Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100
being the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least
optimistic and 100 being the most optimistic.	4
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Unweighted - Winsorized]	5
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months
for:   [Unweighted - Sorted]	6
3. 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]	7
3. 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]	8
3. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?
[Public Companies - Winsorized - Revenue Weighted]	9
4a. During the next year, does your company plan to:	10
4b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)	11
4b. Why is your firm making acquisition(s)? - Other specified	12
4c. How will your firm fund the acquisition(s)? (check all that apply)	13
4c. How will your firm fund the acquisition(s)?  - Other specified	14
5a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?	15
5a. Why has your firm recently increased your primary employees' real wages/salaries?	16
5a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified	17
5b. How difficult is it for your firm to fill your key job openings?	19
6. I believe that the stock market in my country is:	21
7. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects
of, future economic stress (for example, a recession or crisis)?	22
8. Select the presidential candidate you think would be best for your business:	23
Manufacturing capacity utilized	24
Manufacturing capacity utilized (Revenue Weighted)	25
Industry	26
Sales Revenue	28
Weighted Sales Revenue (Millions)	29
Number of Employees	30
Weighted Number of Employees	31
Where are you personally located?	32
Headquarters Canada (Other Specified)	33
Ownership	34
Foreign Sales	35
In what region of the world are most of your foreign sales?	36
Your job title (e.g., CFO, Asst. Treasurer, etc):	37

 1 

Duke, Global Business Outlook survey - Canada - Third 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	8	12.5 %	± 8.3 %
	0=No change	22	34.4 %	± 12.0 %
	-1=Less optimistic	34	53.1 %	± 12.6 %
	Total	64	100.0 %

	Mean = -0.41
	SD = 0.71

	Missing Cases = 0
	Response Percent = 100.0 %

2 

Duke, Global Business Outlook survey - Canada - Third 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 = 20

	Maximum = 85

	Mean = 59.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 14.4

	95 Percent Confidence Interval Around The Mean = 55.9 - 63.2

4 Groups

	 1 = 50
	 2 = 60
	 3 = 70

Valid Cases =59
Missing Cases =5
Response Percent = 92.2%

3 

Duke, Global Business Outlook survey - Canada - Third 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	27	42.2 %	± 12.4 %
	0=No change	24	37.5 %	± 12.2 %
	-1=Less optimistic	13	20.3 %	± 10.1 %
	Total	64	100.0 %

	Mean = 0.22
	SD = 0.77

	Missing Cases = 0
	Response Percent = 100.0 %

4 

Duke, Global Business Outlook survey - Canada - Third 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 = 40

	Maximum = 100

	Mean = 70.6

	Median = 75

	Standard Deviation (Unbiased Estimate) = 14.7

	95 Percent Confidence Interval Around The Mean = 66.8 - 74.3

4 Groups

	 1 = 60
	 2 = 75
	 3 = 80

Valid Cases =59
Missing Cases =5
Response Percent = 92.2%

5 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

3. 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

Capital spending	15.12	32.77	5.64 - 24.59	4	-10	120.10	46

Revenue	10.04	17.02	5.41 - 14.66	5	-20	71.82	49

Number of domestic full-time employees	8.87	19.35	3.55 - 14.18	1	-10	98.13	51

Earnings	8.57	20.30	2.89 - 14.25	5	-50	77.74	46

Wages/Salaries	4.12	6.95	2.19 - 6.05	2	-13.10	22.30	52

Prices of your products	2.44	4.70	1.08 - 3.80	2	-8.86	14.36	50

6 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

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

(N=64)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.84	43	6	1
Wages/Salaries	0.42	86.0%	12.0%	2.0%

	0.67	43	1	8
Revenue	0.73	82.7%	1.9%	15.4%

	0.65	32	12	2
Capital spending	0.57	69.6%	26.1%	4.3%

	0.63	37	6	6
Earnings	0.70	75.5%	12.2%	12.2%

	0.54	29	13	4
Prices of your products	0.66	63.0%	28.3%	8.7%

	0.45	27	20	4
Number of domestic full-time employees	0.64	52.9%	39.2%	7.8%

7 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

3. 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

Capital spending	26.08	40.87	13.06 - 39.11	5	-10	120.10	29

Revenue	8.21	13.11	3.80 - 12.62	5	-20	71.82	30

Earnings	6.96	9.86	3.46 - 10.47	6.50	-50	77.74	34

Prices of your products	2.08	2.73	1.09 - 3.06	2	-8.86	14.36	38

8 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

3. 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

Number of domestic full-time employees	4.74	13.77	0.55 - 8.93	1	-10	98.13	41

Wages/Salaries	3.14	5.03	1.60 - 4.69	2	-13.10	22.30	41

9 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

3. 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

Revenue	14.30	13.52	7.23 - 21.37	10.50	-5	25

Earnings	7.24	1.83	6.15 - 8.34	8	2	10

10 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

4a. During the next year, does your company plan to:

