Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	4
2a. Are you more or less optimistic about the financial prospects for your own company compared to last quarter?	7
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.	11
3a. During the past quarter, which items have been the most pressing concerns for your company's top management team?	15
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]	27
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Revenue Weighted - Sorted]	35
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [All Companies - Winsorized - Employee Weighted - Sorted]	39
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12 months?  [Public Companies - Winsorized - Revenue Weighted]	43
4b. For 2016, what is your planned change in capital spending... [Winsorized]	47
4b. For 2016, what is your planned change in capital spending... [Winsorized - Revenue Weighted]	51
5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?	55
5b. What are the key risks that might lead to recession in your country at year-end 2016?	59
6a. Assume that core inflation is between 0% and 1% each year for the foreseeable future. What effect would an extended low core inflation scenario have on your firm's financial performance?	71
6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to raise prices to keep pace with rising labor and non-labor costs?	75
6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to meet its profitability targets?	79
6b. Do you believe that an extended period of low core inflation would change the competitive balance in your industry?	83
7. Holding everything else constant, did the December 2015 increase in interest rates affect your company?	87
8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to	91
9a. Approximately what percentage of your primary workforce currently earns minimum wage? [US Headquarters Only]	95
9b. Among your primary workforce, how much do the lowest paid workers currently earn in hourly wages? [US Headquarters Only] (mean is an estimate derived from category midpoints)	99
10. On February 15, 2016 the annual yield on 10-yr treasury bonds was 1.7%. Please complete the following:	103
Return on assets (ROA=operating earnings/assets)	107
Manufacturing capacity utilized	111
Manufacturing capacity utilized (Revenue Weighted)	115

 1 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
1=More optimistic		143		10	20	8	3	0	22	3	17	22	12	3	20	
		22.8%		17.2%	25.3%	33.3%	15.0%	0.0%	22.9%	33.3%	30.9%	19.0%	24.0%	15.8%	25.0%	
					e	e		bcfghjl	e	e	e		e		e	
																
0=No change		187		22	18	6	5	4	26	2	18	37	16	4	27	
		29.9%		37.9%	22.8%	25.0%	25.0%	28.6%	27.1%	22.2%	32.7%	31.9%	32.0%	21.1%	33.8%	
																
-1=Less optimistic		296		26	41	10	12	10	48	4	20	57	22	12	33	
		47.3%		44.8%	51.9%	41.7%	60.0%	71.4%	50.0%	44.4%	36.4%	49.1%	44.0%	63.2%	41.3%	
								hl			ek			h	e	
																
Mean		-0.2		-0.3	-0.3	-0.1	-0.5	-0.7	-0.3	-0.1	-0.1	-0.3	-0.2	-0.5	-0.2	
SD		0.8		0.7	0.8	0.9	0.8	0.5	0.8	0.9	0.8	0.8	0.8	0.8	0.8	
				e		e		acfHjl	e		E		e		e	

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

2 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Sales Revenue	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion	
		A	B	C	D	E	F	G	
									
Total		255	141	108	37	45	11	21	
		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%	
									
1=More optimistic		64	30	29	6	8	1	2	
		25.2%	21.3%	26.9%	16.7%	18.2%	9.1%	9.5%	
									
0=No change		68	48	26	15	13	6	7	
		26.8%	34.0%	24.1%	41.7%	29.5%	54.5%	33.3%	
		f		df	c		ac		
									
-1=Less optimistic		122	63	53	15	23	4	12	
		48.0%	44.7%	49.1%	41.7%	52.3%	36.4%	57.1%	
									
Mean		-0.2	-0.2	-0.2	-0.3	-0.3	-0.3	-0.5	
SD		0.8	0.8	0.8	0.7	0.8	0.6	0.7	

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

3 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
1=More optimistic		37	38	24	16	17	9	
		22.4%	23.9%	26.1%	18.4%	24.3%	19.6%	
								
0=No change		53	40	26	31	19	16	
		32.1%	25.2%	28.3%	35.6%	27.1%	34.8%	
								
-1=Less optimistic		75	81	42	40	34	21	
		45.5%	50.9%	45.7%	46.0%	48.6%	45.7%	
								
Mean		-0.2	-0.3	-0.2	-0.3	-0.2	-0.3	
SD		0.8	0.8	0.8	0.8	0.8	0.8	

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

4 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		629		59	80	24	20	14	96	10	55	116	50	19	80	
Percent		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
Optimism rating		552		54	66	23	15	9	82	8	43	107	46	19	74	
		58.6		56.5	55.1	58.0	56.7	48.0	60.2	61.3	62.4	58.2	59.6	50.2	61.8	
		18.4		20.6	20.7	18.0	19.2	14.4	16.9	29.9	16.7	16.2	18.7	16.7	17.5	
					l			fhl	ek		eK	k		fHil	bek	

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

5 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Total		Sales Revenue		Total	
Number
Mean
SD		

Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		

				A	B	C	D	E	F	G			
													
Number		629		255	141	108	37	45	11	21		629	
Percent		100.0%		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		100.0%	
													
Optimism rating		552		213	126	98	35	42	10	18		552	
		58.6		57.8	57.5	59.4	64.1	61.0	56.5	48.1		58.6	
		18.4		18.8	16.9	19.3	12.9	17.5	14.9	23.9		18.4	
				g	dg	g	bG	g		abcDe			

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

6 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Number		165	159	92	88	70	46	
Percent		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
Optimism rating		147	132	82	77	64	41	
		59.4	59.8	56.7	59.4	56.4	58.7	
		17.5	19.1	18.8	18.1	18.1	16.7	

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

7 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
1=More optimistic		261		23	36	11	3	2	46	3	29	46	22	6	29	
		41.8%		39.7%	45.0%	45.8%	15.0%	14.3%	47.9%	33.3%	53.7%	39.7%	44.9%	31.6%	36.3%	
				d	de	d	abcFHij	bfhj	De		Del	d	de		h	
																
0=No change		175		21	23	8	3	5	28	4	12	29	13	4	25	
		28.0%		36.2%	28.8%	33.3%	15.0%	35.7%	29.2%	44.4%	22.2%	25.0%	26.5%	21.1%	31.3%	
																
-1=Less optimistic		189		14	21	5	14	7	22	2	13	41	14	9	26	
		30.2%		24.1%	26.3%	20.8%	70.0%	50.0%	22.9%	22.2%	24.1%	35.3%	28.6%	47.4%	32.5%	
				D	D	D	ABCFgHIJL	f	Dek	d	D	D	D	f	D	
																
Mean		0.1		0.2	0.2	0.3	-0.6	-0.4	0.3	0.1	0.3	0.0	0.2	-0.2	0.0	
SD		0.8		0.8	0.8	0.8	0.8	0.7	0.8	0.8	0.8	0.9	0.9	0.9	0.8	
				De	De	De	ABCFgHIJL	abcFHj	DE	d	DE	D	De		D	

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

8 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		255	141	108	37	45	11	21		54	24	416	19	68	
		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
1=More optimistic		118	71	43	9	10	2	3		15	4	190	8	18	
		46.5%	50.7%	39.8%	24.3%	23.3%	18.2%	14.3%		28.3%	17.4%	45.8%	42.1%	26.9%	
		dEG	DEfG	g	aB	AB	b	ABc		c	C	aBE		C	
															
0=No change		63	33	28	15	17	6	9		19	7	113	2	26	
		24.8%	23.6%	25.9%	40.5%	39.5%	54.5%	42.9%		35.8%	30.4%	27.2%	10.5%	38.8%	
		def	def	f	ab	ab	abc			d			ae	d	
															
-1=Less optimistic		73	36	37	13	16	3	9		19	12	112	9	23	
		28.7%	25.7%	34.3%	35.1%	37.2%	27.3%	42.9%		35.8%	52.2%	27.0%	47.4%	34.3%	
											C	B			
															
Mean		0.2	0.3	0.1	-0.1	-0.1	-0.1	-0.3		-0.1	-0.3	0.2	-0.1	-0.1	
SD		0.9	0.8	0.9	0.8	0.8	0.7	0.7		0.8	0.8	0.8	1.0	0.8	
		eg	dEG		b	aB		aB		c	C	aBe		c	

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

9 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		223	149	34	31	35	19	34		330	205	51	30	
		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
1=More optimistic		101	70	8	8	10	3	7		141	83	21	10	
		45.5%	47.0%	24.2%	26.7%	28.6%	15.8%	20.6%		43.0%	40.7%	42.0%	33.3%	
		cfG	cdefG	ab	b	b	ab	AB						
														
0=No change		64	30	11	11	11	9	13		96	57	11	9	
		28.8%	20.1%	33.3%	36.7%	31.4%	47.4%	38.2%		29.3%	27.9%	22.0%	30.0%	
			Fg				B	b						
														
-1=Less optimistic		57	49	14	11	14	7	14		91	64	18	11	
		25.7%	32.9%	42.4%	36.7%	40.0%	36.8%	41.2%		27.7%	31.4%	36.0%	36.7%	
		c		a										
														
Mean		0.2	0.1	-0.2	-0.1	-0.1	-0.2	-0.2		0.2	0.1	0.1	0.0	
SD		0.8	0.9	0.8	0.8	0.8	0.7	0.8		0.8	0.8	0.9	0.9	
		cefG	g	a		a	a	Ab						

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

10 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
1=More optimistic		74	67	36	36	24	20	
		44.8%	42.1%	39.1%	41.9%	34.8%	43.5%	
								
0=No change		47	46	26	26	19	10	
		28.5%	28.9%	28.3%	30.2%	27.5%	21.7%	
								
-1=Less optimistic		44	46	30	24	26	16	
		26.7%	28.9%	32.6%	27.9%	37.7%	34.8%	
								
Mean		0.2	0.1	0.1	0.1	0.0	0.1	
SD		0.8	0.8	0.8	0.8	0.9	0.9	

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

11 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=629		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		629		59	80	24	20	14	96	10	55	116	50	19	80	
Percent		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
Optimism rating		553		54	67	23	16	9	85	7	43	106	46	18	73	
		66.0		65.1	67.5	63.6	54.4	51.1	68.1	68.1	69.6	65.7	69.0	59.1	64.4	
		20.3		20.8	21.5	21.7	20.6	22.0	18.8	28.7	16.5	19.1	19.3	23.0	21.3	
					de		bFHij	bfHij	De		DEk	de	de	h		

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

12 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=629		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		255	141	108	37	45	11	21		54	24	416	19	68	
Percent		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
Optimism rating		214	125	100	34	42	10	18		47	22	368	17	59	
		66.3	66.2	65.5	70.2	63.8	60.3	56.2		63.5	60.4	66.6	60.2	65.8	
		21.1	19.5	19.6	15.1	18.9	21.2	27.4		21.1	22.5	20.0	22.3	19.2	
					g			d							

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

13 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=629		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		223	149	34	31	35	19	34		330	205	51	30	
Percent		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
Optimism rating		195	132	31	29	31	17	33		295	177	42	27	
		65.8	67.3	60.6	66.5	66.1	66.8	58.0		66.0	66.9	67.3	56.7	
		21.4	18.0	22.3	20.3	19.1	16.5	23.3		20.3	19.6	16.6	25.6	
			g					b		d	d	d	abc	

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

14 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being the least optimistic and 100 being the most optimistic.

N=629		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Number		165	159	92	88	70	46	
Percent		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
Optimism rating		146	132	83	77	65	42	
		66.8	67.4	64.2	66.7	64.5	63.2	
		20.2	20.0	22.7	17.8	19.8	21.8	

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

15 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		609		57	77	24	20	13	93	9	53	114	50	18	75	
		100.0%		9.4%	12.6%	3.9%	3.3%	2.1%	15.3%	1.5%	8.7%	18.7%	8.2%	3.0%	12.3%	
																
Economic uncertainty		299		27	42	12	13	9	54	5	22	61	16	8	28	
		49.1%		47.4%	54.5%	50.0%	65.0%	69.2%	58.1%	55.6%	41.5%	53.5%	32.0%	44.4%	37.3%	
					jl		jl	jl	JL			jl	bdeFi		bdeFi	
																
Cost of benefits		229		28	24	12	8	3	35	2	13	46	16	9	32	
		37.6%		49.1%	31.2%	50.0%	40.0%	23.1%	37.6%	22.2%	24.5%	40.4%	32.0%	50.0%	42.7%	
				bH	a	h					Acikl	h		h	h	
																
Difficulty attracting /
retaining qualified		
202		
19	
21	
12	
7	
2	
26	
2	
21	
37	
20	
4	
30	
employees		33.2%		33.3%	27.3%	50.0%	35.0%	15.4%	28.0%	22.2%	39.6%	32.5%	40.0%	22.2%	40.0%	
					c	bef		c	c							
																
Regulatory requirements		187		20	45	7	5	5	20	1	8	22	25	8	18	
		30.7%		35.1%	58.4%	29.2%	25.0%	38.5%	21.5%	11.1%	15.1%	19.3%	50.0%	44.4%	24.0%	
				Bhi	AcDFGHIL	b	B		BJk	Bj	aBJk	aBJk	FgHIL	fhi	BJ	
																
Government policies		174		11	27	8	10	4	24	3	8	24	21	12	20	
		28.6%		19.3%	35.1%	33.3%	50.0%	30.8%	25.8%	33.3%	15.1%	21.1%	42.0%	66.7%	26.7%	
				bDjK	ahik	k	AfHIl		djK		bDJK	bDJK	afHI	AbcFHIL	dK	
																
Weak demand for your		152		15	8	8	5	4	25	1	15	43	5	4	17	
products/services		25.0%		26.3%	10.4%	33.3%	25.0%	30.8%	26.9%	11.1%	28.3%	37.7%	10.0%	22.2%	22.7%	
				bj	aCeFHIl	Bj		b	Bj		Bj	BJl	acfhI		bi	
																
Data security		130		10	28	2	2	2	21	2	16	13	14	5	14	
		21.3%		17.5%	36.4%	8.3%	10.0%	15.4%	22.6%	22.2%	30.2%	11.4%	28.0%	27.8%	18.7%	
				b	acdfIl	bh	b		bi		cI	BfHJ	I		b	

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

16 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		248	137	102	37	44	10	20		52	24	402	18	65	
		40.7%	22.5%	16.7%	6.1%	7.2%	1.6%	3.3%		8.5%	3.9%	66.0%	3.0%	10.7%	
															
Economic uncertainty		127	64	50	14	24	5	12		27	14	205	6	21	
		51.2%	46.7%	49.0%	37.8%	54.5%	50.0%	60.0%		51.9%	58.3%	51.0%	33.3%	32.3%	
										e	e	E		abC	
															
Cost of benefits		97	64	41	10	10	2	3		12	5	159	6	32	
		39.1%	46.7%	40.2%	27.0%	22.7%	20.0%	15.0%		23.1%	20.8%	39.6%	33.3%	49.2%	
		eg	dEG	eg	b	aBc		aBc		cE	e	a		Ab	
															
Difficulty attracting /
retaining qualified		
74	
59	
31	
11	
17	
4	
3		
13	
4	
137	
5	
22	
employees		29.8%	43.1%	30.4%	29.7%	38.6%	40.0%	15.0%		25.0%	16.7%	34.1%	27.8%	33.8%	
		B	Acg	b				b							
															
Regulatory requirements		66	49	30	12	13	4	9		18	12	113	6	25	
		26.6%	35.8%	29.4%	32.4%	29.5%	40.0%	45.0%		34.6%	50.0%	28.1%	33.3%	38.5%	
											c	b			
															
Government policies		72	40	28	6	8	7	8		13	8	117	9	18	
		29.0%	29.2%	27.5%	16.2%	18.2%	70.0%	40.0%		25.0%	33.3%	29.1%	50.0%	27.7%	
		F	F	F	F	F	ABCDE								
															
Weak demand for your		64	28	25	10	15	1	5		17	7	103	4	8	
products/services		25.8%	20.4%	24.5%	27.0%	34.1%	10.0%	25.0%		32.7%	29.2%	25.6%	22.2%	12.3%	
										E		e		Ac	
															
Data security		50	29	28	7	8	1	5		13	3	82	5	20	
		20.2%	21.2%	27.5%	18.9%	18.2%	10.0%	25.0%		25.0%	12.5%	20.4%	27.8%	30.8%	

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

17 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		214	143	32	31	34	19	33		318	200	49	29	
		35.1%	23.5%	5.3%	5.1%	5.6%	3.1%	5.4%		52.2%	32.8%	8.0%	4.8%	
														
Economic uncertainty		118	55	19	13	19	9	20		143	107	25	18	
		55.1%	38.5%	59.4%	41.9%	55.9%	47.4%	60.6%		45.0%	53.5%	51.0%	62.1%	
		B	Acg	b				b						
														
Cost of benefits		88	60	9	15	14	5	5		132	78	13	2	
		41.1%	42.0%	28.1%	48.4%	41.2%	26.3%	15.2%		41.5%	39.0%	26.5%	6.9%	
		G	G		G	g		ABDe		cD	D	ad	ABc	
														
Difficulty attracting /
retaining qualified		
55	
62	
12	
11	
13	
1	
10		
111	
70	
10	
6	
employees		25.7%	43.4%	37.5%	35.5%	38.2%	5.3%	30.3%		34.9%	35.0%	20.4%	20.7%	
		Bf	AF	f	f	f	aBcdeg	f		c		a		
														
Regulatory requirements		58	55	11	8	12	5	10		115	46	13	7	
		27.1%	38.5%	34.4%	25.8%	35.3%	26.3%	30.3%		36.2%	23.0%	26.5%	24.1%	
		b	a							B	A			
														
Government policies		62	45	10	8	7	6	12		105	47	8	10	
		29.0%	31.5%	31.3%	25.8%	20.6%	31.6%	36.4%		33.0%	23.5%	16.3%	34.5%	
										bc	a	a		
														
Weak demand for your		52	28	6	7	9	7	10		63	65	16	5	
products/services		24.3%	19.6%	18.8%	22.6%	26.5%	36.8%	30.3%		19.8%	32.5%	32.7%	17.2%	
										Bc	A	a		
														
Data security		45	31	7	4	10	3	7		73	39	6	7	
		21.0%	21.7%	21.9%	12.9%	29.4%	15.8%	21.2%		23.0%	19.5%	12.2%	24.1%	

