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? (Unweighted - Winsorized]	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]	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]	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
Q5.  Do you support the Fed raising interest rates in mid-December 2016?	47
Q6a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?	51
Q6b.  Increase of:	55
Q6B.  Increase of: in your borrowing costs from today through the end of 2017? - Summary of Descriptives	63
Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....	67
Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)	107
Q7.  Have your hiring plans decreased because of:	115
Q7.  Have your spending plans decreased because of:	119
Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:	123
(Excludes Don't Know) Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:	127
Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:	131
Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	139
(Excludes Don't Know)  Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?	143
Q8d.  Do these firms have the correct mix between floating and fixed rate debt?	147
Q9.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to spend on capital expenditures or R&D?	151
On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)	155
Return on assets (ROA=operating earnings/assets)  (Winsorized)	163
Manufacturing capacity utilized  (Winsorized)	167
Your job title (e.g., CFO, Asst. Treasurer, etc):	171
What is the probability that you will be a CEO in 5 years?	175
What is the probability that you will be a CEO in 5 years?	179
Do your current job tasks adequately prepare you to be a CEO at some point in the future?	183

 1 

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

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

N=337		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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
1=More optimistic		216		20	34	5	11	5	32	7	9	40	16	9	28	
		64.1%		62.5%	73.9%	62.5%	91.7%	71.4%	56.1%	70.0%	56.3%	57.1%	61.5%	75.0%	68.3%	
							fi		d			d				
																
0=No change		66		8	4	2	1	2	13	0	5	20	5	2	4	
		19.6%		25.0%	8.7%	25.0%	8.3%	28.6%	22.8%	0.0%	31.3%	28.6%	19.2%	16.7%	9.8%	
					hi						b	bl			i	
																
-1=Less optimistic		55		4	8	1	0	0	12	3	2	10	5	1	9	
		16.3%		12.5%	17.4%	12.5%	0.0%	0.0%	21.1%	30.0%	12.5%	14.3%	19.2%	8.3%	22.0%	
																
Mean		0.48		0.50	0.57	0.50	0.92	0.71	0.35	0.40	0.44	0.43	0.42	0.67	0.46	
							fhij		d		d	d	d			

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

2 

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

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

N=337		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		124	83	65	13	29	7	15	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%	
									
1=More optimistic		73	53	44	8	22	4	11	
		58.9%	63.9%	67.7%	61.5%	75.9%	57.1%	73.3%	
									
0=No change		24	20	14	2	3	1	2	
		19.4%	24.1%	21.5%	15.4%	10.3%	14.3%	13.3%	
									
-1=Less optimistic		27	10	7	3	4	2	2	
		21.8%	12.0%	10.8%	23.1%	13.8%	28.6%	13.3%	
									
Mean		0.37	0.52	0.57	0.38	0.62	0.29	0.60	

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

3 

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

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

N=337		Where are you personally located?	

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
1=More optimistic		50	44	42	29	20	19	12	
		55.6%	66.7%	68.9%	69.0%	66.7%	67.9%	63.2%	
									
0=No change		23	9	11	7	6	6	3	
		25.6%	13.6%	18.0%	16.7%	20.0%	21.4%	15.8%	
									
-1=Less optimistic		17	13	8	6	4	3	4	
		18.9%	19.7%	13.1%	14.3%	13.3%	10.7%	21.1%	
									
Mean		0.37	0.47	0.56	0.55	0.53	0.57	0.42	

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

4 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Total		Industry	
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	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		337		32	46	8	12	7	57	10	16	70	26	12	41	
Percent		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Optimism rating		66.52		67.39	66.86	67.86	71.75	62.71	65.93	57.22	64.79	64.33	68.11	74.00	68.71	
		70.00		70.00	70.00	75.00	69.00	60.00	65.00	60.00	63.50	66.50	69.00	75.00	75.00	

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

5 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Total		Sales Revenue		Total	
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		

				A	B	C	D	E	F	G			
													
Number		337		124	83	65	13	29	7	15		337	
Percent		100.0%		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		100.0%	
													
Optimism rating		66.52		65.13	65.94	69.71	62.33	68.88	67.00	64.43		66.52	
		70.00		65.00	70.00	75.00	60.00	75.00	70.00	68.50		70.00	

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

6 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Number		90	66	61	42	30	28	19	
Percent		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Optimism rating		65.84	63.25	70.68	65.43	68.87	65.78	68.79	
		70.00	65.00	75.00	65.00	75.00	68.00	69.00	
			c	b					

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

7 

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

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

N=337		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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
1=More optimistic		170		18	26	2	5	5	34	7	8	24	13	7	21	
		51.1%		56.3%	56.5%	28.6%	41.7%	71.4%	60.7%	70.0%	50.0%	34.8%	50.0%	58.3%	52.5%	
				i	i				I	i		abFg				
																
0=No change		102		8	16	2	4	1	14	1	6	28	8	3	11	
		30.6%		25.0%	34.8%	28.6%	33.3%	14.3%	25.0%	10.0%	37.5%	40.6%	30.8%	25.0%	27.5%	
																
-1=Less optimistic		61		6	4	3	3	1	8	2	2	17	5	2	8	
		18.3%		18.8%	8.7%	42.9%	25.0%	14.3%	14.3%	20.0%	12.5%	24.6%	19.2%	16.7%	20.0%	
					ci	b						b				
																
Mean		0.33		0.38	0.48	-0.14	0.17	0.57	0.46	0.50	0.38	0.10	0.31	0.42	0.33	
					cI	bf			cI			BF				

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

8 

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

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

N=337		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
1=More optimistic		63	40	33	6	14	4	9		22	5	120	4	11	
		51.6%	48.8%	51.6%	46.2%	48.3%	57.1%	60.0%		59.5%	45.5%	51.7%	40.0%	39.3%	
															
0=No change		43	22	20	2	9	2	4		10	5	73	4	6	
		35.2%	26.8%	31.3%	15.4%	31.0%	28.6%	26.7%		27.0%	45.5%	31.5%	40.0%	21.4%	
															
-1=Less optimistic		16	20	11	5	6	1	2		5	1	39	2	11	
		13.1%	24.4%	17.2%	38.5%	20.7%	14.3%	13.3%		13.5%	9.1%	16.8%	20.0%	39.3%	
		bd	a		a					e		E		aC	
															
Mean		0.39	0.24	0.34	0.08	0.28	0.43	0.47		0.46	0.36	0.35	0.20	0.00	
										e		e		ac	

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

9 

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

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

N=337		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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
1=More optimistic		69	37	9	8	9	7	13		87	56	13	8	
		58.0%	43.5%	40.9%	44.4%	50.0%	87.5%	65.0%		55.1%	44.1%	54.2%	57.1%	
		b	af	f			bc							
														
0=No change		43	22	7	6	5	0	5		46	41	8	3	
		36.1%	25.9%	31.8%	33.3%	27.8%	0.0%	25.0%		29.1%	32.3%	33.3%	21.4%	
		f					a							
														
-1=Less optimistic		7	26	6	4	4	1	2		25	30	3	3	
		5.9%	30.6%	27.3%	22.2%	22.2%	12.5%	10.0%		15.8%	23.6%	12.5%	21.4%	
		BCde	A	A	a	a								
														
Mean		0.52	0.13	0.14	0.22	0.28	0.75	0.55		0.39	0.20	0.42	0.36	
		Bc	Ag	a				b		b	a			

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

10 

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

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

N=337		Where are you personally located?	

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
1=More optimistic		40	33	41	21	14	11	10	
		44.9%	50.0%	68.3%	51.2%	46.7%	40.7%	52.6%	
		C	c	Abef		c	c		
									
0=No change		28	17	14	13	14	10	5	
		31.5%	25.8%	23.3%	31.7%	46.7%	37.0%	26.3%	
			e	e		bc			
									
-1=Less optimistic		21	16	5	7	2	6	4	
		23.6%	24.2%	8.3%	17.1%	6.7%	22.2%	21.1%	
		ce	ce	ab		ab			
									
Mean		0.21	0.26	0.60	0.34	0.40	0.19	0.32	
		C	c	Abf			c		

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

11 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Total		Industry	
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	
				A	B	C	D	E	F	G	H	I	J	K	L	
																
Number		337		32	46	8	12	7	57	10	16	70	26	12	41	
Percent		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Optimism rating		67.43		67.78	69.56	58.75	61.83	60.43	69.98	59.44	65.50	66.75	66.21	75.50	68.71	
		70.00		70.00	75.00	60.00	62.50	62.00	75.00	70.00	70.00	70.00	75.00	85.00	75.00	

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

12 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Sales Revenue		Ownership	
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	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Number		124	83	65	13	29	7	15		37	11	235	11	28	
Percent		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Optimism rating		68.73	66.96	67.71	66.15	66.35	66.00	62.14		65.29	63.22	68.65	64.75	62.04	
		75.00	67.50	70.00	75.00	70.00	65.00	70.00		72.50	50.00	75.00	57.50	60.00	

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

13 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Number of Employees		Foreign Sales	
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%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Number		119	87	22	18	18	8	20		162	127	24	14	
Percent		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Optimism rating		69.48	67.03	65.89	72.13	65.63	65.00	64.41		67.45	67.37	66.67	64.27	
		75.00	70.00	67.50	75.00	70.00	65.00	70.00		72.50	70.00	67.50	65.00	

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

14 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Number		90	66	61	42	30	28	19	
Percent		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Optimism rating		67.90	62.29	73.82	64.66	71.81	63.43	69.13	
		70.00	60.00	75.00	70.00	75.00	60.00	75.00	
			Ce	Bdf	c	b	c		

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

15 

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

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

N=335		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		335		32	45	8	12	7	57	10	16	69	26	12	41	
		100.0%		9.6%	13.4%	2.4%	3.6%	2.1%	17.0%	3.0%	4.8%	20.6%	7.8%	3.6%	12.2%	
																
Economic uncertainty		144		17	24	3	4	5	27	3	5	26	7	4	19	
		43.0%		53.1%	53.3%	37.5%	33.3%	71.4%	47.4%	30.0%	31.3%	37.7%	26.9%	33.3%	46.3%	
				j	j			j					abe			
																
Cost of benefits		140		17	12	3	7	3	32	2	2	33	9	5	15	
		41.8%		53.1%	26.7%	37.5%	58.3%	42.9%	56.1%	20.0%	12.5%	47.8%	34.6%	41.7%	36.6%	
				bH	adFi		bh		BgH	f	AdFi	bh				
																
Regulatory		137		11	30	4	8	3	17	0	5	17	15	9	18	
requirements		40.9%		34.4%	66.7%	50.0%	66.7%	42.9%	29.8%	0.0%	31.3%	24.6%	57.7%	75.0%	43.9%	
				Bgk	AFGhIl	g	fGI	g	BdgjK	aBcDefJKl	bk	BDJKl	fGI	aFGhI	bgi	
																
Government policies		126		9	24	2	5	5	27	1	3	17	14	5	14	
		37.6%		28.1%	53.3%	25.0%	41.7%	71.4%	47.4%	10.0%	18.8%	24.6%	53.8%	41.7%	34.1%	
				be	aghI			aghi	ghI	befj	befj	BeFJ	ghI			
																
Difficulty attracting /
retaining qualified		
112		
13	
7	
5	
4	
1	
15	
3	
6	
32	
7	
6	
13	
employees		33.4%		40.6%	15.6%	62.5%	33.3%	14.3%	26.3%	30.0%	37.5%	46.4%	26.9%	50.0%	31.7%	
				b	aCIk	Bf			ci			Bf		b		
																
Weak demand for		72		9	3	2	5	4	8	2	6	23	2	2	6	
your products/services		21.5%		28.1%	6.7%	25.0%	41.7%	57.1%	14.0%	20.0%	37.5%	33.3%	7.7%	16.7%	14.6%	
				b	aDEHI		Bfjl	BFJl	dEhi		Bfj	Bfjl	dEhi		dei	

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

16 

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

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

N=335		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		124	83	64	13	28	7	15		36	11	234	11	28	
		37.0%	24.8%	19.1%	3.9%	8.4%	2.1%	4.5%		10.7%	3.3%	69.9%	3.3%	8.4%	
															
Economic uncertainty		50	37	29	5	11	4	7		20	6	98	4	10	
		40.3%	44.6%	45.3%	38.5%	39.3%	57.1%	46.7%		55.6%	54.5%	41.9%	36.4%	35.7%	
															
Cost of benefits		52	42	29	4	7	3	3		11	3	100	4	13	
		41.9%	50.6%	45.3%	30.8%	25.0%	42.9%	20.0%		30.6%	27.3%	42.7%	36.4%	46.4%	
			eg			b		b							
															
Regulatory		41	39	22	8	15	2	9		16	7	89	7	13	
requirements		33.1%	47.0%	34.4%	61.5%	53.6%	28.6%	60.0%		44.4%	63.6%	38.0%	63.6%	46.4%	
		bdeg	a		a	a		a							
															
Government policies		43	26	27	4	12	3	10		16	6	78	8	13	
		34.7%	31.3%	42.2%	30.8%	42.9%	42.9%	66.7%		44.4%	54.5%	33.3%	72.7%	46.4%	
		g	g					ab				D	C		
															
Difficulty attracting /
retaining qualified		
40	
35	
24	
4	
3	
2	
3		
4	
1	
88	
5	
11	
employees		32.3%	42.2%	37.5%	30.8%	10.7%	28.6%	20.0%		11.1%	9.1%	37.6%	45.5%	39.3%	
		e	E	e		aBc				Cde		A	a	a	
															
Weak demand for		21	21	17	1	9	0	3		9	2	53	1	4	
your products/services		16.9%	25.3%	26.6%	7.7%	32.1%	0.0%	20.0%		25.0%	18.2%	22.6%	9.1%	14.3%	

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

17 

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

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

N=335		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		119	86	22	17	18	8	20		162	126	24	14	
		35.5%	25.7%	6.6%	5.1%	5.4%	2.4%	6.0%		48.4%	37.6%	7.2%	4.2%	
														
Economic uncertainty		51	37	11	6	5	4	11		63	56	12	10	
		42.9%	43.0%	50.0%	35.3%	27.8%	50.0%	55.0%		38.9%	44.4%	50.0%	71.4%	
										d			a	
														
Cost of benefits		54	38	8	8	6	3	5		77	50	6	3	
		45.4%	44.2%	36.4%	47.1%	33.3%	37.5%	25.0%		47.5%	39.7%	25.0%	21.4%	
										c		a		
														
Regulatory		45	29	11	7	11	6	10		77	35	15	6	
requirements		37.8%	33.7%	50.0%	41.2%	61.1%	75.0%	50.0%		47.5%	27.8%	62.5%	42.9%	
		f	ef			b	ab			B	AC	B		
														
Government policies		46	24	10	7	8	4	11		68	40	9	7	
		38.7%	27.9%	45.5%	41.2%	44.4%	50.0%	55.0%		42.0%	31.7%	37.5%	50.0%	
			g					b						
														
Difficulty attracting /
retaining qualified		
36	
37	
12	
6	
5	
1	
4		
56	
48	
3	
4	
employees		30.3%	43.0%	54.5%	35.3%	27.8%	12.5%	20.0%		34.6%	38.1%	12.5%	28.6%	
		c		afg			c	c		c	c	ab		
														
Weak demand for		20	25	6	2	7	1	3		19	41	7	4	
your products/services		16.8%	29.1%	27.3%	11.8%	38.9%	12.5%	15.0%		11.7%	32.5%	29.2%	28.6%	
		be	a			a				Bc	A	a		

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

18 

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

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

N=335		Where are you personally located?	

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		89	65	61	42	30	28	19	
		26.6%	19.4%	18.2%	12.5%	9.0%	8.4%	5.7%	
									
Economic uncertainty		31	33	29	22	13	8	8	
		34.8%	50.8%	47.5%	52.4%	43.3%	28.6%	42.1%	
		b	a						
									
Cost of benefits		43	26	26	16	11	11	7	
		48.3%	40.0%	42.6%	38.1%	36.7%	39.3%	36.8%	
									
Regulatory		28	19	26	20	14	21	8	
requirements		31.5%	29.2%	42.6%	47.6%	46.7%	75.0%	42.1%	
		F	F	F	f	f	ABCdeg	f	
									
Government policies		26	29	23	19	11	10	8	
		29.2%	44.6%	37.7%	45.2%	36.7%	35.7%	42.1%	
									
Difficulty attracting /
retaining qualified		
43	
24	
15	
10	
6	
6	
8	
employees		48.3%	36.9%	24.6%	23.8%	20.0%	21.4%	42.1%	
		CDEf		A	A	A	a		
									
Weak demand for		23	18	7	10	5	5	4	
your products/services		25.8%	27.7%	11.5%	23.8%	16.7%	17.9%	21.1%	
		c	c	ab					

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

19 

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

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

N=335		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	
																
Data security		70		8	17	0	0	0	17	3	6	5	4	2	8	
		20.9%		25.0%	37.8%	0.0%	0.0%	0.0%	29.8%	30.0%	37.5%	7.2%	15.4%	16.7%	19.5%	
				i	cdI	b	bfh		dI	i	dI	aBFgH				
																
Access to capital		59		1	9	3	1	1	8	3	7	9	8	1	8	
		17.6%		3.1%	20.0%	37.5%	8.3%	14.3%	14.0%	30.0%	43.8%	13.0%	30.8%	8.3%	19.5%	
				bCgHJl	a	A			h	a	AfI	Hj	Ai		a	
																
Employee morale		42		3	2	1	1	0	6	1	5	10	3	1	9	
		12.5%		9.4%	4.4%	12.5%	8.3%	0.0%	10.5%	10.0%	31.3%	14.5%	11.5%	8.3%	22.0%	
					Hl				h		Bf				b	
																
Rising wages and		42		9	0	1	2	0	9	0	2	9	4	1	5	
salaries		12.5%		28.1%	0.0%	12.5%	16.7%	0.0%	15.8%	0.0%	12.5%	13.0%	15.4%	8.3%	12.2%	
				B	AcDFhiJl	b	B		B		b	b	B		b	
																
Employee productivity		41		2	4	0	2	0	5	2	2	15	4	1	4	
		12.2%		6.3%	8.9%	0.0%	16.7%	0.0%	8.8%	20.0%	12.5%	21.7%	15.4%	8.3%	9.8%	
									i			f				
																
Currency risk		30		6	3	0	0	0	0	2	0	12	3	3	1	
		9.0%		18.8%	6.7%	0.0%	0.0%	0.0%	0.0%	20.0%	0.0%	17.4%	11.5%	25.0%	2.4%	
				Fl					AGIjK	Fl	k	Fl	f	Fhl	agik	
																
Corporate tax code		29		5	6	0	0	1	7	0	1	3	0	1	5	
		8.7%		15.6%	13.3%	0.0%	0.0%	14.3%	12.3%	0.0%	6.3%	4.3%	0.0%	8.3%	12.2%	
				j									a			
																
Geopolitical / health		26		1	4	1	1	1	2	0	1	5	3	1	6	
crises		7.8%		3.1%	8.9%	12.5%	8.3%	14.3%	3.5%	0.0%	6.3%	7.2%	11.5%	8.3%	14.6%	

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

20 

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

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

N=335		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	
															
Data security		30	17	12	0	6	2	3		5	0	45	2	10	
		24.2%	20.5%	18.8%	0.0%	21.4%	28.6%	20.0%		13.9%	0.0%	19.2%	18.2%	35.7%	
		d			a					e	e	e		abc	
															
Access to capital		31	15	6	1	4	1	1		4	2	45	2	6	
		25.0%	18.1%	9.4%	7.7%	14.3%	14.3%	6.7%		11.1%	18.2%	19.2%	18.2%	21.4%	
		c		a											
															
Employee morale		16	12	6	0	4	1	3		7	2	23	2	5	
		12.9%	14.5%	9.4%	0.0%	14.3%	14.3%	20.0%		19.4%	18.2%	9.8%	18.2%	17.9%	
															
Rising wages and		17	8	11	3	3	0	0		1	3	32	0	3	
salaries		13.7%	9.6%	17.2%	23.1%	10.7%	0.0%	0.0%		2.8%	27.3%	13.7%	0.0%	10.7%	
										b	a				
															
Employee productivity		16	11	8	0	3	0	3		3	1	33	1	2	
		12.9%	13.3%	12.5%	0.0%	10.7%	0.0%	20.0%		8.3%	9.1%	14.1%	9.1%	7.1%	
															
Currency risk		5	7	11	1	4	0	2		5	2	20	1	0	
		4.0%	8.4%	17.2%	7.7%	14.3%	0.0%	13.3%		13.9%	18.2%	8.5%	9.1%	0.0%	
		Ce		A		a				e	e			ab	
															
Corporate tax code		11	8	6	1	1	2	0		3	2	20	0	3	
		8.9%	9.6%	9.4%	7.7%	3.6%	28.6%	0.0%		8.3%	18.2%	8.5%	0.0%	10.7%	
						f	eg	f							
															
Geopolitical / health		12	6	4	2	2	0	0		4	1	17	0	4	
crises		9.7%	7.2%	6.3%	15.4%	7.1%	0.0%	0.0%		11.1%	9.1%	7.3%	0.0%	14.3%	

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

21 

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

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

N=335		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	
														
Data security		31	13	3	2	3	1	5		41	21	6	1	
		26.1%	15.1%	13.6%	11.8%	16.7%	12.5%	25.0%		25.3%	16.7%	25.0%	7.1%	
														
Access to capital		28	14	2	2	1	2	2		33	19	2	3	
		23.5%	16.3%	9.1%	11.8%	5.6%	25.0%	10.0%		20.4%	15.1%	8.3%	21.4%	
														
Employee morale		10	19	1	0	1	2	3		20	16	4	1	
		8.4%	22.1%	4.5%	0.0%	5.6%	25.0%	15.0%		12.3%	12.7%	16.7%	7.1%	
		B	Ad		bf		d							
														
Rising wages and		13	11	5	1	1	2	0		23	17	2	0	
salaries		10.9%	12.8%	22.7%	5.9%	5.6%	25.0%	0.0%		14.2%	13.5%	8.3%	0.0%	
				g			g	cf						
														
Employee productivity		12	13	1	4	3	0	3		16	22	2	1	
		10.1%	15.1%	4.5%	23.5%	16.7%	0.0%	15.0%		9.9%	17.5%	8.3%	7.1%	
														
Currency risk		7	7	3	4	3	1	3		2	13	9	5	
		5.9%	8.1%	13.6%	23.5%	16.7%	12.5%	15.0%		1.2%	10.3%	37.5%	35.7%	
		d			a					BCD	ACD	AB	AB	
														
Corporate tax code		10	8	1	2	0	2	0		19	10	0	0	
		8.4%	9.3%	4.5%	11.8%	0.0%	25.0%	0.0%		11.7%	7.9%	0.0%	0.0%	
						f	eg	f						
														
Geopolitical / health		12	8	2	1	0	0	1		9	13	1	2	
crises		10.1%	9.3%	9.1%	5.9%	0.0%	0.0%	5.0%		5.6%	10.3%	4.2%	14.3%	

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

22 

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

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

N=335		Where are you personally located?	

