.62	315

Technology spending	5.91	12.15	4.45 - 7.37	5	-29.40	42.51	45

Earnings	5.51	17.89	3.58 - 7.43	5	-37.80	50	333

Research and development spending	5.21	12.46	3.35 - 7.07	0	-31.70	45.32	381

Marketing/advertising spending	4.68	11.06	3.34 - 6.01	3	-25.10	35.73	264

Capital spending	4.66	20.09	2.49 - 6.83	5	-44.60	54.49	333

Number of domestic full-time employees	4.23	9.91	3.16 - 5.29	3	-21.20	30.39	212

Wages/Salaries	3.78	3.85	3.39 - 4.16	3	-9.17	17.03	135

Productivity (output per hour worked)	3.20	5.38	2.48 - 3.93	2	-11.50	18.57	274

Cash on the balance sheet	2.22	16.52	0.40 - 4.05	1	-39.70	44.27	213

Dividends	2.14	10.54	-0.94 - 5.21	0	-34.40	39.89	173

Prices of your products	1.86	4.39	1.34 - 2.38	2	-9.83	13.08	394

Number of domestic temporary employees	1.76	7.16	0.80 - 2.72	0	-23.90	26.93	124

Share repurchases	1.71	7.39	0.41 - 3.01	0	-25.50	31.38	266

Number of offshore outsourced employees	1.49	5.23	0.61 - 2.37	0	-19.90	23.43	385

13 

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

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

(N=492)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.92	359	13	9
Health care costs	0.35	94.2%	3.4%	2.4%

	0.92	361	16	8
Wages/Salaries	0.34	93.8%	4.2%	2.1%

	0.62	194	43	29
Technology spending	0.67	72.9%	16.2%	10.9%

	0.57	297	23	74
Revenue	0.79	75.4%	5.8%	18.8%

	0.55	135	60	18
Productivity (output per hour worked)	0.65	63.4%	28.2%	8.5%

	0.50	174	64	36
Prices of your products	0.72	63.5%	23.4%	13.1%

Number of domestic full-time	0.49	221	53	59
employees	0.78	66.4%	15.9%	17.7%

	0.47	157	75	32
Marketing/advertising spending	0.70	59.5%	28.4%	12.1%

	0.42	85	76	12
Research and development spending	0.62	49.1%	43.9%	6.9%

	0.42	207	53	70
Capital spending	0.82	62.7%	16.1%	21.2%

	0.41	225	21	87
Earnings	0.88	67.6%	6.3%	26.1%

	0.38	19	24	2
Dividends	0.58	42.2%	53.3%	4.4%

Number of domestic temporary	0.31	85	108	19
employees	0.63	40.1%	50.9%	9.0%

	0.25	167	59	89
Cash on the balance sheet	0.87	53.0%	18.7%	28.3%

Number of offshore outsourced	0.16	25	107	3
employees	0.43	18.5%	79.3%	2.2%

	0.15	22	98	4
Share repurchases	0.44	17.7%	79.0%	3.2%

14 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	5.04	16.04	3.31 - 6.76	5	-37.80	50	259

Capital spending	4.43	17.70	2.54 - 6.31	3	-44.60	54.49	183

Revenue	4.04	9.93	3.04 - 5.04	4	-26.60	40.62	378

Marketing/advertising spending	3.88	9.11	2.73 - 5.04	2.50	-25	35.73	339

Technology spending	3.50	10.12	2.27 - 4.74	3	-29.40	35	240

Dividends	3.17	6.17	1.96 - 4.38	1	-34.40	15	333

Research and development spending	2.69	9.14	1.36 - 4.01	1	-31.70	45.32	286

Prices of your products	1.34	4.37	0.80 - 1.87	2	-9.83	13.08	100

Share repurchases	0.99	8.18	-0.30 - 2.29	0	-25.50	20	153

Cash on the balance sheet	-1.53	16.38	-3.43 - 0.36	0	-39.70	44.27	258

15 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	7.72	5.89	7.10 - 8.34	7	-6.36	24.67	216

Wages/Salaries	3.32	3.05	3.00 - 3.64	3	-9.17	17.03	298

Number of domestic full-time employees	2.39	9.20	1.35 - 3.44	2	-21.20	30.39	209

Productivity (output per hour worked)	2.26	4.79	1.62 - 2.90	2	-11.50	18.57	167

Number of offshore outsourced employees	1.53	6.93	0.48 - 2.59	0	-19.90	23.43	351

Number of domestic temporary employees	0.47	7.10	-0.49 - 1.43	0	-23.90	20	349

16 

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	7.12	13.83	4.63 - 9.62	5	-25	50

Dividends	3.89	4.31	2.98 - 4.80	2	0	15

Revenue	3.79	8.56	2.33 - 5.25	3	-15	40.62

Share repurchases	1.51	10.07	-0.59 - 3.61	1	-25.50	20

Cash on the balance sheet	-4.44	19.18	-7.95 - -0.92	0	-39.70	44.27

17 

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

5a. To date, what effect have changes in interest rates had on your business?

	 	Number	Percent	95% CI
	Direct	108	22.6 %	± 3.7 %
	Indirect	83	17.4 %	± 3.3 %
	Both	44	9.2 %	± 2.5 %
	No effect	242	50.7 %	± 4.4 %
	Total	477	100.0 %

	Missing Cases = 15
	Response Percent = 97.0 %

18 

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

5a. Has the effect of interest rates on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	13	5.4 %	± 1.4 %
	+1=Positive	90	37.5 %	± 3.4 %
	0=No impact	46	19.2 %	± 2.6 %
	-1=Negative	87	36.3 %	± 3.4 %
	-2=Very negative	4	1.7 %	± 0.8 %
	Total	240	100.0 %

	Mean = 0.09
	SD = 1.01

	Missing Cases = 252
	Response Percent = 48.8 %

19 

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

5a. To date, what effect have changes in oil prices had on your business?

	 	Number	Percent	95% CI
	Direct	114	23.9 %	± 3.7 %
	Indirect	156	32.8 %	± 4.1 %
	Both	62	13.0 %	± 2.9 %
	No effect	144	30.3 %	± 4.0 %
	Total	476	100.0 %

	Missing Cases = 16
	Response Percent = 96.7 %

20 

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

5a. Has the effect of oil prices on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	29	8.6 %	± 2.1 %
	+1=Positive	178	52.7 %	± 4.3 %
	0=No impact	28	8.3 %	± 2.1 %
	-1=Negative	83	24.6 %	± 3.3 %
	-2=Very negative	20	5.9 %	± 1.8 %
	Total	338	100.0 %

	Mean = 0.33
	SD = 1.12

	Missing Cases = 154
	Response Percent = 68.7 %

21 

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

5a. To date, what effect have changes in currency values had on your business?

	 	Number	Percent	95% CI
	Direct	93	19.6 %	± 3.5 %
	Indirect	88	18.6 %	± 3.4 %
	Both	50	10.5 %	± 2.7 %
	No effect	243	51.3 %	± 4.4 %
	Total	474	100.0 %

	Missing Cases = 18
	Response Percent = 96.3 %

22 

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

5a. Has the effect of currency values on your business been..

	 	Number	Percent	95% CI
	+2=Very positive	4	1.7 %	± 0.8 %
	+1=Positive	52	21.9 %	± 2.7 %
	0=No impact	30	12.7 %	± 2.1 %
	-1=Negative	127	53.6 %	± 3.9 %
	-2=Very negative	24	10.1 %	± 1.9 %
	Total	237	100.0 %

	Mean = -0.49
	SD = 1.00

	Missing Cases = 255
	Response Percent = 48.2 %

23 

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

5b. How have interest rates affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	8	1.7 %	± 1.1 %
	+1=Up medium	53	11.2 %	± 2.8 %
	0=No change	380	80.3 %	± 3.7 %
	-1=Down medium	23	4.9 %	± 1.9 %
	-2=Down large	9	1.9 %	± 1.2 %
	Total	473	100.0 %

	Mean = 0.06
	SD = 0.55

	Missing Cases = 9
	Response Percent = 98.1 %

24 

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

5b. How have low oil prices affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	6	1.3 %	± 1.0 %
	+1=Up medium	45	9.7 %	± 2.6 %
	0=No change	364	78.6 %	± 3.8 %
	-1=Down medium	32	6.9 %	± 2.3 %
	-2=Down large	16	3.5 %	± 1.6 %
	Total	463	100.0 %

	Mean = -0.02
	SD = 0.60

	Missing Cases = 15
	Response Percent = 96.9 %

25 

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

5b. How has the dollar appreciation affected capital spending plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	3	0.7 %	± 0.7 %
	+1=Up medium	25	5.5 %	± 2.0 %
	0=No change	354	78.3 %	± 3.9 %
	-1=Down medium	58	12.8 %	± 3.0 %
	-2=Down large	12	2.7 %	± 1.4 %
	Total	452	100.0 %

	Mean = -0.11
	SD = 0.55

	Missing Cases = 17
	Response Percent = 96.4 %

26 

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

5b. How have interest rates affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	2	0.4 %	± 0.6 %
	+1=Up medium	43	9.2 %	± 2.5 %
	0=No change	391	83.5 %	± 3.5 %
	-1=Down medium	27	5.8 %	± 2.0 %
	-2=Down large	5	1.1 %	± 0.9 %
	Total	468	100.0 %

	Mean = 0.02
	SD = 0.46

	Missing Cases = 17
	Response Percent = 96.5 %

27 

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

5b. How have low oil prices affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	0	0.0 %	± 0.0 %
	+1=Up medium	38	8.3 %	± 2.4 %
	0=No change	379	82.8 %	± 3.6 %
	-1=Down medium	27	5.9 %	± 2.1 %
	-2=Down large	14	3.1 %	± 1.5 %
	Total	458	100.0 %

	Mean = -0.04
	SD = 0.51

	Missing Cases = 20
	Response Percent = 95.8 %

28 

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

5b. How has the dollar appreciation affected hiring plans for the next 12 months?