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

18 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		161	151	90	85	68	45	
		26.4%	24.8%	14.8%	14.0%	11.2%	7.4%	
								
Economic uncertainty		74	84	39	34	40	23	
		46.0%	55.6%	43.3%	40.0%	58.8%	51.1%	
			d		be	d		
								
Cost of benefits		76	56	31	28	23	14	
		47.2%	37.1%	34.4%	32.9%	33.8%	31.1%	
		d			a			
								
Difficulty attracting /
retaining qualified		
61	
45	
26	
35	
15	
17	
employees		37.9%	29.8%	28.9%	41.2%	22.1%	37.8%	
		e			e	ad		
								
Regulatory requirements		43	39	27	30	31	12	
		26.7%	25.8%	30.0%	35.3%	45.6%	26.7%	
		E	E	e		ABcf	e	
								
Government policies		44	33	33	26	22	12	
		27.3%	21.9%	36.7%	30.6%	32.4%	26.7%	
			c	b				
								
Weak demand for your		40	35	23	14	24	12	
products/services		24.8%	23.2%	25.6%	16.5%	35.3%	26.7%	
					E	D		
								
Data security		32	36	21	12	17	11	
		19.9%	23.8%	23.3%	14.1%	25.0%	24.4%	

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

19 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Employee productivity		123		6	10	5	3	1	27	1	13	30	11	1	14	
		20.2%		10.5%	13.0%	20.8%	15.0%	7.7%	29.0%	11.1%	24.5%	26.3%	22.0%	5.6%	18.7%	
				Fi	fi				Abk			ab		f		
																
Access to capital		106		13	14	3	2	5	17	3	22	11	9	2	4	
		17.4%		22.8%	18.2%	12.5%	10.0%	38.5%	18.3%	33.3%	41.5%	9.6%	18.0%	11.1%	5.3%	
				hiL	Hl	h	h	IL	Hl	iL	aBcdFIjkL	aEgH	hl	h	AbEfGHj	
																
Employee morale		99		7	9	2	4	1	10	1	9	23	13	1	18	
		16.3%		12.3%	11.7%	8.3%	20.0%	7.7%	10.8%	11.1%	17.0%	20.2%	26.0%	5.6%	24.0%	
					jl				jl				bf		bf	
																
Currency risk		72		5	9	2	1	2	5	2	8	27	4	2	5	
		11.8%		8.8%	11.7%	8.3%	5.0%	15.4%	5.4%	22.2%	15.1%	23.7%	8.0%	11.1%	6.7%	
				i	i				hI		f	abFjL	i		I	
																
Rising wages and salaries		68		7	4	5	3	0	8	2	6	13	6	1	13	
		11.2%		12.3%	5.2%	20.8%	15.0%	0.0%	8.6%	22.2%	11.3%	11.4%	12.0%	5.6%	17.3%	
					cl	b									b	
																
Corporate tax code		47		4	6	3	2	0	6	3	6	12	2	0	2	
		7.7%		7.0%	7.8%	12.5%	10.0%	0.0%	6.5%	33.3%	11.3%	10.5%	4.0%	0.0%	2.7%	
				g	g			g	G	abeFiJkL	l	gl	G	g	Ghi	
																
Cost of borrowing		40		3	9	0	0	2	5	2	5	3	3	0	8	
		6.6%		5.3%	11.7%	0.0%	0.0%	15.4%	5.4%	22.2%	9.4%	2.6%	6.0%	0.0%	10.7%	
					i	g	g	i		cdIk		beGl		g	i	
																
Geopolitical / health		28		4	3	2	0	1	5	0	0	1	3	0	9	
crises		4.6%		7.0%	3.9%	8.3%	0.0%	7.7%	5.4%	0.0%	0.0%	0.9%	6.0%	0.0%	12.0%	
				i		hi		h			ceL	acL			HI	

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

20 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Employee productivity		49	36	22	4	7	2	2		7	2	86	1	17	
		19.8%	26.3%	21.6%	10.8%	15.9%	20.0%	10.0%		13.5%	8.3%	21.4%	5.6%	26.2%	
			d		b										
															
Access to capital		55	17	17	4	9	2	1		6	4	78	3	10	
		22.2%	12.4%	16.7%	10.8%	20.5%	20.0%	5.0%		11.5%	16.7%	19.4%	16.7%	15.4%	
		b	a												
															
Employee morale		39	20	21	4	8	1	4		10	3	53	5	17	
		15.7%	14.6%	20.6%	10.8%	18.2%	10.0%	20.0%		19.2%	12.5%	13.2%	27.8%	26.2%	
												E		C	
															
Currency risk		13	12	18	9	10	3	6		18	5	40	1	4	
		5.2%	8.8%	17.6%	24.3%	22.7%	30.0%	30.0%		34.6%	20.8%	10.0%	5.6%	6.2%	
		CDEFG	cdefG	Ab	Ab	Ab	Ab	AB		CdE	e	A	a	Ab	
															
Rising wages and salaries		25	10	19	8	5	0	1		3	6	40	3	9	
		10.1%	7.3%	18.6%	21.6%	11.4%	0.0%	5.0%		5.8%	25.0%	10.0%	16.7%	13.8%	
		cd	Cd	aB	ab					b	ac	b			
															
Corporate tax code		20	10	5	4	2	0	4		4	1	39	0	0	
		8.1%	7.3%	4.9%	10.8%	4.5%	0.0%	20.0%		7.7%	4.2%	9.7%	0.0%	0.0%	
				g				c		e		E		aC	
															
Cost of borrowing		21	6	4	2	6	0	1		4	1	25	1	7	
		8.5%	4.4%	3.9%	5.4%	13.6%	0.0%	5.0%		7.7%	4.2%	6.2%	5.6%	10.8%	
			e	e		bc									
															
Geopolitical / health		12	4	4	3	3	0	1		3	0	18	1	3	
crises		4.8%	2.9%	3.9%	8.1%	6.8%	0.0%	5.0%		5.8%	0.0%	4.5%	5.6%	4.6%	

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

21 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Employee productivity		39	38	8	6	2	4	6		56	53	7	6	
		18.2%	26.6%	25.0%	19.4%	5.9%	21.1%	18.2%		17.6%	26.5%	14.3%	20.7%	
			e	e		bc				b	a			
														
Access to capital		49	17	8	2	4	2	5		55	33	8	9	
		22.9%	11.9%	25.0%	6.5%	11.8%	10.5%	15.2%		17.3%	16.5%	16.3%	31.0%	
		Bd	A	d	ac									
														
Employee morale		25	28	5	9	6	1	6		51	30	11	4	
		11.7%	19.6%	15.6%	29.0%	17.6%	5.3%	18.2%		16.0%	15.0%	22.4%	13.8%	
		bD	a		Af		d							
														
Currency risk		16	19	0	6	4	10	9		11	31	17	12	
		7.5%	13.3%	0.0%	19.4%	11.8%	52.6%	27.3%		3.5%	15.5%	34.7%	41.4%	
		dFG	cFg	bdeFG	acf	cF	ABCdE	AbC		BCD	ACD	AB	AB	
														
Rising wages and salaries		17	11	5	8	8	3	2		42	21	3	1	
		7.9%	7.7%	15.6%	25.8%	23.5%	15.8%	6.1%		13.2%	10.5%	6.1%	3.4%	
		DE	DE		ABg	ABg		de						
														
Corporate tax code		21	9	3	0	2	0	4		23	15	6	2	
		9.8%	6.3%	9.4%	0.0%	5.9%	0.0%	12.1%		7.2%	7.5%	12.2%	6.9%	
					g			d						
														
Cost of borrowing		14	12	2	1	1	2	1		24	10	0	6	
		6.5%	8.4%	6.3%	3.2%	2.9%	10.5%	3.0%		7.5%	5.0%	0.0%	20.7%	
										cd	D	aD	aBC	
														
Geopolitical / health		11	3	2	2	4	0	2		10	11	3	3	
crises		5.1%	2.1%	6.3%	6.5%	11.8%	0.0%	6.1%		3.1%	5.5%	6.1%	10.3%	
			e			b								

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

22 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Employee productivity		38	29	12	18	11	14	
		23.6%	19.2%	13.3%	21.2%	16.2%	31.1%	
				f			c	
								
Access to capital		20	32	16	21	9	7	
		12.4%	21.2%	17.8%	24.7%	13.2%	15.6%	
		bd	a		a			
								
Employee morale		24	26	13	12	13	9	
		14.9%	17.2%	14.4%	14.1%	19.1%	20.0%	
								
Currency risk		26	19	10	9	2	6	
		16.1%	12.6%	11.1%	10.6%	2.9%	13.3%	
		E	e			Abf	e	
								
Rising wages and salaries		20	15	11	15	1	6	
		12.4%	9.9%	12.2%	17.6%	1.5%	13.3%	
		E	e	e	E	AbcDf	e	
								
Corporate tax code		11	14	7	8	5	2	
		6.8%	9.3%	7.8%	9.4%	7.4%	4.4%	
								
Cost of borrowing		7	14	3	9	4	2	
		4.3%	9.3%	3.3%	10.6%	5.9%	4.4%	
								
Geopolitical / health		10	4	6	4	3	1	
crises		6.2%	2.6%	6.7%	4.7%	4.4%	2.2%	

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

23 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Total		Industry	

 		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Rising input or		26		5	2	2	0	0	1	0	1	10	1	1	3	
commodity costs		4.3%		8.8%	2.6%	8.3%	0.0%	0.0%	1.1%	0.0%	1.9%	8.8%	2.0%	5.6%	4.0%	
				f		f			aci			f				
																
Deflation		21		5	4	0	1	2	1	0	2	4	0	0	2	
		3.4%		8.8%	5.2%	0.0%	5.0%	15.4%	1.1%	0.0%	3.8%	3.5%	0.0%	0.0%	2.7%	
				fj				FJl	aE				aE		e	
																
Inflation		8		1	2	0	0	0	0	0	0	1	1	1	2	
		1.3%		1.8%	2.6%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.9%	2.0%	5.6%	2.7%	
									k					f		
																
Other		48		4	6	1	2	1	7	0	3	8	5	2	9	
		7.9%		7.0%	7.8%	4.2%	10.0%	7.7%	7.5%	0.0%	5.7%	7.0%	10.0%	11.1%	12.0%	

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

24 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Rising input or		8	6	5	2	3	2	0		2	2	18	1	2	
commodity costs		3.2%	4.4%	4.9%	5.4%	6.8%	20.0%	0.0%		3.8%	8.3%	4.5%	5.6%	3.1%	
		F	f				Abg	f							
															
Deflation		9	4	4	0	0	0	4		4	0	16	0	0	
		3.6%	2.9%	3.9%	0.0%	0.0%	0.0%	20.0%		7.7%	0.0%	4.0%	0.0%	0.0%	
		G	G	G	G	G		ABCDE		e				a	
															
Inflation		4	0	1	0	1	0	1		2	0	4	0	2	
		1.6%	0.0%	1.0%	0.0%	2.3%	0.0%	5.0%		3.8%	0.0%	1.0%	0.0%	3.1%	
			G					B							
															
Other		20	10	10	3	3	1	1		2	3	33	2	6	
		8.1%	7.3%	9.8%	8.1%	6.8%	10.0%	5.0%		3.8%	12.5%	8.2%	11.1%	9.2%	

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

25 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Rising input or		10	6	1	1	1	2	1		12	12	1	1	
commodity costs		4.7%	4.2%	3.1%	3.2%	2.9%	10.5%	3.0%		3.8%	6.0%	2.0%	3.4%	
														
Deflation		6	2	0	0	0	1	4		9	7	3	2	
		2.8%	1.4%	0.0%	0.0%	0.0%	5.3%	12.1%		2.8%	3.5%	6.1%	6.9%	
		g	G	g	g	g		aBcde						
														
Inflation		3	2	0	0	0	0	3		5	1	1	1	
		1.4%	1.4%	0.0%	0.0%	0.0%	0.0%	9.1%		1.6%	0.5%	2.0%	3.4%	
		G	g					Ab						
														
Other		22	11	4	2	2	0	3		25	15	5	3	
		10.3%	7.7%	12.5%	6.5%	5.9%	0.0%	9.1%		7.9%	7.5%	10.2%	10.3%	

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

26 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=609		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Rising input or		9	5	1	8	0	3	
commodity costs		5.6%	3.3%	1.1%	9.4%	0.0%	6.7%	
		e	d	d	bce	adf	e	
								
Deflation		6	6	2	2	3	2	
		3.7%	4.0%	2.2%	2.4%	4.4%	4.4%	
								
Inflation		2	4	0	2	0	0	
		1.2%	2.6%	0.0%	2.4%	0.0%	0.0%	
								
Other		15	10	7	9	4	3	
		9.3%	6.6%	7.8%	10.6%	5.9%	6.7%	

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

27 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Health care		8.6		8.3	8.8	8.5	8.2	9.2	9.1	7.4	9.5	9.3	5.6	10.0	8.7	
costs		7.3		6.1	7.1	8.4	9.3	10.8	7.6	4.9	7.6	6.6	7.2	8.1	7.8	
																
Revenue		6.9		5.5	8.2	3.2	2.6	-16.7	9.4	11.7	15.1	5.9	6.8	-0.9	5.4	
		14.9		10.6	13.1	12.6	10.7	14.3	16.8	17.1	19.1	14.5	8.9	21.6	13.5	
																
Technology		6.0		6.9	4.1	2.9	6.2	13.0	7.1	7.5	11.1	4.4	6.2	2.2	5.1	
spending		9.5		10.9	5.9	3.6	12.0	8.4	9.3	6.8	12.6	10.2	7.0	9.3	9.3	
																
Earnings		5.6		5.0	6.2	5.6	-1.7	-13.4	5.5	15.0	9.2	7.2	6.4	-3.1	5.2	
		16.2		16.0	13.2	15.4	6.0	14.6	15.4	15.6	19.5	19.1	10.0	22.6	14.7	
																
Marketing/		4.3		5.3	4.7	1.9	0.4	-3.6	5.4	6.8	9.7	4.6	2.5	-3.0	1.2	
advertising
spending		10.1		8.1	8.9	8.2	6.0	11.1	9.4	9.8	15.2	10.7	6.9	10.5	8.5	
																
Number of		4.0		3.7	3.3	6.3	0.3	-7.9	6.4	5.7	11.3	2.6	2.8	0.8	2.6	
domestic full-
time employees		9.4		8.6	8.2	8.4	3.9	12.8	8.4	9.7	11.5	10.1	7.2	6.5	7.9	
																
Research and		3.8		3.8	1.1	0.8	0.0	-2.5	4.8	4.8	10.5	1.5	4.7	0.0	4.8	
development
spending		8.7		8.6	4.5	1.8	0.0	8.7	7.8	7.5	10.9	8.4	7.8	0.0	8.1	
																
Wages/Salaries		3.7		2.9	4.1	4.2	2.5	0.5	5.7	3.1	5.9	3.2	3.4	1.5	2.8	
		4.3		3.8	5.1	3.6	1.8	5.7	5.0	3.5	5.6	3.0	3.0	2.2	4.1	
																
Productivity		3.0		4.3	2.5	2.5	0.9	5.0	2.5	2.6	4.8	3.3	2.4	1.4	2.3	
(output per
hour worked)		4.9		5.6	4.7	3.2	1.8	6.1	5.5	3.7	5.1	5.1	3.9	1.2	4.8	
																
Capital spending		3.0		-0.2	5.6	-1.9	9.7	-10.8	3.8	8.1	3.9	3.9	3.4	-2.3	2.7	
		17.8		15.8	14.6	14.3	16.3	33.6	14.3	23.3	22.3	18.8	14.0	16.3	18.8	
																
Cash on the		2.5		4.3	1.9	-3.5	1.5	-14.0	4.1	-0.4	0.2	5.5	2.1	4.4	1.4	
balance sheet		16.3		12.2	14.7	14.8	11.5	22.7	14.4	17.3	21.1	19.4	12.3	16.1	15.8	

28 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Health care		10.1	8.6	7.8	8.0	5.3	9.3	5.7		5.5	8.8	9.7	7.2	6.6	
costs		8.3	7.4	5.9	5.5	4.4	7.0	6.7		5.0	4.8	7.9	5.9	5.8	
															
Revenue		10.0	5.6	6.3	3.7	2.7	-2.0	0.3		-0.8	0.0	8.4	4.7	5.5	
		17.7	13.7	12.2	9.2	12.6	12.2	9.4		12.8	13.2	15.9	4.3	8.8	
															
Technology		7.0	6.1	7.2	3.4	4.1	3.0	1.7		3.1	6.2	7.0	3.2	4.7	
spending		10.2	9.2	10.7	5.0	8.1	2.4	7.3		7.1	7.3	10.4	3.3	7.3	
															
Earnings		7.6	5.2	3.1	6.2	4.5	-0.3	2.1		-0.7	7.7	6.5	-1.3	3.8	
		16.0	17.6	15.7	12.6	18.9	14.0	12.7		16.1	18.3	16.7	5.0	14.0	
															
Marketing/		5.9	3.6	4.3	3.4	1.8	5.4	1.2		2.6	3.9	5.3	3.5	0.6	
advertising
spending		12.7	8.7	9.1	4.3	6.4	9.5	5.3		6.7	9.4	10.8	4.5	8.9	
															
Number of		6.6	3.0	3.9	2.2	0.1	0.2	-2.5		-1.2	1.0	5.6	-0.4	2.3	
domestic full-
time employees		11.2	7.8	8.6	7.4	6.7	2.6	7.1		9.1	7.2	9.9	3.6	7.4	
															
Research and		5.4	4.4	4.0	1.0	0.9	0.7	-1.9		-1.2	3.2	4.8	1.5	2.4	
development
spending		10.2	8.4	7.8	4.0	2.3	1.2	10.2		8.6	10.2	8.6	2.1	5.3	
															
Wages/Salaries		4.9	3.3	3.4	2.7	2.8	2.3	1.5		2.4	2.8	4.2	1.8	2.8	
		5.6	3.5	2.5	3.2	3.3	1.5	3.9		2.9	2.8	4.6	2.3	3.4	
															
Productivity		4.1	2.7	2.4	1.7	1.3	1.6	3.0		2.1	1.2	3.5	1.1	1.6	
(output per
hour worked)		5.8	5.1	4.4	1.9	1.7	1.4	3.6		3.2	2.6	5.2	0.9	3.6	
															