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Data security		22	11	14	8	5	6	4	
		24.7%	16.9%	23.0%	19.0%	16.7%	21.4%	21.1%	
									
Access to capital		9	11	15	9	5	4	5	
		10.1%	16.9%	24.6%	21.4%	16.7%	14.3%	26.3%	
		c		a					
									
Employee morale		15	7	9	2	3	3	3	
		16.9%	10.8%	14.8%	4.8%	10.0%	10.7%	15.8%	
									
Rising wages and		14	8	4	3	5	4	4	
salaries		15.7%	12.3%	6.6%	7.1%	16.7%	14.3%	21.1%	
									
Employee productivity		10	9	10	2	4	3	3	
		11.2%	13.8%	16.4%	4.8%	13.3%	10.7%	15.8%	
									
Currency risk		12	7	3	3	1	3	1	
		13.5%	10.8%	4.9%	7.1%	3.3%	10.7%	5.3%	
									
Corporate tax code		12	2	6	2	5	1	1	
		13.5%	3.1%	9.8%	4.8%	16.7%	3.6%	5.3%	
		b	ae			b			
									
Geopolitical / health		7	3	1	4	4	2	4	
crises		7.9%	4.6%	1.6%	9.5%	13.3%	7.1%	21.1%	
			g	eG		c		bC	

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

23 

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

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

N=335		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	
																
Cost of borrowing		25		1	6	0	1	1	5	0	3	2	3	0	3	
		7.5%		3.1%	13.3%	0.0%	8.3%	14.3%	8.8%	0.0%	18.8%	2.9%	11.5%	0.0%	7.3%	
					i						i	bh				
																
Rising input or		19		1	1	2	0	0	0	1	1	11	1	1	0	
commodity costs		5.7%		3.1%	2.2%	25.0%	0.0%	0.0%	0.0%	10.0%	6.3%	15.9%	3.8%	8.3%	0.0%	
				c	ci	abFL			CgIk	fl		bFL		f	CgI	
																
Other		17		3	1	0	1	1	1	2	0	3	0	0	5	
		5.1%		9.4%	2.2%	0.0%	8.3%	14.3%	1.8%	20.0%	0.0%	4.3%	0.0%	0.0%	12.2%	
					g				gl	bfj			g		f	
																
Deflation		9		2	0	0	0	0	0	1	0	3	0	2	1	
		2.7%		6.3%	0.0%	0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	4.3%	0.0%	16.7%	2.4%	
					gK				gK	bf			k	BFj		
																
Inflation		5		0	2	0	0	0	0	1	0	0	2	0	0	
		1.5%		0.0%	4.4%	0.0%	0.0%	0.0%	0.0%	10.0%	0.0%	0.0%	7.7%	0.0%	0.0%	
									gj	fIl		Gj	fi		g	

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

24 

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

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

N=335		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Cost of borrowing		5	5	6	2	4	2	1		4	1	18	0	1	
		4.0%	6.0%	9.4%	15.4%	14.3%	28.6%	6.7%		11.1%	9.1%	7.7%	0.0%	3.6%	
		eF	f			a	Ab								
															
Rising input or		5	5	4	1	3	0	1		4	0	14	0	1	
commodity costs		4.0%	6.0%	6.3%	7.7%	10.7%	0.0%	6.7%		11.1%	0.0%	6.0%	0.0%	3.6%	
															
Other		9	2	3	0	2	1	0		2	0	12	0	2	
		7.3%	2.4%	4.7%	0.0%	7.1%	14.3%	0.0%		5.6%	0.0%	5.1%	0.0%	7.1%	
															
Deflation		1	2	2	1	2	0	1		1	2	4	1	1	
		0.8%	2.4%	3.1%	7.7%	7.1%	0.0%	6.7%		2.8%	18.2%	1.7%	9.1%	3.6%	
		e				a					C	B			
															
Inflation		3	0	1	0	0	0	1		0	0	4	0	0	
		2.4%	0.0%	1.6%	0.0%	0.0%	0.0%	6.7%		0.0%	0.0%	1.7%	0.0%	0.0%	
			g					b							

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

25 

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

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

N=335		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Cost of borrowing		6	7	1	3	0	1	5		12	9	1	3	
		5.0%	8.1%	4.5%	17.6%	0.0%	12.5%	25.0%		7.4%	7.1%	4.2%	21.4%	
		G	g			g		Abe						
														
Rising input or		3	4	2	3	0	0	2		6	8	2	2	
commodity costs		2.5%	4.7%	9.1%	17.6%	0.0%	0.0%	10.0%		3.7%	6.3%	8.3%	14.3%	
		D			A									
														
Other		9	3	0	2	1	0	0		6	10	0	0	
		7.6%	3.5%	0.0%	11.8%	5.6%	0.0%	0.0%		3.7%	7.9%	0.0%	0.0%	
														
Deflation		2	1	1	2	2	0	1		3	3	1	1	
		1.7%	1.2%	4.5%	11.8%	11.1%	0.0%	5.0%		1.9%	2.4%	4.2%	7.1%	
		de	de		ab	ab								
														
Inflation		2	1	0	0	0	0	1		4	0	0	1	
		1.7%	1.2%	0.0%	0.0%	0.0%	0.0%	5.0%		2.5%	0.0%	0.0%	7.1%	
											D		B	

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

26 

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

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

N=335		Where are you personally located?	

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Cost of borrowing		5	9	2	5	1	3	0	
		5.6%	13.8%	3.3%	11.9%	3.3%	10.7%	0.0%	
			c	b					
									
Rising input or		7	3	3	2	2	1	1	
commodity costs		7.9%	4.6%	4.9%	4.8%	6.7%	3.6%	5.3%	
									
Other		5	3	4	2	1	2	0	
		5.6%	4.6%	6.6%	4.8%	3.3%	7.1%	0.0%	
									
Deflation		3	1	0	5	0	0	0	
		3.4%	1.5%	0.0%	11.9%	0.0%	0.0%	0.0%	
			d	D	bC				
									
Inflation		0	0	1	1	2	1	0	
		0.0%	0.0%	1.6%	2.4%	6.7%	3.6%	0.0%	
		e	e			ab			

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

27 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Total		Industry	
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
Percent		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Capital		4.0		4.5	8.9	-4.6	12.1	3.9	2.5	6.2	-0.4	3.4	7.0	-1.9	2.1	
spending		2.0		0.0	2.5	0.0	15.0	3.0	0.0	5.0	4.0	0.0	5.0	1.5	0.0	
																
Earnings		10.0		8.9	9.5	3.6	7.3	17.3	9.0	28.2	11.0	9.8	7.7	17.3	8.5	
		5.0		7.5	5.0	3.5	4.0	10.0	6.0	20.0	11.0	5.0	3.0	7.5	5.0	
																
Health care		8.1		7.3	7.0	4.9	4.9	7.2	10.4	8.3	4.3	9.2	8.0	7.5	8.7	
costs		7.0		7.0	5.5	2.5	5.5	5.5	10.0	7.0	5.0	8.0	8.0	5.0	7.3	
																
Marketing/		5.0		5.2	6.8	7.9	0.7	-0.5	5.7	9.5	5.0	4.7	3.6	4.6	4.8	
advertising
spending		2.0		5.0	2.0	5.0	0.0	0.0	2.0	5.0	5.0	2.0	2.0	2.0	0.0	
																
Number of		3.1		1.8	3.8	8.1	1.8	1.0	3.5	7.2	7.4	1.1	3.7	2.4	4.1	
domestic full-
time
employees		2.0		3.0	1.5	4.0	1.0	0.0	1.0	5.0	5.0	0.5	0.5	1.0	2.0	
																
Prices of your		2.1		1.9	1.3	3.7	1.2	4.7	3.4	4.5	1.4	1.6	2.5	1.3	1.6	
products		2.0		2.0	0.0	3.0	2.0	5.0	3.0	1.5	0.0	2.0	1.0	0.0	0.0	
																
Research and		1.5		1.0	0.8	2.9	0.5	0.6	0.7	-1.9	5.1	1.4	3.3	2.6	1.2	
development
spending		0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	4.0	0.0	0.0	0.0	0.0	
																
Revenue		9.7		7.3	9.0	11.8	3.3	14.0	9.4	28.1	24.3	8.7	7.8	5.2	8.5	
		5.0		5.0	5.0	10.0	3.0	15.0	6.0	17.0	20.0	5.0	3.0	7.0	4.0	
																
Technology		5.0		7.4	6.6	9.1	4.4	4.6	4.2	3.8	9.1	2.7	5.9	4.2	4.9	
spending		3.0		8.0	4.0	10.0	5.0	2.0	4.5	1.0	10.0	2.0	5.0	1.5	4.0	

28 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Sales Revenue		Ownership	
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		124	83	65	13	29	7	15		37	11	235	11	28	
Percent		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Capital		5.8	2.3	4.9	5.8	-0.5	6.4	1.0		3.7	-1.0	4.5	10.4	-0.1	
spending		2.0	1.0	2.0	0.0	2.0	3.0	0.0		0.0	1.0	2.0	5.0	0.0	
															
Earnings		13.8	9.4	7.4	8.1	7.6	3.2	5.8		8.1	9.8	11.6	6.9	1.0	
		10.0	5.0	5.0	6.5	5.0	3.0	4.0		5.0	5.0	7.5	0.0	2.0	
															
Health care		10.3	7.8	6.8	8.4	6.3	5.8	3.5		4.9	4.8	8.7	9.3	7.4	
costs		9.0	6.0	6.0	7.0	5.0	7.0	4.0		5.0	5.0	7.5	7.5	5.5	
															
Marketing/		7.9	3.7	5.2	2.3	2.0	0.0	1.3		1.0	3.5	5.9	1.7	4.3	
advertising
spending		5.0	0.0	2.5	0.5	0.0	0.0	1.0		0.0	0.0	3.0	1.0	0.5	
															
Number of		5.2	3.0	1.3	3.6	2.3	0.2	-1.2		0.1	3.2	4.0	1.5	1.6	
domestic full-
time
employees		3.0	2.0	1.0	3.0	2.0	0.0	0.0		0.0	3.0	2.0	0.5	1.5	
															
Prices of your		3.1	2.4	0.9	1.1	1.7	0.6	2.7		1.6	0.6	2.4	0.7	1.9	
products		2.0	2.0	1.0	1.0	2.0	0.0	2.0		2.0	1.5	2.0	0.0	0.0	
															
Research and		2.3	1.8	0.3	1.4	1.4	0.0	0.5		0.2	0.3	1.8	0.8	1.6	
development
spending		0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	
															
Revenue		16.7	6.7	6.6	4.9	4.2	2.4	4.6		5.3	2.5	11.8	5.0	4.6	
		10.0	6.0	5.0	5.5	3.5	3.0	4.0		4.0	5.0	7.0	2.5	2.0	
															
Technology		5.7	5.6	3.8	7.9	4.5	2.8	1.3		2.6	4.3	5.4	5.0	4.7	
spending		5.0	5.0	3.0	4.5	3.5	0.0	1.0		2.0	4.0	4.0	5.0	2.0	

29 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Number of Employees		Foreign Sales	
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		119	87	22	18	18	8	20		162	127	24	14	
Percent		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Capital		5.6	5.0	-3.9	6.5	6.1	1.0	1.8		5.8	3.7	-3.4	-0.3	
spending		2.0	1.5	0.0	5.0	3.0	3.0	1.0		3.0	1.0	0.0	0.0	
														
Earnings		16.0	7.7	3.5	5.8	5.8	12.0	5.7		10.3	9.4	13.0	7.5	
		10.0	5.0	3.0	8.0	5.0	5.0	4.0		5.0	5.0	5.5	5.0	
														
Health care		10.8	7.1	7.5	9.9	5.9	5.3	2.6		8.5	8.3	5.5	4.6	
costs		10.0	6.5	8.0	9.0	6.0	5.0	2.0		8.0	7.0	5.0	4.0	
														
Marketing/		7.2	5.0	5.4	2.4	0.1	0.8	1.5		5.8	4.6	5.1	0.5	
advertising
spending		4.0	2.0	0.5	0.5	1.0	0.0	1.0		2.0	2.0	1.5	0.0	
														
Number of		5.0	2.4	1.8	2.5	2.0	-1.2	-0.7		4.2	2.3	2.8	0.8	
domestic full-
time
employees		3.0	2.0	2.5	2.0	0.0	0.0	0.0		2.0	1.0	0.0	0.0	
														
Prices of your		2.6	2.1	0.3	2.4	1.1	1.2	2.4		2.3	2.1	2.1	1.1	
products		2.0	2.0	1.0	2.0	1.0	1.0	1.5		1.0	2.0	1.0	1.0	
														
Research and		2.4	1.5	0.2	3.3	-0.3	1.3	0.6		1.5	1.2	2.7	3.1	
development
spending		0.0	0.0	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	0.0	
														
Revenue		18.0	6.0	4.0	4.9	2.0	5.3	5.0		10.9	8.2	11.4	5.7	
		10.0	5.0	5.0	4.5	4.0	4.0	3.5		5.0	5.0	5.0	7.0	
														
Technology		7.0	4.8	4.9	2.6	4.3	0.7	2.1		5.9	4.3	3.3	2.0	
spending		5.0	4.0	3.5	3.0	4.5	0.0	1.5		5.0	3.0	2.0	2.0	

30 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Number		90	66	61	42	30	28	19	
Percent		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Capital		2.6	3.5	5.8	-0.5	12.7	3.9	1.2	
spending		0.0	0.0	4.0	0.5	10.0	0.5	0.0	
									
Earnings		11.6	7.3	9.3	9.6	11.8	6.3	17.2	
		8.0	5.0	5.0	5.0	5.5	4.0	10.0	
									
Health care		8.0	7.5	10.1	6.8	8.4	7.5	9.4	
costs		7.0	7.0	8.0	5.0	7.5	6.0	10.0	
									
Marketing/		4.9	2.5	8.4	1.9	7.1	4.3	8.4	
advertising
spending		2.5	0.0	3.0	0.0	5.0	2.0	3.5	
									
Number of		3.0	2.0	7.0	1.2	3.9	3.7	0.5	
domestic full-
time
employees		2.0	1.0	4.5	0.0	2.0	2.0	0.0	
									
Prices of your		2.1	1.8	2.8	1.6	2.8	1.3	2.5	
products		2.0	0.5	2.0	0.0	2.5	1.5	2.0	
									
Research and		1.4	0.0	1.9	1.5	3.3	1.7	4.2	
development
spending		0.0	0.0	0.0	0.0	1.0	0.0	0.0	
									
Revenue		9.0	7.9	11.2	7.2	12.3	8.3	16.1	
		5.0	5.0	6.0	4.5	7.5	4.5	10.0	
									
Technology		4.8	4.8	4.8	2.5	8.1	5.6	6.6	
spending		3.0	4.0	4.0	2.0	5.0	4.5	1.0	

31 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Total		Industry	
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	
																
Wages/		3.7		3.4	4.0	4.9	3.1	2.9	4.4	2.4	6.0	3.4	4.0	2.7	3.4	
Salaries		3.0		3.0	3.0	4.5	2.8	4.5	3.0	2.0	3.0	3.0	3.0	3.0	3.0	

32 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Sales Revenue		Ownership	
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	
															
Wages/		5.2	3.6	2.6	3.4	2.6	2.5	1.8		2.2	2.8	4.1	2.5	3.7	
Salaries		3.0	3.0	3.0	3.0	2.5	3.0	2.0		2.5	3.0	3.0	2.0	3.0	

33 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Number of Employees		Foreign Sales	
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%	
														
Wages/		5.4	3.3	2.5	2.7	2.7	2.7	1.7		4.1	3.4	3.1	3.4	
Salaries		3.8	3.0	3.0	3.0	3.0	3.0	2.0		3.0	3.0	2.0	3.0	

34 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=337		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Wages/		3.3	3.6	4.4	3.3	5.0	3.5	4.2	
Salaries		3.0	3.0	3.0	3.0	4.0	3.0	3.0	

35 

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

N=336		Total		Industry	
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	
																
Prices of your		1.7		0.4	0.4	2.7	0.1	5.4	1.5	6.8	-0.1	1.6	3.2	0.4	1.7	
products		2.0		0.0	0.0	-2.0	1.0	5.0	2.0	7.1	0.0	2.0	3.0	0.4	2.0	
																
Research and		0.9		0.1	0.0	0.4	0.7	0.7	0.8	5.5	0.4	-0.1	3.0	1.0	3.3	
development
spending		0.0		0.0	0.0	0.0	0.0	0.0	0.0	6.0	0.0	0.0	0.0	1.0	5.0	
																
Revenue		4.4		3.8	5.5	4.5	-0.1	8.0	5.5	11.3	3.9	4.8	6.0	-11.2	6.6	
		3.5		4.0	4.0	0.0	2.0	5.0	6.0	9.5	2.0	3.5	4.5	-13.9	3.0	
																
Capital		1.4		11.3	2.3	-1.8	10.1	4.0	-3.0	3.5	0.8	-2.0	5.5	-15.1	4.8	
spending		2.0		20.0	0.5	0.0	25.0	3.0	1.0	3.5	0.0	0.0	5.0	-18.7	2.0	
																
Marketing/		1.9		3.5	2.2	-1.1	0.4	-2.8	4.9	1.0	0.6	1.0	1.9	2.0	4.9	
advertising
spending		0.0		0.0	2.0	0.0	0.0	0.0	1.0	1.0	0.0	0.0	2.0	2.0	5.0	
																
Earnings		6.7		7.3	5.1	4.9	1.2	13.3	4.2	9.7	4.3	9.4	6.2	18.9	9.6	
		5.0		10.0	4.5	0.0	3.0	5.0	2.0	8.0	3.0	4.5	5.0	20.0	3.0	
																
Technology		3.5		4.5	2.4	-1.1	5.2	2.5	3.6	10.1	1.1	0.1	10.7	-3.0	4.3	
spending		2.0		2.0	1.5	0.0	5.5	2.0	4.0	10.5	0.0	0.0	7.0	-4.5	3.0	

36 

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

N=336		Sales Revenue		Ownership	
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	
															
Prices of your		3.1	2.4	0.9	1.1	1.7	0.6	2.7		1.8	-5.6	2.0	0.1	2.7	
products		1.0	1.0	1.0	1.0	2.0	0.0	2.0		2.0	-7.2	2.0	0.0	2.0	
															
Research and		2.3	1.8	0.3	1.4	1.4	0.0	0.5		0.5	0.0	1.5	0.0	0.0	
development
spending		2.5	2.5	2.5	2.5	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	
															
Revenue		16.7	6.7	6.6	4.9	4.2	2.4	4.6		5.5	-25.7	5.4	2.2	2.9	
		1.5	1.5	1.5	1.5	3.5	3.0	4.0		4.0	-34.8	2.0	2.0	2.5	
															
Capital		5.8	2.3	4.9	5.8	-0.5	6.4	1.0		2.5	-32.9	3.3	26.5	4.2	
spending		1.0	1.0	1.0	1.0	2.0	3.0	0.0		0.0	-42.4	2.5	25.0	3.0	
															
Marketing/		7.9	3.7	5.2	2.3	2.0	0.0	1.3		0.5	4.1	1.9	0.0	1.4	
advertising
spending		2.5	2.5	2.5	2.5	0.0	0.0	1.0		0.0	3.0	0.0	0.0	0.0	
															
Earnings		13.8	9.4	7.4	8.1	7.6	3.2	5.8		8.6	5.5	5.8	0.0	3.6	
		1.5	1.5	1.5	1.5	5.0	3.0	4.0		5.0	2.0	3.0	0.0	4.0	
															
Technology		5.7	5.6	3.8	7.9	4.5	2.8	1.3		1.5	-6.7	4.2	9.9	10.2	
spending		1.5	1.5	1.5	1.5	3.5	0.0	1.0		2.0	-10.0	3.0	10.0	4.0	

37 

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

N=336		Number of Employees		Foreign Sales	
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%	
														
Prices of your		1.9	0.8	0.2	1.8	1.4	1.2	2.4		2.7	1.1	1.4	4.5	
products		0.0	0.5	-2.0	2.0	3.0	1.0	1.5		3.0	0.5	1.0	2.0	
														
Research and		1.3	3.1	-0.1	1.2	0.5	1.3	0.6		2.8	0.2	1.0	0.9	
development
spending		0.0	5.0	0.0	0.0	0.0	0.0	0.0		2.5	0.0	0.0	0.0	
														
Revenue		17.2	9.8	6.8	4.0	0.9	5.3	5.0		7.4	1.4	5.6	6.7	
		0.0	12.5	10.0	3.5	3.0	3.5	3.5		6.0	2.5	3.5	7.0	
														
Capital		1.3	5.8	-14.3	18.0	3.4	1.0	1.8		8.1	1.5	-4.6	0.4	
spending		0.0	2.5	-25.0	25.0	3.0	3.0	1.0		4.0	3.0	0.0	0.0	
														
Marketing/		2.4	4.1	14.9	1.2	-1.4	0.1	1.5		2.6	1.2	3.8	0.8	
advertising
spending		0.0	1.0	25.0	0.0	0.0	0.0	1.0		1.0	0.0	1.0	1.0	
														
Earnings		19.2	6.0	7.0	9.3	6.4	13.1	5.7		7.1	5.0	9.4	7.3	
		-2.5	5.0	10.0	10.0	5.0	6.5	4.0		5.0	3.0	5.5	4.5	
														
Technology		7.8	5.3	6.7	4.5	3.6	0.7	2.1		9.3	2.5	2.3	1.4	
spending		0.0	5.0	10.0	5.0	5.0	0.0	1.5		7.5	2.0	1.0	1.0	

38 

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

N=336		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Prices of your		2.3	1.1	1.5	1.2	1.2	3.1	1.8	
products		2.0	0.0	1.5	2.0	2.0	3.0	2.0	
									
Research and		1.4	-0.1	1.9	0.8	0.1	2.0	0.9	
development
spending		0.0	0.0	0.0	0.0	0.0	0.0	1.0	
									
Revenue		6.3	4.4	5.9	-3.9	3.3	6.5	7.2	
		4.0	3.0	3.0	4.0	3.0	8.0	3.0	
									
Capital		2.7	6.2	3.5	-19.1	11.4	-0.1	3.2	
spending		3.0	0.0	2.5	-20.0	3.0	2.5	0.0	
									
Marketing/		1.6	-1.5	3.6	4.3	1.3	5.5	1.1	
advertising
spending		0.0	0.0	2.5	2.0	0.0	2.5	1.0	
									
Earnings		13.8	4.7	5.4	2.0	6.8	6.0	8.1	
		10.0	4.0	3.0	4.5	5.0	5.0	5.0	
									
Technology		2.3	2.9	3.8	-0.8	4.1	8.3	1.3	
spending		1.0	0.0	3.0	0.0	4.0	6.0	0.0	

39 

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

N=337		Total		Industry	
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 of		2.2		1.9	2.3	7.1	0.6	0.6	2.5	5.8	7.4	-0.3	2.7	1.8	4.4	
domestic full-
time
employees		1.0		3.0	1.0	4.0	0.5	0.0	0.0	0.0	5.0	0.0	0.5	1.0	2.0	
																