	 	Number	Percent	95% CI
	+2=Up large	1	0.2 %	± 0.4 %
	+1=Up medium	13	2.9 %	± 1.5 %
	0=No change	382	85.1 %	± 3.5 %
	-1=Down medium	42	9.4 %	± 2.6 %
	-2=Down large	11	2.4 %	± 1.4 %
	Total	449	100.0 %

	Mean = -0.11
	SD = 0.47

	Missing Cases = 20
	Response Percent = 95.7 %

29 

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

5c. By year-end 2015, what do you expect long term interest rates will change by:

	 	Number	Percent	95% CI
	-300 bps	0	0.0 %	± 0.0 %
	-250 bps	2	0.4 %	± 0.6 %
	-200 bps	4	0.8 %	± 0.8 %
	-150 bps	4	0.8 %	± 0.8 %
	-100 bps	9	1.9 %	± 1.2 %
	-50 bps	15	3.2 %	± 1.5 %
	no chg	83	17.4 %	± 3.3 %
	+50 bps	232	48.7 %	± 4.4 %
	+100 bps	85	17.9 %	± 3.4 %
	+150 bps	23	4.8 %	± 1.9 %
	+200 bps	12	2.5 %	± 1.4 %
	+250 bps	6	1.3 %	± 1.0 %
	+300 bps	1	0.2 %	± 0.4 %
	Total	476	100.0 %

	Mean = 50.84
	SD = 67.51

	Missing Cases = 16
	Response Percent = 96.7 %

30 

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

5c. By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):

	 	Number	Percent	95% CI
	$25	0	0.0 %	± 0.0 %
	$30	1	0.2 %	± 0.4 %
	$35	0	0.0 %	± 0.0 %
	$40	3	0.6 %	± 0.7 %
	$45	9	1.9 %	± 1.2 %
	$50	16	3.4 %	± 1.6 %
	$55	42	8.8 %	± 2.5 %
	$60 (current spot)	53	11.2 %	± 2.8 %
	$65	109	22.9 %	± 3.7 %
	$70	112	23.6 %	± 3.7 %
	$75	73	15.4 %	± 3.2 %
	$80	32	6.7 %	± 2.2 %
	$85	12	2.5 %	± 1.4 %
	$90	4	0.8 %	± 0.8 %
	$95	2	0.4 %	± 0.6 %
	$100	5	1.1 %	± 0.9 %
	$105	1	0.2 %	± 0.4 %
	$110	1	0.2 %	± 0.4 %
	$115	0	0.0 %	± 0.0 %
	$120	0	0.0 %	± 0.0 %
	Total	475	100.0 %

	Mean = 67.56
	SD = 10.15

	Missing Cases = 17
	Response Percent = 96.5 %

31 

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

5c. Relative to the euro, the value of the US dollar will change by:

	 	Number	Percent	95% CI
	-50%	0	0.0 %	± 0.0 %
	-45%	0	0.0 %	± 0.0 %
	-40%	0	0.0 %	± 0.0 %
	-35%	0	0.0 %	± 0.0 %
	-30%	0	0.0 %	± 0.0 %
	-25%	1	0.2 %	± 0.4 %
	-20%	11	2.3 %	± 1.3 %
	-15%	10	2.1 %	± 1.3 %
	-10%	56	11.8 %	± 2.8 %
	-5%	89	18.8 %	± 3.4 %
	no change	82	17.3 %	± 3.3 %
	+5%	138	29.2 %	± 4.0 %
	+10%	67	14.2 %	± 3.0 %
	+15%	13	2.7 %	± 1.4 %
	+20%	6	1.3 %	± 1.0 %
	+25%	0	0.0 %	± 0.0 %
	+30%	0	0.0 %	± 0.0 %
	+35%	0	0.0 %	± 0.0 %
	+40%	0	0.0 %	± 0.0 %
	+45%	0	0.0 %	± 0.0 %
	+50%	0	0.0 %	± 0.0 %
	Total	473	100.0 %

	Mean = 0.58
	SD = 8.03

	Missing Cases = 19
	Response Percent = 96.1 %

32 

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

Parametric estimates for year-end prices of oil, currencies, and interest rates: 

	Mean	SD	Median	Total

By year-end 2015, what do you expect long term interest rates will change by:	50.84	67.51	50	476

By year-end 2015, what do you expect the price of a barrel of oil will be (U.S. $):	67.56	10.15	70	475

Relative to the euro, the value of the US dollar will change by:	0.58	8.03	0	473

33 

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

Expected change in salaries during the next 12 months?

	 	Number	Percent	95% CI
	<0	8	2.1 %	± 1.4 %
	0%	16	4.2 %	± 2.0 %
	0.1 - 0.4%	4	1.0 %	± 1.0 %
	0.5% - 1.4%	13	3.4 %	± 1.8 %
	1.5% - 2.4%	65	16.9 %	± 3.8 %
	2.5% - 3.4%	149	38.7 %	± 4.9 %
	3.5% - 4.4%	29	7.5 %	± 2.7 %
	4.5% - 5.4%	50	13.0 %	± 3.4 %
	5.5+	51	13.2 %	± 3.4 %
	Total	385	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

34 

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

6a. To your knowledge, have hackers ever successfully penetrated your systems in an attempt to steal, change, or make public important data?

	 	Number	Percent	95% CI
	Yes	304	81.7 %	± 4.3 %
	No	68	18.3 %	± 3.1 %
	Total	372	100.0 %

	Missing Cases = 113
	Response Percent = 76.7 %

35 

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

6b. During the past year, indicate which of the following (if any) steps your firm has taken as a result of concerns about hacking and data security.

	 	Number	Percent	95% CI
	Installed new software or changed procedures to try to
	   prevent a data breach	316	64.2 %	± 4.3 %
	Instituted required employee training on best practices to
	   prevent hacking and data breaches	162	32.9 %	± 4.2 %
	Currently considering how to better ensure the safety of
	   your network	159	32.3 %	± 4.1 %
	Purchased new hardware to try to prevent a data breach	151	30.7 %	± 4.1 %
	Hired a data security firm to review your protocol and the
	   safety of your system	139	28.3 %	± 4.0 %
	Moved to cloud servers	104	21.1 %	± 3.6 %
	Hired a consultant to try to hack into your system	93	18.9 %	± 3.5 %
	Hired at least one staff member specializing in data security	79	16.1 %	± 3.3 %
	Had your staff try to hack into your system	65	13.2 %	± 3.0 %
	Other data security steps taken in past year	21	4.3 %	± 1.8 %
	In the past year, we have not taken any significant steps
	   to address data security	54	11.0 %	± 2.8 %
	Total	1343

	Number of Cases = 492
	Number of Responses = 1343
	Average Number Of Responses Per Case = 2.7
	Number Of Cases With At Least One Response = 482
	Response Percent = 98.0 %

36 

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

Other data security steps taken in past year:  

Bank/Fin/Insur/Real Est	combined with physical security review	
Bank/Fin/Insur/Real Est	continued education	
Bank/Fin/Insur/Real Est	outsourced systems	
Bank/Fin/Insur/Real Est	Purchase of Cyber Insurance	
Manufacturing	Attended Training	
Manufacturing	Segregation of data servers	
Mining/Construction	Very healthy data security department	
Other	Active encryption for all laptops	
Other	Additional back-up processes	
Other	addressed this in previous years	
Other	installed fraud prevention tools on transaction monitoring	
Other	maintained systems in place.	
Other	Password protection change frequency	
Retail/Wholesale	encrypt data at point of sale	
Services, Consulting	did NOT move to cloud	
Services, Consulting	SOC Audit	
Services, Consulting	staff training	
Tech [Soft/Hard/Bio]	Company in Software...so we handle our issues internally.	

37 

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

7. What should be the focus of the CFO to best serve all stakeholders?

(N=492)

	Mean & SD	None	Minor	Moderate	Significant
	  	0	1	2	3	
	2.49	5	24	181	268
Budget and Forecast	0.64	1.0%	5.0%	37.9%	56.1%

	2.39	22	31	163	258
Corporate Strategy (including M&A)	0.80	4.6%	6.5%	34.4%	54.4%

	2.33	15	47	177	231
Executive Leadership Team	0.78	3.2%	10.0%	37.7%	49.1%

	2.29	10	51	204	210
Financial Reporting and Compliance	0.74	2.1%	10.7%	42.9%	44.2%

	2.20	5	57	244	163
Risk Management	0.69	1.1%	12.2%	52.0%	34.8%

	2.20	13	65	210	186
Capital Allocation	0.77	2.7%	13.7%	44.3%	39.2%

	2.11	26	67	206	172
Board Relations	0.85	5.5%	14.2%	43.7%	36.5%

	2.09	22	68	227	153
Capital Structure	0.81	4.7%	14.5%	48.3%	32.6%

	2.08	18	76	226	152
Liquidity Management	0.79	3.8%	16.1%	47.9%	32.2%

	1.76	25	129	244	67
Internal Growth	0.76	5.4%	27.7%	52.5%	14.4%

	1.73	20	159	221	72
Employee Benefits / Retirement	0.77	4.2%	33.7%	46.8%	15.3%

	1.70	78	86	198	103
Investor Relations	1.00	16.8%	18.5%	42.6%	22.2%

	1.60	20	189	207	45
Administration (back office, support)	0.72	4.3%	41.0%	44.9%	9.8%

	1.56	48	173	175	67
Liaison to Regulators / Government	0.86	10.4%	37.4%	37.8%	14.5%

	1.53	32	191	214	33
Human Resources	0.73	6.8%	40.6%	45.5%	7.0%

	1.49	89	124	170	71
Dividends, Share Repurchases	0.98	19.6%	27.3%	37.4%	15.6%

38 

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

7. What should be the focus of the CFO to best serve all stakeholders?

	Mean & SD	None	Minor	Moderate	Significant
	  	0	1	2	3	
	1.41	96	145	161	63
Spin-offs, Asset Sales	0.96	20.6%	31.2%	34.6%	13.5%

	0.97	38	4	14	11
Other 1	1.21	56.7%	6.0%	20.9%	16.4%

	0.41	40	2	8	1
Other 2	0.83	78.4%	3.9%	15.7%	2.0%

39 

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

The focus of the finance leader (CFO) should be - Other specified:

Bank/Fin/Insur/Real Est	Business Development	
Bank/Fin/Insur/Real Est	compliance	
Bank/Fin/Insur/Real Est	LEADERSHIP	
Bank/Fin/Insur/Real Est	Processes and Information Systems	
	Strategy	
Bank/Fin/Insur/Real Est	property acquisition	
Energy	Strategic Plan / Exit Strategy	
Healthcare/Pharm	are situlational	
Healthcare/Pharm	IT Infrastructure	
Manufacturing	Acquisitions	
Manufacturing	Development JV	
	Teamin Arrangmeents	
Manufacturing	Outsourcing Strategies	
Manufacturing	Training and Development of Finance Team and Organizational	
	Devleopment	
	Culture improvement	
Mining/Construction	Cyber Security	
	IT Strategy	
Mining/Construction	Internet security	
Mining/Construction	IT security	
Other	Cybersecurity	
Other	finding a new location large enough for future programs	
Other	IT Innovation	
Other	Strategy	
Retail/Wholesale	IT Oversight	
Retail/Wholesale	M&A	
Retail/Wholesale	None	
	None	
Services, Consulting	IT spend/focus	
	taxes	
Tech [Soft/Hard/Bio]	CTO coordination	
Tech [Soft/Hard/Bio]	Focus on looking ahead, not reporting results	
	Use of data	
Tech [Soft/Hard/Bio]	New Market Strategy	

40 

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

Example of focus for: Administration (back office, support) 

