Table of Contents

1a. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. Rate your optimism about your country's economy on a scale from 0-100, with 0 being the least optimistic
and 100 being the most optimistic.	2
2a. Are you more or less optimistic about the financial prospects for your own company compared to last
quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from 0-100, with 0 being
the least optimistic and 100 being the most optimistic.	4
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team?	5
3a. During the past quarter, which items have been the most pressing concerns for your company's top
management team? - Other specified	6
3b. Other than your answers to 3a, please write any new challenges or emerging risks that your firm anticipates
in the next year.	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12
months? [Unweighted - Winsorized]	12
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12
months for:   [Unweighted - Sorted]	13
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12
months?  [All Companies - Winsorized - Revenue Weighted - Sorted]	14
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12
months?  [All Companies - Winsorized - Employee Weighted - Sorted]	15
4. Relative to the previous 12 months, what will be your company's PERCENTAGE CHANGE during the next 12
months?  [Public Companies - Winsorized - Revenue Weighted]	16
5a. Has political uncertainty led your firm to be more cautious...	17
5b.  Has uncertainty about the upcoming U.S. Presidential election in November led your company to delay any
investment plans?	18
5c1.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose
one)	19
5c2.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose
one)	20
6.  Compared to interest rates today, how much would your borrowing costs have to increase to cause your
company...(Excludes NA responses)	21
6.  (FOR THOSE WITH A DEFINED BENEFIT FOR PENSION) Compared to interest rates today, how much would
your borrowing costs have to increase to cause your company...(Excludes NA responses)	22
7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 3
value driver:	23
7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 5
value driver:	24
Frequencies: Of all the things that contribute to long-term firm value, CEO OR Corp Culture were ranked as a
Top 5 value driver:	25
Other top value drivers	26
8. How is your business affected by the speed at which the UK exits the European Union?	28

On August 22nd, 2016 the annual yield on 10-yr treasury bonds was 1.54%. Please complete the following:
(Winsorized)	29
Return on assets (ROA=operating earnings/assets)  (Winsorized)	30
Manufacturing capacity utilized  (Winsorized)	31
Industry	32
Industry (Other specified)	33
Sales Revenue	35
Weighted Sales Revenue (Millions)	36
Number of Employees	37
Weighted Number of Employees	38
What type of pension plan does your company offer?	39
Where are you personally located?	40
Ownership	42
Foreign Sales	43
In what region of the world are most of your foreign sales?	44
What is your company's credit rating? 	45
Your job title (e.g., CFO, Asst. Treasurer, etc):	48

 1 

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

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

	 	Number	Percent	95% CI
	1=More optimistic	129	26.7 %	± 4.0 %
	0=No change	193	40.0 %	± 4.4 %
	-1=Less optimistic	161	33.3 %	± 4.2 %
	Total	483	100.0 %

	Mean = -0.1
	SD = 0.8

	Missing Cases = 1
	Response Percent = 99.8 %

2 

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

	Minimum = 0

	Maximum = 100

	Mean = 60.6

	Median = 60

	Standard Deviation (Unbiased Estimate) = 17.4

	95 Percent Confidence Interval Around The Mean = 58.9 - 62.3

Quartiles

	 1 = 50
	 2 = 60
	 3 = 75

Valid Cases =413
Missing Cases =71
Response Percent = 85.3%

3 

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

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

	 	Number	Percent	95% CI
	1=More optimistic	192	40.2 %	± 4.4 %
	0=No change	137	28.7 %	± 4.0 %
	-1=Less optimistic	149	31.2 %	± 4.1 %
	Total	478	100.0 %

	Mean = 0.1
	SD = 0.8

	Missing Cases = 6
	Response Percent = 98.8 %

4 

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

	Minimum = 0

	Maximum = 100

	Mean = 65.3

	Median = 70

	Standard Deviation (Unbiased Estimate) = 19.8

	95 Percent Confidence Interval Around The Mean = 63.4 - 67.2

Quartiles

	 1 = 50
	 2 = 70
	 3 = 80

Valid Cases =418
Missing Cases =66
Response Percent = 86.4%

5 

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

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

	 	Number	Percent	95% CI
	Economic uncertainty	202	42.1 %	± 4.4 %
	Difficulty attracting / retaining qualified employees	173	36.0 %	± 4.3 %
	Regulatory requirements	170	35.4 %	± 4.3 %
	Cost of benefits	166	34.6 %	± 4.3 %
	Weak demand for your products/services	131	27.3 %	± 4.0 %
	Government policies	128	26.7 %	± 4.0 %
	Employee productivity	114	23.8 %	± 3.8 %
	Data security	111	23.1 %	± 3.8 %
	Employee morale	89	18.5 %	± 3.5 %
	Access to capital	84	17.5 %	± 3.4 %
	Rising wages and salaries	64	13.3 %	± 3.1 %
	Corporate tax code	45	9.4 %	± 2.6 %
	Currency risk	32	6.7 %	± 2.2 %
	Rising input or commodity costs	30	6.3 %	± 2.2 %
	Other	30	6.3 %	± 2.2 %
	Cost of borrowing	22	4.6 %	± 1.9 %
	Geopolitical / health crises	17	3.5 %	± 1.7 %
	Inflation	12	2.5 %	± 1.4 %
	Deflation	9	1.9 %	± 1.2 %
	Total	1629

	Number of Cases = 480
	Number of Responses = 1629
	Average Number Of Responses Per Case = 3.4
	Number Of Cases With At Least One Response = 480
	Response Percent = 100.0 %

6 

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

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

Bank/Fin/Insur/Real Est	investment returns	
Bank/Fin/Insur/Real Est	Market fluctuations	
Bank/Fin/Insur/Real Est	softening insurance rates	
Communication/Media	Product pricing pressure	
Manufacturing	Banking relationships	
Manufacturing	Competition	
Manufacturing	competition	
Manufacturing	customer demand weakness	
Manufacturing	Imports	
Manufacturing	Margin pressure	
Manufacturing	political uncertainty	
Manufacturing	price of oil	
Manufacturing	Stagnate economy	
Manufacturing	Supply chain disruption	
	(domestic)	
Manufacturing	Supply chain shortages	
Manufacturing	Working Capital Management	
Mining/Construction	The mining industry	
Other	Cost of software and	
	technology	
Other	new product launch	
Other	Overall lack of CapEx	
	demands from our customer	
	base	
Other	Retaining our full client list.	
Retail/Wholesale	competitive environment	
Retail/Wholesale	Industry over-supply	
Services, Consulting	Cost of Risk	
Services, Consulting	Customers' future concerns.	
Services, Consulting	Political Dysfunction in Fall	
	Elections	
Services, Consulting	political turmoil created by	
	Republican party	
Tech [Soft/Hard/Bio]	Company re-org/job security	
Tech [Soft/Hard/Bio]	Finding right employees	
Tech [Soft/Hard/Bio]	Rising competitive pressure	
Transp, Public Util	General pricing pressure	