Capital spending		3.7	2.6	1.1	5.9	1.1	14.1	-0.6		0.7	7.5	2.3	6.8	6.0	
		18.6	18.2	19.4	17.9	11.5	19.2	8.3		15.3	16.8	18.6	17.1	17.9	
															
Cash on the		1.5	3.7	2.8	0.8	1.4	9.9	4.5		2.9	6.4	2.7	-1.6	1.1	
balance sheet		17.5	16.4	15.8	16.7	14.4	17.4	7.5		17.8	13.1	17.2	11.1	13.9	

29 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Health care		10.8	8.2	7.7	6.9	6.3	7.5	5.0		8.5	9.0	7.4	10.1	
costs		8.6	7.2	6.3	3.4	5.1	5.8	4.4		7.3	7.4	7.3	7.6	
														
Revenue		10.1	6.0	-1.1	5.0	2.3	4.8	1.8		6.5	7.6	8.9	1.3	
		18.1	10.6	13.9	10.0	10.0	15.5	6.9		13.8	15.3	19.1	14.6	
														
Technology		8.0	6.8	5.0	3.1	4.6	3.3	2.0		5.8	6.2	7.5	4.0	
spending		9.7	10.4	6.8	9.4	5.5	4.4	5.7		9.0	9.5	12.9	5.0	
														
Earnings		8.3	4.2	-2.8	1.8	2.9	7.3	3.7		5.7	6.3	3.4	2.5	
		18.6	13.9	15.7	16.4	15.0	12.3	10.9		14.5	17.8	18.9	17.1	
														
Marketing/		6.4	4.0	1.5	1.4	3.2	4.9	0.6		3.7	5.5	4.1	3.1	
advertising
spending		12.3	9.2	6.3	4.3	4.9	6.3	3.4		9.8	10.7	10.5	3.9	
														
Number of		6.0	3.7	3.3	2.3	1.7	0.9	-1.2		4.1	4.5	3.4	0.3	
domestic full-
time employees		11.2	7.4	10.0	6.9	7.6	4.4	5.4		9.3	8.9	11.5	10.9	
														
Research and		5.7	4.3	1.4	1.0	1.7	0.1	-0.7		3.4	4.7	2.4	4.0	
development
spending		10.2	7.9	9.3	3.6	3.0	4.0	8.3		6.9	8.6	10.9	13.0	
														
Wages/Salaries		4.6	3.8	2.2	2.7	2.6	2.9	2.5		3.8	3.8	3.8	3.0	
		5.7	2.8	3.7	1.2	1.8	2.9	1.3		4.5	3.9	5.2	3.4	
														
Productivity		4.2	3.0	1.4	0.9	1.7	2.1	2.7		2.4	3.6	3.8	2.5	
(output per
hour worked)		5.7	4.9	3.1	1.9	2.1	1.4	2.9		4.6	5.0	4.9	5.8	
														
Capital spending		4.8	3.2	-5.9	8.4	2.7	4.2	0.8		3.6	2.4	3.7	1.6	
		19.0	17.1	19.5	17.5	15.5	14.0	7.7		17.6	18.5	16.7	19.5	
														
Cash on the		4.3	2.1	-1.4	0.0	7.3	-1.8	3.7		2.0	3.7	3.2	-4.8	
balance sheet		18.8	15.7	14.0	11.0	16.2	17.8	4.4		14.6	18.4	17.3	16.7	

30 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Health care		8.5	8.2	8.6	10.6	8.1	8.1	
costs		7.6	7.2	6.6	7.8	6.9	6.9	
								
Revenue		6.6	4.9	7.8	11.8	2.2	8.8	
		12.5	13.9	14.2	18.1	16.5	16.6	
								
Technology		5.6	5.3	4.0	7.6	7.6	7.5	
spending		9.2	9.5	7.7	11.4	9.1	9.6	
								
Earnings		7.3	1.9	6.2	6.9	4.6	8.5	
		14.6	14.3	16.7	19.6	16.2	17.6	
								
Marketing/		3.2	5.3	5.1	5.2	3.7	2.3	
advertising
spending		9.9	8.7	10.1	9.4	11.3	14.3	
								
Number of		3.2	4.0	3.4	6.1	3.2	5.6	
domestic full-
time employees		7.3	9.6	8.6	12.1	10.5	10.0	
								
Research and		4.0	3.7	3.8	3.9	1.5	7.0	
development
spending		7.3	8.7	9.8	8.2	9.5	10.9	
								
Wages/Salaries		3.5	3.8	3.1	4.6	3.3	5.1	
		3.9	4.1	2.2	5.6	4.7	5.2	
								
Productivity		2.9	2.1	1.7	3.8	4.7	3.5	
(output per
hour worked)		4.6	4.1	4.4	5.9	5.7	4.3	
								
Capital spending		1.9	3.1	4.0	5.2	1.6	3.0	
		17.3	15.6	19.3	18.6	22.8	16.6	
								
Cash on the		4.2	0.1	5.6	3.8	0.0	-0.7	
balance sheet		14.8	17.5	16.8	12.8	19.8	17.3	

31 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Prices of your		1.3		2.3	2.5	0.6	1.1	-5.6	2.6	6.7	1.6	0.5	1.3	-6.1	1.7	
products		4.8		3.6	4.4	3.6	2.4	7.0	4.7	6.6	5.1	4.8	3.1	7.3	4.2	
																
Share		1.1		1.4	2.9	2.1	-4.3	0.0	0.1	0.0	0.5	1.6	1.7	0.0	0.4	
repurchases		5.7		9.8	8.1	5.7	11.5	0.0	1.5	0.0	2.1	5.8	5.8	0.0	1.4	
																
Number of		0.9		0.4	0.7	0.1	0.0	-4.6	1.9	0.4	1.5	0.5	1.3	0.0	1.4	
offshore
outsourced
employees		4.1		1.5	2.3	0.4	0.0	7.9	4.9	0.9	5.6	3.8	4.5	0.0	3.9	
																
Number of		0.8		2.4	1.9	1.8	3.0	5.0	1.2	5.2	2.7	-2.3	1.0	0.4	1.3	
domestic
temporary
employees		6.8		7.2	4.2	3.7	8.9	6.8	3.6	6.6	6.8	8.6	5.3	0.8	7.5	
																
Dividends		0.5		0.0	-0.6	0.0	8.0	-14.1	0.0	0.0	0.0	1.1	0.0	1.5	5.3	
		9.6		0.0	18.3	---	---	19.9	0.0	---	0.0	4.8	0.0	2.1	13.3	

32 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Prices of your		2.0	1.0	0.9	1.3	0.2	2.4	0.6		0.2	-0.6	1.5	2.2	2.2	
products		5.1	4.1	5.1	2.7	4.2	10.2	5.9		4.9	5.4	5.0	1.7	3.9	
															
Share		1.3	1.2	-0.8	1.8	1.1	3.8	1.4		1.0	4.9	0.9	0.0	0.0	
repurchases		5.8	7.6	4.6	5.4	2.9	7.5	2.5		2.6	7.3	6.3	---	0.0	
															
Number of		0.6	1.1	1.9	1.4	-0.7	0.0	2.5		0.3	4.8	1.0	0.0	0.0	
offshore
outsourced
employees		4.1	3.8	4.3	4.7	3.6	0.0	3.5		4.1	6.9	4.2	0.0	0.0	
															
Number of		1.7	-0.5	1.5	1.3	-0.1	0.6	-2.4		-2.4	-0.4	1.2	3.5	2.3	
domestic
temporary
employees		7.0	7.1	6.3	8.5	1.9	0.9	9.1		7.0	7.3	6.6	7.9	4.8	
															
Dividends		3.2	1.7	-4.0	5.8	-2.7	1.5	3.9		-1.0	1.6	---	---	---	
		7.2	15.1	10.6	7.9	7.8	2.1	2.9		9.1	12.1	---	---	---	

33 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Prices of your		2.1	1.1	-1.5	1.4	1.0	0.2	0.9		1.7	1.1	0.6	1.5	
products		4.7	4.7	5.6	3.7	4.6	5.1	4.7		4.9	4.6	4.4	6.9	
														
Share		1.7	0.8	0.2	0.2	2.1	1.3	2.9		0.7	1.2	1.9	1.9	
repurchases		6.2	7.1	0.4	0.6	5.4	3.3	5.0		6.8	4.4	5.8	5.3	
														
Number of		0.5	1.7	-1.7	0.5	2.4	0.0	1.0		0.0	1.7	1.8	-0.6	
offshore
outsourced
employees		3.4	5.4	4.8	1.0	5.9	0.0	3.5		2.5	5.0	3.2	7.6	
														
Number of		2.0	0.3	-0.1	1.5	0.9	0.4	-2.2		1.5	0.6	-0.7	-0.9	
domestic
temporary
employees		7.5	7.1	5.2	5.4	2.6	7.4	7.4		5.8	6.1	10.0	11.3	
														
Dividends		-25.0	-0.4	0.0	0.0	0.5	0.0	1.5		1.6	0.0	0.5	-1.2	
		---	14.2	---	---	13.2	0.0	4.6		9.8	9.2	12.4	5.1	

34 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Prices of your		0.7	1.7	1.7	1.6	0.1	3.4	
products		4.1	4.1	5.2	5.2	6.4	4.3	
								
Share		0.2	0.9	1.3	2.4	2.7	0.0	
repurchases		6.4	3.9	3.6	7.6	8.0	0.0	
								
Number of		0.9	1.8	2.1	0.4	-1.1	1.0	
offshore
outsourced
employees		3.3	5.3	4.8	1.4	4.1	3.8	
								
Number of		0.5	1.2	-0.2	0.5	0.5	2.7	
domestic
temporary
employees		6.5	6.5	5.8	9.3	5.9	6.2	
								
Dividends		2.6	-5.8	2.4	4.3	0.1	0.0	
		5.1	16.3	5.2	10.1	5.4	0.0	

35 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Technology		4.3		6.7	4.7	3.1	2.5	18.0	4.6	4.3	6.1	2.8	5.1	1.5	3.6	
spending		8.5		10.0	5.8	4.2	5.3	4.7	7.5	3.2	8.3	10.9	5.5	7.9	6.9	
																
Earnings		3.9		7.3	7.6	7.6	2.7	-25.0	3.7	22.2	4.7	0.7	8.6	-4.8	5.9	
		15.8		15.7	17.2	14.0	5.0	9.8	11.6	15.8	14.1	16.8	11.5	14.8	10.1	
																
Revenue		3.7		9.6	7.8	5.0	-1.3	-25.8	6.1	12.3	8.5	1.0	5.1	-6.6	3.6	
		12.5		14.2	11.5	13.4	6.5	8.7	11.5	8.2	15.1	11.1	7.0	17.4	8.5	
																
Marketing/		2.8		6.5	0.4	0.2	0.2	2.8	4.2	4.2	5.9	1.6	1.5	5.2	3.2	
advertising
spending		7.6		8.2	10.5	7.2	5.0	5.8	6.9	3.5	9.6	7.2	6.1	9.8	5.4	
																
Cash on the		2.9		5.2	1.8	-1.7	-0.6	-11.9	2.6	6.0	1.6	4.1	2.5	10.0	6.2	
balance sheet		14.0		11.6	11.5	15.7	9.2	19.9	11.0	12.5	13.6	17.0	7.1	18.9	13.5	
																
Capital spending		2.0		0.5	5.4	-3.1	9.1	5.5	0.7	5.6	2.6	-0.5	1.5	2.0	2.6	
		14.8		14.4	13.4	15.0	11.8	36.1	12.2	10.0	12.6	13.8	10.0	11.3	13.2	
																
Research and		1.2		4.5	0.7	0.4	0.0	0.2	1.4	8.2	7.5	-1.4	2.9	0.0	2.9	
development
spending		7.5		9.2	3.2	1.5	---	9.2	6.0	4.8	8.7	8.1	5.2	0.0	5.2	
																
Share		1.2		-2.6	0.7	7.4	2.9	0.0	0.1	0.0	2.6	1.5	1.2	0.0	0.2	
repurchases		4.1		11.8	4.0	8.3	5.0	0.0	1.0	0.0	3.9	3.6	5.0	0.0	1.0	
																
Prices of your		0.8		2.3	2.9	-0.8	2.1	-4.2	0.5	8.3	0.7	-0.6	1.3	-4.7	1.4	
products		5.0		2.8	4.9	4.8	1.4	8.4	4.5	6.4	3.6	4.9	2.9	7.6	2.9	
																
Dividends		0.4		0.0	2.3	0.0	8.0	-26.4	0.0	0.0	0.0	0.9	0.0	2.8	2.5	
		7.2		0.0	12.1	0.0	0.0	7.6	0.0	0.0	0.0	3.6	0.0	1.0	8.0	

36 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Technology		7.0	6.1	7.2	3.4	4.1	3.0	1.7		1.6	5.5	6.7	3.7	5.2	
spending		10.4	9.4	10.7	5.0	8.0	2.3	7.1		7.0	6.7	10.4	2.0	6.2	
															
Earnings		7.6	5.2	3.1	6.2	4.5	-0.3	2.1		-0.4	15.5	5.9	-1.7	5.5	
		16.2	17.8	15.7	12.6	18.6	13.2	12.3		14.8	19.0	15.5	4.3	19.3	
															
Revenue		10.0	5.6	6.3	3.7	2.7	-2.0	0.3		-1.9	-0.6	7.7	3.6	4.4	
		17.9	13.8	12.2	9.2	12.5	11.6	9.0		11.1	12.3	13.5	3.3	8.1	
															
Marketing/		5.9	3.6	4.3	3.4	1.8	5.4	1.2		1.1	5.2	5.0	2.0	-0.9	
advertising
spending		12.9	8.9	9.1	4.3	6.3	8.9	5.1		5.2	7.0	8.6	3.3	8.3	
															
Cash on the		1.5	3.7	2.8	0.8	1.4	9.9	4.5		1.7	11.5	3.0	-0.4	3.4	
balance sheet		17.8	16.6	15.8	16.7	14.2	16.4	7.2		14.9	14.5	15.4	7.5	9.9	
															
Capital spending		3.7	2.6	1.1	5.9	1.1	14.1	-0.6		-0.6	7.8	2.3	5.6	2.6	
		18.8	18.4	19.4	17.9	11.3	18.6	8.1		13.5	13.3	16.8	11.9	10.5	
															
Research and		5.4	4.4	4.0	1.0	0.9	0.7	-1.9		-1.6	1.9	3.7	1.4	2.0	
development
spending		10.4	8.6	7.8	4.0	2.2	1.0	9.7		7.9	5.6	7.1	2.2	3.1	
															
Share		1.3	1.2	-0.8	1.8	1.1	3.8	1.4		1.5	5.0	0.1	0.0	0.0	
repurchases		6.0	7.9	4.6	5.4	2.9	6.8	2.3		2.8	6.4	4.5	0.0	0.0	
															
Prices of your		2.0	1.0	0.9	1.3	0.2	2.4	0.6		-0.3	-1.1	1.5	1.7	3.0	
products		5.2	4.2	5.1	2.7	4.1	9.5	5.7		4.8	5.5	5.4	1.0	3.2	
															
Dividends		3.2	1.7	-4.0	5.8	-2.7	1.5	3.9		0.2	1.4	---	---	---	
		41.0	17.8	10.6	8.1	7.6	1.7	2.7		7.7	6.2	---	---	---	

37 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Technology		7.9	7.4	5.3	6.4	3.7	1.9	2.0		5.1	5.4	0.5	3.6	
spending		9.6	10.5	9.2	12.6	4.8	4.0	6.3		7.3	9.1	10.0	3.3	
														
Earnings		11.3	5.9	-6.8	3.2	2.9	1.5	2.8		7.0	4.1	-3.4	5.0	
		19.7	15.8	13.8	20.7	17.7	11.5	11.6		15.2	17.4	14.3	10.2	
														
Revenue		9.9	6.5	-4.1	4.4	0.0	4.6	1.4		5.8	2.5	0.8	4.8	
		16.9	10.8	15.8	8.6	11.2	17.2	8.0		12.8	12.7	12.8	9.9	
														
Marketing/		4.6	4.8	1.6	1.8	3.6	4.3	0.6		2.8	3.8	0.4	2.8	
advertising
spending		13.8	8.9	6.0	3.3	5.4	6.7	3.7		9.6	6.6	7.2	1.2	
														
Cash on the		8.9	1.4	-7.2	0.7	8.8	-4.5	3.6		2.9	2.8	2.8	5.1	
balance sheet		18.0	16.2	16.1	9.8	16.1	15.7	4.4		12.6	17.7	8.3	7.3	
														
Capital spending		5.0	3.2	-1.2	5.5	-0.9	2.4	-0.1		4.1	2.2	-2.3	1.7	
		19.1	17.0	25.4	12.1	15.1	10.7	7.6		14.6	16.4	12.0	12.1	
														
Research and		4.2	4.5	0.9	1.1	0.7	0.8	-1.2		1.7	2.8	-3.5	4.3	
development
spending		8.9	7.3	8.4	2.8	2.3	2.7	9.1		4.8	5.3	10.4	8.1	
														
Share		1.0	0.4	0.1	0.1	0.8	1.8	2.5		-0.1	1.6	1.5	1.5	
repurchases		4.9	5.1	0.4	0.5	3.4	3.4	4.1		5.1	3.6	3.4	4.6	
														
Prices of your		2.4	0.9	-1.8	1.1	0.2	-0.7	0.9		1.6	0.2	-0.5	4.8	
products		5.6	4.8	5.7	2.6	5.4	5.2	5.2		5.1	4.5	4.6	6.0	
														
Dividends		-25.0	-6.3	0.0	0.0	-4.0	0.0	2.2		3.4	-0.6	0.9	-0.7	
		---	18.4	0.0	0.0	12.9	0.0	4.2		5.8	9.2	6.0	4.7	

38 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Technology		3.3	2.9	7.1	3.5	6.4	6.2	
spending		6.1	11.4	9.4	7.4	7.5	7.6	
								
Earnings		6.0	-2.0	2.5	6.8	2.5	12.1	
		10.9	15.6	17.1	19.7	13.9	18.5	
								
Revenue		4.0	2.6	4.2	6.5	-2.4	8.2	
		11.1	11.5	11.8	15.1	13.6	13.0	
								
Marketing/		2.2	2.9	2.8	4.5	4.7	-5.6	
advertising
spending		7.0	8.1	6.0	6.4	7.4	14.0	
								