Bank/Fin/Insur/Real Est	Focus on common vocabulary and security	
Bank/Fin/Insur/Real Est	ensuring tight controls	
Energy	Risk	
Manufacturing	easier to conduct business with customers	
Manufacturing	critical systems upgrades	
Manufacturing	Manage reporting function	
Mining/Construction	Auditing	
Other	efficiency to support company initiatives	
Retail/Wholesale	Education and delegation	
Tech [Soft/Hard/Bio]	SOX compliant ERP system	
Tech [Soft/Hard/Bio]	Motivating team members	
Transp, Public Util	Procedures	

41 

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

Example of focus for: Board Relations

Bank/Fin/Insur/Real Est	Financial, control, audit voice to board partially independent from CEO	
Bank/Fin/Insur/Real Est	Shorter but more frequent meetings	
Bank/Fin/Insur/Real Est	Provide info	
Bank/Fin/Insur/Real Est	Understanding Financial Performance	
Bank/Fin/Insur/Real Est	Understand key drivers	
Bank/Fin/Insur/Real Est	Reporting performance & context	
Bank/Fin/Insur/Real Est	governance	
Bank/Fin/Insur/Real Est	Capital and Liquidity Planning and Policy	
Bank/Fin/Insur/Real Est	communication	
Communication/Media	update board on cost of plan options	
Energy	Risk Analysis	
Energy	Must be able to have a 2 way discussion with the board	
Energy	prepare reports	
Healthcare/Pharm	Deliverables	
Healthcare/Pharm	Interactive overview	
Healthcare/Pharm	Trustworthiness	
Healthcare/Pharm	Review Financial Policies	
Manufacturing	help lead strategy development	
Manufacturing	Appraise board of changes to expected performance	
Manufacturing	Interaction with Audit Commitee	
Manufacturing	Lead	
Manufacturing	Monthly communication	
Manufacturing	Activists	
Manufacturing	Risk identification and mitagation	
Manufacturing	Corporate Strategy	
Manufacturing	Independent Voice to the Board	
Manufacturing	Communication, Drive Business	
Manufacturing	Educating on business results	
Manufacturing	Critical Issues	
Manufacturing	Action plans for strategic opportunities.	
Manufacturing	Risk Management	
Mining/Construction	Insuring Board is getting relavant information that they need not	
	necessarily the standard financial reporting.	
Other	Mgmt M&A	
Other	maintaining relationships is key	
Other	Performance Metrics	
Other	Formalizing focus and dialogue around financial sustainability	
Other	providing good financials for capital expeniditures	
Other	using their expertize	
Other	Strategic alignment with CEO	
Other	Strategy Development	
Other	adding members and one outside the company	
Other	How are actions in support of strategy	
Other	timely and accurate financial information	
Other	Internal politics	
Other	Presentation of info for decisions	
Pub Admin	Budget approval	
Pub Admin	BOD is CFO's customer	
Retail/Wholesale	Improve Communications to Board	
Retail/Wholesale	Planning	
Retail/Wholesale	high level of communications	
Retail/Wholesale	Manage expectations	

42 

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

Example of focus for: Board Relations

Retail/Wholesale	Continual dialogue & communication are critical	
Retail/Wholesale	Keep COO and Chairman Informed	
Retail/Wholesale	Reporting of results, projections	
Services, Consulting	Educating the board	
Services, Consulting	Primary focus - if he wants to keep his job.	
Services, Consulting	limit interference of directors	
Services, Consulting	Recruitment & Retention	
Services, Consulting	communicate	
Services, Consulting	CFO must inform the Board of operational performance....	
Services, Consulting	Communication	
Tech [Soft/Hard/Bio]	Review performance and plans	
Tech [Soft/Hard/Bio]	Risk awareness; options to mitigate	
Tech [Soft/Hard/Bio]	Alignment on strategy	
Tech [Soft/Hard/Bio]	Reporting	
Tech [Soft/Hard/Bio]	Finance and Strategic guidance	
Tech [Soft/Hard/Bio]	Clear expectations & reporting	
Transp, Public Util	Online board materials	
Transp, Public Util	Audit Committee	
Transp, Public Util	Encourage communication	

43 

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

Example of focus for: Budget and Forecast

Bank/Fin/Insur/Real Est	Need what if scenarios and greater degree of stress tests to all	
	assumptions	
Bank/Fin/Insur/Real Est	Anticipate the financial landscape ahead	
Bank/Fin/Insur/Real Est	Rolling forecast for Board	
Bank/Fin/Insur/Real Est	LT forecasts	
Bank/Fin/Insur/Real Est	raise revenue and reduce cost	
Bank/Fin/Insur/Real Est	Rolling Forecasts	
Bank/Fin/Insur/Real Est	rolling forecasts	
Bank/Fin/Insur/Real Est	Planning & monitoring	
Bank/Fin/Insur/Real Est	lead planning teams	
Bank/Fin/Insur/Real Est	Managing to small increase	
Bank/Fin/Insur/Real Est	revenue sources, M&A,	
Bank/Fin/Insur/Real Est	rolling budgets/forecasts	
Bank/Fin/Insur/Real Est	budgeting for growth	
Bank/Fin/Insur/Real Est	Understanding future cash position for better planning & execution	
Bank/Fin/Insur/Real Est	Budget/Forecast that sustains stability	
Communication/Media	plan for change and growth	
Energy	Forecast integrity	
Energy	better forecasting and faster turn around	
Energy	]re]are budgets	
Healthcare/Pharm	Future is more important than past	
Healthcare/Pharm	Systems and accuracy methods	
Healthcare/Pharm	Keep to the Budget	
Healthcare/Pharm	Rolling forecasts to own the financial scorecard and outlook for the	
	company	
Healthcare/Pharm	Increasing costs of products	
Healthcare/Pharm	Capital purchases	
Manufacturing	lead rhobust planning	
Manufacturing	Accurate budgeting and forecasting	
Manufacturing	develop actionable plans	
Manufacturing	Ongoing monitoring of economy, customers and demand.	
Manufacturing	Material cost	
Manufacturing	Strategy	
Manufacturing	More detail and accuracy	
Manufacturing	Where are we going, not where have we been	
Manufacturing	accuracy	
Manufacturing	Reporting	
Manufacturing	Strategic Planning	
Manufacturing	CFO must predict how future events will affect company's ability to	
	survive and thrive	
Manufacturing	margins cost controll	
Manufacturing	Forecast and resulting actions	
Manufacturing	Big Data Analytics	
Mining/Construction	Executive Team	
Mining/Construction	Revenue, cost, roce	
Mining/Construction	Pointed advice	
Mining/Construction	manage liquidity rqmts	
Other	Finance/Interest/Borrowing	
Other	Board Updates	
Other	Budgets and Forecasts are significant	
Other	multi-year forecasting	
Other	moving to a consistent review of 5 year forecast	

44 

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

Example of focus for: Budget and Forecast

Other	HUH	
Other	Rolling projections	
Other	communication	
Other	monitoring budgets to acutal and forecasting the next fiscal year	
Other	forecasting cash flow	
Other	Adjust to meet changed environment	
Other	creating a realistic budget for the upcoming year	
Other	Impact of external demands	
Other	reporting to stakeholders - taxpayers, elected officials	
Other	Rolling forecasts, not Annual Plans	
Other	contribution to margin of each product line	
Other	ensure sustainability over time	
Other	Frequent updates	
Pub Admin	ROI	
Pub Admin	Revenue Forecasting	
Pub Admin	Live within our means - balance the budget!	
Pub Admin	revenue	
Retail/Wholesale	Tie Employee Performance to Budget	
Retail/Wholesale	Accruate forecasts	
Retail/Wholesale	Long Range Planning	
Retail/Wholesale	Making sure we end up with a goal and not a lack luster target	
Retail/Wholesale	Maintain Profitability	
Retail/Wholesale	Development of ST and LT plans	
Services, Consulting	Keeping track of data	
Services, Consulting	preparing briefings	
Services, Consulting	Budgets that account for potential rapid drop in revenues	
Services, Consulting	COG reduction	
Services, Consulting	Viability	
Services, Consulting	Forecast Results and reconcile with budgets	
Services, Consulting	Accurate forecasting is important for the BOD	
Services, Consulting	Necessary to manage cash flow.	
Services, Consulting	Anticipating trends, needs	
Services, Consulting	Build system to properly forecast short-term business results for	
	stakeholders	
Services, Consulting	Needs to ensure that the budget is close.	
Services, Consulting	Accuracy	
Services, Consulting	Prepare supported material	
Services, Consulting	Ensure predictability of results	
Tech [Soft/Hard/Bio]	Cost increase ROI	
Tech [Soft/Hard/Bio]	Run the process and measure	
Tech [Soft/Hard/Bio]	Assumptions review/challenge	
Tech [Soft/Hard/Bio]	Rolling forecast	
Tech [Soft/Hard/Bio]	Accurate projections	
Tech [Soft/Hard/Bio]	building various scenarios	
Tech [Soft/Hard/Bio]	Operating plans to guide and manage the business	
Tech [Soft/Hard/Bio]	Must help create and monitor results	
Transp, Public Util	New software	
Transp, Public Util	Development of AOP	
Transp, Public Util	fiscal planning	
Transp, Public Util	Analysis	
Transp, Public Util	Data analytics	

45 

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

Example of focus for: Capital Allocation

Bank/Fin/Insur/Real Est	Drive decision mgmt based on risk based returns	
Bank/Fin/Insur/Real Est	Reallocation of priorities	
Bank/Fin/Insur/Real Est	Major investment or infrastructure	
Bank/Fin/Insur/Real Est	issues concerning LT interest rates on debt rollover	
Bank/Fin/Insur/Real Est	reduce cost of capital	
Bank/Fin/Insur/Real Est	Credit Facility	
Bank/Fin/Insur/Real Est	Analyze projected & actual return	
Bank/Fin/Insur/Real Est	oversee project selection	
Bank/Fin/Insur/Real Est	ensuring equal usage of resources	
Bank/Fin/Insur/Real Est	focus on highest return opportunities	
Bank/Fin/Insur/Real Est	Careful underwriting due to dynamism of environment	
Bank/Fin/Insur/Real Est	Dividend, buyback, organic investment	
Bank/Fin/Insur/Real Est	efficiency	
Energy	growth opportunities	
Energy	Cash flow priority setting	
Healthcare/Pharm	How best to deploy resources and analyze competing options	
Healthcare/Pharm	reasoned voice in political and emotional area	
Healthcare/Pharm	IT versus infrastructure and maintenance	
Healthcare/Pharm	Strategically position the balance sheet to support company forecasts	
Healthcare/Pharm	Poor construction	
Healthcare/Pharm	Selecting capital projects and timing	
Manufacturing	Spending on items which will produce a return	
Manufacturing	Ensure all capital generates value	
Manufacturing	Cost/benefit analysis	
Manufacturing	Priority between units	
Manufacturing	Investment Capex	
Manufacturing	return-focused	
Manufacturing	Strategic Planning	
Mining/Construction	optimize ROIC	
Other	Internal Allocation	
Other	use of undesignated net assets and spend from reserves	
Other	Ditto	
Other	Strategic invesments	
Other	proioritizing	
Other	Framework for driving growth	
Other	Adjusting liquidity levels	
Other	Cash management for projects	
Other	Re-investment vs distribution of profit	
Pub Admin	State KPI	
Retail/Wholesale	Decide what Equipment Purchase will improve Cash Flow	
Retail/Wholesale	Set rules and parameters	
Retail/Wholesale	Prioritizing spending by ROI/NPV, Lease/own?	
Retail/Wholesale	Evaluate investment alternatives	
Services, Consulting	ROI	
Services, Consulting	Optimization of ROI	
Tech [Soft/Hard/Bio]	Model and drive	
Tech [Soft/Hard/Bio]	Optimize	
Tech [Soft/Hard/Bio]	New sources of capital	
Tech [Soft/Hard/Bio]	Determine appropriate uses of capital for investment in business lines	
Transp, Public Util	Minimum hurdle rates	
Transp, Public Util	Encourages profitable use	
Transp, Public Util	Financing needs	