Wages/		3.2		3.3	2.6	4.6	2.4	3.5	3.6	1.8	5.9	3.2	3.3	2.8	3.4	
Salaries		3.0		3.0	2.3	4.5	2.0	4.5	3.0	1.0	3.0	3.0	3.0	3.0	3.0	
																
Health care		6.8		6.4	5.3	5.4	4.2	4.8	8.6	4.9	4.4	7.6	7.0	7.1	8.9	
costs		5.0		7.0	5.0	2.5	5.5	5.0	7.0	4.5	5.0	7.0	7.0	4.0	7.3	

40 

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

N=337		Sales Revenue		Ownership	
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 of		5.3	2.9	1.5	3.7	0.4	0.7	-1.3		-1.2	1.5	3.9	1.6	1.8	
domestic full-
time
employees		3.0	2.0	1.0	3.0	0.5	0.0	0.0		0.0	0.5	2.0	0.5	2.0	
															
Wages/		5.1	3.6	2.6	3.3	2.2	2.5	1.8		2.1	2.3	3.9	2.5	3.6	
Salaries		3.0	3.0	3.0	3.0	2.0	3.0	2.0		2.0	2.0	3.0	2.0	3.0	
															
Health care		10.2	7.7	6.3	7.4	4.9	4.5	3.1		4.2	3.2	8.0	10.0	7.0	
costs		9.0	6.0	6.0	7.0	5.0	2.0	4.0		4.0	2.0	7.0	7.5	5.0	

41 

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

N=337		Number of Employees		Foreign Sales	
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 of		5.0	2.4	1.8	2.5	2.0	-1.2	-0.7		4.2	1.9	-0.3	-1.1	
domestic full-
time
employees		3.0	2.0	2.5	2.0	0.0	0.0	0.0		2.0	0.0	-1.0	0.0	
														
Wages/		5.4	3.3	2.5	2.7	2.7	2.7	1.7		3.9	2.9	2.3	2.8	
Salaries		3.8	3.0	3.0	3.0	3.0	3.0	2.0		3.0	3.0	2.0	3.0	
														
Health care		10.8	7.1	7.5	9.9	5.9	5.3	2.6		8.0	7.3	4.2	3.1	
costs		10.0	6.5	8.0	9.0	6.0	5.0	2.0		7.0	6.0	4.0	4.0	

42 

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

N=337		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Number of		2.1	1.0	4.4	0.0	3.8	3.1	0.1	
domestic full-
time
employees		2.0	0.0	2.5	0.0	0.5	1.0	0.0	
									
Wages/		3.0	3.0	3.1	3.2	4.9	3.2	3.7	
Salaries		3.0	3.0	3.0	3.0	4.5	3.0	3.0	
									
Health care		7.6	6.2	7.3	5.7	7.1	6.0	7.4	
costs		7.0	5.0	5.0	5.0	6.0	5.0	7.0	

43 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=181		Total		Industry	
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	
																
Revenue		3.9		4.1	4.3	---	3.5	7.7	12.0	23.0	---	6.3	4.5	-34.8	11.9	
		4.0		4.0	3.5	---	3.5	5.0	12.0	6.0	---	4.0	4.5	-34.8	-17.4	
																
Earnings		8.4		10.0	3.9	---	7.5	12.7	7.0	20.0	---	13.1	5.5	---	19.9	
		5.0		10.0	4.0	---	7.5	5.0	7.0	1.0	---	5.0	5.5	---	1.5	

44 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=181		Sales Revenue		Ownership	
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	
															
Revenue		23.0	1.0	7.3	5.8	3.9	3.5	3.7		5.5	-25.7	---	---	---	
		-17.4	-17.4	-17.4	-17.4	4.5	3.5	3.0		4.0	-34.8	---	---	---	
															
Earnings		20.0	1.2	11.7	10.8	12.2	6.5	4.0		8.6	5.5	---	---	---	
		1.5	1.5	1.5	1.5	5.0	6.5	4.0		5.0	2.0	---	---	---	

45 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=181		Number of Employees		Foreign Sales	
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%	
														
Revenue		10.0	10.6	1.7	3.4	-1.1	5.8	4.1		8.9	0.5	6.1	5.1	
		-17.4	10.0	5.0	3.5	7.5	4.0	3.0		8.0	3.0	4.0	4.0	
														
Earnings		19.3	7.7	2.5	9.9	14.4	15.2	3.9		14.5	7.3	11.9	4.0	
		1.0	5.0	2.5	10.0	12.0	8.0	4.0		12.0	5.0	6.0	4.0	

46 

Duke / CFO magazine Global Business Outlook survey - U.S. - Fourth 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=181		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Revenue		5.6	8.0	4.6	-8.3	3.0	6.0	3.0	
		4.0	8.0	3.5	4.0	3.0	6.0	3.0	
									
Earnings		15.1	10.4	3.7	4.5	6.5	5.2	5.0	
		8.0	5.0	2.0	4.5	6.5	5.0	5.0	

47 

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

Q5.  Do you support the Fed raising interest rates in mid-December 2016?

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
No		98		4	10	1	5	2	19	1	5	23	12	5	11	
		29.4%		12.5%	22.7%	12.5%	41.7%	28.6%	33.9%	10.0%	31.3%	33.3%	46.2%	41.7%	26.8%	
				dfiJk	j		a		a			a	Ab	a		
																
Yes		200		24	28	5	6	4	31	8	10	45	14	6	19	
		60.1%		75.0%	63.6%	62.5%	50.0%	57.1%	55.4%	80.0%	62.5%	65.2%	53.8%	50.0%	46.3%	
				l											a	
																
Don't Know		35		4	6	2	1	1	6	1	1	1	0	1	11	
		10.5%		12.5%	13.6%	25.0%	8.3%	14.3%	10.7%	10.0%	6.3%	1.4%	0.0%	8.3%	26.8%	
				i	i	Ij		i	il			abCefL	cL		fIJ	

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

48 

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

Q5.  Do you support the Fed raising interest rates in mid-December 2016?

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
No		47	21	19	0	6	1	4		6	3	74	4	8	
		37.9%	25.3%	30.2%	0.0%	21.4%	16.7%	26.7%		17.1%	27.3%	31.8%	36.4%	28.6%	
		D	d	d	Abc										
															
Yes		63	53	38	11	19	5	10		26	8	138	4	14	
		50.8%	63.9%	60.3%	84.6%	67.9%	83.3%	66.7%		74.3%	72.7%	59.2%	36.4%	50.0%	
		d			a					d			a		
															
Don't Know		14	9	6	2	3	0	1		3	0	21	3	6	
		11.3%	10.8%	9.5%	15.4%	10.7%	0.0%	6.7%		8.6%	0.0%	9.0%	27.3%	21.4%	
												de	c	c	

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

49 

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

Q5.  Do you support the Fed raising interest rates in mid-December 2016?

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
No		48	20	5	5	4	3	5		50	36	4	4	
		40.3%	23.3%	22.7%	29.4%	22.2%	37.5%	26.3%		31.1%	28.6%	16.7%	30.8%	
		b	a											
														
Yes		56	57	11	11	13	5	14		90	79	17	9	
		47.1%	66.3%	50.0%	64.7%	72.2%	62.5%	73.7%		55.9%	62.7%	70.8%	69.2%	
		Beg	A			a		a						
														
Don't Know		15	9	6	1	1	0	0		21	11	3	0	
		12.6%	10.5%	27.3%	5.9%	5.6%	0.0%	0.0%		13.0%	8.7%	12.5%	0.0%	
			c	bg				c						

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

50 

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

Q5.  Do you support the Fed raising interest rates in mid-December 2016?

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
No		25	23	12	11	11	8	7	
		28.1%	36.5%	19.7%	26.2%	36.7%	28.6%	36.8%	
			c	b					
									
Yes		53	36	40	28	16	16	11	
		59.6%	57.1%	65.6%	66.7%	53.3%	57.1%	57.9%	
									
Don't Know		11	4	9	3	3	4	1	
		12.4%	6.3%	14.8%	7.1%	10.0%	14.3%	5.3%	

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

51 

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

Q6a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Reduction in
borrowing		
12		
1	
2	
0	
1	
1	
2	
0	
0	
4	
0	
0	
1	
costs		3.6%		3.1%	4.7%	0.0%	8.3%	14.3%	3.6%	0.0%	0.0%	5.8%	0.0%	0.0%	2.4%	
																
No change		174		19	19	4	3	2	31	4	9	36	17	6	24	
		52.4%		59.4%	44.2%	50.0%	25.0%	28.6%	55.4%	40.0%	56.3%	52.2%	65.4%	50.0%	58.5%	
				d			ajl						d		d	
																
Increase in
borrowing		
146		
12	
22	
4	
8	
4	
23	
6	
7	
29	
9	
6	
16	
costs		44.0%		37.5%	51.2%	50.0%	66.7%	57.1%	41.1%	60.0%	43.8%	42.0%	34.6%	50.0%	39.0%	

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

52 

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

Q6a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Reduction in
borrowing		
2	
3	
3	
0	
2	
2	
0		
3	
0	
9	
0	
0	
costs		1.6%	3.6%	4.8%	0.0%	7.1%	28.6%	0.0%		8.8%	0.0%	3.9%	0.0%	0.0%	
		F	F	f			ABc								
															
No change		77	34	35	5	16	2	4		16	7	118	4	19	
		62.1%	41.0%	55.6%	38.5%	57.1%	28.6%	30.8%		47.1%	63.6%	50.6%	36.4%	67.9%	
		Bg	A					a							
															
Increase in
borrowing		
45	
46	
25	
8	
10	
3	
9		
15	
4	
106	
7	
9	
costs		36.3%	55.4%	39.7%	61.5%	35.7%	42.9%	69.2%		44.1%	36.4%	45.5%	63.6%	32.1%	
		Bg	A					a							

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

53 

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

Q6a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Reduction in
borrowing		
3	
3	
1	
0	
1	
1	
3		
4	
4	
1	
3	
costs		2.5%	3.5%	4.5%	0.0%	5.6%	12.5%	16.7%		2.5%	3.2%	4.2%	21.4%	
		G	g					Ab		D	D		AB	
														
No change		70	40	12	7	8	7	4		91	59	14	5	
		58.8%	47.1%	54.5%	41.2%	44.4%	87.5%	22.2%		56.5%	47.6%	58.3%	35.7%	
		G	f	g	f		bdG	AcF						
														
Increase in
borrowing		
46	
42	
9	
10	
9	
0	
11		
66	
61	
9	
6	
costs		38.7%	49.4%	40.9%	58.8%	50.0%	0.0%	61.1%		41.0%	49.2%	37.5%	42.9%	
		f	F	f	f	f	aBcdeG	F						

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

54 

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

Q6a.  Does your company's planning anticipate a change in your borrowing costs from today through the end of 2017?

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Reduction in
borrowing		
1	
4	
2	
0	
3	
1	
1	
costs		1.1%	6.2%	3.4%	0.0%	10.0%	3.6%	5.3%	
		e			e	ad			
									
No change		54	27	32	24	14	14	9	
		61.4%	41.5%	54.2%	57.1%	46.7%	50.0%	47.4%	
		b	a						
									
Increase in
borrowing		
33	
34	
25	
18	
13	
13	
9	
costs		37.5%	52.3%	42.4%	42.9%	43.3%	46.4%	47.4%	

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

55 

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

Q6b.  Increase of:

N=146		Total		Industry	
Number
Col %		

 		
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		146		12	22	4	8	4	23	6	7	29	9	6	16	
		100.0%		8.2%	15.1%	2.7%	5.5%	2.7%	15.8%	4.1%	4.8%	19.9%	6.2%	4.1%	11.0%	
																
0.25%		27		3	4	1	1	2	3	1	3	4	1	1	3	
		19.7%		27.3%	18.2%	25.0%	12.5%	50.0%	13.6%	20.0%	50.0%	14.3%	12.5%	25.0%	20.0%	
																
0.50%		58		5	9	0	4	0	11	1	1	12	4	2	9	
		42.3%		45.5%	40.9%	0.0%	50.0%	0.0%	50.0%	20.0%	16.7%	42.9%	50.0%	50.0%	60.0%	
						l		l							ce	
																
0.75%		22		1	4	2	1	1	2	0	1	7	1	0	2	
		16.1%		9.1%	18.2%	50.0%	12.5%	25.0%	9.1%	0.0%	16.7%	25.0%	12.5%	0.0%	13.3%	
						f			c							
																
1%		19		0	3	0	2	0	4	2	0	4	2	1	1	
		13.9%		0.0%	13.6%	0.0%	25.0%	0.0%	18.2%	40.0%	0.0%	14.3%	25.0%	25.0%	6.7%	
				g						a						
																
1.25%		4		0	1	0	0	0	1	1	1	0	0	0	0	
		2.9%		0.0%	4.5%	0.0%	0.0%	0.0%	4.5%	20.0%	16.7%	0.0%	0.0%	0.0%	0.0%	
										i	i	gh				
																
1.50%		6		2	1	1	0	1	0	0	0	1	0	0	0	
		4.4%		18.2%	4.5%	25.0%	0.0%	25.0%	0.0%	0.0%	0.0%	3.6%	0.0%	0.0%	0.0%	
				f		f		f	ace							
																
2%		1		0	0	0	0	0	1	0	0	0	0	0	0	
		0.7%		0.0%	0.0%	0.0%	0.0%	0.0%	4.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

56 

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

Q6b.  Increase of:

N=146		Sales Revenue		Ownership	
Number
Col %		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		45	46	25	8	10	3	9		15	4	106	7	9	
		30.8%	31.5%	17.1%	5.5%	6.8%	2.1%	6.2%		10.6%	2.8%	75.2%	5.0%	6.4%	
															
0.25%		6	10	6	3	0	1	1		2	1	20	3	0	
		14.3%	23.8%	25.0%	42.9%	0.0%	33.3%	11.1%		13.3%	25.0%	20.4%	50.0%	0.0%	
					e	d							e	d	
															
0.50%		15	22	9	2	5	2	3		5	3	41	0	8	
		35.7%	52.4%	37.5%	28.6%	50.0%	66.7%	33.3%		33.3%	75.0%	41.8%	0.0%	88.9%	
										e	d	dE	bcE	aCD	
															
0.75%		6	6	6	0	1	0	3		5	0	16	0	0	
		14.3%	14.3%	25.0%	0.0%	10.0%	0.0%	33.3%		33.3%	0.0%	16.3%	0.0%	0.0%	
															
1%		11	2	2	1	2	0	1		2	0	12	3	1	
		26.2%	4.8%	8.3%	14.3%	20.0%	0.0%	11.1%		13.3%	0.0%	12.2%	50.0%	11.1%	
		B	A									d	c		
															
1.25%		0	1	0	0	2	0	1		1	0	2	0	0	
		0.0%	2.4%	0.0%	0.0%	20.0%	0.0%	11.1%		6.7%	0.0%	2.0%	0.0%	0.0%	
		Eg	e	e		Abc		a							
															
1.50%		3	1	1	1	0	0	0		0	0	6	0	0	
		7.1%	2.4%	4.2%	14.3%	0.0%	0.0%	0.0%		0.0%	0.0%	6.1%	0.0%	0.0%	
															
2%		1	0	0	0	0	0	0		0	0	1	0	0	
		2.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.0%	0.0%	0.0%	

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

57 

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

Q6b.  Increase of:

N=146		Number of Employees		Foreign Sales	
Number
Col %		
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		46	42	9	10	9	0	11		66	61	9	6	
		36.2%	33.1%	7.1%	7.9%	7.1%	0.0%	8.7%		46.5%	43.0%	6.3%	4.2%	
														
0.25%		8	7	2	4	1	0	1		14	12	0	0	
		18.2%	17.9%	25.0%	50.0%	11.1%	0.0%	9.1%		22.2%	20.7%	0.0%	0.0%	
														
0.50%		19	20	2	3	1	0	4		28	23	4	2	
		43.2%	51.3%	25.0%	37.5%	11.1%	0.0%	36.4%		44.4%	39.7%	57.1%	33.3%	
			e			b								
														
0.75%		4	8	2	0	1	0	3		8	12	1	1	
		9.1%	20.5%	25.0%	0.0%	11.1%	0.0%	27.3%		12.7%	20.7%	14.3%	16.7%	
														
1%		9	3	1	1	2	0	2		9	6	1	2	
		20.5%	7.7%	12.5%	12.5%	22.2%	0.0%	18.2%		14.3%	10.3%	14.3%	33.3%	
														
1.25%		0	1	0	0	2	0	1		1	2	0	1	
		0.0%	2.6%	0.0%	0.0%	22.2%	0.0%	9.1%		1.6%	3.4%	0.0%	16.7%	
		Eg	e			Ab		a		d			a	
														
1.50%		3	0	1	0	2	0	0		2	3	1	0	
		6.8%	0.0%	12.5%	0.0%	22.2%	0.0%	0.0%		3.2%	5.2%	14.3%	0.0%	
			cE	b		B								
														
2%		1	0	0	0	0	0	0		1	0	0	0	
		2.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		1.6%	0.0%	0.0%	0.0%	

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

58 

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

Q6b.  Increase of:

N=146		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		33	34	25	18	13	13	9	
		22.8%	23.4%	17.2%	12.4%	9.0%	9.0%	6.2%	
									
0.25%		7	4	5	6	1	3	0	
		22.6%	12.5%	20.8%	35.3%	8.3%	27.3%	0.0%	
									
0.50%		15	12	11	6	5	3	6	
		48.4%	37.5%	45.8%	35.3%	41.7%	27.3%	66.7%	
									
0.75%		3	6	5	1	3	2	2	
		9.7%	18.8%	20.8%	5.9%	25.0%	18.2%	22.2%	
									
1%		5	6	3	1	3	0	1	
		16.1%	18.8%	12.5%	5.9%	25.0%	0.0%	11.1%	
									
1.25%		0	1	0	1	0	2	0	
		0.0%	3.1%	0.0%	5.9%	0.0%	18.2%	0.0%	
		f		f			ac		
									
1.50%		1	3	0	1	0	1	0	
		3.2%	9.4%	0.0%	5.9%	0.0%	9.1%	0.0%	
									
2%		0	0	0	1	0	0	0	
		0.0%	0.0%	0.0%	5.9%	0.0%	0.0%	0.0%	

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

59 

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

Q6b.  Increase of:

N=146		Total		Industry	
Number
Col %		

 		
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	
																
>2%		0		0	0	0	0	0	0	0	0	0	0	0	0	
		0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

60 

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

Q6b.  Increase of:

N=146		Sales Revenue		Ownership	
Number
Col %		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	
															
>2%		0	0	0	0	0	0	0		0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	0.0%	

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

61 

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

Q6b.  Increase of:

N=146		Number of Employees		Foreign Sales	
Number
Col %		
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	
														
>2%		0	0	0	0	0	0	0		0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	

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

62 

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

Q6b.  Increase of:

N=146		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
>2%		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	

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

63 

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

Q6B.  Increase of: in your borrowing costs from today through the end of 2017? - Summary of Descriptives

N=146		Total		Industry	
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		146		12	22	4	8	4	23	6	7	29	9	6	16	
Percent		100.0%		8.2%	15.1%	2.7%	5.5%	2.7%	15.8%	4.1%	4.8%	19.9%	6.2%	4.1%	11.0%	
																
Borrowing		0.6		0.6	0.6	0.8	0.6	0.7	0.7	0.8	0.5	0.6	0.6	0.6	0.5	
Costs		0.5		0.5	0.5	0.8	0.5	0.5	0.5	1.0	0.4	0.5	0.5	0.5	0.5	

64 

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

Q6B.  Increase of: in your borrowing costs from today through the end of 2017? - Summary of Descriptives

N=146		Sales Revenue		Ownership	
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		45	46	25	8	10	3	9		15	4	106	7	9	
Percent		30.8%	31.5%	17.1%	5.5%	6.8%	2.1%	6.2%		10.6%	2.8%	75.2%	5.0%	6.4%	
															
Borrowing		0.7	0.5	0.6	0.6	0.8	0.4	0.7		0.7	0.4	0.6	0.6	0.6	
Costs		0.6	0.5	0.5	0.5	0.6	0.5	0.8		0.8	0.5	0.5	0.6	0.5	

65 

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

Q6B.  Increase of: in your borrowing costs from today through the end of 2017? - Summary of Descriptives

N=146		Number of Employees		Foreign Sales	
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		46	42	9	10	9	0	11		66	61	9	6	
Percent		36.2%	33.1%	7.1%	7.9%	7.1%	0.0%	8.7%		46.5%	43.0%	6.3%	4.2%	
														
Borrowing		0.7	0.6	0.7	0.4	1.0	---	0.7		0.6	0.6	0.8	0.8	
Costs		0.5	0.5	0.6	0.4	1.0	---	0.8		0.5	0.5	0.5	0.9	

66 

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

Q6B.  Increase of: in your borrowing costs from today through the end of 2017? - Summary of Descriptives

N=146		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Number		33	34	25	18	13	13	9	
Percent		22.8%	23.4%	17.2%	12.4%	9.0%	9.0%	6.2%	
									
Borrowing		0.6	0.7	0.6	0.6	0.7	0.7	0.6	
Costs		0.5	0.6	0.5	0.5	0.6	0.5	0.5	

67 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Immigration Policy (Hiring)	
																
Decrease		5		0	1	1	0	0	0	0	0	1	0	2	0	
		1.5%		0.0%	2.4%	12.5%	0.0%	0.0%	0.0%	0.0%	0.0%	1.4%	0.0%	16.7%	0.0%	
				ck		aFl			CK			k	k	aFijl	ck	
																
No change		294		31	36	6	12	6	45	9	15	62	24	9	39	
		88.8%		96.9%	85.7%	75.0%	100.0%	85.7%	80.4%	90.0%	93.8%	89.9%	92.3%	75.0%	95.1%	
				cfk		a			al					al	fk	
																
Increase		4		0	0	0	0	0	1	1	0	1	1	0	0	
		1.2%		0.0%	0.0%	0.0%	0.0%	0.0%	1.8%	10.0%	0.0%	1.4%	3.8%	0.0%	0.0%	
					g					bl					g	
																
Wait and see		28		1	5	1	0	1	10	0	1	5	1	1	2	
mode		8.5%		3.1%	11.9%	12.5%	0.0%	14.3%	17.9%	0.0%	6.3%	7.2%	3.8%	8.3%	4.9%	
				f					a							

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

68 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Immigration Policy (Hiring)	
															
Decrease		0	1	3	0	0	1	0		1	0	3	1	0	
		0.0%	1.2%	4.7%	0.0%	0.0%	14.3%	0.0%		2.9%	0.0%	1.3%	9.1%	0.0%	
		cF	f	a			Ab					d	c		
															
No change		110	75	56	11	27	4	10		29	9	208	10	25	
		90.2%	90.4%	87.5%	84.6%	96.4%	57.1%	76.9%		85.3%	81.8%	89.7%	90.9%	89.3%	
		F	f	f		F	AbcE								
															