Cash on the		1.6	2.6	6.4	5.1	1.1	0.0	
balance sheet		12.7	14.8	13.8	11.4	18.4	14.2	
								
Capital spending		1.2	-0.5	0.5	3.6	7.5	5.7	
		13.1	15.6	12.3	13.5	21.0	13.5	
								
Research and		2.2	-1.1	0.3	2.5	0.6	4.4	
development
spending		4.4	9.3	10.5	5.5	7.0	9.3	
								
Share		1.6	1.3	1.2	0.4	1.1	0.0	
repurchases		4.9	3.8	4.0	3.2	4.5	0.0	
								
Prices of your		0.7	0.5	0.9	0.3	1.2	2.3	
products		3.0	5.2	6.0	5.5	6.7	3.3	
								
Dividends		1.9	-9.0	3.1	0.7	1.0	0.0	
		2.5	14.3	4.2	3.5	6.3	---	

39 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Health care		7.0		8.5	8.2	7.2	5.5	2.0	8.3	3.2	7.3	7.8	3.2	8.1	7.8	
costs		6.2		5.5	5.6	6.5	6.2	13.7	7.1	5.4	6.2	5.3	4.6	5.9	6.9	
																
Wages/Salaries		3.1		3.3	3.5	4.5	3.5	2.1	4.9	1.3	4.1	2.9	2.8	1.2	2.8	
		3.0		3.3	3.8	4.1	2.4	5.2	4.3	2.8	4.4	2.0	1.9	2.4	2.6	
																
Productivity		2.6		3.6	0.7	1.0	2.1	5.0	1.9	5.9	3.0	3.3	2.2	2.2	2.2	
(output per
hour worked)		3.6		4.3	3.4	2.6	1.5	7.1	4.2	3.6	4.5	3.8	2.7	0.9	2.5	
																
Number of		1.6		3.6	3.1	4.6	-0.6	-8.8	5.3	4.1	6.5	-1.0	2.2	-1.2	1.8	
domestic full-
time employees		7.7		6.7	6.8	6.4	3.8	12.1	6.7	5.7	10.8	9.0	5.0	4.2	4.3	
																
Number of		1.1		0.4	1.2	0.0	0.0	-4.1	2.0	0.2	1.4	1.2	1.5	0.0	0.6	
offshore
outsourced
employees		4.1		1.6	1.9	0.0	0.0	12.3	5.0	0.6	5.7	4.5	4.7	0.0	2.9	
																
Number of		-0.3		4.0	1.7	1.2	4.1	3.6	1.6	6.2	1.8	-4.3	0.6	0.2	1.4	
domestic
temporary
employees		6.8		5.6	3.2	3.6	10.6	4.6	3.4	4.1	5.0	8.1	3.5	0.6	4.6	

40 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Health care		10.3	8.4	7.7	8.3	4.5	9.4	4.5		5.2	7.9	9.3	5.2	4.2	
costs		8.5	7.3	5.3	5.6	4.0	5.9	3.5		3.9	4.2	7.4	4.0	4.4	
															
Wages/Salaries		5.0	3.2	3.2	3.2	2.4	2.5	2.3		2.7	3.1	3.7	1.6	2.6	
		5.3	3.4	1.9	2.4	1.9	1.4	1.8		1.4	3.0	3.8	2.4	2.2	
															
Productivity		4.5	2.6	2.4	1.9	1.7	1.6	3.3		2.4	1.9	3.4	1.0	1.6	
(output per
hour worked)		5.8	5.1	3.5	1.8	1.5	1.3	3.5		3.0	1.6	4.7	1.0	2.1	
															
Number of		6.8	2.8	3.3	3.1	-0.6	0.2	-2.3		-2.7	0.3	5.0	-0.9	1.9	
domestic full-
time employees		10.6	7.6	7.1	8.1	4.7	2.9	7.0		6.8	5.1	8.5	3.1	4.7	
															
Number of		0.8	1.3	3.0	2.1	-1.2	0.0	2.8		1.0	3.8	0.9	0.0	0.0	
offshore
outsourced
employees		4.8	4.3	5.9	5.6	2.3	0.0	3.4		3.8	6.8	4.1	0.0	0.0	
															
Number of		2.1	-1.1	1.6	1.5	-0.7	0.4	-2.9		-3.3	-1.0	1.8	3.3	1.4	
domestic
temporary
employees		7.3	6.8	5.6	8.8	2.4	0.6	9.3		7.1	7.6	6.4	7.0	3.3	

41 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Health care		10.8	8.2	7.7	6.9	6.3	7.5	5.0		7.4	7.3	5.4	5.4	
costs		8.6	7.2	6.5	3.4	5.1	5.7	4.3		6.9	5.8	5.1	5.6	
														
Wages/Salaries		4.6	3.8	2.2	2.7	2.6	2.9	2.5		3.4	3.1	2.6	2.6	
		5.8	2.8	3.8	1.2	1.7	2.8	1.2		3.6	2.5	3.0	2.0	
														
Productivity		4.2	3.0	1.4	0.9	1.7	2.1	2.7		2.3	2.4	3.8	2.5	
(output per
hour worked)		5.8	4.9	3.3	1.9	2.0	1.3	2.8		3.9	3.3	3.7	3.7	
														
Number of		6.0	3.7	3.3	2.3	1.7	0.9	-1.2		3.1	2.2	-2.5	0.1	
domestic full-
time employees		11.3	7.4	10.3	6.9	7.5	4.3	5.3		7.1	6.7	9.3	8.9	
														
Number of		0.5	1.7	-1.7	0.5	2.4	0.0	1.0		0.1	1.8	3.3	-1.3	
offshore
outsourced
employees		3.4	5.4	5.5	1.0	5.8	0.0	3.4		2.2	4.7	3.8	3.5	
														
Number of		2.0	0.3	-0.1	1.5	0.9	0.4	-2.2		1.8	0.7	-5.6	-0.1	
domestic
temporary
employees		7.6	7.1	5.5	5.4	2.6	7.2	7.2		5.2	4.3	10.1	5.9	

42 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Health care		7.1	5.8	6.8	7.9	6.0	12.1	
costs		6.0	6.6	5.3	6.0	4.9	7.7	
								
Wages/Salaries		3.1	3.1	2.4	3.5	2.9	4.8	
		2.8	3.2	1.8	3.6	2.7	4.3	
								
Productivity		2.6	2.2	2.6	2.8	3.1	3.9	
(output per
hour worked)		3.2	2.9	4.3	4.2	4.0	3.9	
								
Number of		1.0	1.5	0.9	2.1	1.5	7.0	
domestic full-
time employees		5.6	8.2	8.4	9.0	6.6	10.3	
								
Number of		1.6	2.7	1.3	-0.4	-2.0	1.4	
offshore
outsourced
employees		3.6	5.3	3.2	1.0	3.7	4.8	
								
Number of		-0.6	-0.9	-0.5	0.5	-0.3	3.1	
domestic
temporary
employees		5.4	7.9	8.3	6.6	5.3	7.4	

43 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=247		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Cash on the		3.2		20.0	-0.9	10.0	-2.5	-13.5	10.0	15.0	3.8	4.8	5.7	44.4	1.9	
balance sheet		15.2		---	6.6	0.0	2.6	18.8	18.8	18.8	1.8	16.9	6.9	0.0	4.9	
																
Share		2.1		0.0	0.1	15.0	4.0	0.0	0.0	0.0	3.9	1.9	10.0	0.0	0.7	
repurchases		4.0		---	0.3	0.0	0.0	---	0.0	0.0	4.2	3.3	15.1	0.0	1.9	
																
Earnings		1.6		15.0	5.9	10.0	3.0	-27.8	15.0	44.8	4.2	-1.2	13.0	3.0	13.4	
		16.3		---	11.4	0.0	5.2	7.2	7.2	7.2	1.2	15.3	6.9	0.0	7.8	
																
Dividends		0.4		0.0	2.0	0.0	8.0	-26.4	0.0	0.0	0.0	1.0	0.0	3.0	6.0	
		7.5		---	12.1	0.0	0.0	7.6	0.0	0.0	0.0	3.7	0.0	0.0	9.9	
																
Revenue		-1.6		15.0	3.9	5.0	-4.3	-28.1	8.0	8.0	3.4	-2.5	5.1	-29.1	3.9	
		11.3		---	6.8	0.0	1.0	5.9	2.1	2.1	9.8	9.3	2.1	0.0	2.5	

44 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=247		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Cash on the		-5.0	0.0	6.2	9.3	0.7	18.1	2.4		1.7	11.5	---	---	---	
balance sheet		---	8.9	19.6	17.0	22.0	20.3	4.5		14.9	14.5	---	---	---	
															
Share		---	0.0	0.5	3.6	1.6	7.5	2.0		1.5	5.0	---	---	---	
repurchases		---	---	0.7	7.6	3.4	8.3	2.6		2.8	6.4	---	---	---	
															
Earnings		10.0	-3.1	-1.5	4.6	3.2	9.3	-0.4		-0.4	15.5	---	---	---	
		---	19.7	20.0	18.3	19.6	5.3	13.0		14.8	19.0	---	---	---	
															
Dividends		0.0	0.0	-9.4	5.8	-3.1	1.5	3.9		0.2	1.4	---	---	---	
		---	22.6	16.1	8.1	8.1	1.7	2.7		7.7	6.2	---	---	---	
															
Revenue		10.0	-2.4	4.8	-0.4	-1.5	-7.4	-2.4		-1.9	-0.6	---	---	---	
		---	18.8	16.5	12.6	10.9	16.5	9.4		11.1	12.3	---	---	---	

45 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=247		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Cash on the		-10.0	5.3	-24.0	12.4	17.4	-5.5	3.1		8.5	1.2	2.3	6.3	
balance sheet		---	24.9	17.9	6.3	19.8	16.4	4.8		15.1	20.5	5.2	5.9	
														
Share		---	0.0	1.0	0.0	1.0	1.8	3.2		0.1	2.7	1.6	2.8	
repurchases		---	0.0	0.0	0.0	3.7	3.4	4.4		0.3	4.0	3.0	6.0	
														
Earnings		-27.5	0.3	-23.0	37.2	5.3	-0.7	0.7		9.7	3.8	-5.7	2.3	
		---	20.0	10.5	18.7	19.4	11.1	12.0		6.5	20.3	13.3	12.0	
														
Dividends		-25.0	-6.3	0.0	0.0	-4.0	0.0	2.4		3.5	-0.6	0.7	-0.9	
		---	18.4	0.0	0.0	12.9	0.0	4.3		5.8	9.4	5.7	5.3	
														
Revenue		-22.5	2.4	-13.9	5.1	-2.1	-2.2	-1.1		0.8	-3.2	-1.3	0.9	
		---	6.5	23.8	2.9	14.2	7.7	8.5		13.7	11.1	11.3	9.0	

46 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

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

N=247		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Cash on the		0.5	5.2	15.0	5.4	-1.4	0.0	
balance sheet		12.6	8.8	19.1	10.6	22.4	---	
								
Share		2.9	2.6	2.7	0.1	0.4	0.0	
repurchases		3.5	5.1	5.7	0.3	0.5	---	
								
Earnings		4.9	-6.8	-0.4	8.5	-1.1	7.0	
		7.2	19.9	22.2	24.1	12.6	---	
								
Dividends		1.9	-13.2	4.0	0.8	1.0	0.0	
		2.4	14.6	4.4	3.6	6.4	---	
								
Revenue		-0.2	-0.8	-2.7	1.7	-9.2	5.0	
		4.7	13.3	13.0	13.0	16.0	---	

47 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized] 

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Within the US		94.8		95.6	95.2	98.2	99.4	93.5	96.3	88.8	89.3	91.4	97.8	99.4	96.8	
		11.8		10.7	11.7	8.3	2.4	15.1	10.3	17.2	15.0	13.9	8.5	2.3	10.1	
																
Outside the US		5.2		4.4	4.8	1.8	0.6	6.5	3.7	11.2	10.7	8.6	2.2	0.6	3.2	
		11.8		10.7	11.7	8.3	2.4	15.1	10.3	17.2	15.0	13.9	8.5	2.3	10.1	

48 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized] 

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Within the US		96.2	97.8	94.6	93.2	87.2	92.3	81.0		84.9	86.2	95.8	99.9	98.7	
		10.4	8.1	10.8	13.2	16.0	15.4	18.2		16.5	17.3	10.7	0.5	5.6	
															
Outside the US		3.8	2.2	5.4	6.8	12.8	7.7	19.0		15.1	13.8	4.2	0.1	1.3	
		10.4	8.1	10.8	13.2	16.0	15.4	18.2		16.5	17.3	10.7	0.5	5.6	

49 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized] 

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Within the US		97.4	95.9	93.7	93.0	93.3	85.2	80.5		99.4	94.0	81.1	73.6	
		8.3	10.8	12.8	12.2	12.5	16.3	17.7		4.4	11.2	17.0	16.9	
														
Outside the US		2.6	4.1	6.3	7.0	6.7	14.8	19.5		0.6	6.0	18.9	26.4	
		8.3	10.8	12.8	12.2	12.5	16.3	17.7		4.4	11.2	17.0	16.9	

50 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized] 

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Within the US		95.2	92.9	95.4	94.8	95.3	97.3	
		10.9	13.6	11.4	12.1	11.4	10.0	
								
Outside the US		4.8	7.1	4.6	5.2	4.7	2.7	
		10.9	13.6	11.4	12.1	11.4	10.0	

51 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized - Revenue Weighted] 

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Within the US		88.9		97.3	86.3	91.6	97.3	97.8	91.8	76.2	77.5	80.4	97.6	99.7	95.6	
		15.8		6.7	17.7	16.7	4.5	9.1	13.5	16.6	15.4	16.6	7.7	1.2	11.9	
																
Outside the US		11.1		2.7	13.7	8.4	2.7	2.2	8.2	23.8	22.5	19.6	2.4	0.3	4.4	
		15.8		6.7	17.7	16.7	4.5	9.1	13.5	16.6	15.4	16.6	7.7	1.2	11.9	

52 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized - Revenue Weighted] 

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Within the US		96.2	97.8	94.6	93.2	87.2	92.3	81.0		81.6	78.9	93.0	99.8	98.9	
		10.5	8.2	10.8	13.2	15.9	15.0	17.8		16.7	17.4	13.5	0.6	5.3	
															
Outside the US		3.8	2.2	5.4	6.8	12.8	7.7	19.0		18.4	21.1	7.0	0.2	1.1	
		10.5	8.2	10.8	13.2	15.9	15.0	17.8		16.7	17.4	13.5	0.6	5.3	

53 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized - Revenue Weighted] 

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Within the US		98.1	96.2	94.0	93.3	91.8	85.2	78.6		99.8	93.2	70.9	64.6	
		7.2	10.3	12.5	11.3	13.1	16.7	17.3		2.4	11.1	12.7	8.5	
														
Outside the US		1.9	3.8	6.0	6.7	8.2	14.8	21.4		0.2	6.8	29.1	35.4	
		7.2	10.3	12.5	11.3	13.1	16.7	17.3		2.4	11.1	12.7	8.5	

54 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

4b. For 2016, what is your planned change in capital spending... [Winsorized - Revenue Weighted] 

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Within the US		87.6	84.6	89.2	94.3	90.5	98.1	
		15.0	17.4	16.2	12.8	15.0	8.4	
								
Outside the US		12.4	15.4	10.8	5.7	9.5	1.9	
		15.0	17.4	16.2	12.8	15.0	8.4	

55 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Probability of		31.1		34.4	32.2	31.1	27.8	41.8	30.5	35.0	27.8	30.5	32.1	35.0	28.6	
recession		24.2		25.3	25.4	27.7	18.2	24.6	24.9	32.0	24.1	21.7	25.2	22.3	24.3	

56 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Probability of		32.7	27.7	32.4	24.7	32.8	18.6	40.2		28.6	29.4	32.3	32.5	25.7	
recession		25.1	23.7	23.3	18.6	22.9	16.7	29.9		21.7	30.0	24.1	23.8	19.7	

57 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Probability of		33.5	29.6	31.3	27.2	33.3	23.2	33.1		31.3	29.8	29.8	41.7	
recession		24.4	23.5	23.4	22.7	23.0	16.3	26.8		24.3	23.1	23.3	32.2	

58 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5a. What do you think is the probability that your country's economy will be in recession at the end of 2016?