46 

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

Example of focus for: Capital Allocation

Transp, Public Util	Raise Captial	

47 

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

Example of focus for: Capital Structure

Agr, Forestry, Fishing	Structure of credit facilities	
Agr, Forestry, Fishing	use of/level of leverage	
Bank/Fin/Insur/Real Est	Balance strength with flexibility, considering liquidity requirements, and	
	predicated on regulatory requirements	
Bank/Fin/Insur/Real Est	Debt/Equity, type/structure/maturity of debt	
Bank/Fin/Insur/Real Est	Debt/Equity mix	
Bank/Fin/Insur/Real Est	mimimize capital costs	
Bank/Fin/Insur/Real Est	Mix of financing products	
Bank/Fin/Insur/Real Est	debt vs. equity	
Bank/Fin/Insur/Real Est	minimize costs	
Healthcare/Pharm	It takes too long to recover from a mistake not to be a major focus	
Healthcare/Pharm	IPO option	
Healthcare/Pharm	Strategically position the balance sheet to support company forecasts	
Manufacturing	Access Capital	
Manufacturing	Debt Leverage	
Manufacturing	Timing and sources for refinancing; dividend and share repo policies	
Manufacturing	Accessing to capital when and where needed	
Manufacturing	Right combination of debt and equity	
Manufacturing	optimization	
Manufacturing	Moving from more to less debt	
Manufacturing	Optimization for certain rise in interest rates and increasing economic	
	volatility.	
Mining/Construction	Capital structure to support growth	
Other	Ditto	
Other	Financial engineering	
Other	Investing cash	
Other	Mission vs. projects focus	
Other	Additional low-cost debt vs debt payoff	
Retail/Wholesale	Refinancing Capital Loans	
Retail/Wholesale	Raising debt over equity or v.v.	
Retail/Wholesale	Strategize capital structure	
Services, Consulting	deleveraging	
Services, Consulting	IRR	
Tech [Soft/Hard/Bio]	Recommend to the Board	
Tech [Soft/Hard/Bio]	Debt in place of equity (cost)	
Tech [Soft/Hard/Bio]	Recapitalize equity	
Transp, Public Util	Take advantage of low rates	

48 

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

Example of focus for: Corporate Strategy (including M&A)

Agr, Forestry, Fishing	achieving proforma results	
Bank/Fin/Insur/Real Est	Lead and support M&A, growth	
Bank/Fin/Insur/Real Est	Targets	
Bank/Fin/Insur/Real Est	We need growth in number of customers	
Bank/Fin/Insur/Real Est	Analyze projected returns	
Bank/Fin/Insur/Real Est	diversifying operations	
Bank/Fin/Insur/Real Est	M&A	
Bank/Fin/Insur/Real Est	capital adequacy with acquisitions	
Bank/Fin/Insur/Real Est	Focused growth; realizing corporate synergies	
Bank/Fin/Insur/Real Est	Acquisitions	
Bank/Fin/Insur/Real Est	Redoing marketing plan.	
Communication/Media	acquisitions	
Energy	Growth Action Plans	
Energy	growth and technology opportunities	
Energy	Must have a say and input	
Energy	determine acquisition targets	
Healthcare/Pharm	CFO, more than ever, is driver of corporate strategy and has more	
	influence	
Healthcare/Pharm	Market Position	
Healthcare/Pharm	If you are any good you should have equal standign in decisions with all	
	but CEO & Board majority	
Healthcare/Pharm	Buy another company	
Healthcare/Pharm	Due Diligence	
Healthcare/Pharm	Strategy to move in the direction healthcare is heading	
Healthcare/Pharm	Financial Planning	
Manufacturing	lead strategy development	
Manufacturing	Major involvement in initial review and any due dilligence for M&A as well	
	as long term structural planning.	
Manufacturing	resource allocation	
Manufacturing	Provide metrics to leadership team to keep focus on core strategies	
Manufacturing	Growth focus	
Manufacturing	Integration, ROI, Allocation of Resources	
Manufacturing	Lead	
Manufacturing	Lead M&A activity	
Manufacturing	Guide acquisition and divestment activities	
Manufacturing	Support growth and margin expansion initiaitves	
Manufacturing	identify opportunities for futher growth	
Manufacturing	Growth stretegy is through acquisition	
Manufacturing	Tying M&A to Corporate Strategy	
Manufacturing	Where are we going...	
Manufacturing	ensure alignment	
Manufacturing	Growth	
Manufacturing	Growth through acquisition	
Manufacturing	Critical	
Manufacturing	Growth	
Manufacturing	diving growth	
Manufacturing	strategic partners	
Manufacturing	Individual Deals and Industry activity	
Manufacturing	Identify strtegic opportunities and significant risks.	
Manufacturing	M&A	
Mining/Construction	Executive Team & Shareholders	
Mining/Construction	Core business growth	

49 

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

Example of focus for: Corporate Strategy (including M&A)

Mining/Construction	optimize ROIC	
Other	Buy -v- build when developing new markets	
Other	Growth scenarios	
Other	strategic planning	
Other	New business ventures	
Other	Strategic Vision	
Other	Liking cash/resource generation with future plans	
Other	Ditto	
Other	Choices	
Other	Pursued by equity investors	
Other	Review of pending merger	
Other	Where are opportunities?	
Other	Focus on low rate environment/scale benefits	
Other	how to create value and draw new customers	
Other	M & A evaluation	
Other	Searching for added value	
Other	How are actions in support of strategy	
Other	Ditto	
Other	Expansion vs disposition; control vs cash on selling stake in assets	
Pub Admin	CFO is the leader and sets direction of the organization	
Pub Admin	Cut where necessary - focus on strengths.	
Retail/Wholesale	Revamp Sales Network	
Retail/Wholesale	Should be actively involved	
Retail/Wholesale	show direction company is moving	
Retail/Wholesale	maintaining balance through transition	
Retail/Wholesale	Very involved in long range strategy	
Retail/Wholesale	Provide analysis	
Retail/Wholesale	Buy/build?	
Services, Consulting	dispositions, restructurations de la structure legale, implications	
	imposition	
Services, Consulting	modeling	
Services, Consulting	evaluating opportunities	
Services, Consulting	Territory/new product expansion	
Services, Consulting	Impact & Sustaniability	
Services, Consulting	Forecasting Implications	
Services, Consulting	Increasing focus on Strategic direction working with the CEO	
Services, Consulting	Uncertain times, need flexibility.	
Services, Consulting	ID targets, negotiate, integrate	
Services, Consulting	As sounding board on reasonableness of acquisition targets	
Services, Consulting	ROI/IRR	
Services, Consulting	acquisitions	
Tech [Soft/Hard/Bio]	Deal negotiation and pre deal diligence	
Tech [Soft/Hard/Bio]	Participate and Analyze	
Tech [Soft/Hard/Bio]	Evaluate economic benefit	
Tech [Soft/Hard/Bio]	Competitive long-term product excellence requires constant assessment	
	of potential M&A targets	
Tech [Soft/Hard/Bio]	Acquisitions	
Tech [Soft/Hard/Bio]	potential candidates	
Tech [Soft/Hard/Bio]	Attracting buyers	
Tech [Soft/Hard/Bio]	Acquisitions, strategic focus	
Transp, Public Util	Analysis and pitfalls	
Transp, Public Util	startegic advisor	

50 

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

Example of focus for: Corporate Strategy (including M&A)

Transp, Public Util	Growth By Acquisition	
Transp, Public Util	Future funding needs	
Transp, Public Util	Evaluate options	

51 

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

Example of focus for: Dividends, Share Repurchases

Bank/Fin/Insur/Real Est	communication to stakeholders	
Manufacturing	Policy, cash management	
Manufacturing	Maintanence of share price	
Mining/Construction	Shareholders	
Mining/Construction	Balancing the best value to optomize the strength and viability of the	
	organization.	
Other	added value of asset	
Other	but N/A Privately held	
Other	Ditto	
Other	KFR	
Retail/Wholesale	Tax-impact vs. capital market impact	
Tech [Soft/Hard/Bio]	Recommend to the Board	
Transp, Public Util	Shareholder satisfaction	

52 

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

Example of focus for: Employee Benefits / Retirement

Bank/Fin/Insur/Real Est	Due diligence and break down of regulations	
Bank/Fin/Insur/Real Est	Pension, 401K Contributions &  Healthcare	
Bank/Fin/Insur/Real Est	heath care costs	
Energy	Insurance and pensions managment	
Energy	Health care cost determination	
Healthcare/Pharm	Regulatory issues	
Manufacturing	HSA Implementation	
Manufacturing	lower costs	
Manufacturing	Control Costs	
Manufacturing	4th largest spend in the business and growth is impacting profitability of	
	the business	
Manufacturing	Significant new costs	
Manufacturing	healthcare expense management	
Other	employee retention	
Other	Health and Insurance issues	
Other	Affordable Care Act	
Other	managing rising cost of benefits	
Other	Loyalty vs capacity	
Retail/Wholesale	Should be the thought leader	
Services, Consulting	Rate	
Services, Consulting	Employees Benefits are very crucial to organizations	