Increase		0	2	0	0	1	0	1		0	2	1	0	0	
		0.0%	2.4%	0.0%	0.0%	3.6%	0.0%	7.7%		0.0%	18.2%	0.4%	0.0%	0.0%	
		eG		g		a		Ac		b	aCe	B		b	
															
Wait and see		12	5	5	2	0	2	2		4	0	20	0	3	
mode		9.8%	6.0%	7.8%	15.4%	0.0%	28.6%	15.4%		11.8%	0.0%	8.6%	0.0%	10.7%	
			f		e	dFg	bE	e							

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

69 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Immigration Policy (Hiring)	
														
Decrease		0	2	2	0	0	0	1		3	1	0	1	
		0.0%	2.3%	9.1%	0.0%	0.0%	0.0%	5.6%		1.9%	0.8%	0.0%	7.1%	
		Cg		A				a						
														
No change		104	76	20	16	17	8	14		150	108	19	11	
		88.9%	88.4%	90.9%	94.1%	94.4%	100.0%	77.8%		93.2%	87.1%	79.2%	78.6%	
										c		a		
														
Increase		1	1	0	0	0	0	2		0	2	0	2	
		0.9%	1.2%	0.0%	0.0%	0.0%	0.0%	11.1%		0.0%	1.6%	0.0%	14.3%	
		G	g					Ab		D	D		AB	
														
Wait and see		12	7	0	1	1	0	1		8	13	5	0	
mode		10.3%	8.1%	0.0%	5.9%	5.6%	0.0%	5.6%		5.0%	10.5%	20.8%	0.0%	
										C		A		

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

70 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Immigration Policy (Hiring)	
									
Decrease		1	1	2	0	0	0	1	
		1.1%	1.5%	3.4%	0.0%	0.0%	0.0%	5.6%	
									
No change		83	57	47	39	25	27	15	
		93.3%	87.7%	81.0%	92.9%	83.3%	96.4%	83.3%	
		c		a					
									
Increase		0	0	1	1	1	0	1	
		0.0%	0.0%	1.7%	2.4%	3.3%	0.0%	5.6%	
		g						a	
									
Wait and see		5	7	8	2	4	1	1	
mode		5.6%	10.8%	13.8%	4.8%	13.3%	3.6%	5.6%	

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

71 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Immigration Policy (Spending)	
																
Decrease		4		0	1	0	0	0	0	0	0	2	0	0	1	
		1.3%		0.0%	2.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	3.0%	0.0%	0.0%	2.6%	
																
No change		278		31	34	6	12	6	44	6	14	60	22	9	34	
		87.4%		96.9%	82.9%	85.7%	100.0%	85.7%	80.0%	75.0%	87.5%	90.9%	88.0%	90.0%	87.2%	
				fg					a	a						
																
Increase		12		1	2	0	0	0	1	2	0	2	2	0	2	
		3.8%		3.1%	4.9%	0.0%	0.0%	0.0%	1.8%	25.0%	0.0%	3.0%	8.0%	0.0%	5.1%	
				g					G	aFhi	g	g				
																
Wait and see		24		0	4	1	0	1	10	0	2	2	1	1	2	
mode		7.5%		0.0%	9.8%	14.3%	0.0%	14.3%	18.2%	0.0%	12.5%	3.0%	4.0%	10.0%	5.1%	
				cefh		a		a	aI		a	F				

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

72 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Immigration Policy (Spending)	
															
Decrease		1	0	2	0	0	1	0		1	0	3	0	0	
		0.9%	0.0%	3.3%	0.0%	0.0%	14.3%	0.0%		3.1%	0.0%	1.3%	0.0%	0.0%	
		F	F				AB								
															
No change		97	75	56	10	25	4	10		28	10	196	9	25	
		82.9%	91.5%	93.3%	83.3%	96.2%	57.1%	76.9%		87.5%	100.0%	87.5%	90.0%	89.3%	
			F	F		F	BCE								
															
Increase		6	3	1	0	0	0	2		1	0	9	0	1	
		5.1%	3.7%	1.7%	0.0%	0.0%	0.0%	15.4%		3.1%	0.0%	4.0%	0.0%	3.6%	
				g		g		ce							
															
Wait and see		13	4	1	2	1	2	1		2	0	16	1	2	
mode		11.1%	4.9%	1.7%	16.7%	3.8%	28.6%	7.7%		6.3%	0.0%	7.1%	10.0%	7.1%	
		c	f	adF	c		bC								

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

73 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Immigration Policy (Spending)	
														
Decrease		0	1	2	0	0	0	1		0	2	0	2	
		0.0%	1.2%	9.5%	0.0%	0.0%	0.0%	5.6%		0.0%	1.7%	0.0%	15.4%	
		Cg	c	Ab				a		D	D		AB	
														
No change		96	79	18	13	16	8	13		137	108	18	10	
		85.7%	92.9%	85.7%	86.7%	94.1%	100.0%	72.2%		88.4%	89.3%	81.8%	76.9%	
			g					b						
														
Increase		5	2	0	2	0	0	2		9	2	0	1	
		4.5%	2.4%	0.0%	13.3%	0.0%	0.0%	11.1%		5.8%	1.7%	0.0%	7.7%	
			d		b									
														
Wait and see		11	3	1	0	1	0	2		9	9	4	0	
mode		9.8%	3.5%	4.8%	0.0%	5.9%	0.0%	11.1%		5.8%	7.4%	18.2%	0.0%	
										c		a		

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

74 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Immigration Policy (Spending)	
									
Decrease		2	1	1	0	0	0	0	
		2.3%	1.6%	1.8%	0.0%	0.0%	0.0%	0.0%	
									
No change		81	56	44	35	22	24	15	
		92.0%	91.8%	77.2%	85.4%	78.6%	88.9%	100.0%	
		c	c	abg				c	
									
Increase		2	0	3	3	2	2	0	
		2.3%	0.0%	5.3%	7.3%	7.1%	7.4%	0.0%	
			def		b	b	b		
									
Wait and see		3	4	9	3	4	1	0	
mode		3.4%	6.6%	15.8%	7.3%	14.3%	3.7%	0.0%	
		Ce		A		a			

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

75 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Trade Policy (Hiring)	
																
Decrease		10		1	1	0	0	0	1	0	0	5	0	1	1	
		3.1%		3.3%	2.4%	0.0%	0.0%	0.0%	1.8%	0.0%	0.0%	7.4%	0.0%	8.3%	2.5%	
																
No change		256		26	37	5	9	2	43	8	14	48	22	8	34	
		78.3%		86.7%	88.1%	62.5%	75.0%	28.6%	76.8%	80.0%	87.5%	70.6%	84.6%	66.7%	85.0%	
				E	Ei			ABFhiJL	E		e	be	E		E	
																
Increase		14		0	1	1	1	2	3	2	0	1	0	2	1	
		4.3%		0.0%	2.4%	12.5%	8.3%	28.6%	5.4%	20.0%	0.0%	1.5%	0.0%	16.7%	2.5%	
				Egk	eg			AbfhIJl	e	abIjl	e	EGk	Egk	aij	eg	
																
Wait and see		47		3	3	2	2	3	9	0	2	14	4	1	4	
mode		14.4%		10.0%	7.1%	25.0%	16.7%	42.9%	16.1%	0.0%	12.5%	20.6%	15.4%	8.3%	10.0%	
				e	e			abgl		e					e	

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

76 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Trade Policy (Hiring)	
															
Decrease		3	1	3	2	0	0	1		2	0	8	0	0	
		2.5%	1.2%	4.8%	16.7%	0.0%	0.0%	7.7%		5.9%	0.0%	3.5%	0.0%	0.0%	
		d	D		aBe	d									
															
No change		94	70	50	9	22	5	5		22	10	179	10	23	
		77.0%	86.4%	79.4%	75.0%	78.6%	71.4%	38.5%		64.7%	90.9%	78.2%	90.9%	85.2%	
		G	G	G		g		ABCe							
															
Increase		4	4	1	0	2	0	3		3	0	9	0	1	
		3.3%	4.9%	1.6%	0.0%	7.1%	0.0%	23.1%		8.8%	0.0%	3.9%	0.0%	3.7%	
		G	g	G				AbC							
															
Wait and see		21	6	9	1	4	2	4		7	1	33	1	3	
mode		17.2%	7.4%	14.3%	8.3%	14.3%	28.6%	30.8%		20.6%	9.1%	14.4%	9.1%	11.1%	
		b	ag					b							

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

77 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Trade Policy (Hiring)	
														
Decrease		3	2	3	0	0	0	1		2	7	0	1	
		2.6%	2.4%	13.6%	0.0%	0.0%	0.0%	5.6%		1.2%	5.8%	0.0%	7.1%	
		c	c	ab						b	a			
														
No change		92	67	17	14	15	7	8		139	89	14	8	
		79.3%	78.8%	77.3%	87.5%	88.2%	87.5%	44.4%		86.3%	74.2%	58.3%	57.1%	
		G	G	g	g	g		ABcde		bCD	a	A	A	
														
Increase		2	5	0	0	1	0	3		6	5	0	3	
		1.7%	5.9%	0.0%	0.0%	5.9%	0.0%	16.7%		3.7%	4.2%	0.0%	21.4%	
		G						A		D	d	d	Abc	
														
Wait and see		19	11	2	2	1	1	6		14	19	10	2	
mode		16.4%	12.9%	9.1%	12.5%	5.9%	12.5%	33.3%		8.7%	15.8%	41.7%	14.3%	
			g					b		C	C	AB		

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

78 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Trade Policy (Hiring)	
									
Decrease		1	2	2	1	2	0	2	
		1.1%	3.2%	3.4%	2.4%	6.7%	0.0%	11.1%	
		g						a	
									
No change		73	46	44	32	23	23	14	
		83.9%	73.0%	75.9%	76.2%	76.7%	82.1%	77.8%	
									
Increase		4	3	3	3	0	1	0	
		4.6%	4.8%	5.2%	7.1%	0.0%	3.6%	0.0%	
									
Wait and see		9	12	9	6	5	4	2	
mode		10.3%	19.0%	15.5%	14.3%	16.7%	14.3%	11.1%	

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

79 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Trade Policy (Spending)	
																
Decrease		6		1	0	0	0	0	1	1	0	3	0	0	0	
		1.9%		3.1%	0.0%	0.0%	0.0%	0.0%	1.8%	12.5%	0.0%	4.5%	0.0%	0.0%	0.0%	
					g					bl					g	
																
No change		255		28	34	6	9	3	45	6	13	49	21	8	33	
		80.7%		87.5%	82.9%	85.7%	75.0%	42.9%	81.8%	75.0%	81.3%	74.2%	84.0%	80.0%	89.2%	
				e	e			abfjL	e				e		E	
																
Increase		12		1	1	0	1	2	2	1	0	2	1	1	0	
		3.8%		3.1%	2.4%	0.0%	8.3%	28.6%	3.6%	12.5%	0.0%	3.0%	4.0%	10.0%	0.0%	
				e	e			abfhIL	e	l	e	E			Eg	
																
Wait and see		43		2	6	1	2	2	7	0	3	12	3	1	4	
mode		13.6%		6.3%	14.6%	14.3%	16.7%	28.6%	12.7%	0.0%	18.8%	18.2%	12.0%	10.0%	10.8%	

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

80 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Trade Policy (Spending)	
															
Decrease		2	1	1	2	0	0	0		0	0	6	0	0	
		1.7%	1.2%	1.7%	16.7%	0.0%	0.0%	0.0%		0.0%	0.0%	2.7%	0.0%	0.0%	
		D	D	d	ABce	d									
															
No change		92	71	50	10	22	4	5		22	10	181	8	26	
		78.6%	86.6%	86.2%	83.3%	84.6%	57.1%	38.5%		68.8%	100.0%	81.5%	80.0%	92.9%	
		G	fG	G	g	G	b	ABCdE		be	a			a	
															
Increase		3	2	1	0	1	1	4		4	0	7	0	0	
		2.6%	2.4%	1.7%	0.0%	3.8%	14.3%	30.8%		12.5%	0.0%	3.2%	0.0%	0.0%	
		G	G	G	g	g		ABCde		c		a			
															
Wait and see		20	8	6	0	3	2	4		6	0	28	2	2	
mode		17.1%	9.8%	10.3%	0.0%	11.5%	28.6%	30.8%		18.8%	0.0%	12.6%	20.0%	7.1%	
			g		g			bd							

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

81 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Trade Policy (Spending)	
														
Decrease		1	1	2	0	0	0	0		1	5	0	0	
		0.9%	1.2%	10.0%	0.0%	0.0%	0.0%	0.0%		0.6%	4.2%	0.0%	0.0%	
		c	c	ab						b	a			
														
No change		90	73	16	14	16	6	8		135	94	12	9	
		80.4%	86.9%	80.0%	93.3%	94.1%	75.0%	44.4%		87.7%	78.3%	54.5%	69.2%	
		G	G	g	G	G		ABcDE		bC	ac	Ab		
														
Increase		4	2	0	0	1	1	4		3	5	1	3	
		3.6%	2.4%	0.0%	0.0%	5.9%	12.5%	22.2%		1.9%	4.2%	4.5%	23.1%	
		G	G	g				ABc		D	D		AB	
														
Wait and see		17	8	2	1	0	1	6		15	16	9	1	
mode		15.2%	9.5%	10.0%	6.7%	0.0%	12.5%	33.3%		9.7%	13.3%	40.9%	7.7%	
			G			g		Be		C	C	ABd	c	

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

82 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Trade Policy (Spending)	
									
Decrease		3	2	1	0	0	0	0	
		3.4%	3.3%	1.8%	0.0%	0.0%	0.0%	0.0%	
									
No change		73	48	43	32	22	23	13	
		83.0%	80.0%	76.8%	78.0%	78.6%	85.2%	86.7%	
									
Increase		3	3	1	3	1	0	1	
		3.4%	5.0%	1.8%	7.3%	3.6%	0.0%	6.7%	
									
Wait and see		9	7	11	6	5	4	1	
mode		10.2%	11.7%	19.6%	14.6%	17.9%	14.8%	6.7%	

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

83 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Corporate Tax Policy (Hiring)	
																
Decrease		7		0	0	0	0	0	2	0	1	2	1	0	1	
		2.1%		0.0%	0.0%	0.0%	0.0%	0.0%	3.6%	0.0%	6.3%	2.9%	3.8%	0.0%	2.5%	
																
No change		214		26	22	4	8	5	28	9	11	41	19	9	32	
		64.8%		81.3%	52.4%	50.0%	66.7%	71.4%	50.0%	90.0%	68.8%	59.4%	73.1%	75.0%	80.0%	
				bFi	agl				AgL	bf		al			bFi	
																
Increase		31		1	7	2	1	0	10	1	0	2	3	2	2	
		9.4%		3.1%	16.7%	25.0%	8.3%	0.0%	17.9%	10.0%	0.0%	2.9%	11.5%	16.7%	5.0%	
				cf	i	ahI			aI		c	bCFk		i		
																
Wait and see		78		5	13	2	3	2	16	0	4	24	3	1	5	
mode		23.6%		15.6%	31.0%	25.0%	25.0%	28.6%	28.6%	0.0%	25.0%	34.8%	11.5%	8.3%	12.5%	
					gl					bi		gjl	i		bi	

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

84 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Corporate Tax Policy (Hiring)	
															
Decrease		4	1	2	0	0	0	0		1	0	6	0	0	
		3.3%	1.2%	3.1%	0.0%	0.0%	0.0%	0.0%		3.0%	0.0%	2.6%	0.0%	0.0%	
															
No change		73	63	44	9	18	4	3		16	8	151	9	22	
		59.3%	76.8%	68.8%	69.2%	66.7%	57.1%	23.1%		48.5%	72.7%	64.8%	81.8%	81.5%	
		bg	aG	G	g	g		aBCde		e				a	
															
Increase		13	4	5	2	2	1	4		4	2	22	0	2	
		10.6%	4.9%	7.8%	15.4%	7.4%	14.3%	30.8%		12.1%	18.2%	9.4%	0.0%	7.4%	
		g	G	g				aBc							
															
Wait and see		33	14	13	2	7	2	6		12	1	54	2	3	
mode		26.8%	17.1%	20.3%	15.4%	25.9%	28.6%	46.2%		36.4%	9.1%	23.2%	18.2%	11.1%	
			g					b		e				a	

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

85 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Corporate Tax Policy (Hiring)	
														
Decrease		3	2	2	0	0	0	0		4	3	0	0	
		2.5%	2.4%	9.1%	0.0%	0.0%	0.0%	0.0%		2.5%	2.4%	0.0%	0.0%	
														
No change		72	60	13	9	15	7	5		107	79	14	8	
		61.0%	70.6%	59.1%	56.3%	83.3%	87.5%	27.8%		66.5%	64.2%	58.3%	57.1%	
		G	G			G	G	ABEF						
														
Increase		12	8	0	0	1	0	6		19	8	0	4	
		10.2%	9.4%	0.0%	0.0%	5.6%	0.0%	33.3%		11.8%	6.5%	0.0%	28.6%	
		G	G	G	g	g		ABCde			D	D	BC	
														
Wait and see		31	15	7	7	2	1	7		31	33	10	2	
mode		26.3%	17.6%	31.8%	43.8%	11.1%	12.5%	38.9%		19.3%	26.8%	41.7%	14.3%	
			dg		be	d		b		c		a		

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

86 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Corporate Tax Policy (Hiring)	
									
Decrease		1	0	1	2	1	0	2	
		1.1%	0.0%	1.7%	4.8%	3.3%	0.0%	11.1%	
		g	G					aB	
									
No change		62	41	36	28	20	16	10	
		71.3%	63.1%	61.0%	66.7%	66.7%	57.1%	55.6%	
									
Increase		4	8	9	4	2	3	1	
		4.6%	12.3%	15.3%	9.5%	6.7%	10.7%	5.6%	
		c		a					
									
Wait and see		20	16	13	8	7	9	5	
mode		23.0%	24.6%	22.0%	19.0%	23.3%	32.1%	27.8%	

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

87 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Corporate Tax Policy (Spending)	
																
Decrease		7		0	0	0	0	0	3	0	2	1	0	0	1	
		2.2%		0.0%	0.0%	0.0%	0.0%	0.0%	5.5%	0.0%	12.5%	1.5%	0.0%	0.0%	2.7%	
				h	h						abi	h				
																
No change		198		24	21	4	6	3	31	6	11	40	16	9	27	
		62.1%		75.0%	48.8%	57.1%	50.0%	42.9%	56.4%	75.0%	68.8%	59.7%	64.0%	90.0%	73.0%	
				b	akl				k					bf	b	
																
Increase		39		4	9	2	1	1	7	2	0	3	6	1	3	
		12.2%		12.5%	20.9%	28.6%	8.3%	14.3%	12.7%	25.0%	0.0%	4.5%	24.0%	10.0%	8.1%	
					I	hi				hi	cgj	BcgJ	hI			
																
Wait and see		75		4	13	1	5	3	14	0	3	23	3	0	6	
mode		23.5%		12.5%	30.2%	14.3%	41.7%	42.9%	25.5%	0.0%	18.8%	34.3%	12.0%	0.0%	16.2%	
				di			agjk	k		d		ajk	di	dei		

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

88 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Corporate Tax Policy (Spending)	
															
Decrease		3	1	3	0	0	0	0		0	0	6	0	1	
		2.5%	1.2%	5.2%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	2.7%	0.0%	3.6%	
															
No change		69	60	36	7	19	4	3		17	9	134	9	23	
		58.0%	73.2%	62.1%	58.3%	70.4%	57.1%	23.1%		53.1%	90.0%	59.6%	90.0%	82.1%	
		bg	aG	g		G		aBcE		bde	a	e	a	ac	
															
Increase		17	7	5	3	2	1	4		5	0	31	0	2	
		14.3%	8.5%	8.6%	25.0%	7.4%	14.3%	30.8%		15.6%	0.0%	13.8%	0.0%	7.1%	
			g	g				bc							
															
Wait and see		30	14	14	2	6	2	6		10	1	54	1	2	
mode		25.2%	17.1%	24.1%	16.7%	22.2%	28.6%	46.2%		31.3%	10.0%	24.0%	10.0%	7.1%	
			g					b		e		e		ac	

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

89 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Corporate Tax Policy (Spending)	
														
Decrease		2	4	1	0	0	0	0		4	3	0	0	
		1.8%	4.7%	5.3%	0.0%	0.0%	0.0%	0.0%		2.5%	2.5%	0.0%	0.0%	
														
No change		67	57	11	8	14	7	6		96	77	11	9	
		58.8%	67.1%	57.9%	50.0%	82.4%	87.5%	33.3%		61.1%	64.2%	50.0%	69.2%	
		g	G			G	g	aBEf						
														
Increase		16	8	2	2	1	0	5		25	10	1	3	
		14.0%	9.4%	10.5%	12.5%	5.9%	0.0%	27.8%		15.9%	8.3%	4.5%	23.1%	
			g					b						
														
Wait and see		29	16	5	6	2	1	7		32	30	10	1	
mode		25.4%	18.8%	26.3%	37.5%	11.8%	12.5%	38.9%		20.4%	25.0%	45.5%	7.7%	
										c		ad	c	

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

90 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Corporate Tax Policy (Spending)	
									
Decrease		2	1	0	1	1	0	2	
		2.2%	1.6%	0.0%	2.4%	3.6%	0.0%	13.3%	
		g	g	G				abC	
									
No change		59	39	31	27	17	17	7	
		66.3%	62.9%	55.4%	65.9%	60.7%	63.0%	46.7%	
									
Increase		8	8	10	4	4	4	1	
		9.0%	12.9%	17.9%	9.8%	14.3%	14.8%	6.7%	
									
Wait and see		20	14	15	9	6	6	5	
mode		22.5%	22.6%	26.8%	22.0%	21.4%	22.2%	33.3%	

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

91 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Regulatory Policy (Hiring)	
																
Decrease		20		0	4	0	1	1	1	0	1	4	1	4	3	
		6.1%		0.0%	9.5%	0.0%	8.3%	14.3%	1.8%	0.0%	6.3%	5.8%	3.8%	33.3%	7.5%	
				eK	k			a	K			K	k	AbFIjl	k	
																
No change		175		23	17	3	5	3	25	9	9	41	11	5	24	
		53.0%		71.9%	40.5%	37.5%	41.7%	42.9%	44.6%	90.0%	56.3%	59.4%	42.3%	41.7%	60.0%	
				Bfj	AG	g	g		ag	Bcdfjk			ag	g		
																
Increase		45		3	8	3	2	2	10	0	0	1	7	3	6	
		13.6%		9.4%	19.0%	37.5%	16.7%	28.6%	17.9%	0.0%	0.0%	1.4%	26.9%	25.0%	15.0%	
					I	ghI	i	hI	I	c	cejk	BCdEFJKL	hI	hI	I	
																
Wait and see		90		6	13	2	4	1	20	1	6	23	7	0	7	
mode		27.3%		18.8%	31.0%	25.0%	33.3%	14.3%	35.7%	10.0%	37.5%	33.3%	26.9%	0.0%	17.5%	
					k		k		k		k	k		bdfhi		

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

92 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Regulatory Policy (Hiring)	
															