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Probability of		27.4	30.9	33.1	33.4	33.4	34.4	
recession		21.4	26.4	24.1	25.4	24.5	20.7	

59 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.4%	12.7%	3.8%	3.2%	2.2%	15.3%	1.6%	8.7%	18.4%	7.9%	3.0%	12.7%	
																
Slowdown in China		369		36	46	14	12	10	52	4	37	72	29	9	47	
		58.7%		61.0%	57.5%	58.3%	60.0%	71.4%	54.2%	40.0%	67.3%	62.1%	58.0%	47.4%	58.8%	
																
Political risk		331		27	44	6	9	6	60	7	35	60	30	11	33	
		52.6%		45.8%	55.0%	25.0%	45.0%	42.9%	62.5%	70.0%	63.6%	51.7%	60.0%	57.9%	41.3%	
				f	c	bFgHiJk			aCL	c	Cl	c	Cl	c	Fhj	
																
Stock market decline		313		32	32	10	13	6	47	4	29	53	28	11	47	
		49.8%		54.2%	40.0%	41.7%	65.0%	42.9%	49.0%	40.0%	52.7%	45.7%	56.0%	57.9%	58.8%	
					dl		b								b	
																
Budget Deficit		258		28	30	13	7	9	39	7	19	47	24	8	25	
		41.0%		47.5%	37.5%	54.2%	35.0%	64.3%	40.6%	70.0%	34.5%	40.5%	48.0%	42.1%	31.3%	
						l		hl		hl	eg				ceg	
																
Price of oil		251		21	32	7	9	9	36	2	20	53	20	6	35	
		39.9%		35.6%	40.0%	29.2%	45.0%	64.3%	37.5%	20.0%	36.4%	45.7%	40.0%	31.6%	43.8%	
						e		cg		e						
																
Slowdown in Europe		245		16	28	10	9	7	35	3	27	49	21	6	33	
		39.0%		27.1%	35.0%	41.7%	45.0%	50.0%	36.5%	30.0%	49.1%	42.2%	42.0%	31.6%	41.3%	
				h							a					
																
New regulations		191		20	35	7	4	5	27	0	16	29	19	8	19	
		30.4%		33.9%	43.8%	29.2%	20.0%	35.7%	28.1%	0.0%	29.1%	25.0%	38.0%	42.1%	23.8%	
				g	fGIL			g	b	aBejk		B	g	g	B	
																
Slowdown in emerging
economies other than		
185		
14	
17	
9	
7	
6	
26	
0	
18	
38	
15	
5	
28	
China		29.4%		23.7%	21.3%	37.5%	35.0%	42.9%	27.1%	0.0%	32.7%	32.8%	30.0%	26.3%	35.0%	
						g	g	g		cdehil	g	g			g	

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

60 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		255	141	108	37	45	11	21		54	24	416	19	68	
		40.5%	22.4%	17.2%	5.9%	7.2%	1.7%	3.3%		8.6%	3.8%	66.1%	3.0%	10.8%	
															
Slowdown in China		137	82	73	26	30	6	11		31	18	239	7	49	
		53.7%	58.2%	67.6%	70.3%	66.7%	54.5%	52.4%		57.4%	75.0%	57.5%	36.8%	72.1%	
		c		a							d	e	bE	cD	
															
Political risk		141	80	48	21	24	3	10		23	15	225	10	33	
		55.3%	56.7%	44.4%	56.8%	53.3%	27.3%	47.6%		42.6%	62.5%	54.1%	52.6%	48.5%	
															
Stock market decline		126	76	56	17	19	6	9		24	15	206	10	40	
		49.4%	53.9%	51.9%	45.9%	42.2%	54.5%	42.9%		44.4%	62.5%	49.5%	52.6%	58.8%	
															
Budget Deficit		116	50	47	11	19	2	10		21	8	186	5	23	
		45.5%	35.5%	43.5%	29.7%	42.2%	18.2%	47.6%		38.9%	33.3%	44.7%	26.3%	33.8%	
															
Price of oil		78	64	53	17	18	9	7		26	13	153	4	32	
		30.6%	45.4%	49.1%	45.9%	40.0%	81.8%	33.3%		48.1%	54.2%	36.8%	21.1%	47.1%	
		BCF	Af	Af	f	f	Abcdeg	f		d	d		abe	d	
															
Slowdown in Europe		94	53	44	18	19	4	9		26	10	163	3	32	
		36.9%	37.6%	40.7%	48.6%	42.2%	36.4%	42.9%		48.1%	41.7%	39.2%	15.8%	47.1%	
										d		d	ace	d	
															
New regulations		83	41	35	7	14	2	6		16	12	129	7	18	
		32.5%	29.1%	32.4%	18.9%	31.1%	18.2%	28.6%		29.6%	50.0%	31.0%	36.8%	26.5%	
											e			b	
															
Slowdown in emerging
economies other than		
67	
38	
36	
13	
19	
3	
4		
21	
11	
115	
3	
22	
China		26.3%	27.0%	33.3%	35.1%	42.2%	27.3%	19.0%		38.9%	45.8%	27.6%	15.8%	32.4%	
		e				a					d		b		

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

61 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		223	149	34	31	35	19	34		330	205	51	30	
		35.5%	23.7%	5.4%	4.9%	5.6%	3.0%	5.4%		52.5%	32.6%	8.1%	4.8%	
														
Slowdown in China		131	90	21	18	24	12	20		179	129	32	23	
		58.7%	60.4%	61.8%	58.1%	68.6%	63.2%	58.8%		54.2%	62.9%	62.7%	76.7%	
										bd	a		a	
														
Political risk		120	82	18	12	18	12	17		169	108	29	19	
		53.8%	55.0%	52.9%	38.7%	51.4%	63.2%	50.0%		51.2%	52.7%	56.9%	63.3%	
														
Stock market decline		112	81	22	11	17	9	15		170	105	21	14	
		50.2%	54.4%	64.7%	35.5%	48.6%	47.4%	44.1%		51.5%	51.2%	41.2%	46.7%	
				d	c									
														
Budget Deficit		104	62	14	9	11	8	11		148	77	18	7	
		46.6%	41.6%	41.2%	29.0%	31.4%	42.1%	32.4%		44.8%	37.6%	35.3%	23.3%	
										d			a	
														
Price of oil		77	66	12	13	14	13	15		124	90	21	12	
		34.5%	44.3%	35.3%	41.9%	40.0%	68.4%	44.1%		37.6%	43.9%	41.2%	40.0%	
		F	f	f			Abc							
														
Slowdown in Europe		91	58	18	12	15	6	13		122	88	22	10	
		40.8%	38.9%	52.9%	38.7%	42.9%	31.6%	38.2%		37.0%	42.9%	43.1%	33.3%	
														
New regulations		72	46	13	6	12	2	7		111	54	15	7	
		32.3%	30.9%	38.2%	19.4%	34.3%	10.5%	20.6%		33.6%	26.3%	29.4%	23.3%	
		f		f			ac							
														
Slowdown in emerging
economies other than		
63	
37	
15	
11	
14	
9	
9		
94	
64	
13	
11	
China		28.3%	24.8%	44.1%	35.5%	40.0%	47.4%	26.5%		28.5%	31.2%	25.5%	36.7%	
			cf	b			b							

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

62 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.2%	25.3%	14.6%	14.0%	11.1%	7.3%	
								
Slowdown in China		100	95	49	52	41	29	
		60.6%	59.7%	53.3%	59.1%	58.6%	63.0%	
								
Political risk		88	84	46	45	41	24	
		53.3%	52.8%	50.0%	51.1%	58.6%	52.2%	
								
Stock market decline		88	87	37	40	39	21	
		53.3%	54.7%	40.2%	45.5%	55.7%	45.7%	
		c	c	ab				
								
Budget Deficit		75	59	40	34	24	23	
		45.5%	37.1%	43.5%	38.6%	34.3%	50.0%	
								
Price of oil		69	60	33	28	37	20	
		41.8%	37.7%	35.9%	31.8%	52.9%	43.5%	
			e	e	E	bcD		
								
Slowdown in Europe		66	62	34	41	26	13	
		40.0%	39.0%	37.0%	46.6%	37.1%	28.3%	
					f		d	
								
New regulations		37	41	29	35	28	19	
		22.4%	25.8%	31.5%	39.8%	40.0%	41.3%	
		DEf	def		Ab	Ab	ab	
								
Slowdown in emerging
economies other than		
54	
43	
26	
27	
22	
12	
China		32.7%	27.0%	28.3%	30.7%	31.4%	26.1%	

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

63 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Terrorism		153		20	19	9	3	2	24	1	10	26	12	6	19	
		24.3%		33.9%	23.8%	37.5%	15.0%	14.3%	25.0%	10.0%	18.2%	22.4%	24.0%	31.6%	23.8%	
																
Currency valuation		150		15	16	4	2	5	19	2	16	43	6	5	15	
		23.8%		25.4%	20.0%	16.7%	10.0%	35.7%	19.8%	20.0%	29.1%	37.1%	12.0%	26.3%	18.8%	
					i		i	j	I		j	bdFJL	ehI		I	
																
Interest rates		100		9	22	3	3	2	19	2	5	16	3	5	11	
		15.9%		15.3%	27.5%	12.5%	15.0%	14.3%	19.8%	20.0%	9.1%	13.8%	6.0%	26.3%	13.8%	
					HiJl				j		B	b	Bfk	j	b	
																
Health crises		90		12	7	6	4	0	20	0	7	10	13	2	9	
		14.3%		20.3%	8.8%	25.0%	20.0%	0.0%	20.8%	0.0%	12.7%	8.6%	26.0%	10.5%	11.3%	
				i	cfJ	bei		cj	bi			acfJ	BeIl		j	
																
Corruption		64		7	10	1	0	2	15	0	8	9	2	1	9	
		10.2%		11.9%	12.5%	4.2%	0.0%	14.3%	15.6%	0.0%	14.5%	7.8%	4.0%	5.3%	11.3%	
									j				f			
																
Price of non-oil		59		7	5	3	1	0	8	0	6	18	2	2	6	
commodities		9.4%		11.9%	6.3%	12.5%	5.0%	0.0%	8.3%	0.0%	10.9%	15.5%	4.0%	10.5%	7.5%	
					i							bj	i			
																
Low Inflation		56		6	16	1	1	0	8	1	6	9	1	1	5	
		8.9%		10.2%	20.0%	4.2%	5.0%	0.0%	8.3%	10.0%	10.9%	7.8%	2.0%	5.3%	6.3%	
					fiJl				b			b	B		b	
																
Infrastructure		50		3	4	1	1	0	8	3	2	6	7	6	9	
		7.9%		5.1%	5.0%	4.2%	5.0%	0.0%	8.3%	30.0%	3.6%	5.2%	14.0%	31.6%	11.3%	
				gK	GK	gk	k	gk	gK	aBcefHI	GK	GK		ABcdeFHIl	k	

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

64 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Terrorism		64	36	21	9	13	3	4		12	7	104	4	17	
		25.1%	25.5%	19.4%	24.3%	28.9%	27.3%	19.0%		22.2%	29.2%	25.0%	21.1%	25.0%	
															
Currency valuation		57	35	28	10	11	1	7		23	4	105	3	5	
		22.4%	24.8%	25.9%	27.0%	24.4%	9.1%	33.3%		42.6%	16.7%	25.2%	15.8%	7.4%	
										bCdE	a	AE	a	AC	
															
Interest rates		37	25	18	6	5	4	3		8	8	62	6	8	
		14.5%	17.7%	16.7%	16.2%	11.1%	36.4%	14.3%		14.8%	33.3%	14.9%	31.6%	11.8%	
						f	e				ce	b	e	bd	
															
Health crises		48	23	12	2	3	0	1		4	1	68	3	10	
		18.8%	16.3%	11.1%	5.4%	6.7%	0.0%	4.8%		7.4%	4.2%	16.3%	15.8%	14.7%	
		de			a	a									
															
Corruption		46	8	4	1	2	0	2		1	1	53	1	3	
		18.0%	5.7%	3.7%	2.7%	4.4%	0.0%	9.5%		1.9%	4.2%	12.7%	5.3%	4.4%	
		BCde	A	A	a	a				c		ae		c	
															
Price of non-oil		18	19	14	3	3	0	1		6	2	42	1	6	
commodities		7.1%	13.5%	13.0%	8.1%	6.7%	0.0%	4.8%		11.1%	8.3%	10.1%	5.3%	8.8%	
		b	a												
															
Low Inflation		20	18	9	3	4	0	1		5	2	38	0	6	
		7.8%	12.8%	8.3%	8.1%	8.9%	0.0%	4.8%		9.3%	8.3%	9.1%	0.0%	8.8%	
															
Infrastructure		28	6	7	4	4	1	0		2	2	31	6	8	
		11.0%	4.3%	6.5%	10.8%	8.9%	9.1%	0.0%		3.7%	8.3%	7.5%	31.6%	11.8%	
		b	a							D		D	ACe	d	

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

65 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Terrorism		54	40	7	8	9	6	10		90	47	8	4	
		24.2%	26.8%	20.6%	25.8%	25.7%	31.6%	29.4%		27.3%	22.9%	15.7%	13.3%	
														
Currency valuation		55	36	6	6	10	7	8		63	55	20	10	
		24.7%	24.2%	17.6%	19.4%	28.6%	36.8%	23.5%		19.1%	26.8%	39.2%	33.3%	
										bC	a	A		
														
Interest rates		36	25	5	4	4	6	3		55	30	10	5	
		16.1%	16.8%	14.7%	12.9%	11.4%	31.6%	8.8%		16.7%	14.6%	19.6%	16.7%	
							g	f						
														
Health crises		41	24	5	3	1	2	2		59	20	7	1	
		18.4%	16.1%	14.7%	9.7%	2.9%	10.5%	5.9%		17.9%	9.8%	13.7%	3.3%	
		e	e			ab				bd	a		a	
														
Corruption		41	10	0	1	0	0	1		42	13	6	1	
		18.4%	6.7%	0.0%	3.2%	0.0%	0.0%	2.9%		12.7%	6.3%	11.8%	3.3%	
		BCdEfg	A	A	a	A	a	a		b	a			
														
Price of non-oil		24	17	4	3	3	2	1		28	21	8	1	
commodities		10.8%	11.4%	11.8%	9.7%	8.6%	10.5%	2.9%		8.5%	10.2%	15.7%	3.3%	
														
Low Inflation		24	9	3	1	4	2	1		35	15	5	1	
		10.8%	6.0%	8.8%	3.2%	11.4%	10.5%	2.9%		10.6%	7.3%	9.8%	3.3%	
														
Infrastructure		26	8	3	0	2	2	3		38	11	1	0	
		11.7%	5.4%	8.8%	0.0%	5.7%	10.5%	8.8%		11.5%	5.4%	2.0%	0.0%	
		bd	a		a					bc	a	a		

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

66 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Terrorism		43	45	23	14	17	9	
		26.1%	28.3%	25.0%	15.9%	24.3%	19.6%	
			d		b			
								
Currency valuation		48	36	15	23	18	9	
		29.1%	22.6%	16.3%	26.1%	25.7%	19.6%	
		c		a				
								
Interest rates		24	24	11	18	16	6	
		14.5%	15.1%	12.0%	20.5%	22.9%	13.0%	
								
Health crises		24	23	19	10	8	5	
		14.5%	14.5%	20.7%	11.4%	11.4%	10.9%	
								
Corruption		14	16	10	9	7	6	
		8.5%	10.1%	10.9%	10.2%	10.0%	13.0%	
								
Price of non-oil		19	15	9	6	5	4	
commodities		11.5%	9.4%	9.8%	6.8%	7.1%	8.7%	
								
Low Inflation		12	21	3	10	7	2	
		7.3%	13.2%	3.3%	11.4%	10.0%	4.3%	
			c	bd	c			
								
Infrastructure		18	10	5	8	4	3	
		10.9%	6.3%	5.4%	9.1%	5.7%	6.5%	

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

67 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
High inflation		42		4	4	0	0	0	7	2	4	6	5	3	7	
		6.7%		6.8%	5.0%	0.0%	0.0%	0.0%	7.3%	20.0%	7.3%	5.2%	10.0%	15.8%	8.8%	
						g	g			cd						
																
Workforce disruptions		29		0	6	1	1	0	8	0	2	6	3	1	1	
		4.6%		0.0%	7.5%	4.2%	5.0%	0.0%	8.3%	0.0%	3.6%	5.2%	6.0%	5.3%	1.3%	
				bf	a				al						f	
																
Other		38		2	2	1	1	1	9	0	2	8	5	0	6	
		6.0%		3.4%	2.5%	4.2%	5.0%	7.1%	9.4%	0.0%	3.6%	6.9%	10.0%	0.0%	7.5%	

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

68 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
High inflation		22	7	7	1	2	1	1		1	0	31	4	4	
		8.6%	5.0%	6.5%	2.7%	4.4%	9.1%	4.8%		1.9%	0.0%	7.5%	21.1%	5.9%	
										D	d	d	Abce	d	
															
Workforce disruptions		17	5	3	2	2	0	0		2	1	22	1	0	
		6.7%	3.5%	2.8%	5.4%	4.4%	0.0%	0.0%		3.7%	4.2%	5.3%	5.3%	0.0%	
															
Other		16	8	10	1	1	1	0		1	1	28	1	3	
		6.3%	5.7%	9.3%	2.7%	2.2%	9.1%	0.0%		1.9%	4.2%	6.7%	5.3%	4.4%	

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

69 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
High inflation		19	10	1	1	2	2	2		26	13	2	1	
		8.5%	6.7%	2.9%	3.2%	5.7%	10.5%	5.9%		7.9%	6.3%	3.9%	3.3%	
														
Workforce disruptions		14	2	1	1	1	1	0		18	9	1	0	
		6.3%	1.3%	2.9%	3.2%	2.9%	5.3%	0.0%		5.5%	4.4%	2.0%	0.0%	
		b	a											
														
Other		10	13	3	2	0	0	1		17	14	3	2	
		4.5%	8.7%	8.8%	6.5%	0.0%	0.0%	2.9%		5.2%	6.8%	5.9%	6.7%	

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

70 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

5b. What are the key risks that might lead to recession in your country at year-end 2016?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
High inflation		8	13	9	8	0	4	
		4.8%	8.2%	9.8%	9.1%	0.0%	8.7%	
			e	E	e	bCdf	e	
								
Workforce disruptions		8	6	5	2	6	1	
		4.8%	3.8%	5.4%	2.3%	8.6%	2.2%	
								
Other		7	7	4	10	4	3	
		4.2%	4.4%	4.3%	11.4%	5.7%	6.5%	
		d	d		ab			

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

71 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6a. Assume that core inflation is between 0% and 1% each year for the foreseeable future. What effect would an extended low core inflation scenario have on your firm's financial performance?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
-2=Very negative		15		1	5	1	0	0	2	0	1	1	0	1	3	
		2.5%		1.7%	6.4%	4.2%	0.0%	0.0%	2.2%	0.0%	1.9%	0.9%	0.0%	5.6%	3.8%	
					i							b				
																
-1=Negative		151		14	36	4	4	1	18	2	9	36	8	2	17	
		24.7%		23.7%	46.2%	16.7%	22.2%	8.3%	19.8%	20.0%	16.7%	31.9%	16.0%	11.1%	21.5%	
				B	AceFHiJKL	b		b	B		Bi	bhj	Bi	B	B	
																
0=No effect		229		24	16	7	7	7	41	3	23	37	23	9	27	
		37.4%		40.7%	20.5%	29.2%	38.9%	58.3%	45.1%	30.0%	42.6%	32.7%	46.0%	50.0%	34.2%	
				b	aEFHJk			B	B		B		B	b		
																
+1=Positive		184		17	17	11	5	4	24	3	19	32	18	4	30	
		30.1%		28.8%	21.8%	45.8%	27.8%	33.3%	26.4%	30.0%	35.2%	28.3%	36.0%	22.2%	38.0%	
					cl	b									b	
																