53 

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

Example of focus for: Executive Leadership Team

Bank/Fin/Insur/Real Est	Be the thought leader for and with CEO	
Bank/Fin/Insur/Real Est	Expansion of same	
Bank/Fin/Insur/Real Est	internal restructuring	
Bank/Fin/Insur/Real Est	keeping leadership team in place in either a significant deviation in the	
	marketplace	
Bank/Fin/Insur/Real Est	Forward thinker	
Bank/Fin/Insur/Real Est	Communicating industry trends	
Bank/Fin/Insur/Real Est	Financial voice	
Bank/Fin/Insur/Real Est	Assist in ensuring alignment on major initiatives such as growing	
	customer base	
Bank/Fin/Insur/Real Est	Regular interaction and updates	
Bank/Fin/Insur/Real Est	motivation	
Bank/Fin/Insur/Real Est	active contributor, teacher	
Bank/Fin/Insur/Real Est	assist w/ understanding of key financial metrics	
Bank/Fin/Insur/Real Est	Enhanced information	
Bank/Fin/Insur/Real Est	trategy execution	
Energy	Growth Mentoring	
Energy	Sucession planning	
Energy	CFO role is integral to teh executive management team	
Energy	Provide pertint financial data for decisions	
Healthcare/Pharm	Mentors to their Staff to foster development	
Healthcare/Pharm	Management Financial Development	
Healthcare/Pharm	key CIO decisions should be handled by CFO	
Healthcare/Pharm	Owns the financial scorecard for which to measure financial sucess or	
	potential for business strategy	
Manufacturing	CFO is a major leader in the executive team and the senior leader for the	
	finance community	
Manufacturing	Training	
Manufacturing	Focused on controlling costs and improving revenues	
Manufacturing	develop metric for team	
Manufacturing	All aspects	
Manufacturing	Guide Educate	
Manufacturing	Provide solid advice and coaching	
Manufacturing	Build and develop Team to compete in marketplace	
Manufacturing	Development plans, succession planning, retreats	
Manufacturing	Setting pace and expectations	
Manufacturing	budget, sounding board	
Manufacturing	leader in decision making, right hand of CEO	
Manufacturing	provide financial perspective	
Manufacturing	All disciplines integration into finance	
Manufacturing	Critical to business	
Manufacturing	Cost cutting focus	
Manufacturing	driving decision making	
Manufacturing	Succession planning.	
Manufacturing	KPI	
Manufacturing	Develop spcific shared vision for the future and strategies.	
Manufacturing	Professional Development	
Mining/Construction	Keep team apprised of	
Mining/Construction	Engagement in operations	
Other	Decision making	
Other	provide input	
Other	Work directly with COO	

54 

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

Example of focus for: Executive Leadership Team

Other	making sure all are on same financial page	
Other	teambuilding to create a consistent message with numbers and story	
Other	Member of Steering Committee	
Other	Interact with Programmatic leaders	
Other	How are actions in support of strategy	
Other	Succession Plan	
Other	succession planning	
Other	managing transitions at the organization	
Other	Team capability	
Other	Addition or re-alignment of C-level	
Pub Admin	Build support team	
Pub Admin	new ceo	
Retail/Wholesale	Tie Responsibility to Accountability	
Retail/Wholesale	Should be an active member	
Retail/Wholesale	implementation of strategies	
Retail/Wholesale	communicate vision throughout the company	
Retail/Wholesale	keeping leaders aware of what is what is not possible	
Retail/Wholesale	Strategy and corporate culture	
Retail/Wholesale	Education and decision-making	
Services, Consulting	financial impact of decisions	
Services, Consulting	keeping team aware of developments, proposing actions	
Services, Consulting	Alliance Building	
Services, Consulting	Very Important to have a good and organized Executive Team	
Services, Consulting	Partner with business heads to make better decisions	
Services, Consulting	Be more of a resource to C Suite / Board	
Services, Consulting	the CFO must be a strong leader to prevent operations from over-	
	stepping their boundaries of decision making.	
Services, Consulting	Financial performance & forecasting	
Services, Consulting	balance out the leadership with sales executives and finance	
Tech [Soft/Hard/Bio]	Input on all decisions, marketing and IT focus	
Tech [Soft/Hard/Bio]	'glue' holding exec team accountable	
Tech [Soft/Hard/Bio]	Partner with CEO	
Transp, Public Util	Succession Planning	
Transp, Public Util	Numbers on ideas	
Transp, Public Util	duh	
Transp, Public Util	Strategic Planning	

55 

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

Example of focus for: Financial Reporting and Compliance

Bank/Fin/Insur/Real Est	Strengthen and ensure accuracy and transparency for investor and	
	regulatory confidence	
Bank/Fin/Insur/Real Est	Due diligence and break down of regulations	
Bank/Fin/Insur/Real Est	Developing more useful internal financial reports	
Bank/Fin/Insur/Real Est	lender requirements	
Bank/Fin/Insur/Real Est	Supervise	
Bank/Fin/Insur/Real Est	communication	
Bank/Fin/Insur/Real Est	Regulatory reporting	
Bank/Fin/Insur/Real Est	New requirements 2013 COSO	
Bank/Fin/Insur/Real Est	reporting quality, regulatory compliance	
Bank/Fin/Insur/Real Est	Keeping up on accounting and financials on a more timely basis.	
Bank/Fin/Insur/Real Est	transparency, trust	
Energy	CFO responsibility must be critical here	
Energy	annual report	
Healthcare/Pharm	Mistakes are never forgiven and can distroy a good company's	
	credibility with investors, creditors and even customers	
Healthcare/Pharm	assurance of health care compliance to regulations i.e. Medicare	
Healthcare/Pharm	Certification of financials and internal controls	
Manufacturing	this is core	
Manufacturing	Overall responsibility lies with the CFO.	
Manufacturing	Ensuring reporting is accurate and compliance with covenants	
Manufacturing	Meeting user needs	
Manufacturing	Governance Leadership	
Manufacturing	qrtly reports	
Manufacturing	demonstrate importance	
Manufacturing	SEC Requirements	
Manufacturing	identifying areas for improvement	
Manufacturing	new accounting rules	
Mining/Construction	Shareholders & Gov't	
Mining/Construction	Validity, quality & timeliness are paramount while envisioning future	
	compliance issues and prepairing the organization for future change.	
Mining/Construction	Benchmarking and trends	
Mining/Construction	compliance and best practice	
Other	Oversee	
Other	Compliance with govt regulations is becoming more important due to the	
	influx of new regulations to deal with	
Other	Improve ability to access level of data needed for financial compliance	
Other	Ditto	
Other	Keeping up with accounting rules	
Other	Making sure that as a non-profit we are compliant with regulations	
Other	SEC docs	
Other	have regular reports	
Other	Repatriation of funds	
Other	improve bond ratings	
Other	More granular KPI's	
Other	GAAP changes	
Other	Lender information & relationships	
Pub Admin	Month end reporting	
Pub Admin	Maintaing Regulatory Compliance	
Pub Admin	Ensure compliance particularly in grants	
Retail/Wholesale	It is the core of the job	
Retail/Wholesale	FINANCIALS	

56 

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

Example of focus for: Financial Reporting and Compliance

Retail/Wholesale	Accurate reporting	
Retail/Wholesale	organized and accurate reporting allows for better financing opportunities	
Retail/Wholesale	ACA	
Retail/Wholesale	Timely & accurate mgmt, lender & investor reporting	
Retail/Wholesale	BEPS	
Services, Consulting	Meeting reporting requirements and Standards	
Services, Consulting	Accuracy & Transparency	
Services, Consulting	Ultimate responsibility for reporting	
Services, Consulting	Must have the knowledge and understanding to sign-oiff.	
Services, Consulting	accuracy & Internal control	
Services, Consulting	Accuracy & controls	
Tech [Soft/Hard/Bio]	Ensure accuracy	
Tech [Soft/Hard/Bio]	Growing to 50 has a number of implications	
Tech [Soft/Hard/Bio]	Financial statements	
Tech [Soft/Hard/Bio]	SEC Filings	
Tech [Soft/Hard/Bio]	Creation of new reports	
Transp, Public Util	Being Audit Ready	

57 

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

Example of focus for: Human Resources

Bank/Fin/Insur/Real Est	employee morale	
Bank/Fin/Insur/Real Est	Providing best wages and benefits under limited financial circumstances.	
Energy	Benefit Costs and Retention	
Manufacturing	select and develop team	
Manufacturing	Retention/Attractions	
Manufacturing	develop future leaders	
Manufacturing	Important for strategic planning	
Retail/Wholesale	Reassign HR to Improve Cash Flow	
Services, Consulting	Recruitment/Retention/Training	
Tech [Soft/Hard/Bio]	Large expense item, requires significant investment, impacts capital	
	allocation and performance. Important to assess / fund recruiting,	
	development, c	
Transp, Public Util	Policies and Procedures	

58 

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

Example of focus for: Internal Growth

Bank/Fin/Insur/Real Est	Strategic goals	
Bank/Fin/Insur/Real Est	Marketplace is very competitive	
Bank/Fin/Insur/Real Est	Replanning new areas of focus for accounting services.	
Energy	New markets and increased market share	
Healthcare/Pharm	more innovation develop new products	
Manufacturing	Develop pricing strategy	
Manufacturing	Identify and fund right opportunities	
Manufacturing	Organic growth is critical to leverage costs and compete in oversupplied	
	marketplace	
Manufacturing	We have a growth strategy	
Manufacturing	Maintenance of margins and product growth	
Manufacturing	Pricing support	
Manufacturing	Maximizing internal growth and continual productivity increases are	
	essential to maintaining competitiveness and growing profitability.	
Manufacturing	Resource Allocation	
Other	Marketshare growth	
Other	focus on sales teams	
Other	Support for organic growth; increased profitability	
Retail/Wholesale	Should always be looking forward	
Retail/Wholesale	Identifying and ranking opportunities	
Services, Consulting	Necessary for survival.	
Services, Consulting	Existing customer analysis	
Services, Consulting	LInk with Operations to push organic growth	

59 

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

Example of focus for: Investor Relations

Bank/Fin/Insur/Real Est	Communicate	
Bank/Fin/Insur/Real Est	communications	
Bank/Fin/Insur/Real Est	always important	
Bank/Fin/Insur/Real Est	Grow LIHTC Investor pool to continue growth	
Manufacturing	Providing relevant information	
Manufacturing	Attract additional analyst coverage	
Manufacturing	increase institutional ownership	
Manufacturing	Communication is important	
Manufacturing	Educuate the investor to increase retention and value of the company's	
	stock.	
Other	key for securing new grants	
Other	Providing comfort level	
Retail/Wholesale	provide buffer when investor expectations are not met	
Retail/Wholesale	Maintaining KPIs and results for investors	
Services, Consulting	Communication/Confidience	
Services, Consulting	Credible spokesperson	
Services, Consulting	Investor relations are so important to companies	
Services, Consulting	The CFO must lead this area in putting forth a consistent, accurate	
	message.	
Tech [Soft/Hard/Bio]	Lead senior contact with the Street	
Tech [Soft/Hard/Bio]	Crisp & simple messaging/metrics	
Tech [Soft/Hard/Bio]	Clear expectations & reporting	
Tech [Soft/Hard/Bio]	Company recently went public	
Transp, Public Util	Maintain long term relationships	
Transp, Public Util	Presentations	
Transp, Public Util	Encourage communication	
Transp, Public Util	Sharehoder meetings, NDRs	