Decrease		7	4	6	0	1	0	2		4	0	11	2	2	
		5.7%	4.9%	9.4%	0.0%	3.7%	0.0%	15.4%		12.1%	0.0%	4.7%	18.2%	7.4%	
															
No change		66	45	36	8	13	4	3		15	7	129	5	14	
		53.7%	54.9%	56.3%	61.5%	48.1%	57.1%	23.1%		45.5%	63.6%	55.4%	45.5%	51.9%	
		g	g	g				abc							
															
Increase		14	11	8	2	5	1	3		6	2	28	2	5	
		11.4%	13.4%	12.5%	15.4%	18.5%	14.3%	23.1%		18.2%	18.2%	12.0%	18.2%	18.5%	
															
Wait and see		36	22	14	3	8	2	5		8	2	65	2	6	
mode		29.3%	26.8%	21.9%	23.1%	29.6%	28.6%	38.5%		24.2%	18.2%	27.9%	18.2%	22.2%	

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

93 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Regulatory Policy (Hiring)	
														
Decrease		7	6	3	0	1	0	2		11	6	2	1	
		5.9%	7.1%	13.6%	0.0%	5.6%	0.0%	11.1%		6.8%	4.9%	8.3%	7.1%	
														
No change		66	44	9	9	12	6	5		78	70	13	8	
		55.9%	51.8%	40.9%	56.3%	66.7%	75.0%	27.8%		48.4%	56.9%	54.2%	57.1%	
		g				g	g	aef						
														
Increase		13	13	2	2	2	0	5		31	10	1	3	
		11.0%	15.3%	9.1%	12.5%	11.1%	0.0%	27.8%		19.3%	8.1%	4.2%	21.4%	
										B	A			
														
Wait and see		32	22	8	5	3	2	6		41	37	8	2	
mode		27.1%	25.9%	36.4%	31.3%	16.7%	25.0%	33.3%		25.5%	30.1%	33.3%	14.3%	

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

94 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Regulatory Policy (Hiring)	
									
Decrease		3	5	4	4	2	0	2	
		3.4%	7.7%	6.8%	9.5%	6.7%	0.0%	11.1%	
									
No change		53	29	28	26	17	14	8	
		60.9%	44.6%	47.5%	61.9%	56.7%	50.0%	44.4%	
		b	a						
									
Increase		6	14	9	5	3	5	3	
		6.9%	21.5%	15.3%	11.9%	10.0%	17.9%	16.7%	
		B	A						
									
Wait and see		25	17	18	7	8	9	5	
mode		28.7%	26.2%	30.5%	16.7%	26.7%	32.1%	27.8%	

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

95 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Regulatory Policy (Spending)	
																
Decrease		12		2	1	0	0	1	1	0	2	2	0	1	2	
		3.8%		6.5%	2.3%	0.0%	0.0%	14.3%	1.9%	0.0%	12.5%	3.1%	0.0%	10.0%	5.4%	
																
No change		188		21	20	3	5	3	33	7	11	39	11	8	27	
		59.7%		67.7%	46.5%	42.9%	41.7%	42.9%	61.1%	87.5%	68.8%	60.0%	44.0%	80.0%	73.0%	
					gl					bj			gl		bj	
																
Increase		39		1	12	2	2	2	6	1	0	1	6	1	5	
		12.4%		3.2%	27.9%	28.6%	16.7%	28.6%	11.1%	12.5%	0.0%	1.5%	24.0%	10.0%	13.5%	
				Bcej	AfhI	ahI	i	ahI	bi		bcej	BCdEfJl	ahI		i	
																
Wait and see		76		7	10	2	5	1	14	0	3	23	8	0	3	
mode		24.1%		22.6%	23.3%	28.6%	41.7%	14.3%	25.9%	0.0%	18.8%	35.4%	32.0%	0.0%	8.1%	
							gkL		l	di		gkL	kl	dij	DfIj	

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

96 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Regulatory Policy (Spending)	
															
Decrease		4	2	6	0	0	0	0		0	0	10	0	1	
		3.4%	2.4%	10.5%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	4.5%	0.0%	3.6%	
			c	b											
															
No change		72	53	32	4	17	4	6		20	6	131	6	19	
		61.5%	64.6%	56.1%	36.4%	63.0%	57.1%	46.2%		60.6%	60.0%	59.5%	60.0%	67.9%	
															
Increase		12	11	5	3	3	1	3		6	3	25	1	4	
		10.3%	13.4%	8.8%	27.3%	11.1%	14.3%	23.1%		18.2%	30.0%	11.4%	10.0%	14.3%	
															
Wait and see		29	16	14	4	7	2	4		7	1	54	3	4	
mode		24.8%	19.5%	24.6%	36.4%	25.9%	28.6%	30.8%		21.2%	10.0%	24.5%	30.0%	14.3%	

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

97 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Regulatory Policy (Spending)	
														
Decrease		3	5	1	0	2	0	0		7	3	2	0	
		2.7%	6.0%	5.3%	0.0%	11.8%	0.0%	0.0%		4.5%	2.6%	9.1%	0.0%	
														
No change		69	51	9	9	10	5	9		91	71	11	10	
		61.6%	61.4%	47.4%	56.3%	58.8%	62.5%	50.0%		58.3%	60.7%	50.0%	76.9%	
														
Increase		13	10	3	2	2	0	4		27	10	0	2	
		11.6%	12.0%	15.8%	12.5%	11.8%	0.0%	22.2%		17.3%	8.5%	0.0%	15.4%	
										bc	a	a		
														
Wait and see		27	17	6	5	3	3	5		31	33	9	1	
mode		24.1%	20.5%	31.6%	31.3%	17.6%	37.5%	27.8%		19.9%	28.2%	40.9%	7.7%	
										c		ad	c	

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

98 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Regulatory Policy (Spending)	
									
Decrease		2	2	0	2	3	1	2	
		2.3%	3.4%	0.0%	4.9%	11.1%	3.7%	13.3%	
		g		eG		c		aC	
									
No change		54	34	34	28	16	15	7	
		61.4%	57.6%	59.6%	68.3%	59.3%	55.6%	46.7%	
									
Increase		8	10	8	6	0	5	2	
		9.1%	16.9%	14.0%	14.6%	0.0%	18.5%	13.3%	
			e	e	e	bcdf	e		
									
Wait and see		24	13	15	5	8	6	4	
mode		27.3%	22.0%	26.3%	12.2%	29.6%	22.2%	26.7%	

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

99 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Other (Hiring)	
																
Decrease		3		0	0	0	0	0	0	0	0	2	0	0	1	
		5.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	12.5%	0.0%	0.0%	11.1%	
																
No change		48		3	4	1	2	2	8	2	3	11	5	1	6	
		80.0%		100.0%	80.0%	100.0%	100.0%	100.0%	72.7%	100.0%	100.0%	68.8%	100.0%	100.0%	66.7%	
																
Increase		1		0	0	0	0	0	0	0	0	0	0	0	1	
		1.7%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	11.1%	
																
Wait and see		8		0	1	0	0	0	3	0	0	3	0	0	1	
mode		13.3%		0.0%	20.0%	0.0%	0.0%	0.0%	27.3%	0.0%	0.0%	18.8%	0.0%	0.0%	11.1%	

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

100 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Other (Hiring)	
															
Decrease		1	1	1	0	0	0	0		0	0	2	0	1	
		3.8%	7.1%	8.3%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	4.9%	0.0%	12.5%	
															
No change		19	12	11	2	3	0	1		1	1	35	1	7	
		73.1%	85.7%	91.7%	100.0%	100.0%	0.0%	33.3%		33.3%	100.0%	85.4%	50.0%	87.5%	
				g				c		c		a			
															
Increase		1	0	0	0	0	0	0		0	0	1	0	0	
		3.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	2.4%	0.0%	0.0%	
															
Wait and see		5	1	0	0	0	0	2		2	0	3	1	0	
mode		19.2%	7.1%	0.0%	0.0%	0.0%	0.0%	66.7%		66.7%	0.0%	7.3%	50.0%	0.0%	
			g	G				bC		Ce		Ad	c	a	

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

101 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Other (Hiring)	
														
Decrease		1	2	0	0	0	0	0		0	3	0	0	
		4.8%	11.8%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	13.6%	0.0%	0.0%	
														
No change		17	14	2	2	5	0	1		22	17	5	3	
		81.0%	82.4%	66.7%	100.0%	100.0%	0.0%	33.3%		84.6%	77.3%	71.4%	75.0%	
														
Increase		1	0	0	0	0	0	0		1	0	0	0	
		4.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		3.8%	0.0%	0.0%	0.0%	
														
Wait and see		2	1	1	0	0	0	2		3	2	2	1	
mode		9.5%	5.9%	33.3%	0.0%	0.0%	0.0%	66.7%		11.5%	9.1%	28.6%	25.0%	
		g	g					ab						

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

102 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Other (Hiring)	
									
Decrease		2	0	0	0	0	0	1	
		10.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
									
No change		16	10	8	7	3	2	2	
		80.0%	83.3%	72.7%	87.5%	100.0%	100.0%	50.0%	
									
Increase		0	0	1	0	0	0	0	
		0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	0.0%	
									
Wait and see		2	2	2	1	0	0	1	
mode		10.0%	16.7%	18.2%	12.5%	0.0%	0.0%	25.0%	

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

103 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Other (Spending)	
																
Decrease		1		0	0	0	0	0	0	0	0	0	0	0	1	
		1.9%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	14.3%	
																
No change		41		2	4	1	2	2	8	1	3	10	4	1	3	
		75.9%		66.7%	100.0%	50.0%	100.0%	100.0%	72.7%	100.0%	100.0%	71.4%	100.0%	100.0%	42.9%	
																
Increase		3		0	0	1	0	0	0	0	0	0	0	0	2	
		5.6%		0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	28.6%	
						fi			c			cl			i	
																
Wait and see		9		1	0	0	0	0	3	0	0	4	0	0	1	
mode		16.7%		33.3%	0.0%	0.0%	0.0%	0.0%	27.3%	0.0%	0.0%	28.6%	0.0%	0.0%	14.3%	

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

104 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Other (Spending)	
															
Decrease		0	1	0	0	0	0	0		0	0	0	0	1	
		0.0%	7.1%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	12.5%	
												e		c	
															
No change		17	12	7	1	3	0	1		1	1	30	1	6	
		68.0%	85.7%	77.8%	100.0%	100.0%	0.0%	50.0%		50.0%	100.0%	83.3%	50.0%	75.0%	
															
Increase		3	0	0	0	0	0	0		0	0	2	0	1	
		12.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	5.6%	0.0%	12.5%	
															
Wait and see		5	1	2	0	0	0	1		1	0	4	1	0	
mode		20.0%	7.1%	22.2%	0.0%	0.0%	0.0%	50.0%		50.0%	0.0%	11.1%	50.0%	0.0%	

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

105 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Other (Spending)	
														
Decrease		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	6.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	5.0%	0.0%	0.0%	
														
No change		16	13	2	1	4	0	1		19	15	3	3	
		76.2%	86.7%	66.7%	50.0%	100.0%	0.0%	50.0%		79.2%	75.0%	60.0%	75.0%	
														
Increase		3	0	0	0	0	0	0		2	1	0	0	
		14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		8.3%	5.0%	0.0%	0.0%	
														
Wait and see		2	1	1	1	0	0	1		3	3	2	1	
mode		9.5%	6.7%	33.3%	50.0%	0.0%	0.0%	50.0%		12.5%	15.0%	40.0%	25.0%	

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

106 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Other (Spending)	
									
Decrease		1	0	0	0	0	0	0	
		5.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
No change		14	8	8	6	2	2	1	
		70.0%	80.0%	72.7%	85.7%	100.0%	100.0%	50.0%	
									
Increase		1	1	1	0	0	0	0	
		5.0%	10.0%	9.1%	0.0%	0.0%	0.0%	0.0%	
									
Wait and see		4	1	2	1	0	0	1	
mode		20.0%	10.0%	18.2%	14.3%	0.0%	0.0%	50.0%	

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

107 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Total		Industry	
Number
Mean		

		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
Percent		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Immigration Policy		303		31	37	7	12	6	46	10	15	64	25	11	39	
(Hiring)		2.0		2.0	2.0	1.9	2.0	2.0	2.0	2.1	2.0	2.0	2.0	1.8	2.0	
						f			cK			k	k	Fij		
																
Immigration Policy		294		32	37	6	12	6	45	8	14	64	24	9	37	
(Spending)		2.0		2.0	2.0	2.0	2.0	2.0	2.0	2.3	2.0	2.0	2.1	2.0	2.0	
				g					G	aFi		g				
																
Trade Policy (Hiring)		280		27	39	6	10	4	47	10	14	54	22	11	36	
		2.0		2.0	2.0	2.2	2.1	2.5	2.0	2.2	2.0	1.9	2.0	2.1	2.0	
				Eg	Eg			ABFIL	E	abi		Eg			E	
																
Trade Policy		273		30	35	6	10	5	48	8	13	54	22	9	33	
(Spending)		2.0		2.0	2.0	2.0	2.1	2.4	2.0	2.0	2.0	2.0	2.0	2.1	2.0	
				e	E			aBFIj	E			E	e			
																
Corporate Tax Policy		252		27	29	6	9	5	40	10	12	45	23	11	35	
(Hiring)		2.1		2.0	2.2	2.3	2.1	2.0	2.2	2.1	1.9	2.0	2.1	2.2	2.0	
				bc	ahIl	ahil			i		bc	Bcf			bc	

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

 (1=Decrease) (2=No change) (3=Increase)

108 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Sales Revenue		Ownership	
Number
Mean		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		124	83	65	13	29	7	15		37	11	235	11	28	
Percent		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Immigration Policy		110	78	59	11	28	5	11		30	11	212	11	25	
(Hiring)		2.0	2.0	1.9	2.0	2.0	1.8	2.1		2.0	2.2	2.0	1.9	2.0	
			f				b			b	aC	B			
															
Immigration Policy		104	78	59	10	25	5	12		30	10	208	9	26	
(Spending)		2.0	2.0	2.0	2.0	2.0	1.8	2.2		2.0	2.0	2.0	2.0	2.0	
		f	f	g			ab	c							
															
Trade Policy (Hiring)		101	75	54	11	24	5	9		27	10	196	10	24	
		2.0	2.0	2.0	1.8	2.1	2.0	2.2		2.0	2.0	2.0	2.0	2.0	
		d	d	g	abe	d		c							
															
Trade Policy		97	74	52	12	23	5	9		26	10	194	8	26	
(Spending)		2.0	2.0	2.0	1.8	2.0	2.2	2.4		2.2	2.0	2.0	2.0	2.0	
		dG	dG	dG	abceG	dG		ABCDE		c		a			
															
Corporate Tax Policy		90	68	51	11	20	5	7		21	10	179	9	24	
(Hiring)		2.1	2.0	2.1	2.2	2.1	2.2	2.6		2.1	2.2	2.1	2.0	2.1	
		G	G	G		G		ABCE							

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

 (1=Decrease) (2=No change) (3=Increase)

109 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Number of Employees		Foreign Sales	
Number
Mean		
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		119	87	22	18	18	8	20		162	127	24	14	
Percent		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Immigration Policy		105	79	22	16	17	8	17		153	111	19	14	
(Hiring)		2.0	2.0	1.9	2.0	2.0	2.0	2.1		2.0	2.0	2.0	2.1	
		C		A										
														
Immigration Policy		101	82	20	15	16	8	16		146	112	18	13	
(Spending)		2.0	2.0	1.9	2.1	2.0	2.0	2.1		2.1	2.0	2.0	1.9	
		c	c	abd	c					b	a			
														
Trade Policy (Hiring)		97	74	20	14	16	7	12		147	101	14	12	
		2.0	2.0	1.9	2.0	2.1	2.0	2.2		2.0	2.0	2.0	2.2	
		cg	c	ab				a						
														
Trade Policy		95	76	18	14	17	7	12		139	104	13	12	
(Spending)		2.0	2.0	1.9	2.0	2.1	2.1	2.3		2.0	2.0	2.1	2.3	
		cG	cG	abG				ABC		D	d		Ab	
														
Corporate Tax Policy		87	70	15	9	16	7	11		130	90	14	12	
(Hiring)		2.1	2.1	1.9	2.0	2.1	2.0	2.5		2.1	2.1	2.0	2.3	
		cG	cG	abG		G		ABCE			d		b	

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

 (1=Decrease) (2=No change) (3=Increase)

110 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Number		90	66	61	42	30	28	19	
Percent		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Immigration Policy		84	58	50	40	26	27	17	
(Hiring)		2.0	2.0	2.0	2.0	2.0	2.0	2.0	
									
Immigration Policy		85	57	48	38	24	26	15	
(Spending)		2.0	2.0	2.0	2.1	2.1	2.1	2.0	
			def		b	b	b		
									
Trade Policy (Hiring)		78	51	49	36	25	24	16	
		2.0	2.0	2.0	2.1	1.9	2.0	1.9	
		eg				a		a	
									
Trade Policy		79	53	45	35	23	23	14	
(Spending)		2.0	2.0	2.0	2.1	2.0	2.0	2.1	
									
Corporate Tax Policy		67	49	46	34	23	19	13	
(Hiring)		2.0	2.2	2.2	2.1	2.0	2.2	1.9	

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

 (1=Decrease) (2=No change) (3=Increase)

111 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Total		Industry	
Number
Mean		

		
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	
																
Corporate Tax Policy		244		28	30	6	7	4	41	8	13	44	22	10	31	
(Spending)		2.1		2.1	2.3	2.3	2.1	2.3	2.1	2.3	1.8	2.0	2.3	2.1	2.1	
				h	HIl	h				h	aBcgJ	Bj	Hi		b	
																
Regulatory Policy		240		26	29	6	8	6	36	9	10	46	19	12	33	
(Hiring)		2.1		2.1	2.1	2.5	2.1	2.2	2.3	2.0	1.9	1.9	2.3	1.9	2.1	
				ci		ahI			hI		cfj	aCFJ	hI			
																
Regulatory Policy		239		24	33	5	7	6	40	8	13	42	17	10	34	
(Spending)		2.1		2.0	2.3	2.4	2.3	2.2	2.1	2.1	1.8	2.0	2.4	2.0	2.1	
				BcJ	AHIl	ahI	hi		h		BcdfJ	BCdJ	AHI		b	
																
Other (Hiring)		52		3	4	1	2	2	8	2	3	13	5	1	8	
		2.0		2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	1.8	2.0	2.0	2.0	
																
Other (Spending)		45		2	4	2	2	2	8	1	3	10	4	1	6	
		2.0		2.0	2.0	2.5	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.2	

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

 (1=Decrease) (2=No change) (3=Increase)

112 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Sales Revenue		Ownership	
Number
Mean		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	
															
Corporate Tax Policy		89	68	44	10	21	5	7		22	9	171	9	26	
(Spending)		2.2	2.1	2.0	2.3	2.1	2.2	2.6		2.2	2.0	2.1	2.0	2.0	
		g	G	G		G		aBCE							
															
Regulatory Policy		87	60	50	10	19	5	8		25	9	168	9	21	
(Hiring)		2.1	2.1	2.0	2.2	2.2	2.2	2.1		2.1	2.2	2.1	2.0	2.1	
															
Regulatory Policy		88	66	43	7	20	5	9		26	9	166	7	24	
(Spending)		2.1	2.1	2.0	2.4	2.2	2.2	2.3		2.2	2.3	2.1	2.1	2.1	
		d		d	ac										
															
Other (Hiring)		21	13	12	2	3	0	1		1	1	38	1	8	
		2.0	1.9	1.9	2.0	2.0	---	2.0		2.0	2.0	2.0	2.0	1.9	
															
Other (Spending)		20	13	7	1	3	0	1		1	1	32	1	8	
		2.2	1.9	2.0	2.0	2.0	---	2.0		2.0	2.0	2.1	2.0	2.0	

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

 (1=Decrease) (2=No change) (3=Increase)

113 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Number of Employees		Foreign Sales	
Number
Mean		
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	
														
Corporate Tax Policy		85	69	14	10	15	7	11		125	90	12	12	
(Spending)		2.2	2.1	2.1	2.2	2.1	2.0	2.5		2.2	2.1	2.1	2.3	
		g	G			g		aBe						
														
Regulatory Policy		86	63	14	11	15	6	12		120	86	16	12	
(Hiring)		2.1	2.1	1.9	2.2	2.1	2.0	2.3		2.2	2.0	1.9	2.2	
														
Regulatory Policy		85	66	13	11	14	5	13		125	84	13	12	
(Spending)		2.1	2.1	2.2	2.2	2.0	2.0	2.3		2.2	2.1	1.8	2.2	
										c	c	abd	c	
														
Other (Hiring)		19	16	2	2	5	0	1		23	20	5	3	
		2.0	1.9	2.0	2.0	2.0	---	2.0		2.0	1.9	2.0	2.0	
										b	a			
														
Other (Spending)		19	14	2	1	4	0	1		21	17	3	3	
		2.2	1.9	2.0	2.0	2.0	---	2.0		2.1	2.0	2.0	2.0	

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

 (1=Decrease) (2=No change) (3=Increase)

114 

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

Q7.  We'd like to learn about any effects of the election on your company's plans.   Have your company's 2017 plans changed because of likely changes to US....  (Excludes Wait and see mode - shows average scores)

N=337		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Corporate Tax Policy		69	48	41	32	22	21	10	
(Spending)		2.1	2.1	2.2	2.1	2.1	2.2	1.9	
		c		ag				c	
									
Regulatory Policy		62	48	41	35	22	19	13	
(Hiring)		2.0	2.2	2.1	2.0	2.0	2.3	2.1	
		f					a		
									
Regulatory Policy		64	46	42	36	19	21	11	
(Spending)		2.1	2.2	2.2	2.1	1.8	2.2	2.0	
		e	E	E	e	aBCdf	e		
									
Other (Hiring)		18	10	9	7	3	2	3	
		1.9	2.0	2.1	2.0	2.0	2.0	1.7	
									
Other (Spending)		16	9	9	6	2	2	1	
		2.0	2.1	2.1	2.0	2.0	2.0	2.0	

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

 (1=Decrease) (2=No change) (3=Increase)

115 

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

Q7.  Have your hiring plans decreased because of:

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
uncertainty
about which
policies might
be		

20		

1	

1	

0	

1	

0	

2	

0	

1	

7	

1	

3	

3	
implemented		5.9%		3.1%	2.2%	0.0%	8.3%	0.0%	3.5%	0.0%	6.3%	10.0%	3.8%	25.0%	7.3%	
				k	K				k					aBf		
																
the policies
you expect to
be		

9		

0	

1	

1	

1	

0	

1	

0	

0	

2	

0	

2	

1	
implemented		2.7%		0.0%	2.2%	12.5%	8.3%	0.0%	1.8%	0.0%	0.0%	2.9%	0.0%	16.7%	2.4%	
				ck	k	a			k			k	k	abfij		
																
other		5		0	2	0	0	1	0	0	0	1	0	0	1	
		1.5%		0.0%	4.3%	0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	1.4%	0.0%	0.0%	2.4%	
				e				aFi	E			e				