+2=Very positive		33		3	4	1	2	0	6	2	2	7	1	2	2	
		5.4%		5.1%	5.1%	4.2%	11.1%	0.0%	6.6%	20.0%	3.7%	6.2%	2.0%	11.1%	2.5%	
										jl			g		g	
																
Mean		0.1		0.1	-0.3	0.3	0.3	0.3	0.2	0.5	0.2	0.1	0.2	0.2	0.1	
SD		0.9		0.9	1.0	1.0	1.0	0.6	0.9	1.1	0.8	0.9	0.7	1.0	0.9	
				b	acdFgHiJL	b	b		B	b	B	b	B		B	

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

72 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6a. Assume that core inflation is between 0% and 1% each year for the foreseeable future. What effect would an extended low core inflation scenario have on your firm's financial performance?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		255	141	108	37	45	11	21		54	24	416	19	68	
		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
-2=Very negative		5	3	3	0	0	2	2		1	0	10	1	2	
		2.0%	2.2%	2.8%	0.0%	0.0%	18.2%	10.0%		2.0%	0.0%	2.4%	5.6%	3.1%	
		Fg	F	f	f	Fg	ABcdE	ae							
															
-1=Negative		58	41	28	5	11	2	5		13	4	109	3	13	
		23.4%	30.1%	26.4%	13.5%	25.6%	18.2%	25.0%		25.5%	16.7%	26.7%	16.7%	20.3%	
			d		b										
															
0=No effect		93	54	38	15	14	4	4		17	9	149	8	22	
		37.5%	39.7%	35.8%	40.5%	32.6%	36.4%	20.0%		33.3%	37.5%	36.4%	44.4%	34.4%	
															
+1=Positive		78	35	26	16	17	3	7		19	10	116	5	24	
		31.5%	25.7%	24.5%	43.2%	39.5%	27.3%	35.0%		37.3%	41.7%	28.4%	27.8%	37.5%	
			d	d	bc										
															
+2=Very positive		14	3	11	1	1	0	2		1	1	25	1	3	
		5.6%	2.2%	10.4%	2.7%	2.3%	0.0%	10.0%		2.0%	4.2%	6.1%	5.6%	4.7%	
			C	B											
															
Mean		0.2	0.0	0.1	0.4	0.2	-0.3	0.1		0.1	0.3	0.1	0.1	0.2	
SD		0.9	0.9	1.0	0.8	0.9	1.1	1.2		0.9	0.8	0.9	1.0	0.9	
		b	ad		bf		d								

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

73 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6a. Assume that core inflation is between 0% and 1% each year for the foreseeable future. What effect would an extended low core inflation scenario have on your firm's financial performance?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		223	149	34	31	35	19	34		330	205	51	30	
		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
-2=Very negative		5	5	0	1	1	0	2		9	4	1	1	
		2.3%	3.4%	0.0%	3.4%	2.9%	0.0%	5.9%		2.8%	2.0%	2.0%	3.6%	
														
-1=Negative		57	41	8	5	7	5	8		85	48	14	4	
		26.3%	28.3%	25.0%	17.2%	20.0%	27.8%	23.5%		26.6%	23.6%	28.6%	14.3%	
														
0=No effect		83	53	16	5	14	6	9		116	71	20	12	
		38.2%	36.6%	50.0%	17.2%	40.0%	33.3%	26.5%		36.4%	35.0%	40.8%	42.9%	
		d	d	D	abC									
														
+1=Positive		62	42	7	14	11	7	13		95	66	12	8	
		28.6%	29.0%	21.9%	48.3%	31.4%	38.9%	38.2%		29.8%	32.5%	24.5%	28.6%	
		d	d	d	abc									
														
+2=Very positive		10	4	1	4	2	0	2		14	14	2	3	
		4.6%	2.8%	3.1%	13.8%	5.7%	0.0%	5.9%		4.4%	6.9%	4.1%	10.7%	
		d	d		ab									
														
Mean		0.1	0.0	0.0	0.5	0.2	0.1	0.1		0.1	0.2	0.0	0.3	
SD		0.9	0.9	0.8	1.1	0.9	0.8	1.0		0.9	0.9	0.9	1.0	
		d	D	d	aBc									

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

74 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6a. Assume that core inflation is between 0% and 1% each year for the foreseeable future. What effect would an extended low core inflation scenario have on your firm's financial performance?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
-2=Very negative		4	6	1	3	0	1	
		2.5%	3.8%	1.1%	3.5%	0.0%	2.3%	
								
-1=Negative		38	43	21	17	18	12	
		23.5%	27.6%	23.9%	19.8%	26.9%	27.3%	
								
0=No effect		60	60	30	31	23	20	
		37.0%	38.5%	34.1%	36.0%	34.3%	45.5%	
								
+1=Positive		50	40	30	29	24	10	
		30.9%	25.6%	34.1%	33.7%	35.8%	22.7%	
								
+2=Very positive		10	7	6	6	2	1	
		6.2%	4.5%	6.8%	7.0%	3.0%	2.3%	
								
Mean		0.1	0.0	0.2	0.2	0.1	0.0	
SD		0.9	0.9	0.9	1.0	0.9	0.8	

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

75 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to raise prices to keep pace with rising labor and non-labor costs?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
Yes		288		29	45	8	6	6	40	5	18	60	21	9	38	
		46.6%		50.9%	57.0%	34.8%	30.0%	42.9%	43.0%	50.0%	33.3%	51.7%	42.0%	52.9%	47.5%	
					dH		b				Bi	h				
																
No		330		28	34	15	14	8	53	5	36	56	29	8	42	
		53.4%		49.1%	43.0%	65.2%	70.0%	57.1%	57.0%	50.0%	66.7%	48.3%	58.0%	47.1%	52.5%	
					dH		b				Bi	h				

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

76 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to raise prices to keep pace with rising labor and non-labor costs?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		255	141	108	37	45	11	21		54	24	416	19	68	
		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
Yes		112	68	47	19	26	6	8		23	11	200	9	24	
		45.2%	48.2%	44.3%	51.4%	59.1%	54.5%	38.1%		42.6%	45.8%	49.1%	50.0%	35.3%	
												e		c	
															
No		136	73	59	18	18	5	13		31	13	207	9	44	
		54.8%	51.8%	55.7%	48.6%	40.9%	45.5%	61.9%		57.4%	54.2%	50.9%	50.0%	64.7%	
												e		c	

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

77 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to raise prices to keep pace with rising labor and non-labor costs?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		223	149	34	31	35	19	34		330	205	51	30	
		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
Yes		94	72	16	13	17	10	19		146	98	25	14	
		43.1%	48.6%	50.0%	43.3%	48.6%	55.6%	55.9%		45.2%	48.5%	49.0%	46.7%	
														
No		124	76	16	17	18	8	15		177	104	26	16	
		56.9%	51.4%	50.0%	56.7%	51.4%	44.4%	44.1%		54.8%	51.5%	51.0%	53.3%	

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

78 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to raise prices to keep pace with rising labor and non-labor costs?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
Yes		75	74	45	42	31	18	
		46.6%	47.1%	49.5%	48.3%	44.9%	40.0%	
								
No		86	83	46	45	38	27	
		53.4%	52.9%	50.5%	51.7%	55.1%	60.0%	

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

79 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to meet its profitability targets?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
Yes		205		21	44	6	6	4	26	3	13	40	11	5	24	
		33.3%		36.8%	55.0%	26.1%	30.0%	28.6%	28.3%	30.0%	24.1%	34.5%	22.4%	27.8%	31.2%	
				b	acdFHIJkL	b	b		B		B	B	B	b	B	
																
No		410		36	36	17	14	10	66	7	41	76	38	13	53	
		66.7%		63.2%	45.0%	73.9%	70.0%	71.4%	71.7%	70.0%	75.9%	65.5%	77.6%	72.2%	68.8%	
				b	acdFHIJkL	b	b		B		B	B	B	b	B	

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

80 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to meet its profitability targets?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		255	141	108	37	45	11	21		54	24	416	19	68	
		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
Yes		80	53	33	9	13	5	10		16	9	143	6	16	
		32.3%	37.9%	31.4%	24.3%	29.5%	45.5%	47.6%		29.6%	37.5%	35.2%	33.3%	24.2%	
															
No		168	87	72	28	31	6	11		38	15	263	12	50	
		67.7%	62.1%	68.6%	75.7%	70.5%	54.5%	52.4%		70.4%	62.5%	64.8%	66.7%	75.8%	

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

81 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to meet its profitability targets?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		223	149	34	31	35	19	34		330	205	51	30	
		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
Yes		70	50	10	8	14	7	12		109	64	22	8	
		32.1%	34.2%	30.3%	27.6%	40.0%	38.9%	36.4%		34.0%	31.7%	43.1%	27.6%	
														
No		148	96	23	21	21	11	21		212	138	29	21	
		67.9%	65.8%	69.7%	72.4%	60.0%	61.1%	63.6%		66.0%	68.3%	56.9%	72.4%	

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

82 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would substantially diminish your company's ability to meet its profitability targets?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
Yes		49	56	32	24	29	12	
		30.4%	35.9%	34.8%	28.2%	42.0%	27.3%	
								
No		112	100	60	61	40	32	
		69.6%	64.1%	65.2%	71.8%	58.0%	72.7%	

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

83 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would change the competitive balance in your industry?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
Yes		92		11	25	4	3	1	13	2	7	11	6	0	8	
		15.1%		19.3%	31.3%	17.4%	15.0%	7.1%	14.1%	20.0%	13.0%	9.8%	12.0%	0.0%	10.4%	
					FhIjKL				B		b	B	b	B	B	
																
No		518		46	55	19	17	13	79	8	47	101	44	17	69	
		84.9%		80.7%	68.8%	82.6%	85.0%	92.9%	85.9%	80.0%	87.0%	90.2%	88.0%	100.0%	89.6%	
					FhIjKL				B		b	B	b	B	B	

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

84 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would change the competitive balance in your industry?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		255	141	108	37	45	11	21		54	24	416	19	68	
		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
Yes		37	24	19	3	5	1	2		7	3	69	1	4	
		15.0%	17.3%	18.4%	8.6%	11.4%	9.1%	9.5%		13.0%	12.5%	17.2%	5.9%	6.0%	
												e		c	
															
No		210	115	84	32	39	10	19		47	21	333	16	63	
		85.0%	82.7%	81.6%	91.4%	88.6%	90.9%	90.5%		87.0%	87.5%	82.8%	94.1%	94.0%	
												e		c	

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

85 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would change the competitive balance in your industry?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		223	149	34	31	35	19	34		330	205	51	30	
		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
Yes		40	23	4	2	5	0	3		51	27	9	3	
		18.3%	16.0%	12.1%	7.1%	14.7%	0.0%	8.8%		16.0%	13.4%	18.0%	10.3%	
		f					a							
														
No		178	121	29	26	29	18	31		267	174	41	26	
		81.7%	84.0%	87.9%	92.9%	85.3%	100.0%	91.2%		84.0%	86.6%	82.0%	89.7%	
		f					a							

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

86 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

6b. Do you believe that an extended period of low core inflation would change the competitive balance in your industry?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
Yes		17	30	12	14	10	7	
		10.9%	19.2%	13.0%	16.5%	14.5%	15.6%	
		b	a					
								
No		139	126	80	71	59	38	
		89.1%	80.8%	87.0%	83.5%	85.5%	84.4%	
		b	a					

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

87 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

7. Holding everything else constant, did the December 2015 increase in interest rates affect your company?

N=629		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		629		59	80	24	20	14	96	10	55	116	50	19	80	
		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
-2=Very negative		3		0	0	0	0	0	1	0	1	0	1	0	0	
		0.5%		0.0%	0.0%	0.0%	0.0%	0.0%	1.1%	0.0%	1.8%	0.0%	2.0%	0.0%	0.0%	
																
-1=Negative		91		13	10	3	4	6	10	0	7	18	7	4	9	
		14.7%		22.4%	12.5%	12.5%	20.0%	42.9%	10.6%	0.0%	12.7%	15.9%	14.0%	21.1%	11.5%	
					E	e		BcFghijL	E	e	e	e	e		E	
																
0=No effect		503		45	59	20	16	7	82	10	46	93	42	12	67	
		81.1%		77.6%	73.8%	83.3%	80.0%	50.0%	87.2%	100.0%	83.6%	82.3%	84.0%	63.2%	85.9%	
				e	f	e		acFgHIjL	bEk	ek	E	E	e	fgl	Ek	
																
+1=Positive		20		0	9	1	0	1	1	0	1	2	0	3	2	
		3.2%		0.0%	11.3%	4.2%	0.0%	7.1%	1.1%	0.0%	1.8%	1.8%	0.0%	15.8%	2.6%	
				BeK	AFhIjl			a	BK		bk	BK	bK	AFhIJl	bk	
																
+2=Very positive		3		0	2	0	0	0	0	0	0	0	0	0	0	
		0.5%		0.0%	2.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		-0.1		-0.2	0.0	-0.1	-0.2	-0.4	-0.1	0.0	-0.1	-0.1	-0.2	-0.1	-0.1	
SD		0.5		0.4	0.6	0.4	0.4	0.6	0.4	0.0	0.4	0.4	0.4	0.6	0.4	
				Bl	Aefij			bfl	be			b	b		ae	

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

88 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

7. Holding everything else constant, did the December 2015 increase in interest rates affect your company?

N=629		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		255	141	108	37	45	11	21		54	24	416	19	68	
		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
-2=Very negative		3	0	0	0	0	0	0		0	1	2	0	0	
		1.2%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	4.3%	0.5%	0.0%	0.0%	
											c	b			
															
-1=Negative		36	16	21	6	9	0	2		7	3	61	3	11	
		14.3%	11.4%	19.8%	16.7%	20.0%	0.0%	9.5%		13.0%	13.0%	14.8%	15.8%	16.4%	
															
0=No effect		206	119	81	28	35	9	17		45	18	337	14	53	
		82.1%	85.0%	76.4%	77.8%	77.8%	81.8%	81.0%		83.3%	78.3%	81.6%	73.7%	79.1%	
															
+1=Positive		6	4	4	2	1	2	1		2	0	11	2	3	
		2.4%	2.9%	3.8%	5.6%	2.2%	18.2%	4.8%		3.7%	0.0%	2.7%	10.5%	4.5%	
		F	f	f		f	Abce								
															
+2=Very positive		0	1	0	0	0	0	1		0	1	2	0	0	
		0.0%	0.7%	0.0%	0.0%	0.0%	0.0%	4.8%		0.0%	4.3%	0.5%	0.0%	0.0%	
		G		g				Ac			c	b			
															
Mean		-0.1	-0.1	-0.2	-0.1	-0.2	0.2	0.0		-0.1	-0.1	-0.1	-0.1	-0.1	
SD		0.4	0.4	0.5	0.5	0.4	0.4	0.6		0.4	0.7	0.4	0.5	0.4	
		f	f	f		f	abce								

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

89 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

7. Holding everything else constant, did the December 2015 increase in interest rates affect your company?

N=629		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		223	149	34	31	35	19	34		330	205	51	30	
		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
-2=Very negative		0	1	0	0	0	0	0		1	1	0	1	
		0.0%	0.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.3%	0.5%	0.0%	3.3%	
										d			a	
														
-1=Negative		29	19	9	8	5	2	3		50	32	3	6	
		13.1%	13.1%	26.5%	25.8%	14.3%	10.5%	8.8%		15.3%	15.8%	6.0%	20.0%	
		c		a										
														
0=No effect		185	118	25	23	28	17	28		262	166	45	19	
		83.3%	81.4%	73.5%	74.2%	80.0%	89.5%	82.4%		80.4%	81.8%	90.0%	63.3%	
										d	d	D	abC	
														
+1=Positive		7	7	0	0	2	0	2		13	3	1	3	
		3.2%	4.8%	0.0%	0.0%	5.7%	0.0%	5.9%		4.0%	1.5%	2.0%	10.0%	
											D		B	
														
+2=Very positive		1	0	0	0	0	0	1		0	1	1	1	
		0.5%	0.0%	0.0%	0.0%	0.0%	0.0%	2.9%		0.0%	0.5%	2.0%	3.3%	
			g					b		cD		a	A	
														
Mean		-0.1	-0.1	-0.3	-0.3	-0.1	-0.1	0.0		-0.1	-0.1	0.0	-0.1	
SD		0.4	0.4	0.4	0.4	0.4	0.3	0.5		0.4	0.4	0.4	0.8	
		cd	c	abg	ag			cd			c	b		

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

90 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

7. Holding everything else constant, did the December 2015 increase in interest rates affect your company?

N=629		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
-2=Very negative		0	1	0	1	0	1	
		0.0%	0.6%	0.0%	1.1%	0.0%	2.2%	
								
-1=Negative		27	24	8	15	12	4	
		16.7%	15.2%	8.7%	17.2%	17.4%	8.7%	
								
0=No effect		129	125	82	69	54	39	
		79.6%	79.1%	89.1%	79.3%	78.3%	84.8%	
			c	b				
								
+1=Positive		6	6	2	1	3	2	
		3.7%	3.8%	2.2%	1.1%	4.3%	4.3%	
								
+2=Very positive		0	2	0	1	0	0	
		0.0%	1.3%	0.0%	1.1%	0.0%	0.0%	
								
Mean		-0.1	-0.1	-0.1	-0.2	-0.1	-0.1	
SD		0.4	0.5	0.3	0.5	0.5	0.5	

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

91 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 

N=629		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
'reduce hiring		2.21		2.00	2.07	1.89	2.61	2.00	2.53	1.75	2.38	2.10	2.60	1.89	1.97	
plans'?		1.19		1.07	1.23	1.28	1.32	1.49	1.19	1.04	1.29	1.19	1.02	1.26	1.10	
																
'reduce		2.15		1.98	2.03	1.85	2.20	2.25	2.23	2.00	1.91	2.26	2.35	2.15	2.23	
borrowing
plans'?		1.13		1.03	1.14	1.09	1.13	1.31	1.20	1.00	1.19	1.12	1.11	1.20	1.15	
																
'reduce capital		2.15		1.90	2.08	1.75	2.38	2.22	2.22	1.50	2.03	2.27	2.38	2.13	2.18	
spending plans'?		1.15		1.01	1.26	1.06	1.28	1.33	1.25	0.65	1.23	1.13	1.06	1.06	1.08	