60 

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

Example of focus for: Liaison to Regulators / Government

Bank/Fin/Insur/Real Est	Paramount for CFO to be driving force with regulators	
Bank/Fin/Insur/Real Est	Expansion of talent pool	
Bank/Fin/Insur/Real Est	Regulatory compliance leader	
Bank/Fin/Insur/Real Est	CFPB	
Bank/Fin/Insur/Real Est	Regulatory relations	
Bank/Fin/Insur/Real Est	More oversight is coming it appears	
Bank/Fin/Insur/Real Est	Help moderate past regulatory excesses and forestall additional	
	problematic proposals	
Bank/Fin/Insur/Real Est	Win more Tax Credit deals	
Bank/Fin/Insur/Real Est	Active as IRS Practitioner Liaison for non-profit professional	
	organization.	
Healthcare/Pharm	Accountability for Policy Decisions	
Mining/Construction	Leading the charge in regulation and spearheading the movement	
	forward in this area.	
Other	Monitoring change	
Other	Staying in touch with local issues	
Retail/Wholesale	Resolve New Building Code Issues	
Services, Consulting	Monitor	
Transp, Public Util	local, state  and federal	
Transp, Public Util	Warnings of what is to come	

61 

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

Example of focus for: Liquidity Management

Agr, Forestry, Fishing	Cash Forecasting	
Bank/Fin/Insur/Real Est	Measured and safe sources balancing low cost options with safety and	
	long term viability	
Bank/Fin/Insur/Real Est	Forecast liquidity	
Bank/Fin/Insur/Real Est	Cash Usage	
Bank/Fin/Insur/Real Est	cash for growth	
Bank/Fin/Insur/Real Est	contingency planning	
Bank/Fin/Insur/Real Est	Interest Rate Risk	
Bank/Fin/Insur/Real Est	ensuring liquidity safety margins	
Bank/Fin/Insur/Real Est	Reserves need to be adequate for potential major volatility	
Bank/Fin/Insur/Real Est	Liquidating any assets available to keep paying employees and vendors.	
Energy	new sources of liquidity, cash management	
Energy	Critical involvment	
Healthcare/Pharm	Assuring payment of debt and expenses, but maintaining adequate	
	reserves for unexpected events	
Healthcare/Pharm	Cash Flow Management	
Healthcare/Pharm	Right-size balance sheet to support short-term and long-term needs of	
	the company	
Manufacturing	Bank Relations	
Manufacturing	Cash Forecast	
Manufacturing	Primary function in time of changing markets & interest rates	
Manufacturing	Investing cash effectively	
Mining/Construction	Cash for payroll and AP	
Other	Ensuring adequate credit is available during peak cash usage periods.	
Other	Cash Planing for growth	
Other	Ditto	
Other	Cash balances	
Other	getting grants to pay for new programs	
Other	Placement of funds	
Other	Improve rate of churn	
Other	ROI	
Other	Availability of cash for options	
Retail/Wholesale	Watch cash flow	
Retail/Wholesale	BANKING RELATIONS	
Retail/Wholesale	Ensuring that near-term needs are met efficiently	
Services, Consulting	reducing excess cash and rely on revolving loans and debt capacity	
Services, Consulting	Monitor	
Services, Consulting	Cash is king.	
Services, Consulting	Maintain adequate liquidity for growth / flexibility on acquisitions, etc.	
Services, Consulting	Cash flow & investing	
Tech [Soft/Hard/Bio]	Cash flow forecasting	
Tech [Soft/Hard/Bio]	Strong emphasis on cash cushion	
Tech [Soft/Hard/Bio]	Cash Management	
Transp, Public Util	Working capital management	
Transp, Public Util	Know your cash sources and burn	

62 

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

Example of focus for: Risk Management 

Agr, Forestry, Fishing	Disruption in supply chain	
Bank/Fin/Insur/Real Est	Due diligence and break down of regulations	
Bank/Fin/Insur/Real Est	all areas	
Bank/Fin/Insur/Real Est	distribution and dependency on technology increasing the vulnerability	
	of entity both domestically and globally0	
Bank/Fin/Insur/Real Est	Regulatory	
Bank/Fin/Insur/Real Est	installing ERM system in 2015	
Bank/Fin/Insur/Real Est	insurance	
Bank/Fin/Insur/Real Est	risk-based pricing	
Bank/Fin/Insur/Real Est	Use os fin. products to manage risk	
Bank/Fin/Insur/Real Est	Interest Rate Risk, Liquidity Risk	
Bank/Fin/Insur/Real Est	ERM	
Bank/Fin/Insur/Real Est	managing risk-control system	
Bank/Fin/Insur/Real Est	Considering it in decision to improve or sell practice at future date.	
Bank/Fin/Insur/Real Est	embrace risk culture	
Energy	Data / Benefits / Competition	
Healthcare/Pharm	data and security	
Healthcare/Pharm	Number of risks and complexity of business problems are on the rise, and	
	CFO is best positioned to provide a holistic viewpoint	
Healthcare/Pharm	Enterprse risk for strategic decisions	
Manufacturing	ERM focus	
Manufacturing	Captive Management	
Manufacturing	assessment of company risk	
Manufacturing	Cyber security	
Manufacturing	Critical part of business	
Manufacturing	succession planning	
Manufacturing	loss recovery	
Manufacturing	Given lack of solid economic growth, it is imperitive to identify and	
	understand all significant risks.	
Manufacturing	Cyber and Political Risk	
Other	Improve BOD/Trustee role in risk mgmt	
Other	Ditto	
Other	Strategic risks and impacts	
Other	what the merger means to customer human capital	
Other	Vetting customers and suppliers	
Other	Data security	
Other	Global changes in technology and war	
Other	Insurance programs	
Pub Admin	increasing importance	
Retail/Wholesale	Assessing/evaluating/accruing for material liabilities	
Retail/Wholesale	Changing risk profile due to rapid international growth	
Services, Consulting	offset to aggresive BD	
Services, Consulting	Has to at the forefront of every risk!	
Services, Consulting	Mitigate	
Services, Consulting	Needs to be at the forefront of risk management and how it affects the	
	financial statements.	
Services, Consulting	Training & controls	
Transp, Public Util	Cyber security	
Transp, Public Util	Quantify risk	
Transp, Public Util	Insurance acquisition	

63 

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

Example of focus for: Spin-offs, Asset Sales

Bank/Fin/Insur/Real Est	communication	
Healthcare/Pharm	Affect on the balance sheet and financial outlook of company	
Manufacturing	Prep and determine timing for sales	
Manufacturing	ensure value of sales	
Manufacturing	when applicable	
Other	Ditto	
Other	Strategic direction	
Other	reduce non-core assets	
Other	maximizing commercial real estate holdings	
Other	Re-deployment of capital	
Retail/Wholesale	Timing, structure	
Tech [Soft/Hard/Bio]	Product line sales, etc.	
Transp, Public Util	Value of spin off and the risk	

64 

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

Example of focus for Other new/important roles

Bank/Fin/Insur/Real Est	property acquisition	real estate assets	
Energy	Strategic Plan / Exit Strategy	Developing the future of the	
		Company	
Healthcare/Pharm	are situlational	Cover holes in the organization	
		that could pose a serious business	
		risk	
Manufacturing	Training and Development of	Must train employees to fit into	
	Finance Team and Organizational	business and retain talent	
	Devleopment		
Manufacturing	---	MRP system change	
Other	IT Innovation	State of the art for customer	
		intergration	
Services, Consulting	---	treasury staff strangth and cash	
		forecasting/capital planning	
Tech [Soft/Hard/Bio]	New Market Strategy	Validating surveys numbers on	
		new markets	

65 

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

8. For your country, what do you think is the likelihood of a recession by the end of 2015?

	Minimum = 0

	Maximum = 100

	Mean = 16.23

	Median = 10

	Variance (Unbiased Estimate) = 304.55

	Standard Deviation (Unbiased Estimate) = 17.45

	Standard Error Of The Mean  = 0.79

	95 Percent Confidence Interval Around The Mean = 14.68 - 17.78

	99 Percent Confidence Interval Around The Mean = 14.19 - 18.27

	Skewness = 1.82

	Kurtosis = 6.93

4 Groups

	 1 = 5
	 2 = 10
	 3 = 25

Valid Cases =487
Missing Cases =5
Response Percent = 99.0%

66 

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

9. On May 18, 2015 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following: 

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-10
chance it will be less than:	0.62	8.03	-0.13 - 1.36	2	-50	60	443

Over the next 10 years, I expect the average
annual S&P 500 return will be: Expected return:	6.81	5.96	6.26 - 7.36	6	-25	75	453

Over the next 10 years, I expect the average
annual S&P 500 return will be: There is a 1-in-10
chance it will be greater than:	11.17	9.80	10.25 - 12.08	10	0	100	440

Over the next year, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it
will be less than:	-2.22	10.50	-3.20 - -1.24	0	-45	75	443

Over the next year, I expect the average annual
S&P 500 return will be: Expected return:	5.36	4.38	4.95 - 5.76	5	-15	30	453

Over the next year, I expect the average annual
S&P 500 return will be: There is a 1-in-10 chance it
will be greater than:	10.54	7.09	9.88 - 11.20	10	0	75	441

67 

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

Revenue Weighted: 9. On May 18, 2015 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following: 

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	0.62	5.53	0.11 - 1.13	2	-15.10	16.35

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	6.48	3.01	6.21 - 6.75	6	-4.88	18.48

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	10.47	5.08	10.00 - 10.94	10	1	30.38

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	-3.56	8.95	-4.39 - -2.74	0	-22.80	18.36

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	5.17	3.32	4.87 - 5.47	5	-3.23	13.94

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	10.06	5.10	9.58 - 10.53	10	0	24.43

68 

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

Employee Weighted: 9. On May 18, 2015 the annual yield on 10-yr treasury bonds was 2.3%. Please complete the following: 

	Mean	SD	95% CI	Median	Minimum	Maximum

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	0.35	5.95	-0.20 - 0.90	2	-15.10	16.35

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	6.60	3.32	6.30 - 6.91	6	-4.88	18.48

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	10.63	5.30	10.13 - 11.12	10	0	30.38

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	-2.94	8.82	-3.75 - -2.12	0	-22.80	18.36

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	5.14	3.39	4.84 - 5.45	5	-3.23	13.94

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	9.82	5.04	9.35 - 10.29	10	0	24.43

69 

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

Return on assets (ROA=operating earnings/assets)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2014	10.07	14.19	8.71 - 11.44	8	-25	100	416