	 	Number	Percent	95% CI
	Acquire another company or companies?	9	14.3 %	± 8.8 %
	Acquire part of another company or companies?	1	1.6 %	± 3.1 %
	Both	4	6.3 %	± 6.1 %
	Neither	49	77.8 %	± 10.7 %
	Total	63	100.0 %

	Missing Cases = 1
	Response Percent = 98.4 %

11 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

4b. Why is your firm making acquisition(s)? (Choose up to 3 reasons)

	 	Number	Percent	95% CI
	To improve our industry position	10	71.4 %	± 27.1 %
	Geographic diversification	5	35.7 %	± 28.8 %
	Product diversification	5	35.7 %	± 28.8 %
	Consolidation of industry	4	28.6 %	± 27.1 %
	Revenue synergies	4	28.6 %	± 27.1 %
	Acquire fast-growing assets	3	21.4 %	± 24.6 %
	Attractive target valuation	3	21.4 %	± 24.6 %
	Acquire personnel	3	21.4 %	± 24.6 %
	Cost synergies	2	14.3 %	± 21.0 %
	Deploy cash reserves	1	7.1 %	± 15.5 %
	Change in government regulation/programs	0	0.0 %	± 0.0 %
	Tax savings	0	0.0 %	± 0.0 %
	Other	1	7.1 %	± 15.5 %
	Total	41

	Number of Cases = 14
	Number of Responses = 41
	Average Number Of Responses Per Case = 2.9
	Number Of Cases With At Least One Response = 14
	Response Percent = 100.0 %

12 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

4b. Why is your firm making acquisition(s)? - Other specified

---	acquiring geographic critical mass	

13 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

4c. How will your firm fund the acquisition(s)? (check all that apply)

	 	Number	Percent	95% CI
	Cash Reserves	7	50.0 %	± 30.0 %
	Debt	6	42.9 %	± 29.7 %
	Stock	3	21.4 %	± 24.6 %
	Other	3	21.4 %	± 24.6 %
	Total	19

	Number of Cases = 14
	Number of Responses = 19
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response = 14
	Response Percent = 100.0 %

14 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

4c. How will your firm fund the acquisition(s)?  - Other specified

---	Sale of non strategic assets	
---	additional equity or debt financing	

15 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

5a. Has your firm recently increased (or plans to soon increase) your primary employees' real wages/salaries?

	 	Number	Percent	95% CI
	Yes	21	41.2 %	± 11.9 %
	No	30	58.8 %	± 12.6 %
	Total	51	100.0 %

	Missing Cases = 13
	Response Percent = 79.7 %

16 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

5a. Why has your firm recently increased your primary employees' real wages/salaries?

	Why increase? (check one or two best options)	Number	Percent	95% CI
	Company s financial performance has improved	7	33.3 %	± 22.0 %
	To keep up with wages at our peer firms	7	33.3 %	± 22.0 %
	Difficulty attracting/retaining qualified employees	6	28.6 %	± 21.1 %
	Labor market pressures/conditions	5	23.8 %	± 19.9 %
	Company altruism	3	14.3 %	± 16.3 %
	Employees are stakeholders in the firm	3	14.3 %	± 16.3 %
	Pressure from employees or their representatives	1	4.8 %	± 10.0 %
	Other:	1	4.8 %	± 10.0 %
	Total	33

	Number of Cases = 21
	Number of Responses = 33
	Average Number Of Responses Per Case = 1.6
	Number Of Cases With At Least One Response = 21
	Response Percent = 100.0 %

17 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

5a. Why has your firm recently increased your primary employees' real wages/salaries? - Other specified

---	standard semiannual increases	

18 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

5a. Why has your not increased your primary employees' real wages/salaries?

--- No Response ---

19 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

5b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	We have job openings for key jobs	56	88.9 %	± 8.0 %
	We do not have job openings for key jobs	7	11.1 %	± 8.0 %
	Total	63	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

20 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

5b. How difficult is it for your firm to fill your key job openings?

	 	Number	Percent	95% CI
	+1=Easy	1	1.8 %	± 3.6 %
	0=Normal	30	53.6 %	± 13.5 %
	-1=Difficult	25	44.6 %	± 13.4 %
	Total	56	100.0 %

	Mean = -0.43
	SD = 0.53

	Missing Cases = 0
	Response Percent = 100.0 %

21 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

6. I believe that the stock market in my country is:

	 	Number	Percent	95% CI
	+1=Overvalued	16	27.6 %	± 10.9 %
	0=Correctly valued	29	50.0 %	± 12.6 %
	-1=Undervalued	13	22.4 %	± 10.2 %
	Total	58	100.0 %

	Mean = 0.05
	SD = 0.71

	Missing Cases = 6
	Response Percent = 90.6 %

22 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

7. Do you believe that firms in your industry have become complacent about the threat of, and potential negative effects of, future economic stress (for example, a recession or crisis)?