7 

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

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

Agr, Forestry, Fishing	Agriculture is going to be struggling with low commodity prices in corn and	
	soybeans.  Sales to farmers will be more difficult and the customer base will	
	consolidate.	
Agr, Forestry, Fishing	Commodity pricing.	
Agr, Forestry, Fishing	EVERYTHING	
Agr, Forestry, Fishing	Weak economic activity/recovery.	
Bank/Fin/Insur/Real Est	Brexit, international currency volatility, negaive interest rates	
Bank/Fin/Insur/Real Est	Capital markets uncertainty	
Bank/Fin/Insur/Real Est	Competition of non-banking businesses offering banking services	
Bank/Fin/Insur/Real Est	Continuation of a inadequat growth rate for the economy.	
Bank/Fin/Insur/Real Est	Continuing and increasing plastic card fraud (debit and credit card), since we are	
	a financial institution.	
Bank/Fin/Insur/Real Est	Economic Failure!	
Bank/Fin/Insur/Real Est	Election negativity	
Bank/Fin/Insur/Real Est	Fannie/Freddie continue to dominate purchasing of new loans.	
Bank/Fin/Insur/Real Est	I think regulation is the biggest issue we worry about.	
Bank/Fin/Insur/Real Est	instability in major countries	
Bank/Fin/Insur/Real Est	Integration	
Bank/Fin/Insur/Real Est	Keeping up with technology changes	
Bank/Fin/Insur/Real Est	Leadership challenges	
Bank/Fin/Insur/Real Est	Low interest rates.	
Bank/Fin/Insur/Real Est	N/A	
Bank/Fin/Insur/Real Est	New DOL Regulations on Overtime	
Bank/Fin/Insur/Real Est	none	
Bank/Fin/Insur/Real Est	past success complascency in the math acquisition failures scalability of some	
	businesses	
Bank/Fin/Insur/Real Est	Recession	
Bank/Fin/Insur/Real Est	SLOW GROWTH	
Bank/Fin/Insur/Real Est	Succession planning	
Bank/Fin/Insur/Real Est	The uncertainty surrounding ACA and its future impact on our industry.	
Communication/Media	Company has moved downsized and restructured from Global Branding and	
	Distribution to a Branding Organization only.  Product is dependent on snowfall.	
	Global demand for product is weak.	
Communication/Media	Consumer confidence stemming from the election, terrorism, epidemic.	
Communication/Media	Identifying and developing new revenue streams.	
Energy	Economic uncertainty which is usually part of the landscape.	
Energy	Repair of aging infrastructure	
Energy	The current company is merging with a larger corporation and just the logistics	
	and basic business challenges are daunting to handle from my prospective.	
Healthcare/Pharm	Change in State Tax	
Healthcare/Pharm	Changes in the health care environment.	
Healthcare/Pharm	Customers availability for financing and their dismal belief in the future	
	economic activities.	
Healthcare/Pharm	Having to use electronic health records.	
Healthcare/Pharm	I am in Healthcare, and the result of the 2016 election could have significant	
	impact on our business.	
Healthcare/Pharm	Impact on revenue based on Regulatory changes	
Healthcare/Pharm	Increased unfunded federal and state regulatory mandates.	
Healthcare/Pharm	Local consolidation of services	
Healthcare/Pharm	Managing growth through acquisitions	
Healthcare/Pharm	Political risk of further extension of misguided economic policies and 1-2%	
	growth in the economy.	
Healthcare/Pharm	Rising costs without consumer income increases	
Healthcare/Pharm	same	

8 

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

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

Healthcare/Pharm	There is clearly a push for more government oversight which I believe is	
	impacting economic conditions.	
Healthcare/Pharm	Who will win the White House	
Manufacturing	Acquisitions	
Manufacturing	Aging machinery.	
Manufacturing	Aging product lines	
Manufacturing	Being able to strategically plan for the future with the political uncertainty of	
	both the State and National turmoil.	
Manufacturing	Capacity issues.	
Manufacturing	company is going thru significant merger activity and then a subsequent break-	
	up into 3 independent / traded units	
Manufacturing	Competition for recycled products..i.e. aluminum	
Manufacturing	Continuation of same	
Manufacturing	Continued strong dollar increases cost competition from foreign goods.	
Manufacturing	Dealing with MBA school graduates who only thini finance and don't understand	
	product manufacturing or importance of labor.	
Manufacturing	Economic depression reducing demand	
Manufacturing	Election uncertainties in USA	
Manufacturing	Environmental regulation, water use restrictions	
Manufacturing	Global credit risk as we expand into Latin America and Africa	
Manufacturing	Global drag on productivity	
Manufacturing	Government Regulations & Uncertain Complicated US Tax Code	
Manufacturing	Government officials wanting more.	
Manufacturing	Health care coverage and cost	
Manufacturing	Increasing move in the US towards socialism	
Manufacturing	Insurance costs are looking at increasing dramatically because on the natural	
	disasters in the recent months.   Even with our exceptional rating, we are	
	looking at a significant increase in premiums.	
Manufacturing	internal efficiency	
Manufacturing	Just to clarify, 'employee productivity' in 3a for my firm is related to	
	technological advancements that are available but have not been deployed/	
	implemented.	
Manufacturing	keep up with competition, work on new strategies to address potential	
	reduction in sales for existing product lines, challenges in developing business in	
	new markets, develop new sustainable products	
Manufacturing	NEW Regulations coming from DC are coming fast and furious. We are having	
	trouble just being aware of all of them. Time for this Do-Nothing Congress to	
	get the regulators under control.	
Manufacturing	new technology and increased competition	
Manufacturing	obtaining necessary certifications to sell certain services into certain markets	
Manufacturing	Our customers want real decisions, certainty and direction from the government	
	on a wide range of issues from cost of employees, taxes, health care to put	
	their business plans in place.	
Manufacturing	Our future is dependent upon the growth of real manufacturing in the US	
Manufacturing	price of oil has affected big part of upstream oil and gas market; we are	
	working to diversify into downstream	
Manufacturing	Regulatory requirements are making it difficult to show sustainable growth.	
Manufacturing	Shortage of skilled employees	
Manufacturing	slow market with less large projects - most companies are in a waiting pattern	
	and not willing to ramp up production, just fulfiling the bare essentials	
Manufacturing	Start up of a primary new facility to replace aging existing facilities	
Manufacturing	technological obsolence	
Manufacturing	Vertically integrated retailers; effectively reaching consumers with the right	
	message	