% Expected ROA in 2015	11.47	14.18	10.10 - 12.83	8	-25	100	413

70 

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

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	74.51	16.35	71.07 - 77.94	75	20	100	87

% of capacity utilization planned for 2015	74.98	16.59	71.49 - 78.46	80	25	120	87

71 

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

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in last half of 2014	77.32	16.85	74.04 - 80.59	80	20	100	102

% of capacity utilization planned for 2015	79.08	16.77	75.82 - 82.34	80	25	120	102

72 

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	95	19.4 %	± 3.5 %
	Services, Consulting	65	13.3 %	± 3.0 %
	Banking/Finance/Insurance/Real Estate	64	13.1 %	± 3.0 %
	Retail/Wholesale	61	12.5 %	± 2.9 %
	Technology [Software/Hardware/Biotech]	32	6.5 %	± 2.2 %
	Healthcare/Pharmaceutical	32	6.5 %	± 2.2 %
	Mining/Construction	18	3.7 %	± 1.7 %
	Transportation & Public Utilities	16	3.3 %	± 1.6 %
	Energy	13	2.7 %	± 1.4 %
	Public Administration	7	1.4 %	± 1.1 %
	Communication/Media	6	1.2 %	± 1.0 %
	Agriculture, Forestry, & Fishing	5	1.0 %	± 0.9 %
	Technology [Semiconductor related]	0	0.0 %	± 0.0 %
	Other Industry	75	15.3 %	± 3.2 %
	Total	489	100.0 %

	Missing Cases = 3
	Response Percent = 99.4 %

73 

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

Industry (Other specified)

501c3 Endowment	
Aerospace	
agribusiness	
Aircraft Leasing	
Alarm Central Station	
association	
Aviation Parts Supplier	
Business Services	
Business services	
Charity	
Chemical distributor	
Commercial Real Estate & C-Stores	
construction	
consulting	
Defense	
Defense	
Education	
Education	
education	
education	
education	
Elephant Sanctuary	
Engineering	
Food	
Food Service	
Gaming	
Government	
government	
government - public library	
Higher Education	
Hospitality	
Hospitality	
Hospitality	
hospitality	
Hotel/Hospitality	
Household moving and storage	
Industrial Gas	
leisure	
Luxury Hospitality	
Meida	
Non-Profit	
Nonprofit	
nonprofit athletics	
Not for Profit	
NPO	
prinitng &promotional products	
Professional Association	
Public Accounting	
Public School District	
Real Estate Brokerage	
Real estate	
Real estate	

74 

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

Industry (Other specified)

Rental - Services	
Restaurants	
school division	
Security/Alarm Systems	
Service /research	
Social Services	
Social Welfare	
State Not for Profit Association	
telecom equipt	
Telecommunications	
Telecommunications	
Telecomunications	
transaction processing	
various industries holding company	
Warehouse/3PL	
Wholesale	
wine and spirits	
Zoo	

75 

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

	Standard Industrial Classification	Number	Percent	95% CI
	99=Non-Classifiable Establishments	122	29.0 %	± 4.4 %
	39=Miscellaneous Manufacturing Industries	26	6.2 %	± 2.3 %
	73=Business Services	20	4.8 %	± 2.0 %
	87=Engineering & Management Services	19	4.5 %	± 2.0 %
	35=Industrial Machinery & Equipment	19	4.5 %	± 2.0 %
	89=Services, Not Elsewhere Classified	17	4.0 %	± 1.9 %
	60=Depository Institutions	14	3.3 %	± 1.7 %
	50=Wholesale Trade - Durable Goods	12	2.9 %	± 1.6 %
	51=Wholesale Trade - Nondurable Goods	11	2.6 %	± 1.5 %
	80=Health Services	10	2.4 %	± 1.5 %
	28=Chemical & Allied Products	9	2.1 %	± 1.4 %
	61=Nondepository Institutions	8	1.9 %	± 1.3 %
	20=Food & Kindred Products	8	1.9 %	± 1.3 %
	63=Insurance Carriers	8	1.9 %	± 1.3 %
	42=Trucking & Warehousing	7	1.7 %	± 1.2 %
	65=Real Estate	7	1.7 %	± 1.2 %
	33=Primary Metal Industries	6	1.4 %	± 1.1 %
	34=Fabricated Metal Products	6	1.4 %	± 1.1 %
	15=General Building Contractors	6	1.4 %	± 1.1 %
	30=Rubber & Miscellaneous Plastics Products	6	1.4 %	± 1.1 %
	59=Miscellaneous Retail	5	1.2 %	± 1.0 %
	13=Oil & Gas Extraction	4	1.0 %	± 0.9 %
	81=Legal Services	4	1.0 %	± 0.9 %
	55=Automative Dealers & Service Stations	4	1.0 %	± 0.9 %
	56=Apparel & Accessory Stores	4	1.0 %	± 0.9 %
	37=Transportation Equipment	4	1.0 %	± 0.9 %
	52=Building Materials & Gardening Supplies	3	0.7 %	± 0.8 %
	27=Printing & Publishing	3	0.7 %	± 0.8 %
	64=Insurance Agents, Brokers, & Service	3	0.7 %	± 0.8 %
	54=Food Stores	2	0.5 %	± 0.7 %
	17=Special Trade Contractors	2	0.5 %	± 0.7 %
	29=Petroleum & Coal Products	2	0.5 %	± 0.7 %
	45=Transportation by Air	2	0.5 %	± 0.7 %
	91=Executive, Legislative, & General	2	0.5 %	± 0.7 %
	47=Transportation Services	2	0.5 %	± 0.7 %
	57=Furniture & Homefurnishings Stores	2	0.5 %	± 0.7 %
	49=Electric, Gas, & Sanitary Services	2	0.5 %	± 0.7 %
	8=Forestry	2	0.5 %	± 0.7 %
	32=Stone, Clay, & Glass Products	2	0.5 %	± 0.7 %
	24=Lumber & Wood Products	2	0.5 %	± 0.7 %
	16=Heavy Construction, Except Building	2	0.5 %	± 0.7 %
	2=Agricultural Production - Livestock	2	0.5 %	± 0.7 %
	26=Paper & Allied Products	2	0.5 %	± 0.7 %
	10=Metal, Mining	2	0.5 %	± 0.7 %
	82=Educational Services	1	0.2 %	± 0.5 %
	36=Electronic & Other Electric Equipment	1	0.2 %	± 0.5 %
	88=Private Households	1	0.2 %	± 0.5 %
	67=Holding & Other Investment Offices	1	0.2 %	± 0.5 %
	79=Amusement & Recreation Services	1	0.2 %	± 0.5 %
	44=Water Transportation	1	0.2 %	± 0.5 %
	48=Communications	1	0.2 %	± 0.5 %
	25=Furniture & Fixtures	1	0.2 %	± 0.5 %
	40=Railroad Transportation	1	0.2 %	± 0.5 %
	96=Administration of Economic Programs	1	0.2 %	± 0.5 %

76 

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

	Standard Industrial Classification	Number	Percent	95% CI
	62=Security & Commodity Brokers	1	0.2 %	± 0.5 %
	93=Finance, Taxation, & Monetary Policy	1	0.2 %	± 0.5 %
	72=Personal Services	1	0.2 %	± 0.5 %
	14=Nonmetallic Minerals, Except Fuels	1	0.2 %	± 0.5 %
	75=Auto Repair, Services, & Parking	1	0.2 %	± 0.5 %
	38=Instruments & Related Products	1	0.2 %	± 0.5 %
	22=Textile Mill Products	0	0.0 %	± 0.0 %
	46=Pipelines, Except Natural Gas	0	0.0 %	± 0.0 %
	19=19	0	0.0 %	± 0.0 %
	7=Agricultural Services	0	0.0 %	± 0.0 %
	4=4	0	0.0 %	± 0.0 %
	53=General Merchandise Stores	0	0.0 %	± 0.0 %
	43=U.S. Postal Service	0	0.0 %	± 0.0 %
	68=68	0	0.0 %	± 0.0 %
	5=5	0	0.0 %	± 0.0 %
	70=Hotels & Other Lodging Places	0	0.0 %	± 0.0 %
	71=71	0	0.0 %	± 0.0 %
	66=66	0	0.0 %	± 0.0 %
	12=Coal Mining	0	0.0 %	± 0.0 %
	74=74	0	0.0 %	± 0.0 %
	11=11	0	0.0 %	± 0.0 %
	3=3	0	0.0 %	± 0.0 %
	77=77	0	0.0 %	± 0.0 %
	78=Motion Pictures	0	0.0 %	± 0.0 %
	6=6	0	0.0 %	± 0.0 %
	31=Leather & Leather Products	0	0.0 %	± 0.0 %
	21=Tobacco Products	0	0.0 %	± 0.0 %
	58=Eating & Drinking Places	0	0.0 %	± 0.0 %
	83=Social Services	0	0.0 %	± 0.0 %
	84=Museums, Botanical, Zoological Gardens	0	0.0 %	± 0.0 %
	85=85	0	0.0 %	± 0.0 %
	86=Membership Organizations	0	0.0 %	± 0.0 %
	9=Fishing, Hunting, & Trapping	0	0.0 %	± 0.0 %
	76=Miscellaneous Repair Services	0	0.0 %	± 0.0 %
	41=Local & Interurban Passenger Transit	0	0.0 %	± 0.0 %
	90=90	0	0.0 %	± 0.0 %
	18=18	0	0.0 %	± 0.0 %
	92=Justice, Public Order, & Safety	0	0.0 %	± 0.0 %
	69=69	0	0.0 %	± 0.0 %
	94=Administration of Human Resources	0	0.0 %	± 0.0 %
	95=Environmental Quality & Housing	0	0.0 %	± 0.0 %
	23=Apparel & Other Textile Products	0	0.0 %	± 0.0 %
	97=National Security & International Affairs	0	0.0 %	± 0.0 %
	98=Zoological Gardens	0	0.0 %	± 0.0 %
	1=Agricultural Production - Crops	0	0.0 %	± 0.0 %
	Total	421	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

77 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	151	30.9 %	± 4.1 %
	$25-$99 million	123	25.2 %	± 3.8 %
	$100-$499 million	122	25.0 %	± 3.8 %
	$500-$999 million	27	5.5 %	± 2.0 %
	$1-$4.9 billion	35	7.2 %	± 2.3 %
	$5-$9.9 billion	8	1.6 %	± 1.1 %
	More than $10 billion	22	4.5 %	± 1.8 %
	Total	488	100.0 %

	Missing Cases = 4
	Response Percent = 99.2 %

78 

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 973.88

	Median = 62

	Variance (Unbiased Estimate) = 6141477.66

	Standard Deviation (Unbiased Estimate) = 2478.20

	Standard Error Of The Mean  = 112.18

	95 Percent Confidence Interval Around The Mean = 754.00 - 1193.75

	99 Percent Confidence Interval Around The Mean = 685.00 - 1262.75

	Skewness = 3.30

	Kolmogorov-Smirnov Statistic For Normality = 9.26

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =488
Missing Cases =4
Response Percent = 99.2%