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

 

116 

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

Q7.  Have your hiring plans decreased because of:

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.8%	24.6%	19.3%	3.9%	8.6%	2.1%	4.5%		11.0%	3.3%	69.7%	3.3%	8.3%	
															
uncertainty
about which
policies might
be		

6	

6	

5	

2	

1	

0	

0		

1	

0	

14	

2	

3	
implemented		4.8%	7.2%	7.7%	15.4%	3.4%	0.0%	0.0%		2.7%	0.0%	6.0%	18.2%	10.7%	
															
the policies
you expect to
be		

2	

1	

4	

0	

1	

1	

0		

1	

0	

5	

1	

1	
implemented		1.6%	1.2%	6.2%	0.0%	3.4%	14.3%	0.0%		2.7%	0.0%	2.1%	9.1%	3.6%	
		f	f				ab								
															
other		2	1	0	0	0	0	2		2	0	2	0	1	
		1.6%	1.2%	0.0%	0.0%	0.0%	0.0%	13.3%		5.4%	0.0%	0.9%	0.0%	3.6%	
		g	g	G				abC		c		a			

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

 

117 

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

Q7.  Have your hiring plans decreased because of:

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		35.3%	25.8%	6.5%	5.3%	5.3%	2.4%	5.9%		48.1%	37.7%	7.1%	4.2%	
														
uncertainty
about which
policies might
be		

5	

10	

3	

0	

1	

0	

0		

8	

10	

1	

1	
implemented		4.2%	11.5%	13.6%	0.0%	5.6%	0.0%	0.0%		4.9%	7.9%	4.2%	7.1%	
		b	a											
														
the policies
you expect to
be		

2	

4	

0	

0	

1	

0	

1		

5	

3	

0	

1	
implemented		1.7%	4.6%	0.0%	0.0%	5.6%	0.0%	5.0%		3.1%	2.4%	0.0%	7.1%	
														
other		2	1	0	0	0	0	2		2	1	1	1	
		1.7%	1.1%	0.0%	0.0%	0.0%	0.0%	10.0%		1.2%	0.8%	4.2%	7.1%	
		g	g					ab						

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

 

118 

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

Q7.  Have your hiring plans decreased because of:

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.7%	19.6%	18.1%	12.5%	8.9%	8.3%	5.6%	
									
uncertainty
about which
policies might
be		

4	

6	

3	

1	

4	

0	

2	
implemented		4.4%	9.1%	4.9%	2.4%	13.3%	0.0%	10.5%	
									
the policies
you expect to
be		

2	

2	

1	

1	

0	

0	

3	
implemented		2.2%	3.0%	1.6%	2.4%	0.0%	0.0%	15.8%	
		g	g	g		g	g	abcef	
									
other		1	1	0	3	0	0	0	
		1.1%	1.5%	0.0%	7.1%	0.0%	0.0%	0.0%	
				d	c				

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

 

119 

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

Q7.  Have your spending plans decreased because of:

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
uncertainty
about which
policies might
be		

16		

2	

1	

0	

0	

0	

3	

1	

2	

4	

0	

1	

2	
implemented		4.7%		6.3%	2.2%	0.0%	0.0%	0.0%	5.3%	10.0%	12.5%	5.7%	0.0%	8.3%	4.9%	
																
the policies
you expect to
be		

6		

0	

1	

0	

0	

0	

2	

0	

1	

0	

0	

0	

2	
implemented		1.8%		0.0%	2.2%	0.0%	0.0%	0.0%	3.5%	0.0%	6.3%	0.0%	0.0%	0.0%	4.9%	
											i	h				
																
other		4		1	0	0	0	1	0	0	0	1	0	0	1	
		1.2%		3.1%	0.0%	0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	1.4%	0.0%	0.0%	2.4%	
					e			bFi	E			e				

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

120 

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

Q7.  Have your spending plans decreased because of:

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.8%	24.6%	19.3%	3.9%	8.6%	2.1%	4.5%		11.0%	3.3%	69.7%	3.3%	8.3%	
															
uncertainty
about which
policies might
be		

6	

3	

5	

2	

0	

0	

0		

0	

0	

15	

0	

1	
implemented		4.8%	3.6%	7.7%	15.4%	0.0%	0.0%	0.0%		0.0%	0.0%	6.4%	0.0%	3.6%	
					e	d									
															
the policies
you expect to
be		

2	

1	

2	

0	

0	

1	

0		

1	

0	

4	

0	

1	
implemented		1.6%	1.2%	3.1%	0.0%	0.0%	14.3%	0.0%		2.7%	0.0%	1.7%	0.0%	3.6%	
		f	f			f	abe								
															
other		2	1	1	0	0	0	0		0	0	2	0	1	
		1.6%	1.2%	1.5%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.9%	0.0%	3.6%	

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

121 

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

Q7.  Have your spending plans decreased because of:

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		35.3%	25.8%	6.5%	5.3%	5.3%	2.4%	5.9%		48.1%	37.7%	7.1%	4.2%	
														
uncertainty
about which
policies might
be		

4	

6	

3	

0	

1	

0	

0		

6	

8	

2	

0	
implemented		3.4%	6.9%	13.6%	0.0%	5.6%	0.0%	0.0%		3.7%	6.3%	8.3%	0.0%	
		c		a										
														
the policies
you expect to
be		

2	

2	

0	

0	

1	

0	

1		

2	

3	

0	

1	
implemented		1.7%	2.3%	0.0%	0.0%	5.6%	0.0%	5.0%		1.2%	2.4%	0.0%	7.1%	
														
other		1	2	0	0	0	0	0		2	1	0	1	
		0.8%	2.3%	0.0%	0.0%	0.0%	0.0%	0.0%		1.2%	0.8%	0.0%	7.1%	

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

122 

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

Q7.  Have your spending plans decreased because of:

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.7%	19.6%	18.1%	12.5%	8.9%	8.3%	5.6%	
									
uncertainty
about which
policies might
be		

3	

4	

2	

1	

3	

1	

2	
implemented		3.3%	6.1%	3.3%	2.4%	10.0%	3.6%	10.5%	
									
the policies
you expect to
be		

2	

1	

0	

0	

2	

0	

1	
implemented		2.2%	1.5%	0.0%	0.0%	6.7%	0.0%	5.3%	
				e		c			
									
other		3	0	0	1	0	0	0	
		3.3%	0.0%	0.0%	2.4%	0.0%	0.0%	0.0%	

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

123 

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

 Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Less financial
risk than		
19		
1	
7	
1	
0	
0	
3	
0	
0	
3	
2	
0	
2	
normal		5.7%		3.1%	15.6%	12.5%	0.0%	0.0%	5.4%	0.0%	0.0%	4.3%	7.7%	0.0%	4.9%	
					i							b				
																
About normal		136		10	19	1	3	2	17	5	8	27	14	8	22	
financial risk		40.8%		31.3%	42.2%	12.5%	25.0%	28.6%	30.4%	50.0%	50.0%	39.1%	53.8%	72.7%	53.7%	
				k		jkl	k		jKl			k	cf	acdFi	cf	
																
More
financial risk		
98		
10	
13	
4	
9	
5	
14	
1	
5	
21	
8	
1	
7	
than normal		29.4%		31.3%	28.9%	50.0%	75.0%	71.4%	25.0%	10.0%	31.3%	30.4%	30.8%	9.1%	17.1%	
				d	De	l	aBFGhIjKL	bfgikL	De	De	d	De	d	De	cDE	
																
Don't know		80		11	6	2	0	0	22	4	3	18	2	2	10	
		24.0%		34.4%	13.3%	25.0%	0.0%	0.0%	39.3%	40.0%	18.8%	26.1%	7.7%	18.2%	24.4%	
				bdj	aF		afgi	f	BdeJ	dj		d	aFg			

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

 

124 

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

 Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Less financial
risk than		
6	
7	
2	
2	
1	
0	
1		
4	
0	
14	
0	
1	
normal		4.8%	8.5%	3.2%	15.4%	3.4%	0.0%	7.1%		11.1%	0.0%	6.0%	0.0%	3.6%	
															
About normal		41	37	26	6	16	2	8		16	6	83	7	16	
financial risk		33.1%	45.1%	41.3%	46.2%	55.2%	28.6%	57.1%		44.4%	54.5%	35.6%	70.0%	57.1%	
		e				a						de	c	c	
															
More
financial risk		
41	
19	
19	
3	
10	
3	
3		
11	
2	
74	
3	
5	
than normal		33.1%	23.2%	30.2%	23.1%	34.5%	42.9%	21.4%		30.6%	18.2%	31.8%	30.0%	17.9%	
															
Don't know		36	19	16	2	2	2	2		5	3	62	0	6	
		29.0%	23.2%	25.4%	15.4%	6.9%	28.6%	14.3%		13.9%	27.3%	26.6%	0.0%	21.4%	
		e		e		ac									

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

 

125 

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

 Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Less financial
risk than		
5	
7	
1	
1	
1	
0	
1		
8	
8	
1	
0	
normal		4.2%	8.0%	4.5%	6.3%	5.6%	0.0%	5.3%		5.0%	6.4%	4.3%	0.0%	
														
About normal		41	40	8	4	7	4	11		69	48	8	7	
financial risk		34.5%	46.0%	36.4%	25.0%	38.9%	50.0%	57.9%		42.9%	38.4%	34.8%	50.0%	
														
More
financial risk		
36	
22	
7	
6	
8	
4	
4		
48	
32	
11	
6	
than normal		30.3%	25.3%	31.8%	37.5%	44.4%	50.0%	21.1%		29.8%	25.6%	47.8%	42.9%	
											c	b		
														
Don't know		37	18	6	5	2	0	3		36	37	3	1	
		31.1%	20.7%	27.3%	31.3%	11.1%	0.0%	15.8%		22.4%	29.6%	13.0%	7.1%	

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

 

126 

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

 Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Less financial
risk than		
6	
3	
6	
1	
1	
0	
2	
normal		6.7%	4.6%	10.0%	2.4%	3.3%	0.0%	10.5%	
									
About normal		33	20	27	18	13	13	11	
financial risk		37.1%	30.8%	45.0%	43.9%	43.3%	46.4%	57.9%	
			g					b	
									
More
financial risk		
24	
25	
13	
13	
9	
10	
4	
than normal		27.0%	38.5%	21.7%	31.7%	30.0%	35.7%	21.1%	
			c	b					
									
Don't know		26	17	14	9	7	5	2	
		29.2%	26.2%	23.3%	22.0%	23.3%	17.9%	10.5%	

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

 

127 

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

 (Excludes Don't Know) Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Less financial
risk than		
19		
1	
7	
1	
0	
0	
3	
0	
0	
3	
2	
0	
2	
normal		7.5%		4.8%	17.9%	16.7%	0.0%	0.0%	8.8%	0.0%	0.0%	5.9%	8.3%	0.0%	6.5%	
																
About normal		136		10	19	1	3	2	17	5	8	27	14	8	22	
financial risk		53.8%		47.6%	48.7%	16.7%	25.0%	28.6%	50.0%	83.3%	61.5%	52.9%	58.3%	88.9%	71.0%	
				k	k	gkl	gKL	kl	k	cd		k		abcDefi	cDe	
																
More
financial risk		
98		
10	
13	
4	
9	
5	
14	
1	
5	
21	
8	
1	
7	
than normal		38.7%		47.6%	33.3%	66.7%	75.0%	71.4%	41.2%	16.7%	38.5%	41.2%	33.3%	11.1%	22.6%	
					d	kl	bgijKL	kl		d		d	d	cDe	cDe	

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

 

128 

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

 (Excludes Don't Know) Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Less financial
risk than		
6	
7	
2	
2	
1	
0	
1		
4	
0	
14	
0	
1	
normal		6.8%	11.1%	4.3%	18.2%	3.7%	0.0%	8.3%		12.9%	0.0%	8.2%	0.0%	4.5%	
															
About normal		41	37	26	6	16	2	8		16	6	83	7	16	
financial risk		46.6%	58.7%	55.3%	54.5%	59.3%	40.0%	66.7%		51.6%	75.0%	48.5%	70.0%	72.7%	
												e		c	
															
More
financial risk		
41	
19	
19	
3	
10	
3	
3		
11	
2	
74	
3	
5	
than normal		46.6%	30.2%	40.4%	27.3%	37.0%	60.0%	25.0%		35.5%	25.0%	43.3%	30.0%	22.7%	
		b	a												

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

 

129 

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

 (Excludes Don't Know) Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Less financial
risk than		
5	
7	
1	
1	
1	
0	
1		
8	
8	
1	
0	
normal		6.1%	10.1%	6.3%	9.1%	6.3%	0.0%	6.3%		6.4%	9.1%	5.0%	0.0%	
														
About normal		41	40	8	4	7	4	11		69	48	8	7	
financial risk		50.0%	58.0%	50.0%	36.4%	43.8%	50.0%	68.8%		55.2%	54.5%	40.0%	53.8%	
														
More
financial risk		
36	
22	
7	
6	
8	
4	
4		
48	
32	
11	
6	
than normal		43.9%	31.9%	43.8%	54.5%	50.0%	50.0%	25.0%		38.4%	36.4%	55.0%	46.2%	

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

 

130 

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

 (Excludes Don't Know) Q8a.  Please consider the amount of debt taken on by other firms in your industry over the past three years: 

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Less financial
risk than		
6	
3	
6	
1	
1	
0	
2	
normal		9.5%	6.3%	13.0%	3.1%	4.3%	0.0%	11.8%	
									
About normal		33	20	27	18	13	13	11	
financial risk		52.4%	41.7%	58.7%	56.3%	56.5%	56.5%	64.7%	
									
More
financial risk		
24	
25	
13	
13	
9	
10	
4	
than normal		38.1%	52.1%	28.3%	40.6%	39.1%	43.5%	23.5%	
			cg	b				b	

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

 

131 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
How have these firms used the debt proceeds?	
																
For ‘real’
activities like
hiring, capital
spending, or		

175		

12	

23	

6	

11	

5	

21	

4	

8	

37	

19	

7	

22	
acquisitions		51.9%		37.5%	50.0%	75.0%	91.7%	71.4%	36.8%	40.0%	50.0%	52.9%	73.1%	58.3%	53.7%	
				DJ	d	f	AbFghil		cDJ	d	d	d	AF		d	
																
Don't Know		108		16	9	2	1	0	27	4	5	24	4	2	14	
		32.0%		50.0%	19.6%	25.0%	8.3%	0.0%	47.4%	40.0%	31.3%	34.3%	15.4%	16.7%	34.1%	
				BdeJ	AF		af	af	BdeJ				AF			
																
For ‘financial’
activities like
paying
dividends or
share		

59		

5	

16	

0	

1	

2	

8	

2	

4	

12	

2	

2	

5	
repurchases		17.5%		15.6%	34.8%	0.0%	8.3%	28.6%	14.0%	20.0%	25.0%	17.1%	7.7%	16.7%	12.2%	
					fijl				b			b	b		b	
																
To build up a		33		1	7	1	0	0	3	2	5	5	4	1	4	
cash reserve		9.8%		3.1%	15.2%	12.5%	0.0%	0.0%	5.3%	20.0%	31.3%	7.1%	15.4%	8.3%	9.8%	
				H			h		H		AdFI	H				
																
Other		8		0	0	0	1	1	1	0	0	3	1	0	1	
		2.4%		0.0%	0.0%	0.0%	8.3%	14.3%	1.8%	0.0%	0.0%	4.3%	3.8%	0.0%	2.4%	
				e	e			ab								

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

132 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.8%	24.6%	19.3%	3.9%	8.6%	2.1%	4.5%		11.0%	3.3%	69.7%	3.3%	8.3%	
															
How have these firms used the debt proceeds?	
															
For ‘real’
activities like
hiring, capital
spending, or		

56	

47	

38	

6	

17	

3	

8		

22	

4	

117	

9	

16	
acquisitions		45.2%	56.6%	58.5%	46.2%	58.6%	42.9%	53.3%		59.5%	36.4%	49.8%	81.8%	57.1%	
											d	d	bc		
															
Don't Know		54	24	18	4	3	2	2		4	3	85	1	9	
		43.5%	28.9%	27.7%	30.8%	10.3%	28.6%	13.3%		10.8%	27.3%	36.2%	9.1%	32.1%	
		bcEg	ae	a		Ab		a		Ce		A		a	
															
For ‘financial’
activities like
paying
dividends or
share		

12	

12	

12	

5	

9	

2	

7		

14	

4	

37	

1	

1	
repurchases		9.7%	14.5%	18.5%	38.5%	31.0%	28.6%	46.7%		37.8%	36.4%	15.7%	9.1%	3.6%	
		DEG	dG	g	Ab	A		ABc		CE	E	A		AB	
															
To build up a		16	7	3	0	3	1	3		5	0	21	0	4	
cash reserve		12.9%	8.4%	4.6%	0.0%	10.3%	14.3%	20.0%		13.5%	0.0%	8.9%	0.0%	14.3%	
				g				c							
															
Other		4	1	1	0	2	0	0		1	0	5	1	1	
		3.2%	1.2%	1.5%	0.0%	6.9%	0.0%	0.0%		2.7%	0.0%	2.1%	9.1%	3.6%	

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

133 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		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		119	87	22	18	18	8	20		162	127	24	14	
		35.3%	25.8%	6.5%	5.3%	5.3%	2.4%	5.9%		48.1%	37.7%	7.1%	4.2%	
														
How have these firms used the debt proceeds?	
														
For ‘real’
activities like
hiring, capital
spending, or		

51	

50	

15	

11	

10	

5	

9		

87	

63	

13	

9	
acquisitions		42.9%	57.5%	68.2%	61.1%	55.6%	62.5%	45.0%		53.7%	49.6%	54.2%	64.3%	
		bc	a	a										
														
Don't Know		52	27	4	6	3	1	3		55	44	3	1	
		43.7%	31.0%	18.2%	33.3%	16.7%	12.5%	15.0%		34.0%	34.6%	12.5%	7.1%	
		ceg		a		a		a		cd	cd	ab	ab	
														
For ‘financial’
activities like
paying
dividends or
share		

16	

9	

6	

4	

6	

1	

11		

17	

25	

9	

6	
repurchases		13.4%	10.3%	27.3%	22.2%	33.3%	12.5%	55.0%		10.5%	19.7%	37.5%	42.9%	
		eG	ceG	b	g	ab		ABd		bCD	ad	A	Ab	
														
To build up a		13	6	1	1	0	1	4		16	10	4	3	
cash reserve		10.9%	6.9%	4.5%	5.6%	0.0%	12.5%	20.0%		9.9%	7.9%	16.7%	21.4%	
														
Other		4	1	0	1	1	0	1		3	2	2	1	
		3.4%	1.1%	0.0%	5.6%	5.6%	0.0%	5.0%		1.9%	1.6%	8.3%	7.1%	

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

134 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		Where are you personally located?	

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.7%	19.6%	18.1%	12.5%	8.9%	8.3%	5.6%	
									
How have these firms used the debt proceeds?	
									
For ‘real’
activities like
hiring, capital
spending, or		

44	

36	

35	

20	

14	

16	

10	
acquisitions		48.9%	54.5%	57.4%	47.6%	46.7%	57.1%	52.6%	
									
Don't Know		36	17	17	13	11	8	6	
		40.0%	25.8%	27.9%	31.0%	36.7%	28.6%	31.6%	
									
For ‘financial’
activities like
paying
dividends or
share		

11	

15	

8	

12	

5	

4	

4	
repurchases		12.2%	22.7%	13.1%	28.6%	16.7%	14.3%	21.1%	
		d			a				
									
To build up a		5	7	7	4	6	1	2	
cash reserve		5.6%	10.6%	11.5%	9.5%	20.0%	3.6%	10.5%	
		e				a			
									
Other		1	2	1	1	1	1	1	
		1.1%	3.0%	1.6%	2.4%	3.3%	3.6%	5.3%	

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

135 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		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	
																
How have these firms used the debt proceeds?  (Cont.)	
																
Issued debt
to avoid
repatriating		

6		

0	

1	

0	

0	

0	

2	

0	

1	

1	

0	

1	

0	
foreign profits		1.8%		0.0%	2.2%	0.0%	0.0%	0.0%	3.5%	0.0%	6.3%	1.4%	0.0%	8.3%	0.0%	

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

136 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		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	
															
How have these firms used the debt proceeds?  (Cont.)	
															
Issued debt
to avoid
repatriating		

1	

0	

3	

1	

0	

0	

1		

1	

0	

5	

0	

0	
foreign profits		0.8%	0.0%	4.6%	7.7%	0.0%	0.0%	6.7%		2.7%	0.0%	2.1%	0.0%	0.0%	
			cdg	b	b			b							

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

137 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		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	
														
How have these firms used the debt proceeds?  (Cont.)	
														
Issued debt
to avoid
repatriating		

1	

2	

0	

0	

1	

0	

1		

1	

3	

1	

1	
foreign profits		0.8%	2.3%	0.0%	0.0%	5.6%	0.0%	5.0%		0.6%	2.4%	4.2%	7.1%	
										d			a	

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

138 

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

 Q8b.  Please consider the amount of debt taken on by other firms in your industry over the past three years:  How have these firms used the debt proceed:

N=337		Where are you personally located?	

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
How have these firms used the debt proceeds?  (Cont.)	
									
Issued debt
to avoid
repatriating		

2	

3	

0	

1	

0	

0	

0	
foreign profits		2.2%	4.5%	0.0%	2.4%	0.0%	0.0%	0.0%	

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

139 

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

 Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
																
No		81		5	16	1	2	0	13	1	5	17	6	4	11	
		24.4%		16.1%	35.6%	12.5%	16.7%	0.0%	23.6%	10.0%	31.3%	24.6%	23.1%	33.3%	26.8%	
																
Yes, will limit
investment		
126		
9	
18	
3	
7	
5	
15	
4	
5	
26	
15	
4	
15	
moderately		38.0%		29.0%	40.0%	37.5%	58.3%	71.4%	27.3%	40.0%	31.3%	37.7%	57.7%	33.3%	36.6%	
				ej			f	af	deJ				aF			
																
Yes, will limit
investment		
19		
1	
0	
1	
3	
1	
4	
1	
1	
5	
1	
1	
0	
significantly		5.7%		3.2%	0.0%	12.5%	25.0%	14.3%	7.3%	10.0%	6.3%	7.2%	3.8%	8.3%	0.0%	
				d	cDeg	bl	aBL	bl		bl					cDeg	
																
Don't know		106		16	11	3	0	1	23	4	5	21	4	3	15	
		31.9%		51.6%	24.4%	37.5%	0.0%	14.3%	41.8%	40.0%	31.3%	30.4%	15.4%	25.0%	36.6%	
				bDiJ	a	d	AcFghil		Dj	d	d	ad	Af		d	

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

140 

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

 Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
															
No		28	20	12	4	9	3	5		14	3	53	4	6	
		23.0%	24.4%	18.8%	30.8%	31.0%	42.9%	35.7%		38.9%	27.3%	22.8%	36.4%	21.4%	
										c		a			
															
Yes, will limit
investment		
46	
31	
23	
6	
12	
2	
6		
13	
5	
90	
1	
13	
moderately		37.7%	37.8%	35.9%	46.2%	41.4%	28.6%	42.9%		36.1%	45.5%	38.8%	9.1%	46.4%	
												d	ce	d	
															
Yes, will limit
investment		
6	
4	
4	
0	
4	
0	
1		
3	
0	
12	
1	
1	
significantly		4.9%	4.9%	6.3%	0.0%	13.8%	0.0%	7.1%		8.3%	0.0%	5.2%	9.1%	3.6%	
															
Don't know		42	27	25	3	4	2	2		6	3	77	5	8	
		34.4%	32.9%	39.1%	23.1%	13.8%	28.6%	14.3%		16.7%	27.3%	33.2%	45.5%	28.6%	
		e		e		ac				c		a			

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

141 

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

 Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		32	16	6	5	4	3	7		40	29	4	6	
		27.4%	18.4%	27.3%	27.8%	22.2%	37.5%	36.8%		25.0%	23.4%	16.7%	42.9%	
														
Yes, will limit
investment		
35	
41	
9	
5	
10	
2	
7		
57	
49	
13	
4	
moderately		29.9%	47.1%	40.9%	27.8%	55.6%	25.0%	36.8%		35.6%	39.5%	54.2%	28.6%	
		be	a			a								
														
Yes, will limit
investment		
6	
3	
1	
2	
1	
3	
2		
9	
4	
3	
3	
significantly		5.1%	3.4%	4.5%	11.1%	5.6%	37.5%	10.5%		5.6%	3.2%	12.5%	21.4%	
		F	F	f		f	ABce			d	D		aB	
														
Don't know		44	27	6	6	3	0	3		54	42	4	1	
		37.6%	31.0%	27.3%	33.3%	16.7%	0.0%	15.8%		33.8%	33.9%	16.7%	7.1%	
		f					a			d	d		ab	

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

142 

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

 Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities?