9 

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

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

Manufacturing	We are in the Munitions manufacturing business and the next US Government	
	decisions on Defense spending will be a critical decision.	
Manufacturing	weak demand, cost of benefits	
Mining/Construction	Can I put another vote for access to capital? We're seeking growth capital and	
	see it as our biggest challenge and opportunity	
Mining/Construction	Economic uncertainty due to the election.	
Mining/Construction	General no growth attitude pervasive in the country	
Mining/Construction	Increased competition on commercial projects due to a slowdown in the	
	housing market (sector)	
Mining/Construction	Increasing interest rates that will affect the housing market	
Mining/Construction	Job growth slowing putting downward pressure on sales of new and existing	
	home sales.	
Mining/Construction	More competition	
Mining/Construction	political uncertainty	
Mining/Construction	Skilled Labor availability	
Mining/Construction	Succession planning for senior executives.	
Mining/Construction	The outcome of the Presidential election presenting new challenges for the	
	business environment.	
Mining/Construction	The weakened economy and the government's willful destruction of the coal	
	industry along with a global weakening for ore and other minerals have	
	impacted our market.	
Mining/Construction	Which candidate and regulatory model wil be implemented	
Other	Competition	
Other	Customer pool dwindling, negative outside external factors such as new	
	legislation & supreme court rulings	
Other	Data security and liability are becoming more challenging.	
Other	Decrease in people wanting  to join Country Clubs	
Other	Dysfunctional government	
Other	environmental regulatory excesses in California.	
Other	Greater competition in an already competitive marketplace.	
Other	I need to find a new career.	
Other	Increased complexity in the work process due to individual software programs.	
Other	Increasing government restrictions on freedom to act in Christian ministry	
	among the poor and needy.  (I work with a not-for-profit focused on such service	
	to the community in the name of Christ.)	
Other	International politics	
Other	Large investments required to deal with deferred maintenance issues	
Other	limited staffing to get the job done	
Other	N/A	
Other	Political and economic problems around the world are impacting the level of our	
	business.  Students are less likely to study abroad.	
Other	Potential uncertainty to support US foreign Policies driven by the new President,	
	that currently are protecting US companies overseas	
Other	Pressure from consolidation with in the industry	
Other	Reduction of skilled labor.  Tight profit margins.	
Other	Results of US elections could lead to more stifling regulations	
Other	Small business financing - restrictions caused by extensive regulations	
Other	The affordable care act continues to be a burden on employers.  It is not just the	
	penalties but the compliance is a huge burden.	
Other	The GOP nominee has flip-flopped on major campaign issues.  Company health	
	care coverage and regulations are worrisome.	
Other	The impact of any major tax re-write on charitable giving.	

10 

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

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

Other	The increasing cost of government regulation are becoming more of a concern	
	with the new overtime rule, labor union concessions, health care cost, etc.	
	Continual increasing the cost of doing business	
Other	training costs due to revolving door of lower end employees	
Other	Turn over in upper management.	
Other	Uncertainty of costs related to repatriating overseas capital.  Increasing	
	difficulty in discovering and tracking regulatory changes.  Unable to forecast	
	health care costs and penalties.	
Pub Admin	I think the economy is sinking into a recession	
Pub Admin	imigration	
Pub Admin	internal challenge of a new information sysem	
Retail/Wholesale	being acquired by a competitor	
Retail/Wholesale	Cost of Benefits	
Retail/Wholesale	Difficulty in attracting qualified employees - it seems most people would rather	
	sit at home and collect a government check ( Entitlement) rather than work for	
	a living - very frustrating.	
Retail/Wholesale	Diminishing retail sales, especially in soft lines	
Retail/Wholesale	Disruption from a major capital expenditure project.	
Retail/Wholesale	government policies following election	
Retail/Wholesale	Honing in budget	
Retail/Wholesale	I expect health care costs to increase substantially in 2017, when more parts of	
	the ACA take effect.	
Retail/Wholesale	Increased regulatory; political instability; growing recession in Europe & China	
Retail/Wholesale	LOT MORE VOLUME	
Retail/Wholesale	managing growth prospects	
Retail/Wholesale	Merging new acquisitions into Corporate structure	
Retail/Wholesale	na	
Retail/Wholesale	New Overtime regulations	
Retail/Wholesale	political stability from coming presidential elections	
Retail/Wholesale	Pricing pressure from customers	
Retail/Wholesale	The 'Keep it in the Ground' movement that will absolutely kill energy availability	
	and kill manufacturing.	
Retail/Wholesale	The growing labor costs for the restaurant industry (and many other industries)	
	due to the ACA, change in OT rules, etc.  This is causing a growing gap between	
	grocery store prices and restaurants.	
Retail/Wholesale	Transitioning across key employees	
Retail/Wholesale	weak demand	
Retail/Wholesale	weakness at other firms driving irrational pricing	
Services, Consulting	A rapid decline in GDP that will likely lead to a recession.	
Services, Consulting	Biggest challenge is improving employee productivity.	
Services, Consulting	Biggest Risk  --  Trump wins the election! This would be a disaster!	
Services, Consulting	Changes in federal regulations	
Services, Consulting	competition is increasing	
Services, Consulting	Continuing client uncertainty.	
Services, Consulting	Cost of benefits is high on the list as well	
Services, Consulting	Cost of Risk	
Services, Consulting	Economic uncertainty caused by the shipping index (CASE Index) being under	
	last year's shipment for six consecutive months....	
Services, Consulting	effects of new president of U.S.	
Services, Consulting	Eurozone/Brexit impact of business transactions.	
Services, Consulting	GOP policies	
Services, Consulting	Govt policies	
Services, Consulting	Hiring new talent seems to be getting difficult	
Services, Consulting	Introducing new services	