79 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	156	36.9 %	± 4.1 %
	100-499	135	31.9 %	± 4.0 %
	500-999	48	11.3 %	± 2.6 %
	1,000-2,499	32	7.6 %	± 2.2 %
	2,500-4,999	13	3.1 %	± 1.4 %
	5,000-9,999	10	2.4 %	± 1.3 %
	Over 10,000	29	6.9 %	± 2.1 %
	Total	423	100.0 %

	Missing Cases = 69
	Response Percent = 86.0 %

80 

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1465.37

	Median = 300

	Variance (Unbiased Estimate) = 9838187.48

	Standard Deviation (Unbiased Estimate) = 3136.59

	Standard Error Of The Mean  = 152.51

	95 Percent Confidence Interval Around The Mean = 1166.45 - 1764.28

	99 Percent Confidence Interval Around The Mean = 1072.66 - 1858.07

	Skewness = 2.74

	Kolmogorov-Smirnov Statistic For Normality = 8.07

Quartiles

	 1 = 100
	 2 = 300
	 3 = 750

Valid Cases =423
Missing Cases =69
Response Percent = 86.0%

81 

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

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	134	27.6 %	± 3.9 %
	Northeast U.S.	116	23.9 %	± 3.8 %
	South Atlantic U.S.	74	15.3 %	± 3.2 %
	South Central U.S.	66	13.6 %	± 3.0 %
	Pacific US	59	12.2 %	± 2.9 %
	Mountain U.S.	32	6.6 %	± 2.2 %
	Other	4	0.8 %	± 0.8 %
	Canada	0	0.0 %	± 0.0 %
	Latin America	0	0.0 %	± 0.0 %
	Asia	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Europe	0	0.0 %	± 0.0 %
	Total	485	100.0 %

	Missing Cases = 7
	Response Percent = 98.6 %

82 

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

Where are you personally located? - Other specified

Eastern US	
mid atlantic	
Washington DC	
West U.S.	

83 

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

Ownership

	 	Number	Percent	95% CI
	Private	324	73.1 %	± 4.2 %
	Nonprofit	42	9.5 %	± 2.5 %
	Public, NYSE	38	8.6 %	± 2.4 %
	Government	20	4.5 %	± 1.8 %
	Public, NASDAQ/AMEX	19	4.3 %	± 1.7 %
	Total	443	100.0 %

	Missing Cases = 49
	Response Percent = 90.0 %

84 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	232	48.1 %	± 4.4 %
	1-24%	179	37.1 %	± 4.3 %
	25-50%	45	9.3 %	± 2.6 %
	More than 50%	26	5.4 %	± 2.0 %
	Total	482	100.0 %

	Missing Cases = 10
	Response Percent = 98.0 %

85 

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

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

	 	Number	Percent	95% CI
	Europe	87	39.4 %	± 6.0 %
	US/Canada	52	23.5 %	± 5.1 %
	Asia/Pacific Basin	51	23.1 %	± 5.0 %
	Latin America	29	13.1 %	± 4.0 %
	Africa	2	0.9 %	± 1.1 %
	Total	221	100.0 %

	Missing Cases = 29
	Response Percent = 88.4 %

86 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	54	15.3 %	15.3 %
	AA+	45	12.7 %	28.0 %
	AA	30	8.5 %	36.5 %
	AA-	13	3.7 %	40.2 %
	A+	26	7.4 %	47.6 %
	A	35	9.9 %	57.5 %
	A-	24	6.8 %	64.3 %
	BBB+	28	7.9 %	72.2 %
	BBB	29	8.2 %	80.5 %
	BBB-	7	2.0 %	82.4 %
	BB+	18	5.1 %	87.5 %
	BB	6	1.7 %	89.2 %
	BB-	5	1.4 %	90.7 %
	B+	4	1.1 %	91.8 %
	B	10	2.8 %	94.6 %
	B-	8	2.3 %	96.9 %
	CCC	7	2.0 %	98.9 %
	CC	3	0.8 %	99.7 %
	D	1	0.3 %	100.0 %
	Total	353	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

87 

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

What is your company's credit rating? 

N=353		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		353		144	209	
		100.0%		40.8%	59.2%	
						
AAA		54		27	27	
		15.3%		18.8%	12.9%	
						
AA+		45		17	28	
		12.7%		11.8%	13.4%	
						
AA		30		16	14	
		8.5%		11.1%	6.7%	
						
AA-		13		5	8	
		3.7%		3.5%	3.8%	
						
A+		26		10	16	
		7.4%		6.9%	7.7%	
						
A		35		14	21	
		9.9%		9.7%	10.0%	
						
A-		24		6	18	
		6.8%		4.2%	8.6%	
						
BBB+		28		12	16	
		7.9%		8.3%	7.7%	
						
BBB		29		10	19	
		8.2%		6.9%	9.1%	
						
BBB-		7		3	4	
		2.0%		2.1%	1.9%	
						
BB+		18		7	11	
		5.1%		4.9%	5.3%	
						
BB		6		2	4	
		1.7%		1.4%	1.9%	
						
BB-		5		3	2	
		1.4%		2.1%	1.0%	
						
B+		4		3	1	
		1.1%		2.1%	0.5%	

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

88 

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

What is your company's credit rating? 

N=353		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
B		10		3	7	
		2.8%		2.1%	3.3%	
						
B-		8		3	5	
		2.3%		2.1%	2.4%	
						
CCC		7		3	4	
		2.0%		2.1%	1.9%	
						
CC		3		0	3	
		0.8%		0.0%	1.4%	
						
D		1		0	1	
		0.3%		0.0%	0.5%	

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

89 

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

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

	 	Number	Percent
	CFO	233	49.4 %
	Controller	38	8.1 %
	CEO	23	4.9 %
	President	15	3.2 %
	Treasurer	11	2.3 %
	controller	5	1.1 %
	Director of Finance	5	1.1 %
	Finance Director	5	1.1 %
	VP	4	0.8 %
	Corporate Controller	4	0.8 %
	COO	3	0.6 %
	VP of Finance	3	0.6 %
	Director	3	0.6 %
	president	3	0.6 %
	CEO/CFO	3	0.6 %
	Senior Accountant	2	0.4 %
	Asst Treasurer	2	0.4 %
	Partner	2	0.4 %
	General Manager	2	0.4 %
	CAO	2	0.4 %
	VP Finance	2	0.4 %
	Consultant	2	0.4 %
	Director FP&A	2	0.4 %
	Manager	1	0.2 %
	CPO	1	0.2 %
	PRESIDENT	1	0.2 %
	Assistant Controller	1	0.2 %
	Treasury Insurance Director	1	0.2 %
	President; COO	1	0.2 %
	Treasury Manager	1	0.2 %
	Contoller	1	0.2 %
	Manager of Financial Reporting	1	0.2 %
	Financial Board member	1	0.2 %
	AVP & Cashier	1	0.2 %
	ceo/cfo	1	0.2 %
	Investment Accountant	1	0.2 %
	Sr. Director	1	0.2 %
	Director Accounting	1	0.2 %
	DVP Financial Planning & Analysis	1	0.2 %
	Vice President of Finance	1	0.2 %
	Acquisitions	1	0.2 %
	Chief Investment Officer	1	0.2 %
	Chief Administrator	1	0.2 %
	Director of  Financial Reporting	1	0.2 %
	VP/CFO	1	0.2 %
	Cfo	1	0.2 %
	Associate VP, Finance	1	0.2 %
	Accounting Director	1	0.2 %
	cfo/coo	1	0.2 %
	V.P.	1	0.2 %
	CFO, Director of Human Resources	1	0.2 %
	Associate Area Coordinator Finance	1	0.2 %

90 

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

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

	 	Number	Percent
	Manager of Finance	1	0.2 %
	Financial Operations Officer	1	0.2 %
	Director Treasury	1	0.2 %
	SVP Shared Services	1	0.2 %
	Group Vice President of Finance	1	0.2 %
	Senior Finance Analyst	1	0.2 %
	VP - Finance	1	0.2 %
	Strategic Advisor	1	0.2 %
	Deputy GM Europe and US	1	0.2 %
	President & CFO	1	0.2 %
	President CEO	1	0.2 %
	Executive Director	1	0.2 %
	Director of Finance and Operations	1	0.2 %
	Vice President of Financial Services	1	0.2 %
	Vice Chairman	1	0.2 %
	VP Planning	1	0.2 %
	vp	1	0.2 %
	CIO/Corp Dir IT	1	0.2 %
	Business Unit Controller	1	0.2 %
	asst to CFO	1	0.2 %
	Finance Manager	1	0.2 %
	CFO, medical groups northeast	1	0.2 %
	Vp finance	1	0.2 %
	VP Finance and Group Controller	1	0.2 %
	Vice President & CFO	1	0.2 %
	Global Controller	1	0.2 %
	Finance Director - AMericas	1	0.2 %
	VP & Controller	1	0.2 %
	COO/Owner	1	0.2 %
	EVP, CFO	1	0.2 %
	Business Manager	1	0.2 %
	President/cfo	1	0.2 %
	CRO	1	0.2 %
	Corporate Controlle	1	0.2 %
	Director of Accounting	1	0.2 %
	Ex Vp-Brokerage Services	1	0.2 %
	Board President	1	0.2 %
	VP Business Planning	1	0.2 %
	Audit Manager	1	0.2 %
	Manager, Accounting and Finance	1	0.2 %
	vp finance	1	0.2 %
	EVP	1	0.2 %
	Director-Finance	1	0.2 %
	Division controller	1	0.2 %
	VP FP&A	1	0.2 %
	VP & General Manager	1	0.2 %
	VP & Treasurer	1	0.2 %
	Acct	1	0.2 %
	Ceo	1	0.2 %
	MD	1	0.2 %
	OWNER	1	0.2 %
	Sr Director	1	0.2 %

91 

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

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

	 	Number	Percent
	Mill Division Controller	1	0.2 %
	Principle	1	0.2 %
	CEO and president	1	0.2 %
	Controller & CFO	1	0.2 %
	SVP of Business Development	1	0.2 %
	Sr Consultant	1	0.2 %
	Controller/CFO	1	0.2 %
	Consultant/Former Treasurer	1	0.2 %
	CFO/COO	1	0.2 %
	President/CEO	1	0.2 %
	VP Finance North America	1	0.2 %
	VP Controller	1	0.2 %
	v.p. Treasurer	1	0.2 %
	Financial Manager	1	0.2 %
	Managing Director	1	0.2 %
	Consulting CFO	1	0.2 %
	Business Administrator/Board Secretary	1	0.2 %
	Total	472	100.0 %

	Missing Cases = 20
	Response Percent = 95.9 %