	 	Number	Percent	95% CI
	Yes	29	49.2 %	± 12.6 %
	No	30	50.8 %	± 12.6 %
	Total	59	100.0 %

	Missing Cases = 5
	Response Percent = 92.2 %

23 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

8. Select the presidential candidate you think would be best for your business:

	 	Number	Percent	95% CI
	Hillary Clinton	25	54.3 %	± 12.4 %
	Jeb Bush	9	19.6 %	± 8.8 %
	Donald Trump	7	15.2 %	± 7.9 %
	Bernie Sanders	2	4.3 %	± 4.4 %
	Rand Paul	2	4.3 %	± 4.4 %
	Scott Walker	1	2.2 %	± 3.2 %
	Lincoln Chafee	0	0.0 %	± 0.0 %
	Ted Cruz	0	0.0 %	± 0.0 %
	Ben Carson	0	0.0 %	± 0.0 %
	Jim Gilmore	0	0.0 %	± 0.0 %
	Bobby Jindal	0	0.0 %	± 0.0 %
	John Kasich	0	0.0 %	± 0.0 %
	Martin O'Malley	0	0.0 %	± 0.0 %
	George Pataki	0	0.0 %	± 0.0 %
	Chris Christie	0	0.0 %	± 0.0 %
	Rick Perry	0	0.0 %	± 0.0 %
	Marco Rubio	0	0.0 %	± 0.0 %
	Carly Fiorina	0	0.0 %	± 0.0 %
	Rick Santorum	0	0.0 %	± 0.0 %
	Lindsey Graham	0	0.0 %	± 0.0 %
	Mike Huckabee	0	0.0 %	± 0.0 %
	Jim Webb	0	0.0 %	± 0.0 %
	Total	46	100.0 %

	Missing Cases = 18
	Response Percent = 71.9 %

24 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Manufacturing capacity utilized

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	81.43	15.47	69.97 - 92.89	75	60	100	7

% of capacity utilization planned for the remainder of
2015	85.00	14.43	74.31 - 95.69	90	60	100	7

25 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Manufacturing capacity utilized (Revenue Weighted)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2015	96.51	10.16	87.25 - 105.78	100	60	100	5

% of capacity utilization planned for the remainder of
2015	97.09	8.82	89.04 - 105.13	100	60	100	5

26 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Industry

	 	Number	Percent	95% CI
	Banking/Finance/Insurance/Real Estate	29	45.3 %	± 12.5 %
	Technology [Software/Hardware/Biotech]	9	14.1 %	± 8.8 %
	Manufacturing	8	12.5 %	± 8.3 %
	Services, Consulting	7	10.9 %	± 7.9 %
	Transportation & Public Utilities	2	3.1 %	± 4.4 %
	Healthcare/Pharmaceutical	2	3.1 %	± 4.4 %
	Retail/Wholesale	1	1.6 %	± 3.1 %
	Public Administration	1	1.6 %	± 3.1 %
	Communication/Media	1	1.6 %	± 3.1 %
	Agriculture, Forestry, & Fishing	1	1.6 %	± 3.1 %
	Energy	1	1.6 %	± 3.1 %
	Mining/Construction	0	0.0 %	± 0.0 %
	Other Industry	2	3.1 %	± 4.4 %
	Total	64	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

27 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Industry (Other specified)

--- No Response ---

28 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	29	45.3 %	± 12.5 %
	$25-$99 million	11	17.2 %	± 9.5 %
	$100-$499 million	8	12.5 %	± 8.3 %
	$500-$999 million	5	7.8 %	± 6.8 %
	$1-$4.9 billion	3	4.7 %	± 5.3 %
	$5-$9.9 billion	3	4.7 %	± 5.3 %
	More than $10 billion	5	7.8 %	± 6.8 %
	Total	64	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

29 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1469.64

	Median = 62

	Variance (Unbiased Estimate) = 10573220.96

	Standard Deviation (Unbiased Estimate) = 3251.65

	Standard Error Of The Mean  = 406.46

	95 Percent Confidence Interval Around The Mean = 672.99 - 2266.29

	99 Percent Confidence Interval Around The Mean = 423.02 - 2516.27

	Skewness = 2.26

	Kolmogorov-Smirnov Statistic For Normality = 14.16

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =64
Missing Cases =0
Response Percent = 100.0%