11 

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

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

Services, Consulting	Keeping up with technology	
Services, Consulting	Maintaining competitive advantage	
Services, Consulting	Market penetration in new geographic areas has become more difficult.	
Services, Consulting	New Department of Labor Laws	
Services, Consulting	Pension shortfall impact on deficits	
Services, Consulting	Pricing services	
Services, Consulting	socialism trends from the people as evidenced in presidential campaign.	
Services, Consulting	Succession planning and ownership transition	
Services, Consulting	Terrorist attacks, Hilary Clinton becoming president	
Services, Consulting	The amount of uncertainty that will occur if Trump is elected far exceeds any	
	other single risk to our economy, the stability of our currency and our position as	
	a credible world leader.	
Services, Consulting	The challenge is to find better ways of automating the work that we do.	
Services, Consulting	The upcoming US Presidential election	
Services, Consulting	Uncertainty relative to upcoming election. Hard to determine best path to	
	survive and thrive.	
Services, Consulting	uncertainty about presidential election	
Services, Consulting	Unsettled areas for investing in Africa.	
Services, Consulting	We appear to be in a short term recovery in certain parts of the United States.	
	With construction improving, costs (wages and benefits) are up.  Can we sustain	
	this recovery with such low GDP growth?	
Services, Consulting	World Economic stability & security	
Tech [Soft/Hard/Bio]	Broad economic woes.	
Tech [Soft/Hard/Bio]	Chaotic state sales tax policies	
Tech [Soft/Hard/Bio]	Debating whether to hire more employees	
Tech [Soft/Hard/Bio]	M&A due diligence	
Tech [Soft/Hard/Bio]	market dynamics, new entrants in space, competition, employee cost	
Tech [Soft/Hard/Bio]	None	
Tech [Soft/Hard/Bio]	US Government increased usage of low-price contracting rather than best value.	
Transp, Public Util	Anti business government policies such as higher taxes and regulations similar	
	to the increase in threshold for salaried vs. hourly employees that driver higher	
	costs.	
Transp, Public Util	Changes in Technology	
Transp, Public Util	Lack of Federal Government support of USA Infrastructure improvements	
Transp, Public Util	New Lease Accounting rules just passed/finalized in early 2016	
Transp, Public Util	no other concerns	
Transp, Public Util	Pricing pressure.	
Transp, Public Util	Regulatory requirements	
Unspecified Industry	Business supposed based on the Less margin, Maximize in the Volume.	
Unspecified Industry	Offshore oil and gas has adversely weighed on our business	

12 

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

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	8.4	6.3	7.8 - 9.0	8	-5.2	23	385

Revenue	5.6	13.7	4.3 - 6.9	5	-49.3	65.1	405

Technology spending	5.3	8.8	4.4 - 6.2	3	-21.7	34.6	427

Earnings	4.4	18.3	2.6 - 6.1	3	-55.6	69.9	364

Wages/Salaries	3.7	4.6	3.2 - 4.1	3	-15.9	24.8	393

Marketing/advertising spending	3.2	9.2	2.3 - 4.2	1	-24.4	32.4	369

Number of domestic full-time employees	2.6	7.6	1.9 - 3.4	1	-18.3	24.4	318

Research and development spending	2.1	7.0	1.3 - 2.8	0	-18.1	23.9	423

Capital spending	1.8	18.1	0.0 - 3.6	0	-48.5	55.5	367

Prices of your products	1.8	4.5	1.4 - 2.3	1	-14.4	19.3	428

13 

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

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

(N=484)

	Mean & SD	Positive	Zero	Negative	Total
	  	1	0	-1	  	
	0.9	387	31	9	427
Health care costs	0.4	90.6%	7.3%	2.1%	100.0%

	0.9	376	40	12	428
Wages/Salaries	0.4	87.9%	9.3%	2.8%	100.0%

	0.6	243	102	22	367
Technology spending	0.6	66.2%	27.8%	6.0%	100.0%

	0.5	300	36	87	423
Revenue	0.8	70.9%	8.5%	20.6%	100.0%

	0.4	198	133	38	369
Prices of your products	0.7	53.7%	36.0%	10.3%	100.0%

	0.4	192	129	43	364
Marketing/advertising spending	0.7	52.7%	35.4%	11.8%	100.0%

	0.4	255	50	100	405
Earnings	0.9	63.0%	12.3%	24.7%	100.0%

	0.4	213	106	74	393
Number of domestic full-time employees	0.8	54.2%	27.0%	18.8%	100.0%

	0.3	119	172	27	318
Research and development spending	0.6	37.4%	54.1%	8.5%	100.0%

	0.3	184	120	81	385
Capital spending	0.8	47.8%	31.2%	21.0%	100.0%

14 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Earnings	5.1	13.2	3.8 - 6.4	5	-55.6	69.9	350

Technology spending	4.8	8.0	4.0 - 5.7	3	-21.7	34.6	332

Revenue	4.4	9.3	3.5 - 5.3	4	-49.3	65.1	412

Marketing/advertising spending	2.5	7.7	1.7 - 3.4	1	-24.4	32.4	384

Prices of your products	1.6	4.0	1.2 - 2.0	1	-14.4	19.3	335

Research and development spending	1.4	5.9	0.8 - 2.1	0	-18.1	23.9	398

Capital spending	-0.4	14.7	-1.9 - 1.0	0	-48.5	55.5	348

15 

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Health care costs	6.8	5.5	6.3 - 7.4	7	-5.2	23	324

Wages/Salaries	2.9	3.6	2.5 - 3.3	3	-15.9	24.8	361

Number of domestic full-time employees	1.4	6.6	0.7 - 2.1	1	-18.3	24.4	340

16 

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	7.3	11.6	5.6 - 9.0	7	-25	50

Revenue	5.0	7.8	3.9 - 6.2	3	-20	25

17 

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

5a. Has political uncertainty led your firm to be more cautious...