92 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 

N=629		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
'reduce hiring		2.24	2.43	1.92	2.46	2.01	1.92	2.02		1.82	2.22	2.30	1.54	2.44	
plans'?		1.27	1.23	1.05	1.13	1.01	1.07	1.39		1.21	1.33	1.18	0.93	1.17	
															
'reduce		2.09	2.32	1.99	2.25	2.19	1.94	2.30		2.01	2.22	2.14	2.14	2.57	
borrowing
plans'?		1.22	1.16	0.99	1.12	1.11	0.81	1.17		1.13	1.02	1.12	1.19	1.17	
															
'reduce capital		2.14	2.39	1.98	2.21	1.93	2.22	1.97		1.91	2.43	2.16	1.98	2.40	
spending plans'?		1.24	1.16	1.03	1.23	0.97	0.67	1.31		1.16	1.26	1.13	1.10	1.15	

93 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 

N=629		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
'reduce hiring		2.32	2.38	1.86	2.00	2.63	2.05	1.85		2.28	2.23	1.80	2.09	
plans'?		1.29	1.17	1.05	0.97	0.90	1.32	1.20		1.22	1.13	1.13	1.32	
														
'reduce		2.08	2.34	2.39	1.88	2.48	2.03	2.07		2.16	2.24	1.69	2.23	
borrowing
plans'?		1.18	1.10	1.18	1.14	0.94	1.25	0.97		1.16	1.08	0.88	1.34	
														
'reduce capital		2.19	2.35	2.15	1.72	2.43	2.09	1.94		2.18	2.22	1.69	2.11	
spending plans'?		1.23	1.08	1.17	0.95	1.03	1.27	1.02		1.16	1.10	1.07	1.34	

94 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

8. Compared to interest rates today, how much would your borrowing costs have to increase to cause your company to 

N=629		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
'reduce hiring		2.24	2.25	1.96	2.08	2.28	2.59	
plans'?		1.18	1.25	1.07	1.28	1.16	1.19	
								
'reduce		2.20	2.06	2.17	2.13	2.35	2.09	
borrowing
plans'?		1.09	1.16	1.11	1.13	1.24	1.09	
								
'reduce capital		2.31	2.11	2.06	1.88	2.26	2.16	
spending plans'?		1.13	1.20	1.07	1.01	1.30	1.16	

95 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9a. Approximately what percentage of your primary workforce currently earns minimum wage? [US Headquarters Only] 

N=620		Totals		Industry	
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Percent earning		6.98		12.59	7.27	0.00	7.75	7.69	7.71	2.78	4.42	3.01	6.33	10.00	10.26	
minimum wage		20.79		25.06	20.12	0.00	22.27	27.74	25.06	4.41	19.74	13.59	17.52	23.51	23.72	

96 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9a. Approximately what percentage of your primary workforce currently earns minimum wage? [US Headquarters Only] 

N=620		Sales Revenue		Ownership	
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Percent earning		6.36	6.24	8.56	8.86	6.36	3.00	7.14		7.40	7.61	5.66	14.21	4.24	
minimum wage		21.66	19.61	21.52	23.52	16.15	4.22	20.10		20.18	20.83	19.03	29.40	9.42	

97 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9a. Approximately what percentage of your primary workforce currently earns minimum wage? [US Headquarters Only] 

N=620		Number of Employees		Foreign Sales	
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Percent earning		4.70	4.03	8.24	5.52	15.57	8.06	6.76		8.03	5.23	7.19	7.33	
minimum wage		19.11	11.66	24.12	11.60	26.67	23.27	16.46		23.14	16.08	19.29	25.28	

98 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9a. Approximately what percentage of your primary workforce currently earns minimum wage? [US Headquarters Only] 

N=620		Where are you personally located?	
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Percent earning		4.07	7.69	6.33	12.00	7.16	6.44	
minimum wage		14.39	22.07	17.89	28.41	21.76	21.81	

99 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9b. Among your primary workforce, how much do the lowest paid workers currently earn in hourly wages? [US Headquarters Only] (mean is an estimate derived from category midpoints)

N=620		Totals		Industry	

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Total		620		57	79	24	20	14	96	10	55	114	49	19	80	
		100.0%		9.2%	12.8%	3.9%	3.2%	2.3%	15.6%	1.6%	8.9%	18.5%	7.9%	3.1%	13.0%	
																
$7.25 or less per hour		9		2	0	0	0	0	1	1	0	2	0	0	3	
		1.6%		3.6%	0.0%	0.0%	0.0%	0.0%	1.4%	11.1%	0.0%	1.8%	0.0%	0.0%	3.9%	
					G					Bhj	g		g			
																
$7.26-$8.74		28		3	5	0	0	0	1	0	1	3	2	4	8	
		5.1%		5.5%	7.6%	0.0%	0.0%	0.0%	1.4%	0.0%	2.3%	2.8%	4.4%	23.5%	10.4%	
				k		k	k		Kl		K	Kl	k	acdFHIj	fi	
																
$8.75-$9.99		55		10	13	0	2	0	5	0	0	11	8	1	5	
		9.9%		18.2%	19.7%	0.0%	10.0%	0.0%	6.9%	0.0%	0.0%	10.1%	17.8%	5.9%	6.5%	
				cHl	cfHl	abj	h		b		ABdiJ	h	cH		ab	
																
$10-$11.99		133		22	13	4	3	3	13	2	5	38	12	3	14	
		24.0%		40.0%	19.7%	16.7%	15.0%	23.1%	18.1%	22.2%	11.4%	34.9%	26.7%	17.6%	18.2%	
				bcdFHL	ai	a	a		Ai		AI	bfHl			Ai	
																
$12-$14.99		149		10	18	9	5	4	17	1	10	32	13	6	23	
		26.9%		18.2%	27.3%	37.5%	25.0%	30.8%	23.6%	11.1%	22.7%	29.4%	28.9%	35.3%	29.9%	
																
$15 or more per hour		180		8	17	11	10	6	35	5	28	23	10	3	24	
		32.5%		14.5%	25.8%	45.8%	50.0%	46.2%	48.6%	55.6%	63.6%	21.1%	22.2%	17.6%	31.2%	
				CDeFGHl	dFH	Aij	AbIjk	ai	ABIJkl	Aij	ABIJKL	cDeFgH	cdFgH	dfH	afH	
																
Mean		12.6		11.4	12.2	13.8	13.5	13.6	13.3	13.1	14.0	12.3	12.2	11.8	12.4	
SD		2.3		2.2	2.4	1.4	2.0	1.6	2.1	2.8	1.6	2.1	2.2	2.7	2.6	
				CDEFgHil	CdeFH	ABIJKl	Abijk	Abijk	ABIJkl	a	ABIJKL	aCdeFH	CdeFH	CdefH	acfH	

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

100 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9b. Among your primary workforce, how much do the lowest paid workers currently earn in hourly wages? [US Headquarters Only] (mean is an estimate derived from category midpoints)

N=620		Sales Revenue		Ownership	
		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Total		253	141	106	35	45	11	21		53	24	412	19	68	
		41.3%	23.0%	17.3%	5.7%	7.4%	1.8%	3.4%		9.2%	4.2%	71.5%	3.3%	11.8%	
															
$7.25 or less per hour		3	1	1	3	1	0	0		1	2	4	0	2	
		1.4%	0.8%	1.0%	10.0%	2.4%	0.0%	0.0%		2.1%	9.5%	1.1%	0.0%	3.0%	
		D	D	d	ABc						C	B			
															
$7.26-$8.74		9	8	2	1	3	2	2		2	0	14	4	6	
		4.2%	6.0%	1.9%	3.3%	7.1%	25.0%	11.8%		4.3%	0.0%	3.8%	23.5%	9.0%	
		F	f	Fg			AbC	c		d	d	D	abC		
															
$8.75-$9.99		16	15	13	6	2	1	2		3	2	34	1	14	
		7.4%	11.3%	12.5%	20.0%	4.8%	12.5%	11.8%		6.4%	9.5%	9.3%	5.9%	20.9%	
		d			ae	d				e		E		aC	
															
$10-$11.99		45	32	23	8	15	3	6		12	8	85	5	10	
		20.9%	24.1%	22.1%	26.7%	35.7%	37.5%	35.3%		25.5%	38.1%	23.4%	29.4%	14.9%	
		e				a					e			b	
															
$12-$14.99		57	41	32	4	10	1	2		12	4	106	2	16	
		26.5%	30.8%	30.8%	13.3%	23.8%	12.5%	11.8%		25.5%	19.0%	29.1%	11.8%	23.9%	
															
$15 or more per hour		85	36	33	8	11	1	5		17	5	121	5	19	
		39.5%	27.1%	31.7%	26.7%	26.2%	12.5%	29.4%		36.2%	23.8%	33.2%	29.4%	28.4%	
		b	a												
															
Mean		12.9	12.5	12.7	11.6	12.3	10.9	11.9		12.8	11.9	12.7	11.7	12.0	
SD		2.2	2.3	2.2	2.7	2.3	2.5	2.5		2.3	2.5	2.2	2.8	2.6	
		Df		df	Ac		ac					e		c	

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

101 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9b. Among your primary workforce, how much do the lowest paid workers currently earn in hourly wages? [US Headquarters Only] (mean is an estimate derived from category midpoints)

N=620		Number of Employees		Foreign Sales	
		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Total		222	148	34	29	35	19	34		327	203	51	30	
		42.6%	28.4%	6.5%	5.6%	6.7%	3.6%	6.5%		53.5%	33.2%	8.3%	4.9%	
														
$7.25 or less per hour		2	0	1	2	3	1	0		3	5	1	0	
		1.1%	0.0%	3.3%	6.9%	9.1%	5.6%	0.0%		1.0%	2.6%	2.6%	0.0%	
		dE	cDEF	b	aB	AB	B							
														
$7.26-$8.74		6	6	2	2	2	0	5		19	8	1	0	
		3.2%	4.1%	6.7%	6.9%	6.1%	0.0%	17.9%		6.5%	4.2%	2.6%	0.0%	
		G	G					AB						
														
$8.75-$9.99		14	16	5	6	5	2	2		35	15	3	2	
		7.5%	11.0%	16.7%	20.7%	15.2%	11.1%	7.1%		11.9%	7.9%	7.7%	8.0%	
		d			a									
														
$10-$11.99		33	37	5	6	15	7	8		62	53	11	6	
		17.6%	25.5%	16.7%	20.7%	45.5%	38.9%	28.6%		21.2%	27.9%	28.2%	24.0%	
		Ef	e	e	e	Abcd	a							
														
$12-$14.99		49	45	9	4	2	4	8		77	54	8	7	
		26.2%	31.0%	30.0%	13.8%	6.1%	22.2%	28.6%		26.3%	28.4%	20.5%	28.0%	
		e	E	e		aBcg		e						
														
$15 or more per hour		83	41	8	9	6	4	5		97	55	15	10	
		44.4%	28.3%	26.7%	31.0%	18.2%	22.2%	17.9%		33.1%	28.9%	38.5%	40.0%	
		BEG	A			A		A						
														
Mean		13.2	12.6	12.2	11.8	11.1	12.1	11.8		12.6	12.5	12.8	13.2	
SD		2.2	2.1	2.5	2.8	2.4	2.3	2.5		2.4	2.3	2.3	2.0	
		bcDEfG	aE	a	A	AB	a	A						

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

102 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

9b. Among your primary workforce, how much do the lowest paid workers currently earn in hourly wages? [US Headquarters Only] (mean is an estimate derived from category midpoints)

N=620		Where are you personally located?	
		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Total		165	159	92	88	70	46	
		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
$7.25 or less per hour		2	1	3	2	1	0	
		1.3%	0.8%	3.7%	2.5%	1.6%	0.0%	
								
$7.26-$8.74		8	6	7	0	4	3	
		5.2%	4.5%	8.6%	0.0%	6.3%	7.1%	
		d		D	aCef	d	d	
								
$8.75-$9.99		20	13	6	6	8	2	
		13.0%	9.8%	7.4%	7.4%	12.5%	4.8%	
								
$10-$11.99		30	31	21	27	16	8	
		19.5%	23.5%	25.9%	33.3%	25.0%	19.0%	
		d			a			
								
$12-$14.99		59	29	20	15	15	11	
		38.3%	22.0%	24.7%	18.5%	23.4%	26.2%	
		BcDe	A	a	A	a		
								
$15 or more per hour		35	52	24	31	20	18	
		22.7%	39.4%	29.6%	38.3%	31.3%	42.9%	
		BdF	A		a		A	
								
Mean		12.5	12.8	12.3	12.8	12.4	13.1	
SD		2.2	2.3	2.5	2.2	2.4	2.3	

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

103 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

10. On February 15, 2016 the annual yield on 10-yr treasury bonds was 1.7%. Please complete the following: 

N=629		Totals		Industry	
Number
Mean
Median		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
																
Number		629		59	80	24	20	14	96	10	55	116	50	19	80	
Percent		100.0%		9.5%	12.8%	3.9%	3.2%	2.2%	15.4%	1.6%	8.8%	18.6%	8.0%	3.0%	12.8%	
																
Over the next 10 years, I		557		51	73	22	19	13	84	8	47	107	47	17	67	
expect the average annual		8.8		7.6	9.4	8.7	10.1	8.5	8.3	8.3	10.1	9.2	7.3	9.2	8.8	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		-9.9		3.0	3.5	3.8	2.8	2.0	3.3	3.5	4.5	3.0	2.0	2.0	3.0	
																
Over the next year, I		554		51	73	22	19	13	83	8	47	107	47	17	65	
expect the average annual		6.8		5.8	7.2	7.1	8.3	5.3	6.2	6.9	8.6	7.1	5.1	5.3	7.2	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		0.8		8.0	8.0	9.5	10.0	5.9	8.0	8.0	9.0	8.0	7.0	7.8	8.0	
																
Over the next 10 years, I		568		53	74	22	19	13	87	9	47	109	47	17	69	
expect the average annual		5.7		5.2	5.6	5.5	7.2	5.1	5.5	6.3	6.7	6.0	4.4	5.6	5.8	
S&P 500 return will be:
Expected return:		0.0		2.0	2.0	2.0	3.0	1.5	2.0	2.5	2.0	2.0	1.0	1.4	2.0	
																
Over the next year, I		566		53	74	22	19	13	86	9	47	109	47	17	68	
expect the average annual		3.1		2.5	3.5	4.0	3.2	1.3	3.2	3.4	4.8	2.7	1.9	1.5	3.3	
S&P 500 return will be:
Expected return:		-2.5		5.0	6.0	5.8	7.5	4.0	5.0	7.0	8.0	6.0	5.0	5.0	6.0	
																
Over the next 10 years, I		558		51	72	21	20	13	86	8	47	107	47	17	67	
expect the average annual		1.8		2.0	1.5	0.4	2.8	2.8	1.4	2.9	2.6	1.7	0.9	0.9	2.6	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		1.1		0.0	0.3	0.0	0.0	0.0	0.0	0.5	-1.0	0.0	-0.5	-12.5	0.8	
																
Over the next year, I		557		51	73	21	20	13	85	8	47	107	47	17	66	
expect the average annual		-3.3		-3.6	-2.9	-3.3	-3.7	-2.3	-3.4	-0.2	-3.0	-3.9	-4.1	-8.1	-1.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		-5.9		5.0	5.0	5.0	7.0	3.5	5.3	6.0	6.0	5.0	4.5	5.0	5.0	

104 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

10. On February 15, 2016 the annual yield on 10-yr treasury bonds was 1.7%. Please complete the following: 

N=629		Sales Revenue		Ownership	
Number
Mean
Median		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
															
Number		255	141	108	37	45	11	21		54	24	416	19	68	
Percent		41.3%	22.8%	17.5%	6.0%	7.3%	1.8%	3.4%		9.3%	4.1%	71.6%	3.3%	11.7%	
															
Over the next 10 years, I		217	128	98	36	41	11	20		51	21	369	19	60	
expect the average annual		8.9	8.5	8.8	8.3	8.9	8.9	11.1		10.0	11.2	8.5	8.1	9.0	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		3.0	3.0	3.0	3.0	3.0	3.0	1.5		3.0	4.0	3.0	3.5	3.0	
															
Over the next year, I		215	127	99	36	41	10	20		51	21	367	19	59	
expect the average annual		6.4	6.9	7.0	7.5	6.9	6.6	7.2		8.1	7.6	6.6	6.4	6.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		8.0	8.0	8.0	8.0	8.0	10.0	9.5		8.0	10.0	8.0	8.3	8.5	
															
Over the next 10 years, I		223	130	100	36	41	11	20		51	21	376	19	61	
expect the average annual		5.7	5.6	5.9	5.1	6.0	6.0	6.2		5.9	8.0	5.6	6.0	5.5	
S&P 500 return will be:
Expected return:		2.0	2.0	2.0	2.0	2.0	2.0	2.0		2.0	2.5	2.0	2.5	2.0	
															
Over the next year, I		222	129	101	36	41	10	20		51	21	375	19	60	
expect the average annual		3.4	3.0	2.9	3.2	2.5	2.7	1.6		2.5	3.5	3.2	3.2	2.4	
S&P 500 return will be:
Expected return:		5.0	6.0	6.0	6.5	5.5	5.0	5.5		8.0	7.0	5.3	5.5	6.0	
															
Over the next 10 years, I		216	129	98	37	41	11	20		51	21	369	19	60	
expect the average annual		2.0	1.6	1.7	1.6	2.0	2.7	0.6		1.9	3.2	1.7	1.9	1.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		0.0	0.0	-2.5	-0.5	-1.5	-7.5	-2.0		-2.0	-1.0	0.0	0.0	-2.0	
															
Over the next year, I		217	128	99	36	41	10	20		51	21	369	19	59	
expect the average annual		-1.9	-4.0	-4.6	-3.3	-4.4	-6.7	-4.6		-4.8	-4.3	-3.1	-3.1	-4.6	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		5.0	5.0	6.0	5.0	5.0	6.5	5.0		5.0	7.5	5.0	6.3	5.0	

105 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

10. On February 15, 2016 the annual yield on 10-yr treasury bonds was 1.7%. Please complete the following: 

N=629		Number of Employees		Foreign Sales	
Number
Mean
Median		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
														
Number		223	149	34	31	35	19	34		330	205	51	30	
Percent		42.5%	28.4%	6.5%	5.9%	6.7%	3.6%	6.5%		53.6%	33.3%	8.3%	4.9%	
														