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
									
No		19	20	15	9	7	5	6	
		21.3%	31.3%	25.0%	22.0%	23.3%	17.9%	31.6%	
									
Yes, will limit
investment		
33	
24	
20	
14	
11	
14	
10	
moderately		37.1%	37.5%	33.3%	34.1%	36.7%	50.0%	52.6%	
									
Yes, will limit
investment		
3	
3	
2	
7	
2	
2	
0	
significantly		3.4%	4.7%	3.3%	17.1%	6.7%	7.1%	0.0%	
		D	d	d	Abc				
									
Don't know		34	17	23	11	10	7	3	
		38.2%	26.6%	38.3%	26.8%	33.3%	25.0%	15.8%	

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

143 

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

 (Excludes Don't Know)  Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities? 

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
																
No		81		5	16	1	2	0	13	1	5	17	6	4	11	
		35.8%		33.3%	47.1%	20.0%	16.7%	0.0%	40.6%	16.7%	45.5%	35.4%	27.3%	44.4%	42.3%	
					e			b								
																
Yes, will limit
investment		
126		
9	
18	
3	
7	
5	
15	
4	
5	
26	
15	
4	
15	
moderately		55.8%		60.0%	52.9%	60.0%	58.3%	83.3%	46.9%	66.7%	45.5%	54.2%	68.2%	44.4%	57.7%	
																
Yes, will limit
investment		
19		
1	
0	
1	
3	
1	
4	
1	
1	
5	
1	
1	
0	
significantly		8.4%		6.7%	0.0%	20.0%	25.0%	16.7%	12.5%	16.7%	9.1%	10.4%	4.5%	11.1%	0.0%	
					cDefg	bl	Bl	bl	b	bl					cdeg	

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

144 

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

 (Excludes Don't Know)  Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities? 

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
															
No		28	20	12	4	9	3	5		14	3	53	4	6	
		35.0%	36.4%	30.8%	40.0%	36.0%	60.0%	41.7%		46.7%	37.5%	34.2%	66.7%	30.0%	
															
Yes, will limit
investment		
46	
31	
23	
6	
12	
2	
6		
13	
5	
90	
1	
13	
moderately		57.5%	56.4%	59.0%	60.0%	48.0%	40.0%	50.0%		43.3%	62.5%	58.1%	16.7%	65.0%	
												d	ce	d	
															
Yes, will limit
investment		
6	
4	
4	
0	
4	
0	
1		
3	
0	
12	
1	
1	
significantly		7.5%	7.3%	10.3%	0.0%	16.0%	0.0%	8.3%		10.0%	0.0%	7.7%	16.7%	5.0%	

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

145 

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

 (Excludes Don't Know)  Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities? 

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
														
No		32	16	6	5	4	3	7		40	29	4	6	
		43.8%	26.7%	37.5%	41.7%	26.7%	37.5%	43.8%		37.7%	35.4%	20.0%	46.2%	
		b	a											
														
Yes, will limit
investment		
35	
41	
9	
5	
10	
2	
7		
57	
49	
13	
4	
moderately		47.9%	68.3%	56.3%	41.7%	66.7%	25.0%	43.8%		53.8%	59.8%	65.0%	30.8%	
		b	af				b							
														
Yes, will limit
investment		
6	
3	
1	
2	
1	
3	
2		
9	
4	
3	
3	
significantly		8.2%	5.0%	6.3%	16.7%	6.7%	37.5%	12.5%		8.5%	4.9%	15.0%	23.1%	
		f	F				aB				d		b	

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

146 

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

 (Excludes Don't Know)  Q8c.  Will the debt burden of these firms limit their ability to pursue future investment opportunities? 

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Will the debt burden of these firms limit their ability to pursue future investment opportunities?	
									
No		19	20	15	9	7	5	6	
		34.5%	42.6%	40.5%	30.0%	35.0%	23.8%	37.5%	
									
Yes, will limit
investment		
33	
24	
20	
14	
11	
14	
10	
moderately		60.0%	51.1%	54.1%	46.7%	55.0%	66.7%	62.5%	
									
Yes, will limit
investment		
3	
3	
2	
7	
2	
2	
0	
significantly		5.5%	6.4%	5.4%	23.3%	10.0%	9.5%	0.0%	
		d	d	d	abcg			d	

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

147 

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

 Q8d.  Do these firms have the correct mix between floating and fixed rate debt?

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Do these firms have the correct mix between floating and fixed rate debt?	
																
Too little
floating/too		
7		
0	
2	
1	
1	
0	
1	
1	
0	
1	
0	
0	
0	
much fixed		2.1%		0.0%	4.5%	12.5%	8.3%	0.0%	1.8%	11.1%	0.0%	1.4%	0.0%	0.0%	0.0%	
				c		al				l					cg	
																
Correct
floating vs.		
57		
4	
9	
2	
1	
0	
5	
1	
3	
13	
7	
4	
8	
fixed mix.		17.3%		12.5%	20.5%	25.0%	8.3%	0.0%	9.1%	11.1%	18.8%	18.6%	29.2%	33.3%	19.5%	
									jk				f	f		
																
Too much
floating/too
little fixed
(why too much		

18		

0	

2	

1	

1	

1	

4	

1	

0	

4	

0	

0	

4	
floating?		5.5%		0.0%	4.5%	12.5%	8.3%	14.3%	7.3%	11.1%	0.0%	5.7%	0.0%	0.0%	9.8%	
				ce		a		a								
																
Don't know		248		28	31	4	9	6	45	6	13	52	17	8	29	
		75.2%		87.5%	70.5%	50.0%	75.0%	85.7%	81.8%	66.7%	81.3%	74.3%	70.8%	66.7%	70.7%	
				c		af			c							

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

148 

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

 Q8d.  Do these firms have the correct mix between floating and fixed rate debt?

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Do these firms have the correct mix between floating and fixed rate debt?	
															
Too little
floating/too		
3	
1	
1	
0	
1	
0	
1		
1	
0	
5	
0	
0	
much fixed		2.5%	1.2%	1.5%	0.0%	3.6%	0.0%	7.1%		2.8%	0.0%	2.2%	0.0%	0.0%	
															
Correct
floating vs.		
12	
14	
10	
5	
9	
2	
5		
12	
2	
30	
4	
5	
fixed mix.		9.9%	17.3%	15.4%	38.5%	32.1%	28.6%	35.7%		33.3%	18.2%	13.1%	36.4%	17.9%	
		DEG			A	A		A		C		Ad	c		
															
Too much
floating/too
little fixed
(why too much		

12	

2	

3	

0	

1	

0	

0		

1	

0	

16	

0	

1	
floating?		9.9%	2.5%	4.6%	0.0%	3.6%	0.0%	0.0%		2.8%	0.0%	7.0%	0.0%	3.6%	
		b	a												
															
Don't know		94	64	51	8	17	5	8		22	9	178	7	22	
		77.7%	79.0%	78.5%	61.5%	60.7%	71.4%	57.1%		61.1%	81.8%	77.7%	63.6%	78.6%	
										c		a			

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

149 

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

 Q8d.  Do these firms have the correct mix between floating and fixed rate debt?

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Do these firms have the correct mix between floating and fixed rate debt?	
														
Too little
floating/too		
2	
0	
0	
1	
1	
0	
1		
4	
1	
1	
0	
much fixed		1.7%	0.0%	0.0%	5.6%	5.6%	0.0%	5.3%		2.5%	0.8%	4.2%	0.0%	
			deg		b	b		b						
														
Correct
floating vs.		
16	
11	
4	
5	
4	
1	
9		
23	
21	
4	
8	
fixed mix.		13.8%	13.1%	18.2%	27.8%	22.2%	12.5%	47.4%		14.6%	16.9%	16.7%	57.1%	
		G	G					AB		D	D	d	ABc	
														
Too much
floating/too
little fixed
(why too much		

9	

3	

2	

0	

0	

0	

0		

11	

6	

0	

1	
floating?		7.8%	3.6%	9.1%	0.0%	0.0%	0.0%	0.0%		7.0%	4.8%	0.0%	7.1%	
														
Don't know		89	70	16	12	13	7	9		120	96	19	5	
		76.7%	83.3%	72.7%	66.7%	72.2%	87.5%	47.4%		75.9%	77.4%	79.2%	35.7%	
		G	G					AB		D	D	d	ABc	

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

150 

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

 Q8d.  Do these firms have the correct mix between floating and fixed rate debt?

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Do these firms have the correct mix between floating and fixed rate debt?	
									
Too little
floating/too		
1	
1	
2	
1	
1	
1	
0	
much fixed		1.1%	1.5%	3.4%	2.5%	3.3%	3.7%	0.0%	
									
Correct
floating vs.		
15	
16	
6	
7	
4	
4	
5	
fixed mix.		16.9%	24.2%	10.3%	17.5%	13.3%	14.8%	26.3%	
			c	b					
									
Too much
floating/too
little fixed
(why too much		

6	

2	

6	

3	

1	

0	

0	
floating?		6.7%	3.0%	10.3%	7.5%	3.3%	0.0%	0.0%	
									
Don't know		67	47	44	29	24	22	14	
		75.3%	71.2%	75.9%	72.5%	80.0%	81.5%	73.7%	

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

151 

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

Q9.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to spend on capital expenditures or R&D?

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
No		77		12	14	1	2	3	12	1	3	17	7	0	5	
		23.3%		38.7%	31.8%	12.5%	16.7%	42.9%	21.1%	10.0%	20.0%	24.6%	26.9%	0.0%	12.5%	
				kl	kl			k						abe	ab	
																
Yes, a little		72		5	12	1	0	1	13	2	3	18	6	4	7	
		21.8%		16.1%	27.3%	12.5%	0.0%	14.3%	22.8%	20.0%	20.0%	26.1%	23.1%	33.3%	17.5%	
					d		bik					d		d		
																
Yes, a lot		11		0	1	0	1	1	2	2	1	1	1	0	1	
		3.3%		0.0%	2.3%	0.0%	8.3%	14.3%	3.5%	20.0%	6.7%	1.4%	3.8%	0.0%	2.5%	
				eg	g			ai	g	abfIl		eG			g	
																
NA		171		14	17	6	9	2	30	5	8	33	12	8	27	
		51.7%		45.2%	38.6%	75.0%	75.0%	28.6%	52.6%	50.0%	53.3%	47.8%	46.2%	66.7%	67.5%	
					dL		b					l			Bi	

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

152 

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

Q9.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to spend on capital expenditures or R&D?

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
No		24	11	17	4	12	3	5		18	3	53	1	0	
		19.7%	13.4%	26.6%	30.8%	42.9%	42.9%	35.7%		51.4%	27.3%	22.8%	9.1%	0.0%	
		e	cEfg	b		aB	b	b		CdE	E	AE	a	ABC	
															
Yes, a little		18	22	14	5	6	1	6		10	3	50	3	3	
		14.8%	26.8%	21.9%	38.5%	21.4%	14.3%	42.9%		28.6%	27.3%	21.6%	27.3%	10.7%	
		bdg	a		a			a							
															
Yes, a lot		4	3	1	0	1	1	1		1	1	8	0	0	
		3.3%	3.7%	1.6%	0.0%	3.6%	14.3%	7.1%		2.9%	9.1%	3.4%	0.0%	0.0%	
															
NA		76	46	32	4	9	2	2		6	4	121	7	25	
		62.3%	56.1%	50.0%	30.8%	32.1%	28.6%	14.3%		17.1%	36.4%	52.2%	63.6%	89.3%	
		dEG	eG	g	a	Ab		ABc		CDE	E	AE	A	ABC	

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

153 

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

Q9.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to spend on capital expenditures or R&D?

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
No		22	15	4	8	6	5	6		35	30	8	4	
		18.8%	17.6%	18.2%	47.1%	33.3%	62.5%	31.6%		21.6%	24.4%	33.3%	28.6%	
		dF	DF	f	aB		ABc							
														
Yes, a little		20	17	7	3	5	1	9		27	30	8	5	
		17.1%	20.0%	31.8%	17.6%	27.8%	12.5%	47.4%		16.7%	24.4%	33.3%	35.7%	
		G	g					Ab						
														
Yes, a lot		5	2	1	0	0	0	3		3	4	2	2	
		4.3%	2.4%	4.5%	0.0%	0.0%	0.0%	15.8%		1.9%	3.3%	8.3%	14.3%	
		g	g					ab		D			A	
														
NA		70	51	10	6	7	2	1		97	59	6	3	
		59.8%	60.0%	45.5%	35.3%	38.9%	25.0%	5.3%		59.9%	48.0%	25.0%	21.4%	
		G	G	G	g	g		ABCde		bCD	ac	Ab	A	

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

154 

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

Q9.  Have the amount of share repurchases by other firms in your industry over the past three years limited their ability to spend on capital expenditures or R&D?

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
No		21	16	14	9	5	8	4	
		23.9%	24.6%	23.3%	21.4%	17.2%	29.6%	21.1%	
									
Yes, a little		17	15	9	11	10	5	4	
		19.3%	23.1%	15.0%	26.2%	34.5%	18.5%	21.1%	
				e		c			
									
Yes, a lot		1	2	2	3	1	1	1	
		1.1%	3.1%	3.3%	7.1%	3.4%	3.7%	5.3%	
									
NA		49	32	35	19	13	13	10	
		55.7%	49.2%	58.3%	45.2%	44.8%	48.1%	52.6%	

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

155 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Total		Industry	
Number
Mean		

		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
Percent		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
Over the next 10 years,		293		31	41	6	12	7	44	7	15	59	25	10	36	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		1.30		1.63	1.54	2.08	1.17	0.22	0.66	2.57	1.61	1.19	0.87	1.65	1.67	
																
Over the next 10 years,		309		31	44	6	12	7	46	8	15	66	26	11	37	
I expect the average
annual S&P 500 return
will be: Expected
return:		5.70		5.12	5.55	6.25	6.63	5.00	5.59	5.14	6.91	5.75	6.00	4.64	5.92	
																
Over the next 10 years,		292		31	42	6	12	7	43	7	15	59	24	10	36	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		8.83		8.49	8.21	9.67	9.25	8.36	9.75	7.71	9.28	8.78	9.18	6.10	9.19	
																
Over the next year, I		292		29	41	6	12	7	45	7	15	59	25	10	36	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		-1.53		-0.67	-1.59	2.67	-5.15	-3.57	-1.30	-2.84	-1.67	-0.73	-2.14	-4.70	-1.22	
																
Over the next year, I		306		29	44	6	12	7	46	8	15	65	26	11	37	
expect the average
annual S&P 500 return
will be: Expected
return:		4.96		4.45	5.23	7.58	6.13	3.87	4.96	3.56	3.87	5.57	4.25	3.82	4.97	

156 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Sales Revenue		Ownership	
Number
Mean		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		124	83	65	13	29	7	15		37	11	235	11	28	
Percent		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
Over the next 10 years,		106	69	60	11	26	6	14		33	9	204	9	25	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		1.21	1.61	0.87	2.59	2.06	-0.58	0.82		2.06	1.67	1.17	0.89	1.30	
															
Over the next 10 years,		112	75	61	12	26	7	15		35	9	215	10	27	
I expect the average
annual S&P 500 return
will be: Expected
return:		5.65	5.85	5.54	6.00	5.98	5.14	5.42		5.41	5.11	5.83	5.05	5.76	
															
Over the next 10 years,		106	68	60	11	26	6	14		33	9	203	9	25	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		8.91	8.88	8.78	8.14	8.99	7.58	8.89		8.94	7.33	9.08	6.44	8.67	
															
Over the next year, I		107	68	60	10	26	6	14		33	9	203	9	25	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		-0.94	-1.08	-2.18	-2.40	-1.57	-1.83	-4.28		-1.31	-3.67	-1.37	-5.32	-1.47	
															
Over the next year, I		111	74	61	11	26	7	15		35	9	212	10	27	
expect the average
annual S&P 500 return
will be: Expected
return:		4.91	5.43	4.63	5.73	4.39	4.14	4.81		4.52	3.01	5.15	4.30	5.27	

157 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Number of Employees		Foreign Sales	
Number
Mean		
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		119	87	22	18	18	8	20		162	127	24	14	
Percent		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
Over the next 10 years,		99	75	19	17	16	8	17		143	109	22	13	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		1.38	1.07	0.48	2.23	1.28	1.75	1.44		1.10	1.66	0.53	1.55	
														
Over the next 10 years,		106	79	21	17	17	8	19		149	119	22	13	
I expect the average
annual S&P 500 return
will be: Expected
return:		5.70	5.68	5.63	5.88	6.18	5.25	5.49		5.78	5.52	5.33	6.61	
														
Over the next 10 years,		99	74	19	17	16	8	17		142	109	22	13	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		9.15	8.98	8.35	8.48	9.38	7.94	9.01		8.89	8.71	8.20	9.82	
														
Over the next year, I		100	74	18	17	16	8	17		142	109	22	13	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		-0.92	-1.62	-2.49	-2.10	-2.00	-0.25	-3.17		-1.48	-1.39	-2.85	-2.08	
														
Over the next year, I		105	78	20	17	17	8	19		148	117	22	13	
expect the average
annual S&P 500 return
will be: Expected
return:		5.01	5.13	4.76	5.25	4.88	4.50	4.69		5.02	4.86	5.00	4.78	

158 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Number		90	66	61	42	30	28	19	
Percent		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
Over the next 10 years,		79	61	44	40	25	26	17	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		1.12	0.65	1.99	0.83	2.64	2.58	-0.16	
									
Over the next 10 years,		85	62	48	41	27	28	17	
I expect the average
annual S&P 500 return
will be: Expected
return:		5.70	5.80	5.40	5.86	5.58	5.91	5.63	
									
Over the next 10 years,		79	60	45	40	24	26	17	
I expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		8.83	8.64	8.45	9.21	8.58	9.78	8.54	
									
Over the next year, I		79	60	44	40	25	26	17	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
less than:		-1.74	-2.09	-0.11	-3.12	1.02	-1.42	-2.53	
									
Over the next year, I		84	62	48	41	25	28	17	
expect the average
annual S&P 500 return
will be: Expected
return:		5.00	5.17	4.73	4.47	5.77	5.35	4.11	

159 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Total		Industry	
Number
Mean		

		
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	
																
Over the next year, I		291		29	41	6	12	7	44	7	15	60	24	10	36	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		8.99		8.05	8.82	11.42	11.42	9.00	9.66	7.49	8.02	9.31	8.42	7.25	8.93	

160 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Sales Revenue		Ownership	
Number
Mean		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	
															
Over the next year, I		105	69	60	10	26	6	14		33	9	202	9	25	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		8.51	9.60	9.24	10.10	9.04	5.50	8.66		9.05	7.56	9.29	7.16	9.05	

161 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Number of Employees		Foreign Sales	
Number
Mean		
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%	
														
Over the next year, I		98	75	18	17	16	8	17		141	109	22	13	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		8.82	10.11	8.83	8.59	9.82	7.25	7.95		9.15	8.95	9.00	8.34	

162 

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

On November 14, 2016 the annual yield on 10-yr treasury bonds was 2.23%. Please complete the following:  (Winsorized)

N=337		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Over the next year, I		80	60	44	40	23	26	17	
expect the average
annual S&P 500 return
will be: There is a 1-in-
10 chance it will be
greater than:		9.05	9.59	8.21	9.04	9.19	9.97	6.88	

163 

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

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

N=259		Total		Industry	
Number
Mean		

		
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		259		27	31	7	12	5	36	3	11	60	23	12	32	
Percent		100.0%		10.4%	12.0%	2.7%	4.6%	1.9%	13.9%	1.2%	4.2%	23.2%	8.9%	4.6%	12.4%	
																
% Approximate ROA		259		27	31	7	12	5	36	3	11	60	23	12	32	
in 2016		7.9		8.2	4.9	6.8	6.7	-4.8	13.1	11.3	-0.4	10.3	3.1	9.0	8.1	
				bEhj	aEFi		e	ABdFIkl	BEHJ		aFI	bEHJ	aFI	e	e	
																
% Expected ROA in		259		27	31	7	12	5	36	3	11	60	23	12	32	
2017		10.0		9.8	6.3	7.6	7.4	5.6	16.3	16.7	4.7	12.1	7.1	7.2	9.6	
				bf	aFGI	g	fg		aBdhJkl	Bcd	fi	Bhj	Fi	f	f	

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

164 

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

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

N=259		Sales Revenue		Ownership	
Number
Mean		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		91	71	52	10	23	2	10		28	8	181	8	23	
Percent		35.1%	27.4%	20.1%	3.9%	8.9%	0.8%	3.9%		11.3%	3.2%	73.0%	3.2%	9.3%	
															
% Approximate ROA		91	71	52	10	23	2	10		28	8	181	8	23	
in 2016		7.9	7.6	8.4	13.6	5.5	6.0	7.1		5.2	10.1	8.7	4.6	3.2	
					e	d					E	e		Bc	
															
% Expected ROA in		91	71	52	10	23	2	10		28	8	181	8	23	
2017		11.2	9.8	9.3	14.8	6.7	7.0	8.4		7.5	8.2	11.3	4.7	4.0	
					e	d				e		E		aC	

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

165 

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

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

N=259		Number of Employees		Foreign Sales	
Number
Mean		
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		91	74	18	14	12	6	14		125	102	17	10	
Percent		39.7%	32.3%	7.9%	6.1%	5.2%	2.6%	6.1%		49.2%	40.2%	6.7%	3.9%	
														