(N=484)

	Yes	No	Total	
	259	225	484
Spending or Hiring	53.5%	46.5%	100.0%

	251	228	479
Spending	52.4%	47.6%	100.0%

	192	290	482
Hiring	39.8%	60.2%	100.0%

18 

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

 5b.  Has uncertainty about the upcoming U.S. Presidential election in November led your company to delay any investment plans?

	 	Number	Percent	95% CI
	Yes	125	25.9 %	± 3.9 %
	No	323	66.9 %	± 4.2 %
	Don't Know	35	7.2 %	± 2.3 %
	Total	483	100.0 %

	Missing Cases = 1
	Response Percent = 99.8 %

19 

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

5c1.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose one)

(N=125)

		Continue to wait to until more	
	Restart investment plans, or	uncertainty is resolved	Total	
Hillary	29	95	124
Clinton	23.4%	76.6%	100.0%

Donald	61	64	125
Trump	48.8%	51.2%	100.0%

 Asked of those who said they had uncertainty about the upcoming U.S. Presidential election in November that led company to delay any investment plans?

20 

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

5c2.  If Hillary Clinton/Donald Trump is elected US president, would your company be more likely to (choose one)

(N=323)

	Accelerate investment		Delay some investment	
	plans and/or reinstate		plans until uncertainty is	
	previously delayed	Continue investing at the	resolved with respect to	
	investments	current rate	future policies	Total	
Hillary	14	220	84	318
Clinton	4.4%	69.2%	26.4%	100.0%

Donald	34	203	82	319
Trump	10.7%	63.6%	25.7%	100.0%

 Asked of those who said they did NOT have uncertainty about the upcoming U.S. Presidential election in November that led company to delay any investment plans?

21 

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

6.  Compared to interest rates today, how much would your borrowing costs have to increase to cause your company...(Excludes NA responses)

	... to reduce capital spending plans?	Number	Percent	95% CI
	0.25	11	3.1 %	± 1.3 %
	0.5	31	8.8 %	± 2.2 %
	0.75	11	3.1 %	± 1.3 %
	1.0	61	17.3 %	± 3.0 %
	1.5	27	7.7 %	± 2.1 %
	2.0	82	23.3 %	± 3.4 %
	2.5	28	8.0 %	± 2.1 %
	3.0	49	13.9 %	± 2.7 %
	3.5	4	1.1 %	± 0.8 %
	4.0 or higher	48	13.6 %	± 2.7 %
	NA	0	0.0 %	± 0.0 %
	Total	352	100.0 %

	Mean = 5.9
	SD = 2.5

	Missing Cases = 132
	Response Percent = 72.7 %

22 

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

6.  (FOR THOSE WITH A DEFINED BENEFIT FOR PENSION) Compared to interest rates today, how much would your borrowing costs have to increase to cause your company...(Excludes NA responses)

	... to reduce capital spending plans?	Number	Percent	95% CI
	0.25	0	0.0 %	± 0.0 %
	0.5	3	10.0 %	± 8.4 %
	0.75	1	3.3 %	± 5.0 %
	1.0	3	10.0 %	± 8.4 %
	1.5	4	13.3 %	± 9.6 %
	2.0	7	23.3 %	± 12.2 %
	2.5	4	13.3 %	± 9.6 %
	3.0	3	10.0 %	± 8.4 %
	3.5	1	3.3 %	± 5.0 %
	4.0 or higher	4	13.3 %	± 9.6 %
	NA	0	0.0 %	± 0.0 %
	Total	30	100.0 %

	Mean = 6.1
	SD = 2.4

	Missing Cases = 11
	Response Percent = 73.2 %

23 

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

7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 3 value driver:

	 	Number	Percent	95% CI
	CEO or Corporate Culture	346	71.5 %	± 4.0 %
	Corporate Culture	232	47.9 %	± 4.5 %
	Strategic Plan	192	39.7 %	± 4.4 %
	Operating Plan	189	39.0 %	± 4.4 %
	CEO	181	37.4 %	± 4.3 %
	Marketing	99	20.5 %	± 3.6 %
	Production Process	92	19.0 %	± 3.5 %
	Finance Function	85	17.6 %	± 3.4 %
	Incentive Compensation	69	14.3 %	± 3.1 %
	Regulatory Environment	68	14.0 %	± 3.1 %
	Human Resources	55	11.4 %	± 2.8 %
	Governance/Board	43	8.9 %	± 2.5 %
	Other1	34	7.0 %	± 2.3 %
	Other2	5	1.0 %	± 0.9 %
	Total	1690

	Number of Cases = 484
	Number of Responses = 1690
	Average Number Of Responses Per Case = 3.5
	Number Of Cases With At Least One Response = 462
	Response Percent = 95.5 %

24 

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

7. Of all the things that contribute to long-term firm value, for my firm I rank the following items as a Top 5 value driver:

	7. Of all the things that contribute to long-term firm
	value, for my firm I rank the following items as a Top 5
	value driver:	Number	Percent	95% CI
	CEO or Corporate Culture	433	89.5 %	± 2.7 %
	Corporate Culture	356	73.6 %	± 3.9 %
	CEO	303	62.6 %	± 4.3 %
	Strategic Plan	301	62.2 %	± 4.3 %
	Operating Plan	296	61.2 %	± 4.4 %
	Marketing	205	42.4 %	± 4.4 %
	Finance Function	181	37.4 %	± 4.3 %
	Production Process	175	36.2 %	± 4.3 %
	Regulatory Environment	139	28.7 %	± 4.0 %
	Incentive Compensation	136	28.1 %	± 4.0 %
	Human Resources	121	25.0 %	± 3.9 %
	Governance/Board	106	21.9 %	± 3.7 %
	Other1	52	10.7 %	± 2.8 %
	Other2	8	1.7 %	± 1.1 %
	Total	2812

	Number of Cases = 484
	Number of Responses = 2812
	Average Number Of Responses Per Case = 5.8
	Number Of Cases With At Least One Response = 476
	Response Percent = 98.3 %

25 

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

	Of all the things that contribute to long-term firm value,
	CEO OR Corp Culture were ranked as a Top 5 value
	driver:	Number	Percent	95% CI
	Yes	433	89.5 %	± 2.7 %
	No	51	10.5 %	± 2.7 %
	Total	484	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