Over the next 10 years, I		190	134	31	29	33	19	32		287	189	45	27	
expect the average annual		8.8	9.0	8.6	8.5	8.8	10.1	9.7		8.5	9.2	8.7	9.2	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		3.0	3.0	2.8	4.0	3.0	2.5	3.0		3.0	3.0	3.0	3.0	
														
Over the next year, I		189	133	31	29	33	19	31		283	190	45	27	
expect the average annual		6.5	6.8	7.4	7.6	7.3	7.0	7.4		6.6	6.9	6.6	7.8	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		8.0	9.0	8.0	8.0	8.0	8.5	10.0		8.0	8.0	7.5	8.5	
														
Over the next 10 years, I		195	136	32	29	34	19	32		294	190	47	28	
expect the average annual		5.7	5.7	5.8	5.9	5.8	6.3	5.7		5.5	6.0	5.6	6.2	
S&P 500 return will be:
Expected return:		2.0	2.0	2.0	2.3	2.0	2.3	2.0		2.0	2.0	2.0	2.0	
														
Over the next year, I		195	135	32	29	34	19	31		291	191	47	28	
expect the average annual		3.4	2.6	2.8	4.0	3.2	3.1	2.1		3.1	2.9	3.1	3.0	
S&P 500 return will be:
Expected return:		5.0	6.0	6.5	7.0	5.0	6.0	8.0		6.0	6.0	5.0	8.0	
														
Over the next 10 years, I		190	133	32	30	33	19	32		287	189	45	27	
expect the average annual		1.9	1.2	2.2	2.1	1.8	2.3	1.2		1.6	1.9	2.1	2.2	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		0.0	-4.5	-1.0	0.0	-1.0	-1.0	-4.0		0.0	0.0	-0.5	0.0	
														
Over the next year, I		191	133	32	29	33	19	31		286	189	45	27	
expect the average annual		-2.4	-5.3	-4.5	-2.2	-4.4	-3.1	-4.9		-2.9	-3.9	-3.5	-3.9	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		5.0	6.0	5.0	5.8	5.0	5.0	5.0		5.0	5.0	5.0	6.0	

106 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

10. On February 15, 2016 the annual yield on 10-yr treasury bonds was 1.7%. Please complete the following: 

N=629		Where are you personally located?	
Number
Mean
Median		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
								
Number		165	159	92	88	70	46	
Percent		26.6%	25.6%	14.8%	14.2%	11.3%	7.4%	
								
Over the next 10 years, I		149	134	84	81	65	39	
expect the average annual		9.1	9.0	7.9	8.7	9.4	8.4	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		3.0	3.0	3.0	3.8	3.0	3.0	
								
Over the next year, I		149	135	82	81	64	38	
expect the average annual		6.8	6.8	5.8	7.5	6.4	7.8	
S&P 500 return will be:
There is a 1-in-10 chance
it will be greater than:		8.0	8.0	8.0	8.0	8.0	7.5	
								
Over the next 10 years, I		153	137	86	82	66	39	
expect the average annual		6.0	5.8	5.3	5.6	6.0	5.0	
S&P 500 return will be:
Expected return:		2.0	2.0	2.0	2.0	2.0	1.9	
								
Over the next year, I		153	138	85	82	65	38	
expect the average annual		3.2	2.9	2.8	3.5	2.6	3.8	
S&P 500 return will be:
Expected return:		6.0	6.0	5.0	7.0	5.3	7.0	
								
Over the next 10 years, I		151	134	82	81	65	40	
expect the average annual		2.3	1.7	1.9	1.7	1.7	0.5	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		0.0	0.0	0.0	0.0	0.0	0.0	
								
Over the next year, I		150	135	83	81	64	39	
expect the average annual		-3.0	-3.8	-2.9	-3.3	-3.4	-3.1	
S&P 500 return will be:
There is a 1-in-10 chance
it will be less than:		6.0	5.0	5.0	5.0	5.5	4.0	

107 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=516		Totals		Industry	
Number
Mean
SD
Median		

		
Retail/
Whole-
sale	
Bank/Fin
Insur Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardware
Bio	

Manufac-
turing	

Health-
care Pharm	

Agr, Pub
Admin	

Other
Industry	
		A		A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		516		50	72	24	17	13	76	8	41	100	43	13	56	
Percent		100.0%		9.7%	14.0%	4.7%	3.3%	2.5%	14.8%	1.6%	8.0%	19.5%	8.4%	2.5%	10.9%	
																
% Approximate ROA in		516		50	72	24	17	13	76	8	41	100	43	13	56	
2015		8.2		9.4	6.4	7.5	7.8	5.0	10.9	10.5	3.5	11.2	5.3	4.4	7.4	
		11.3		10.4	9.2	7.0	8.1	12.8	11.8	13.0	15.1	11.1	10.9	10.2	11.6	
		0.0		6.5	3.0	5.5	6.0	4.0	8.0	8.5	3.0	8.3	4.1	3.3	5.0	
				h	fI				bHj		aFI	BHJkl	fI	i	i	
																
% Expected ROA in		516		50	72	24	17	13	76	8	41	100	43	13	56	
2016		9.5		10.1	7.6	7.6	8.9	4.6	12.4	11.1	6.1	13.1	7.3	4.1	8.6	
		10.6		10.1	9.3	5.8	6.4	7.4	11.6	13.3	13.1	10.5	10.2	3.5	11.4	
		-2.5		7.3	5.0	5.1	7.3	3.5	9.0	8.8	5.0	10.4	5.0	3.5	5.0	
				k	FI	i	k	fI	BeHjk		FI	BcEHJKl	fI	adfI	i	

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

108 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=516		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public,
NYSE	
Public,
Nasdaq/
AMEX	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		210	123	89	31	33	9	15		43	17	356	10	54	
Percent		41.2%	24.1%	17.5%	6.1%	6.5%	1.8%	2.9%		9.0%	3.5%	74.2%	2.1%	11.3%	
															
% Approximate ROA in		210	123	89	31	33	9	15		43	17	356	10	54	
2015		7.0	8.2	10.4	7.1	8.7	9.2	10.7		7.7	9.3	9.3	2.5	3.3	
		12.3	11.6	11.1	5.2	8.2	10.3	10.3		8.0	9.3	12.4	6.2	6.8	
		5.0	6.0	8.0	6.0	5.5	6.1	7.5		6.0	6.0	6.0	4.3	2.8	
		c		a						E	E	E		ABC	
															
% Expected ROA in		210	123	89	31	33	9	15		43	17	356	10	54	
2016		9.3	9.7	10.7	7.5	8.2	7.4	10.6		8.0	8.2	10.9	3.2	4.2	
		11.7	10.4	10.9	5.0	6.3	4.7	10.6		7.0	6.9	11.7	4.6	6.5	
		5.0	7.5	8.3	5.8	5.5	7.5	6.5		7.0	5.0	8.0	4.5	3.5	
										dE	de	dE	abc	AbC	

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

109 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=516		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		192	123	30	24	27	14	27		267	177	39	27	
Percent		43.9%	28.1%	6.9%	5.5%	6.2%	3.2%	6.2%		52.4%	34.7%	7.6%	5.3%	
														
% Approximate ROA in		192	123	30	24	27	14	27		267	177	39	27	
2015		8.6	9.3	9.2	6.0	7.6	8.1	9.5		6.9	9.1	12.3	8.3	
		12.8	11.4	12.4	10.8	7.7	4.2	9.2		11.0	11.3	13.3	10.8	
		5.0	7.0	5.0	5.7	5.2	7.0	6.1		5.0	6.0	8.0	7.5	
										bC	a	A		
														
% Expected ROA in		192	123	30	24	27	14	27		267	177	39	27	
2016		10.7	10.5	9.0	6.8	6.6	8.3	10.0		8.5	10.1	13.6	10.1	
		12.1	10.7	11.9	9.0	5.2	5.1	9.2		10.1	10.7	13.2	9.8	
		6.5	7.8	5.0	6.8	5.0	7.3	7.0		5.2	8.0	9.5	8.5	
										C		A		

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

110 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Return on assets (ROA=operating earnings/assets)

N=516		Where are you personally located?	
Number
Mean
SD
Median		

Midwest
US	

Northeast
US	
South
Atlantic
US	

Pacific
US	
South
Central
US	

Mountain
US	
		A	B	C	D	E	F	
								
Number		143	122	76	67	62	40	
Percent		28.0%	23.9%	14.9%	13.1%	12.2%	7.8%	
								
% Approximate ROA in		143	122	76	67	62	40	
2015		10.4	6.5	8.6	7.3	7.5	7.3	
		9.9	9.5	12.4	14.8	12.6	9.9	
		8.0	5.0	6.3	5.0	4.1	5.0	
		B	A					
								
% Expected ROA in		143	122	76	67	62	40	
2016		11.8	7.6	10.2	8.9	8.4	8.9	
		10.5	8.5	11.0	13.1	10.7	10.9	
		9.0	5.0	7.8	5.0	5.0	5.3	
		Be	A			a		

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

111 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized

N=113		Total		Industry	
Number
Mean
SD
Median		

		
Retail/
Whole-
sale	
Bank/Fin
Insur Real
Estate	
Mining
Construc-
tion	
Trans-
portation
Pub. Util	

Energy	
Service
Consult-
ing	
Commun-
ications
Media	
Tech Soft-
Hardware
Bio	

Manufac-
turing	

Health-
care Pharm	

Agr, Pub
Admin	

Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		113		0	0	0	0	0	0	0	0	113	0	0	0	
Percent		100.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
																
% of capacity utilized in		113		0	0	0	0	0	0	0	0	113	0	0	0	
last half of 2015		71.7		---	---	---	---	---	---	---	---	71.7	---	---	---	
		15.5		---	---	---	---	---	---	---	---	15.5	---	---	---	
		72.0		---	---	---	---	---	---	---	---	72.0	---	---	---	
																
% of capacity utilization		113		0	0	0	0	0	0	0	0	113	0	0	0	
planned for the first half		71.8		---	---	---	---	---	---	---	---	71.8	---	---	---	
of 2016		15.7		---	---	---	---	---	---	---	---	15.7	---	---	---	
		72.0		---	---	---	---	---	---	---	---	72.0	---	---	---	

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

112 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized

N=113		Sales Revenue		Ownership	
Number
Mean
SD
Median		

Less than
$25 million	

$25-99
million	

$100-499
million	

$500-999
million	

$1-4.9
billion	

$5-9.9
billion	
More
than $10
billion		

Public,
NYSE	
Public,
Nasdaq/
AMEX	

Private	

Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		32	29	23	11	11	1	6		20	4	84	0	0	
Percent		28.3%	25.7%	20.4%	9.7%	9.7%	0.9%	5.3%		18.5%	3.7%	77.8%	0.0%	0.0%	
															
% of capacity utilized in		32	29	23	11	11	1	6		20	4	84	0	0	
last half of 2015		64.1	70.2	76.5	77.3	76.8	92.0	77.5		78.3	70.0	70.5	---	---	
		15.5	18.2	13.9	10.1	9.5	---	7.6		10.0	8.2	16.7	---	---	
		68.5	70.0	75.0	72.5	75.0	46.0	77.5		77.5	70.0	70.0	---	---	
		Cdeg		A	a	a		a		c		a			
															
% of capacity utilization		32	29	23	11	11	1	6		20	4	84	0	0	
planned for the first half		66.2	68.5	77.2	74.3	77.6	92.0	78.3		78.9	60.0	70.7	---	---	
of 2016		16.0	18.3	13.0	14.2	10.8	---	7.5		10.8	10.8	16.4	---	---	
		70.0	71.0	75.0	73.5	75.0	46.0	80.0		80.0	57.5	71.0	---	---	
		Ce		A		a				Bc	A	a			

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

113 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized

N=113		Number of Employees		Foreign Sales	
Number
Mean
SD
Median		

Fewer than
100	

100-
499	

500-
999	

1000-
2499	

2500-
4999	

5000-
9999	
More
than
10,000		

0%	

1-24%	

25-50%	

More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		32	30	5	9	6	8	10		11	71	20	10	
Percent		32.0%	30.0%	5.0%	9.0%	6.0%	8.0%	10.0%		9.8%	63.4%	17.9%	8.9%	
														
% of capacity utilized in		32	30	5	9	6	8	10		11	71	20	10	
last half of 2015		65.8	71.2	81.0	72.8	77.5	80.5	80.3		68.8	71.7	73.5	73.8	
		16.6	18.1	12.4	9.1	12.1	10.0	7.5		11.2	15.6	13.9	20.1	
		70.0	72.5	75.0	70.0	75.0	82.5	80.0		67.5	70.0	75.0	77.5	
		fg					a	a						
														
% of capacity utilization		32	30	5	9	6	8	10		11	71	20	10	
planned for the first half		66.6	70.8	80.0	72.2	77.0	78.9	80.5		69.5	72.1	72.8	73.5	
of 2016		17.1	17.1	18.4	7.9	13.5	13.5	8.4		15.4	15.0	14.8	21.5	
		70.0	70.0	80.0	72.5	73.5	82.5	80.0		70.0	72.0	75.0	80.0	
		g			g			ad						

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

114 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized

N=113		Where are you personally located?	
Number
Mean
SD
Median		

Midwest
US	

Northeast
US	
South
Atlantic
US	

Pacific
US	
South
Central
US	

Mountain
US	
		A	B	C	D	E	F	
								
Number		57	16	10	14	7	7	
Percent		51.4%	14.4%	9.0%	12.6%	6.3%	6.3%	
								
% of capacity utilized in		57	16	10	14	7	7	
last half of 2015		73.1	75.8	64.1	71.3	59.8	73.4	
		15.1	14.2	11.0	16.6	17.8	19.3	
		75.0	80.0	65.0	70.0	57.5	77.5	
		e	ce	b		ab		
								
% of capacity utilization		57	16	10	14	7	7	
planned for the first half		72.6	73.5	60.8	76.5	66.2	74.8	
of 2016		14.6	14.9	12.1	18.2	19.7	19.8	
		71.0	77.5	65.0	76.5	65.0	75.0	
		c	c	abd	c			

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

115 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=143		Total		Industry	
Number
Mean
SD		

		Retail/
Whole-
sale	Bank/Fin
Insur Real
Estate	Mining
Construc-
tion	Trans-
portation
Pub. Util	

Energy	Service
Consult-
ing	Commun-
ications
Media	Tech Soft-
Hardware
Bio	
Manufac-
turing	
Health-
care Pharm	
Agr, Pub
Admin	
Other
Industry	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		143		0	0	0	0	0	0	0	0	143	0	0	0	
Percent		100.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.3%	0.0%	0.0%	0.0%	
																
% of capacity utilized in		143		0	0	0	0	0	0	0	0	143	0	0	0	
last half of 2015		76.3		---	---	---	---	---	---	---	---	76.3	---	---	---	
		11.1		---	---	---	---	---	---	---	---	11.1	---	---	---	
																
% of capacity utilization		143		0	0	0	0	0	0	0	0	143	0	0	0	
planned for the first half		76.8		---	---	---	---	---	---	---	---	76.8	---	---	---	
of 2016		11.6		---	---	---	---	---	---	---	---	11.6	---	---	---	

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

116 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=143		Sales Revenue		Ownership	
Number
Mean
SD		
Less than
$25 million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		7	8	24	10	48	3	45		90	4	46	0	0	
Percent		4.5%	5.6%	16.5%	6.8%	32.9%	1.8%	30.7%		64.6%	2.8%	33.1%	0.0%	0.0%	
															
% of capacity utilized in		7	8	24	10	48	3	45		90	4	46	0	0	
last half of 2015		64.1	70.2	76.5	77.3	76.8	92.0	77.5		77.9	70.0	74.3	---	---	
		16.6	19.1	13.8	10.2	9.1	0.0	7.0		8.2	8.5	15.1	---	---	
		EfG			f	AF	adEG	AF							
															
% of capacity utilization		7	8	24	10	48	3	45		90	4	46	0	0	
planned for the first half		66.2	68.5	77.2	74.3	77.6	92.0	78.3		78.7	60.6	74.5	---	---	
of 2016		17.1	19.2	12.9	14.3	10.4	0.0	7.0		8.9	11.0	14.7	---	---	
		eG	eg			abf	eG	AbF		Bc	A	a			

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

117 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=143		Number of Employees		Foreign Sales	
Number
Mean
SD		
Fewer than
100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More than
50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		8	15	4	16	12	21	60		4	72	46	22	
Percent		5.9%	10.9%	3.2%	11.4%	9.1%	15.5%	44.3%		2.8%	49.9%	31.8%	14.9%	
														
% of capacity utilized in		8	15	4	16	12	21	60		4	72	46	22	
last half of 2015		69.2	73.4	81.6	71.6	73.4	80.1	79.1		68.5	76.5	75.8	78.9	
		20.2	16.0	13.8	7.7	9.4	10.6	7.0		10.2	12.9	6.9	10.7	
		G	g		fG	g	d	AbDe						
														
% of capacity utilization		8	15	4	16	12	21	60		4	72	46	22	
planned for the first half		69.6	72.8	81.0	71.2	75.9	79.9	79.5		70.7	76.2	77.1	79.6	
of 2016		20.3	15.4	19.6	6.9	11.5	12.2	7.6		15.0	12.8	7.9	12.6	
		G	g		fG		d	AbD						

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

118 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2016

Manufacturing capacity utilized (Revenue Weighted)

N=143		Where are you personally located?	
Number
Mean
SD		
Midwest
US	
Northeast
US	South
Atlantic
US	
Pacific
US	South
Central
US	
Mountain
US	
		A	B	C	D	E	F	
								
Number		75	17	23	12	11	3	
Percent		53.0%	12.2%	16.1%	8.8%	8.0%	2.2%	
								
% of capacity utilized in		75	17	23	12	11	3	
last half of 2015		76.6	79.8	69.6	85.5	74.0	75.9	
		10.6	9.4	6.7	13.4	9.6	23.0	
		Cd	C	ABD	aCe	d		
								
% of capacity utilization		75	17	23	12	11	3	
planned for the first half		76.9	77.5	68.0	87.9	81.3	77.9	
of 2016		10.6	11.7	5.7	13.3	10.3	21.9	
		CD	Cd	ABDE	AbC	C		

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