30 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	28	47.5 %	± 12.5 %
	100-499	13	22.0 %	± 10.2 %
	500-999	3	5.1 %	± 5.3 %
	1,000-2,499	7	11.9 %	± 7.9 %
	2,500-4,999	1	1.7 %	± 3.1 %
	5,000-9,999	2	3.4 %	± 4.4 %
	Over 10,000	5	8.5 %	± 6.8 %
	Total	59	100.0 %

	Missing Cases = 5
	Response Percent = 92.2 %

31 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1694.07

	Median = 300

	Variance (Unbiased Estimate) = 12100265.93

	Standard Deviation (Unbiased Estimate) = 3478.54

	Standard Error Of The Mean  = 452.87

	95 Percent Confidence Interval Around The Mean = 806.45 - 2581.69

	99 Percent Confidence Interval Around The Mean = 527.93 - 2860.20

	Skewness = 2.36

	Kolmogorov-Smirnov Statistic For Normality = 13.36

Quartiles

	 1 = 100
	 2 = 300
	 3 = 1250

Valid Cases =59
Missing Cases =5
Response Percent = 92.2%

32 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Where are you personally located?

	 	Number	Percent	95% CI
	Canada	57	89.1 %	± 7.9 %
	Europe	2	3.1 %	± 4.4 %
	Asia	2	3.1 %	± 4.4 %
	Latin America	1	1.6 %	± 3.1 %
	Other	1	1.6 %	± 3.1 %
	Northeast U.S.	1	1.6 %	± 3.1 %
	South Atlantic U.S.	0	0.0 %	± 0.0 %
	Mountain U.S.	0	0.0 %	± 0.0 %
	Midwest U.S.	0	0.0 %	± 0.0 %
	South Central U.S.	0	0.0 %	± 0.0 %
	Africa	0	0.0 %	± 0.0 %
	Pacific US	0	0.0 %	± 0.0 %
	Total	64	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

33 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Headquarters Canada (Other Specified)

Australia	

34 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Ownership

	 	Number	Percent	95% CI
	Private	46	78.0 %	± 11.3 %
	Public, NYSE	9	15.3 %	± 8.8 %
	Government	3	5.1 %	± 5.3 %
	Nonprofit	1	1.7 %	± 3.1 %
	Public, NASDAQ/AMEX	0	0.0 %	± 0.0 %
	Total	59	100.0 %

	Missing Cases = 5
	Response Percent = 92.2 %

35 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

Foreign Sales

	 	Number	Percent	95% CI
	0%	21	33.9 %	± 11.8 %
	1-24%	22	35.5 %	± 12.0 %
	25-50%	5	8.1 %	± 6.8 %
	More than 50%	14	22.6 %	± 10.4 %
	Total	62	100.0 %

	Missing Cases = 2
	Response Percent = 96.9 %

36 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

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

	 	Number	Percent	95% CI
	US/Canada	27	73.0 %	± 15.2 %
	Asia/Pacific Basin	5	13.5 %	± 10.5 %
	Latin America	3	8.1 %	± 8.4 %
	Europe	2	5.4 %	± 6.9 %
	Africa	0	0.0 %	± 0.0 %
	Total	37	100.0 %

	Missing Cases = 4
	Response Percent = 90.2 %

37 

Duke, Global Business Outlook survey - Canada - Third Quarter, 2015

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

	 	Number	Percent
	CFO	18	30.5 %
	Controller	4	6.8 %
	VP Finance	4	6.8 %
	Director	3	5.1 %
	President	2	3.4 %
	Vice President	2	3.4 %
	CEO	2	3.4 %
	COO	2	3.4 %
	Director, Finance	2	3.4 %
	Director of Finance	1	1.7 %
	VP & controller	1	1.7 %
	VP, Finance	1	1.7 %
	Managing Partner	1	1.7 %
	Treasurer	1	1.7 %
	VP Finance and Administration	1	1.7 %
	Investment Analyst	1	1.7 %
	VP Finance & Operations	1	1.7 %
	Cfo	1	1.7 %
	Managing Director	1	1.7 %
	Senior Manager/Controller	1	1.7 %
	SR MGR FINANCE	1	1.7 %
	Vice President of Finance	1	1.7 %
	Senior Partner	1	1.7 %
	XX	1	1.7 %
	Private Wealth Advisor	1	1.7 %
	President/CFO	1	1.7 %
	SALES & MARKETING VP	1	1.7 %
	Senior Manager	1	1.7 %
	Regional CEO	1	1.7 %
	Total	59	100.0 %

	Missing Cases = 5
	Response Percent = 92.2 %