26 

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

 Other top value drivers

Backlog	---	
Brand equity	---	
CFO	---	
Clarity of Mission	Support in Communities Served	
Consumer tendancies	---	
customer relationships	---	
Customer Satisfaction	---	
Cyber Security	---	
data	---	
decision processes	---	
economy	---	
Employee dedication	---	
employee pool	---	
executive team	---	
Fuel Prices	R&D innovation	
I need a new career	---	
Info tech	---	
Innovation	---	
Innovation	---	
Integrity	Quality	
Intellectual Property	---	
Intellectual Property Portfolio	---	
Market niche	---	
Merchandise	---	
new product innovation	---	
people	---	
product development	---	
Product Innovation	---	
Product line depth	Customer relationships	
Productivity	---	
Products	---	
professional staff	---	
Quality of people	---	
R & D and new products	People - Skills	
R&D	---	
R&D	New products	
R&D investment	---	
Reputation	---	
Reputation in Community	---	
Revenue increases due to Customers' increase in	---	
demand		
Sales	---	
sales productivity	---	
Service Delivery	Cost Containment	
Staffing	---	
succession planning	---	
tech	---	
Technical Staff	Program Management	
Technological Innovation	---	
Technology	---	

27 

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

 Other top value drivers

technology	---	
Training	---	

28 

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

 8. How is your business affected by the speed at which the UK exits the European Union?

	 	Number	Percent	95% CI
	There is no effect on my business	393	81.7 %	± 3.5 %
	My business is better off with a slow Brexit schedule	58	12.1 %	± 2.9 %
	My business is better off with an quick Brexit	30	6.2 %	± 2.2 %
	Total	481	100.0 %

	Missing Cases = 3
	Response Percent = 99.4 %

29 

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

On August 22nd, 2016 the annual yield on 10-yr treasury bonds was 1.54%. Please complete the following:  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be less
than:	1.5	4.6	1.0 - 1.9	2	-11.7	14.6	427

Over the next 10 years, I expect the average annual S&P
500 return will be: Expected return:	5.8	3.2	5.5 - 6.1	5	-3.8	16.2	442

Over the next 10 years, I expect the average annual S&P
500 return will be: There is a 1-in-10 chance it will be
greater than:	9.2	4.9	8.7 - 9.6	8	0	24.6	428

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be less
than:	-2.5	7.0	-3.2 - -1.8	0	-17.4	11.3	426

Over the next year, I expect the average annual S&P 500
return will be: Expected return:	4.0	3.4	3.7 - 4.3	4	-5.1	13	440

Over the next year, I expect the average annual S&P 500
return will be: There is a 1-in-10 chance it will be greater
than:	8.0	4.4	7.5 - 8.4	7	-3.5	20.2	423

30 

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

Return on assets (ROA=operating earnings/assets)  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% Approximate ROA in 2016	7.5	9.5	6.6 - 8.4	6	-14.9	31.5	413

% Expected ROA in 2017	9.0	8.8	8.2 - 9.9	7	-12.1	32.2	402

31 

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

Manufacturing capacity utilized  (Winsorized)

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

% of capacity utilized in first half of 2016	69.5	15.7	66.5 - 72.6	70	39.9	97.4	102

% of capacity utilization planned for the second half of
2016	70.6	15.1	67.7 - 73.6	70	42.3	97.2	102

32 

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

Industry

	 	Number	Percent	95% CI
	Manufacturing	106	22.0 %	± 3.7 %
	Services, Consulting	64	13.3 %	± 3.0 %
	Banking/Finance/Insurance/Real Estate	59	12.3 %	± 2.9 %
	Retail/Wholesale	52	10.8 %	± 2.8 %
	Technology [Software/Hardware/Biotech]	34	7.1 %	± 2.3 %
	Healthcare/Pharmaceutical	34	7.1 %	± 2.3 %
	Transportation & Public Utilities	18	3.7 %	± 1.7 %
	Mining/Construction	16	3.3 %	± 1.6 %
	Agriculture, Forestry, & Fishing	10	2.1 %	± 1.3 %
	Public Administration	9	1.9 %	± 1.2 %
	Energy	8	1.7 %	± 1.1 %
	Communication/Media	8	1.7 %	± 1.1 %
	Other Industry	63	13.1 %	± 3.0 %
	Total	481	100.0 %

	Missing Cases = 3
	Response Percent = 99.4 %

33 

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

Industry (Other specified)

adult beverage manufacturer	
Aerospace	
Architecture-engineering	
Automotive - tier 1	
Botanical Garden	
business svc to food/restaurant industry	
Chamber of Commerce	
consulting	
consumer goods	
Credir Risk and Financial Intormation	
derivatives self regulatory organization	
Design and Content	
Distribution	
Education	
Education	
Education	
education	
education	
Employee Recognition	
Endowment Management	
Engineering	
Entertainment	
Equipment Rental & Services	
federal defense contractor	
fencing wholesaler	
Food	
Gaming	
General Contractor	
Government	
Government - Transportation	
Government Contracting - Consulting Service	
heavy Machinery + Consulting	
Higher Education	
Higher education	
Hospitality	
Hospitality	
Hospitality	
Hotel management	
I need a new career	
NFP	
Non Profit	
Non Profit	
Non-Profit Human Services	
Non-Profit Service	
Non-Profit communuity development	
non-profit	
Nonprofit	
Nonprofit	
Nonprofit	
Nonprofit	

34 

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

Industry (Other specified)

nonprofit	
Not for Profit	
Not for profit	
Not-for-Profit	
not for profit	
not for profit - religious	
Publishing	
Research & Development	
Software development & service support	
Staffing	
Telecommunications	
telecommunications	
telecommunications	
Utility	

35 

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

Sales Revenue

	 	Number	Percent	95% CI
	Less than $25 million	178	37.2 %	± 4.3 %
	$25-$99 million	118	24.7 %	± 3.8 %
	$100-$499 million	91	19.0 %	± 3.5 %
	$500-$999 million	20	4.2 %	± 1.8 %
	$1-$4.9 billion	38	7.9 %	± 2.4 %
	$5-$9.9 billion	13	2.7 %	± 1.4 %
	More than $10 billion	20	4.2 %	± 1.8 %
	Total	478	100.0 %