% Approximate ROA		91	74	18	14	12	6	14		125	102	17	10	
in 2016		8.7	7.1	9.3	8.4	8.8	3.3	6.8		8.0	7.5	9.4	6.3	
														
% Expected ROA in		91	74	18	14	12	6	14		125	102	17	10	
2017		11.6	9.6	10.1	8.1	7.2	5.6	8.1		10.5	9.3	11.0	8.7	

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

166 

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

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

N=259		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Number		73	53	36	35	23	21	17	
Percent		28.3%	20.5%	14.0%	13.6%	8.9%	8.1%	6.6%	
									
% Approximate ROA		73	53	36	35	23	21	17	
in 2016		8.2	8.5	6.5	5.1	10.9	8.8	9.0	
									
% Expected ROA in		73	53	36	35	23	21	17	
2017		10.9	9.8	8.5	8.2	12.9	10.4	10.7	

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

167 

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

Manufacturing capacity utilized  (Winsorized)

N=70		Total		Industry	
Number
Mean		

		
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		70		0	0	0	0	0	0	0	0	70	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		70		0	0	0	0	0	0	0	0	70	0	0	0	
in first half of 2016		66.23		---	---	---	---	---	---	---	---	66.23	---	---	---	
																
% of capacity		70		0	0	0	0	0	0	0	0	70	0	0	0	
utilization planned
for the second half of
2016		68.34		---	---	---	---	---	---	---	---	68.34	---	---	---	

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

168 

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

Manufacturing capacity utilized  (Winsorized)

N=70		Sales Revenue		Ownership	
Number
Mean		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		21	21	20	2	2	1	3		10	2	56	0	0	
Percent		30.0%	30.0%	28.6%	2.9%	2.9%	1.4%	4.3%		14.7%	2.9%	82.4%	0.0%	0.0%	
															
% of capacity utilized		21	21	20	2	2	1	3		10	2	56	0	0	
in first half of 2016		56.10	66.74	74.75	80.00	67.50	30.27	78.67		78.10	62.50	64.19	---	---	
		Cg		A				a		c		a			
															
% of capacity		21	21	20	2	2	1	3		10	2	56	0	0	
utilization planned
for the second half of
2016		61.58	68.20	74.40	75.00	72.50	33.56	80.67		75.20	65.00	67.44	---	---	
		c		a											

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

169 

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

Manufacturing capacity utilized  (Winsorized)

N=70		Number of Employees		Foreign Sales	
Number
Mean		
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		21	21	7	8	1	1	4		8	52	5	5	
Percent		33.3%	33.3%	11.1%	12.7%	1.6%	1.6%	6.3%		11.4%	74.3%	7.1%	7.1%	
														
% of capacity utilized		21	21	7	8	1	1	4		8	52	5	5	
in first half of 2016		59.67	66.03	81.43	70.00	90.00	75.00	74.00		63.91	66.51	65.00	68.25	
		c		a										
														
% of capacity		21	21	7	8	1	1	4		8	52	5	5	
utilization planned
for the second half of
2016		64.48	66.72	77.14	72.25	85.00	80.00	76.75		71.82	67.47	73.00	67.11	

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

170 

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

Manufacturing capacity utilized  (Winsorized)

N=70		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Number		38	14	2	4	5	3	4	
Percent		54.3%	20.0%	2.9%	5.7%	7.1%	4.3%	5.7%	
									
% of capacity utilized		38	14	2	4	5	3	4	
in first half of 2016		65.51	67.54	70.00	75.32	68.85	60.00	58.82	
									
% of capacity		38	14	2	4	5	3	4	
utilization planned
for the second half of
2016		68.38	68.44	80.00	68.64	65.11	63.33	69.25	

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

171 

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

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

N=337		Total		Industry	
Number
Col %		

 		
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		337		32	46	8	12	7	57	10	16	70	26	12	41	
		100.0%		9.5%	13.6%	2.4%	3.6%	2.1%	16.9%	3.0%	4.7%	20.8%	7.7%	3.6%	12.2%	
																
CFO		166		25	13	5	9	3	18	3	9	35	13	6	27	
		49.6%		78.1%	28.3%	62.5%	75.0%	42.9%	32.7%	30.0%	56.3%	50.0%	50.0%	50.0%	65.9%	
				BFGIj	ADhiL		BFg		ADL	Adl	b	Ab	a		BFg	
																
Other		77		1	22	1	2	1	13	3	3	13	7	4	7	
		23.0%		3.1%	47.8%	12.5%	16.7%	14.3%	23.6%	30.0%	18.8%	18.6%	26.9%	33.3%	17.1%	
				BfgijK	AfhIL				ab	a	b	aB	a	A	B	
																
CEO		48		0	8	2	0	1	16	3	0	8	4	1	5	
		14.3%		0.0%	17.4%	25.0%	0.0%	14.3%	29.1%	30.0%	0.0%	11.4%	15.4%	8.3%	12.2%	
				bCeFGijl	a	Ah	f	a	Adhi	Ah	cfg	af	a		a	
																
Controller		38		6	2	0	1	1	6	1	3	13	2	1	2	
		11.3%		18.8%	4.3%	0.0%	8.3%	14.3%	10.9%	10.0%	18.8%	18.6%	7.7%	8.3%	4.9%	
				b	ai							bl			i	
																
Treasurer		6		0	1	0	0	1	2	0	1	1	0	0	0	
		1.8%		0.0%	2.2%	0.0%	0.0%	14.3%	3.6%	0.0%	6.3%	1.4%	0.0%	0.0%	0.0%	
				e				ail				e			e	

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

172 

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

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

N=337		Sales Revenue		Ownership	
Number
Col %		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		124	83	65	13	29	7	15		37	11	235	11	28	
		36.9%	24.7%	19.3%	3.9%	8.6%	2.1%	4.5%		11.5%	3.4%	73.0%	3.4%	8.7%	
															
CFO		50	52	44	7	8	1	4		12	4	118	7	18	
		40.7%	62.7%	67.7%	53.8%	28.6%	14.3%	26.7%		32.4%	36.4%	50.4%	63.6%	64.3%	
		BC	AEfg	AEFG		BC	bC	bC		ce		a		a	
															
Other		25	14	8	3	15	2	9		19	4	40	4	6	
		20.3%	16.9%	12.3%	23.1%	53.6%	28.6%	60.0%		51.4%	36.4%	17.1%	36.4%	21.4%	
		EG	EG	EG		ABC		ABC		Ce		A		a	
															
CEO		33	8	5	0	2	0	0		0	0	44	0	2	
		26.8%	9.6%	7.7%	0.0%	7.1%	0.0%	0.0%		0.0%	0.0%	18.8%	0.0%	7.1%	
		BCdeg	A	A	a	a		a		C		A			
															
Controller		14	9	6	3	2	2	2		5	2	28	0	2	
		11.4%	10.8%	9.2%	23.1%	7.1%	28.6%	13.3%		13.5%	18.2%	12.0%	0.0%	7.1%	
															
Treasurer		1	0	2	0	1	2	0		1	1	4	0	0	
		0.8%	0.0%	3.1%	0.0%	3.6%	28.6%	0.0%		2.7%	9.1%	1.7%	0.0%	0.0%	
		F	F	F		f	ABCeg	f							

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

173 

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

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

N=337		Number of Employees		Foreign Sales	
Number
Col %		
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		119	87	22	18	18	8	20		162	127	24	14	
		40.8%	29.8%	7.5%	6.2%	6.2%	2.7%	6.8%		49.5%	38.8%	7.3%	4.3%	
														
CFO		54	48	15	11	7	2	4		82	63	9	8	
		45.4%	55.2%	68.2%	61.1%	41.2%	25.0%	20.0%		50.9%	50.0%	37.5%	57.1%	
		g	G	fG	g		c	aBCd						
														
Other		21	15	4	7	6	6	12		34	27	7	5	
		17.6%	17.2%	18.2%	38.9%	35.3%	75.0%	60.0%		21.1%	21.4%	29.2%	35.7%	
		dFG	dFG	FG	ab		ABC	ABC						
														
CEO		33	10	0	0	0	0	0		32	11	2	1	
		27.7%	11.5%	0.0%	0.0%	0.0%	0.0%	0.0%		19.9%	8.7%	8.3%	7.1%	
		BCdeG	A	A	a	a		A		B	A			
														
Controller		10	14	2	0	4	0	3		12	23	3	0	
		8.4%	16.1%	9.1%	0.0%	23.5%	0.0%	15.0%		7.5%	18.3%	12.5%	0.0%	
					e	d				B	A			
														
Treasurer		1	0	1	0	0	0	1		1	2	3	0	
		0.8%	0.0%	4.5%	0.0%	0.0%	0.0%	5.0%		0.6%	1.6%	12.5%	0.0%	
			cg	b				b		C	C	AB		

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

174 

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

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

N=337		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		90	66	61	42	30	28	19	
		26.8%	19.6%	18.2%	12.5%	8.9%	8.3%	5.7%	
									
CFO		51	31	14	24	17	15	13	
		56.7%	47.0%	23.3%	57.1%	56.7%	55.6%	68.4%	
		C	C	ABDEFG	C	C	C	C	
									
Other		20	15	21	6	8	6	1	
		22.2%	22.7%	35.0%	14.3%	26.7%	22.2%	5.3%	
				dg	c			c	
									
CEO		6	5	22	4	5	3	3	
		6.7%	7.6%	36.7%	9.5%	16.7%	11.1%	15.8%	
		C	C	ABDf	C		c		
									
Controller		10	14	3	6	0	3	2	
		11.1%	21.2%	5.0%	14.3%	0.0%	11.1%	10.5%	
			CE	B	e	Bd			
									
Treasurer		3	1	0	2	0	0	0	
		3.3%	1.5%	0.0%	4.8%	0.0%	0.0%	0.0%	

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

175 

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

What is the probability that you will be a CEO in 5 years?

N=288		Total		Industry	
Number
Col %		

 		
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		288		32	37	6	12	6	41	7	16	62	22	11	36	
		100.0%		11.1%	12.8%	2.1%	4.2%	2.1%	14.2%	2.4%	5.6%	21.5%	7.6%	3.8%	12.5%	
																
0%		117		13	22	3	5	0	14	3	9	20	6	4	18	
		42.9%		40.6%	64.7%	50.0%	41.7%	0.0%	42.4%	42.9%	56.3%	33.3%	28.6%	36.4%	51.4%	
					EIj			Bhl			e	B	b		e	
																
1-20%		74		11	6	1	5	3	12	2	3	12	9	3	7	
		27.1%		34.4%	17.6%	16.7%	41.7%	50.0%	36.4%	28.6%	18.8%	20.0%	42.9%	27.3%	20.0%	
					j							j	bi			
																
21-40%		28		1	2	0	1	1	0	0	3	12	3	0	5	
		10.3%		3.1%	5.9%	0.0%	8.3%	16.7%	0.0%	0.0%	18.8%	20.0%	14.3%	0.0%	14.3%	
				i				f	ehIjl		f	aF	f		f	
																
41-60%		25		2	1	1	0	2	1	1	1	8	2	2	4	
		9.2%		6.3%	2.9%	16.7%	0.0%	33.3%	3.0%	14.3%	6.3%	13.3%	9.5%	18.2%	11.4%	
					e		e	bdf	e							
																
61-80%		17		3	0	0	1	0	5	0	0	6	0	1	1	
		6.2%		9.4%	0.0%	0.0%	8.3%	0.0%	15.2%	0.0%	0.0%	10.0%	0.0%	9.1%	2.9%	
					f				b							
																
81-100%		12		2	3	1	0	0	1	1	0	2	1	1	0	
		4.4%		6.3%	8.8%	16.7%	0.0%	0.0%	3.0%	14.3%	0.0%	3.3%	4.8%	9.1%	0.0%	
						l				l					cg	

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

 Only asked of those respondents who are not currently a CEO

176 

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

What is the probability that you will be a CEO in 5 years?

N=288		Sales Revenue		Ownership	
Number
Col %		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		90	75	60	13	27	7	15		37	11	190	11	26	
		31.4%	26.1%	20.9%	4.5%	9.4%	2.4%	5.2%		13.5%	4.0%	69.1%	4.0%	9.5%	
															
0%		37	31	18	2	13	5	10		18	6	72	6	11	
		42.5%	42.5%	31.6%	18.2%	56.5%	83.3%	66.7%		51.4%	54.5%	39.3%	54.5%	50.0%	
				efg	efg	cd	cd	cd							
															
1-20%		22	17	22	2	7	1	3		11	3	48	2	6	
		25.3%	23.3%	38.6%	18.2%	30.4%	16.7%	20.0%		31.4%	27.3%	26.2%	18.2%	27.3%	
															
21-40%		9	7	6	2	3	0	1		3	1	20	1	2	
		10.3%	9.6%	10.5%	18.2%	13.0%	0.0%	6.7%		8.6%	9.1%	10.9%	9.1%	9.1%	
															
41-60%		8	8	5	4	0	0	0		1	1	21	1	1	
		9.2%	11.0%	8.8%	36.4%	0.0%	0.0%	0.0%		2.9%	9.1%	11.5%	9.1%	4.5%	
		d	d	d	abcEg	D		d							
															
61-80%		6	6	4	1	0	0	0		2	0	13	1	1	
		6.9%	8.2%	7.0%	9.1%	0.0%	0.0%	0.0%		5.7%	0.0%	7.1%	9.1%	4.5%	
															
81-100%		5	4	2	0	0	0	1		0	0	9	0	1	
		5.7%	5.5%	3.5%	0.0%	0.0%	0.0%	6.7%		0.0%	0.0%	4.9%	0.0%	4.5%	

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

 Only asked of those respondents who are not currently a CEO

177 

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

What is the probability that you will be a CEO in 5 years?

N=288		Number of Employees		Foreign Sales	
Number
Col %		
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		85	77	22	18	18	8	20		130	115	22	13	
		34.3%	31.0%	8.9%	7.3%	7.3%	3.2%	8.1%		46.4%	41.1%	7.9%	4.6%	
														
0%		34	28	9	4	6	4	13		50	43	13	6	
		40.5%	36.8%	42.9%	26.7%	40.0%	57.1%	68.4%		40.3%	39.8%	61.9%	50.0%	
		g	g		g			abd						
														
1-20%		19	27	2	7	6	2	4		38	27	6	3	
		22.6%	35.5%	9.5%	46.7%	40.0%	28.6%	21.1%		30.6%	25.0%	28.6%	25.0%	
			c	bde	c	c								
														
21-40%		10	8	2	2	2	0	1		9	14	2	2	
		11.9%	10.5%	9.5%	13.3%	13.3%	0.0%	5.3%		7.3%	13.0%	9.5%	16.7%	
														
41-60%		7	8	4	0	1	0	0		11	13	0	0	
		8.3%	10.5%	19.0%	0.0%	6.7%	0.0%	0.0%		8.9%	12.0%	0.0%	0.0%	
														
61-80%		7	5	4	0	0	1	0		9	7	0	0	
		8.3%	6.6%	19.0%	0.0%	0.0%	14.3%	0.0%		7.3%	6.5%	0.0%	0.0%	
														
81-100%		7	0	0	2	0	0	1		7	4	0	1	
		8.3%	0.0%	0.0%	13.3%	0.0%	0.0%	5.3%		5.6%	3.7%	0.0%	8.3%	
		b	aDg		B			b						

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

 Only asked of those respondents who are not currently a CEO

178 

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

What is the probability that you will be a CEO in 5 years?

N=288		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		84	61	38	38	25	25	16	
		29.3%	21.3%	13.2%	13.2%	8.7%	8.7%	5.6%	
									
0%		31	26	18	13	8	13	8	
		38.3%	45.6%	54.5%	34.2%	32.0%	59.1%	50.0%	
									
1-20%		25	16	7	10	7	5	3	
		30.9%	28.1%	21.2%	26.3%	28.0%	22.7%	18.8%	
									
21-40%		13	8	1	1	4	0	1	
		16.0%	14.0%	3.0%	2.6%	16.0%	0.0%	6.3%	
		df			a		a		
									
41-60%		8	2	3	7	2	2	1	
		9.9%	3.5%	9.1%	18.4%	8.0%	9.1%	6.3%	
			d		b				
									
61-80%		2	3	4	4	2	0	2	
		2.5%	5.3%	12.1%	10.5%	8.0%	0.0%	12.5%	
		c		a					
									
81-100%		2	2	0	3	2	2	1	
		2.5%	3.5%	0.0%	7.9%	8.0%	9.1%	6.3%	

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

 Only asked of those respondents who are not currently a CEO

179 

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

 What is the probability that you will be a CEO in 5 years?

N=288		Total		Industry	
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		288		32	37	6	12	6	41	7	16	62	22	11	36	
Percent		100.0%		11.1%	12.8%	2.1%	4.2%	2.1%	14.2%	2.4%	5.6%	21.5%	7.6%	3.8%	12.5%	
																
What is the		18.5		20.6	12.4	27.5	10.1	25.0	18.3	22.1	9.5	25.2	17.1	26.8	13.1	
probability
that you will
be a CEO in 5
years?		5.0		7.5	0.0	7.5	0.5	20.0	2.0	5.0	0.0	17.5	10.0	5.0	0.0	

 Only asked of those respondents who are not currently a CEO

180 

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

 What is the probability that you will be a CEO in 5 years?

N=288		Sales Revenue		Ownership	
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		90	75	60	13	27	7	15		37	11	190	11	26	
Percent		31.4%	26.1%	20.9%	4.5%	9.4%	2.4%	5.2%		13.5%	4.0%	69.1%	4.0%	9.5%	
															
What is the		20.1	21.3	19.8	31.4	6.3	0.8	8.4		10.9	8.3	20.9	15.9	14.8	
probability
that you will
be a CEO in 5
years?		5.0	5.0	10.0	25.0	0.0	0.0	0.0		0.0	0.0	5.0	0.0	2.5	

 Only asked of those respondents who are not currently a CEO

181 

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

 What is the probability that you will be a CEO in 5 years?

N=288		Number of Employees		Foreign Sales	
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		85	77	22	18	18	8	20		130	115	22	13	
Percent		34.3%	31.0%	8.9%	7.3%	7.3%	3.2%	8.1%		46.4%	41.1%	7.9%	4.6%	
														
What is the		23.5	15.7	28.3	20.4	10.7	13.6	7.4		19.6	20.5	5.0	13.5	
probability
that you will
be a CEO in 5
years?		7.5	5.0	20.0	10.0	5.0	0.0	0.0		5.0	5.0	0.0	1.0	

 Only asked of those respondents who are not currently a CEO

182 

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

 What is the probability that you will be a CEO in 5 years?

N=288		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
									
Number		84	61	38	38	25	25	16	
Percent		29.3%	21.3%	13.2%	13.2%	8.7%	8.7%	5.6%	
									
What is the		16.3	16.1	16.1	26.8	23.1	14.5	22.2	
probability
that you will
be a CEO in 5
years?		10.0	5.0	0.0	5.0	5.0	0.0	2.5	

 Only asked of those respondents who are not currently a CEO

183 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=288		Total		Industry	
Number
Col %		

 		
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		288		32	37	6	12	6	41	7	16	62	22	11	36	
		100.0%		11.1%	12.8%	2.1%	4.2%	2.1%	14.2%	2.4%	5.6%	21.5%	7.6%	3.8%	12.5%	
																
No		74		6	10	1	3	3	6	4	7	16	6	4	8	
		26.9%		18.8%	29.4%	16.7%	25.0%	50.0%	18.2%	57.1%	43.8%	26.2%	27.3%	36.4%	22.9%	
				g					g	af						
																
Yes		178		25	18	5	8	3	25	2	7	39	14	7	25	
		64.7%		78.1%	52.9%	83.3%	66.7%	50.0%	75.8%	28.6%	43.8%	63.9%	63.6%	63.6%	71.4%	
				bgh	a				gh	afl	af				g	
																
Don't Know		23		1	6	0	1	0	2	1	2	6	2	0	2	
		8.4%		3.1%	17.6%	0.0%	8.3%	0.0%	6.1%	14.3%	12.5%	9.8%	9.1%	0.0%	5.7%	

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

Only asked of those respondents who are not currently a CEO

184 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=288		Sales Revenue		Ownership	
Number
Col %		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		90	75	60	13	27	7	15		37	11	190	11	26	
		31.4%	26.1%	20.9%	4.5%	9.4%	2.4%	5.2%		13.5%	4.0%	69.1%	4.0%	9.5%	
															
No		15	21	14	5	10	4	5		15	4	46	3	4	
		17.4%	28.8%	23.7%	45.5%	43.5%	57.1%	33.3%		42.9%	36.4%	25.0%	27.3%	17.4%	
		dEf			a	A	a			ce		a		a	
															
Yes		57	49	42	6	12	3	9		19	7	121	6	18	
		66.3%	67.1%	71.2%	54.5%	52.2%	42.9%	60.0%		54.3%	63.6%	65.8%	54.5%	78.3%	
															
Don't Know		14	3	3	0	1	0	1		1	0	17	2	1	
		16.3%	4.1%	5.1%	0.0%	4.3%	0.0%	6.7%		2.9%	0.0%	9.2%	18.2%	4.3%	
		bc	a	a											

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

Only asked of those respondents who are not currently a CEO

185 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=288		Number of Employees		Foreign Sales	
Number
Col %		
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		85	77	22	18	18	8	20		130	115	22	13	
		34.3%	31.0%	8.9%	7.3%	7.3%	3.2%	8.1%		46.4%	41.1%	7.9%	4.6%	
														
No		14	22	5	3	8	5	8		29	27	9	6	
		16.9%	28.9%	23.8%	18.8%	57.1%	62.5%	40.0%		23.4%	24.8%	42.9%	46.2%	
		EFg	e		ef	Abd	Ad	a						
														
Yes		57	50	15	12	6	3	10		81	73	12	7	
		68.7%	65.8%	71.4%	75.0%	42.9%	37.5%	50.0%		65.3%	67.0%	57.1%	53.8%	
														
Don't Know		12	4	1	1	0	0	2		14	9	0	0	
		14.5%	5.3%	4.8%	6.3%	0.0%	0.0%	10.0%		11.3%	8.3%	0.0%	0.0%	

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

Only asked of those respondents who are not currently a CEO

186 

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

Do your current job tasks adequately prepare you to be a CEO at some point in the future?

N=288		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
North
Carolina
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
		A	B	C	D	E	F	G	
									
Total		84	61	38	38	25	25	16	
		29.3%	21.3%	13.2%	13.2%	8.7%	8.7%	5.6%	
									
No		16	18	10	11	9	6	4	
		19.5%	30.5%	30.3%	28.9%	37.5%	27.3%	25.0%	
									
Yes		57	36	19	24	15	14	12	
		69.5%	61.0%	57.6%	63.2%	62.5%	63.6%	75.0%	
									
Don't Know		9	5	4	3	0	2	0	
		11.0%	8.5%	12.1%	7.9%	0.0%	9.1%	0.0%	

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

Only asked of those respondents who are not currently a CEO