	Missing Cases = 6
	Response Percent = 98.8 %

36 

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

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1015.8

	Median = 62

	Variance (Unbiased Estimate) = 6331243.4

	Standard Deviation (Unbiased Estimate) = 2516.2

	Standard Error Of The Mean  = 115.1

	95 Percent Confidence Interval Around The Mean = 790.3 - 1241.4

	99 Percent Confidence Interval Around The Mean = 719.5 - 1312.2

	Skewness = 3.1

	Kolmogorov-Smirnov Statistic For Normality = 38.5

Quartiles

	 1 = 25
	 2 = 62
	 3 = 300

Valid Cases =478
Missing Cases =6
Response Percent = 98.8%

37 

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

Number of Employees

	 	Number	Percent	95% CI
	Fewer than 100	150	37.5 %	± 4.1 %
	100-499	124	31.0 %	± 3.9 %
	500-999	31	7.8 %	± 2.2 %
	1,000-2,499	32	8.0 %	± 2.2 %
	2,500-4,999	18	4.5 %	± 1.7 %
	5,000-9,999	15	3.8 %	± 1.6 %
	Over 10,000	30	7.5 %	± 2.2 %
	Total	400	100.0 %

	Missing Cases = 84
	Response Percent = 82.6 %

38 

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

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 1678.6

	Median = 300

	Variance (Unbiased Estimate) = 11072330.2

	Standard Deviation (Unbiased Estimate) = 3327.5

	Standard Error Of The Mean  = 166.4

	95 Percent Confidence Interval Around The Mean = 1352.5 - 2004.7

	99 Percent Confidence Interval Around The Mean = 1250.2 - 2107.0

	Skewness = 2.4

	Kolmogorov-Smirnov Statistic For Normality = 33.3

Quartiles

	 1 = 100
	 2 = 300
	 3 = 750

Valid Cases =400
Missing Cases =84
Response Percent = 82.6%

39 

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

What type of pension plan does your company offer?

	 	Number	Percent	95% CI
	Defined benefit	41	8.6 %	± 2.5 %
	Defined contribution	247	51.7 %	± 4.5 %
	Combination of a and b	68	14.2 %	± 3.1 %
	None	108	22.6 %	± 3.7 %
	NA	14	2.9 %	± 1.5 %
	Total	478	100.0 %

	Missing Cases = 6
	Response Percent = 98.8 %

40 

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

Where are you personally located?

	 	Number	Percent	95% CI
	Midwest U.S.	130	27.7 %	± 4.0 %
	Northeast U.S.	102	21.7 %	± 3.6 %
	South Atlantic U.S.	79	16.8 %	± 3.3 %
	Pacific US	68	14.5 %	± 3.1 %
	South Central U.S.	54	11.5 %	± 2.8 %
	Mountain U.S.	36	7.7 %	± 2.3 %
	Total	469	100.0 %

	Missing Cases = 15
	Response Percent = 96.9 %

41 

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

Where are you personally located? - Other specified

--- No Response ---

42 

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

Ownership

	 	Number	Percent	95% CI
	Private	353	73.8 %	± 4.0 %
	Nonprofit	47	9.8 %	± 2.6 %
	Public, NYSE	42	8.8 %	± 2.5 %
	Public, NASDAQ/AMEX	19	4.0 %	± 1.7 %
	Government	17	3.6 %	± 1.6 %
	Total	478	100.0 %

	Missing Cases = 6
	Response Percent = 98.8 %

43 

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

Foreign Sales

	 	Number	Percent	95% CI
	0%	212	47.5 %	± 4.4 %
	1-24%	179	40.1 %	± 4.3 %
	25-50%	33	7.4 %	± 2.3 %
	More than 50%	22	4.9 %	± 1.9 %
	Total	446	100.0 %

	Missing Cases = 38
	Response Percent = 92.1 %

44 

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

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

	 	Number	Percent	95% CI
	Europe	72	36.7 %	± 6.0 %
	Canada	50	25.5 %	± 5.3 %
	Asia/Pacific Basin	44	22.4 %	± 5.1 %
	Latin America	24	12.2 %	± 3.9 %
	Africa	6	3.1 %	± 2.0 %
	Total	196	100.0 %

	Missing Cases = 38
	Response Percent = 83.8 %

45 

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

What is your company's credit rating? 

	 	Number	Percent	Cumulative
	AAA	46	13.3 %	13.3 %
	AA+	49	14.2 %	27.5 %
	AA	38	11.0 %	38.4 %
	AA-	11	3.2 %	41.6 %
	A+	23	6.6 %	48.3 %
	A	44	12.7 %	61.0 %
	A-	14	4.0 %	65.0 %
	BBB+	24	6.9 %	72.0 %
	BBB	22	6.4 %	78.3 %
	BBB-	6	1.7 %	80.1 %
	BB+	12	3.5 %	83.5 %
	BB	9	2.6 %	86.1 %
	BB-	7	2.0 %	88.2 %
	B+	3	0.9 %	89.0 %
	B	14	4.0 %	93.1 %
	B-	5	1.4 %	94.5 %
	CCC	12	3.5 %	98.0 %
	CC	3	0.9 %	98.8 %
	D	4	1.2 %	100.0 %
	Total	346	100.0 %	100.0 %

	Missing Cases = 0
	Response Percent = 100.0 %

46 

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

What is your company's credit rating? 

N=346		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
Total		346		127	219	
		100.0%		36.7%	63.3%	
						
AAA		46		19	27	
		13.3%		15.0%	12.3%	
						
AA+		49		23	26	
		14.2%		18.1%	11.9%	
						
AA		38		15	23	
		11.0%		11.8%	10.5%	
						
AA-		11		5	6	
		3.2%		3.9%	2.7%	
						
A+		23		9	14	
		6.6%		7.1%	6.4%	
						
A		44		10	34	
		12.7%		7.9%	15.5%	
				b	a	
						
A-		14		5	9	
		4.0%		3.9%	4.1%	
						
BBB+		24		6	18	
		6.9%		4.7%	8.2%	
						
BBB		22		9	13	
		6.4%		7.1%	5.9%	
						
BBB-		6		2	4	
		1.7%		1.6%	1.8%	
						
BB+		12		8	4	
		3.5%		6.3%	1.8%	
				b	a	
						
BB		9		3	6	
		2.6%		2.4%	2.7%	

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

47 

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

What is your company's credit rating? 

N=346		Total		Credit Rating	
		 		Actual	Estimate	
		 		A	B	
						
BB-		7		4	3	
		2.0%		3.1%	1.4%	
						
B+		3		1	2	
		0.9%		0.8%	0.9%	
						
B		14		3	11	
		4.0%		2.4%	5.0%	
						
B-		5		1	4	
		1.4%		0.8%	1.8%	
						
CCC		12		3	9	
		3.5%		2.4%	4.1%	
						
CC		3		1	2	
		0.9%		0.8%	0.9%	
						
D		4		0	4	
		1.2%		0.0%	1.8%	

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

48 

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

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

	 	Number	Percent
	CFO	229	48.6 %
	Controller	43	9.1 %
	CEO	27	5.7 %
	President	14	3.0 %
	Treasurer	7	1.5 %
	Director of Finance	6	1.3 %
	VP Finance	4	0.8 %
	Corporate Controller	4	0.8 %
	Director	4	0.8 %
	Owner	4	0.8 %
	COO	4	0.8 %
	Partner	3	0.6 %
	General Manager	3	0.6 %
	VP of Finance	3	0.6 %
	Finance Director	2	0.4 %
	EVP	2	0.4 %
	Principal	2	0.4 %
	Accounting Manager	2	0.4 %
	Division Controller	2	0.4 %
	CEO/Owner	2	0.4 %
	CTO	1	0.2 %
	Controller - Divisional	1	0.2 %
	Global Director, Audit	1	0.2 %
	Manager of Finance/Accounting	1	0.2 %
	Sr Director of Finance	1	0.2 %
	Director Treasury Risk Management	1	0.2 %
	VP Business Planning	1	0.2 %
	owner	1	0.2 %
	Associate VP, Finance	1	0.2 %
	Human Resources Manager	1	0.2 %
	CFO, Business Unit	1	0.2 %
	SVP Finance	1	0.2 %
	engineer	1	0.2 %
	Tax Manager	1	0.2 %
	VP/Finance	1	0.2 %
	Sr. Director of Finance & Administration	1	0.2 %
	President & CEO	1	0.2 %
	Sr Manager Finance	1	0.2 %
	Principal/Owner	1	0.2 %
	Manager Accounting Services	1	0.2 %
	Treasury Manager	1	0.2 %
	Sr Director, Operations Acctg	1	0.2 %
	Managing Member	1	0.2 %
	President & CFO	1	0.2 %
	Managing Director	1	0.2 %
	contractor	1	0.2 %
	Co-CFO	1	0.2 %
	VP & Controller	1	0.2 %
	Sr VP Finance	1	0.2 %
	SVP Strategic Planning	1	0.2 %

49 

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

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

	 	Number	Percent
	Business Intelligence Director	1	0.2 %
	Chief Investment Officer	1	0.2 %
	Chief Global Strategist	1	0.2 %
	VP	1	0.2 %
	Global Markets CFO	1	0.2 %
	Board	1	0.2 %
	Corporate Controller and Treasurer	1	0.2 %
	Finance & Grants Manager	1	0.2 %
	CFOO	1	0.2 %
	CFO Consultant	1	0.2 %
	Finance Manager	1	0.2 %
	Assistant Treasurer	1	0.2 %
	Divisional CFO	1	0.2 %
	Controller needing a new career	1	0.2 %
	CIO	1	0.2 %
	Comptroller	1	0.2 %
	AVP & Cashier	1	0.2 %
	Director, Treasurer's Office	1	0.2 %
	Board member	1	0.2 %
	CEO/CFO	1	0.2 %
	Program Director	1	0.2 %
	President / CEO	1	0.2 %
	Accounting/Operations Manager	1	0.2 %
	President-CEO	1	0.2 %
	Sr Director	1	0.2 %
	Sr. Tax Manager	1	0.2 %
	Financial Director	1	0.2 %
	Utilities Financial Manager	1	0.2 %
	CFO/Controller	1	0.2 %
	CFO/COO	1	0.2 %
	Chief Financial Officer	1	0.2 %
	Board Director	1	0.2 %
	Sr. Manager, Global Treasury	1	0.2 %
	Director of Treasury Operations	1	0.2 %
	Vice President, Assistant Treasurer	1	0.2 %
	Vice President/General Manager/CEO	1	0.2 %
	Director Finance	1	0.2 %
	Tax Director	1	0.2 %
	SVP CORP TREASURER	1	0.2 %
	Vice President Finance	1	0.2 %
	VP, Finance	1	0.2 %
	EVP & CFO	1	0.2 %
	VP, Treasurer, Tax Director	1	0.2 %
	director	1	0.2 %
	CEO Manager	1	0.2 %
	Vice President of Finance	1	0.2 %
	Manager of Finance	1	0.2 %
	COO/CFO	1	0.2 %
	Senuior Vice President	1	0.2 %
	DIRECTOR of FINANCE	1	0.2 %

50 

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

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

	 	Number	Percent
	Interim CFO	1	0.2 %
	Financial Controller	1	0.2 %
	VP & Treasurer	1	0.2 %
	Assistant Controller	1	0.2 %
	Czar	1	0.2 %
	Consultant	1	0.2 %
	Chief Performance Officer	1	0.2 %
	EVP Finance	1	0.2 %
	President and CEO	1	0.2 %
	Director - Finance	1	0.2 %
	SVP Finance, Secretary	1	0.2 %
	VP - Corporate Strategy	1	0.2 %
	Sr. Finance Manager	1	0.2 %
	SVP Finace	1	0.2 %
	V.P.	1	0.2 %
	pres/ceo	1	0.2 %
	PRES	1	0.2 %
	Strategic advisor	1	0.2 %
	Sr Business Consultant	1	0.2 %
	VP/CFO	1	0.2 %
	Vice President - Treasurer	1	0.2 %
	Coo	1	0.2 %
	Mgr FP&A	1	0.2 %
	Vice President	1	0.2 %
	Total	471	100.0 %

	Missing Cases = 13
	Response Percent = 97.3 %