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]	31
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]	35
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]	39
Q5.  For the good of the U.S. business community, should President Trump:	43
Q6.  How would the following proposed tax reforms affect the business community?	55
Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)	83
Q7.  Would your company be directly affected by a border tax (imported inputs not a deductible expense, domestic inputs deductible)?	91
Q7a/b.  If company would be directly affected by a border tax	95
Q7a/b.  If company would be directly affected by a border tax - Excludes DK (Shows average scores)	103
Q8.  How much do you expect real GDP to grow in 2017	107
Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public
trust in business and government affected…	111
Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public
trust in business and government affected… (DK Excluded - Shows average scores)	119
Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?	123
NC Only - What are the effects of HB2 on the 2017 economic prospects of firms in your industry?	155
NC Only / Excludes DK -	159
On February 20, 2017 the annual yield on 10-yr treasury bonds was 2.41%. Please complete the following:  (Winsorized)	163
Return on assets (ROA=operating earnings/assets)  (Winsorized)	167
Manufacturing capacity utilized  (Winsorized)	171
Your job title (e.g., CFO, Asst. Treasurer, etc):	175

 1 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
1=More optimistic		224		30	23	8	14	4	42	3	15	39	15	6	22	
		62.0%		81.1%	50.0%	72.7%	100.0%	100.0%	59.2%	75.0%	53.6%	60.9%	57.7%	54.5%	53.7%	
				Bfhijl	AD	d	BcFHIJKL		aD		aD	aD	aD	D	aD	
																
0=No change		83		5	17	3	0	0	14	1	8	15	6	4	10	
		23.0%		13.5%	37.0%	27.3%	0.0%	0.0%	19.7%	25.0%	28.6%	23.4%	23.1%	36.4%	24.4%	
				b	aDf	d	Bchikl		b		d	d		d	d	
																
-1=Less optimistic		54		2	6	0	0	0	15	0	5	10	5	1	9	
		15.0%		5.4%	13.0%	0.0%	0.0%	0.0%	21.1%	0.0%	17.9%	15.6%	19.2%	9.1%	22.0%	
				fl					a						a	
																
Mean		0.47		0.76	0.37	0.73	1.00	1.00	0.38	0.75	0.36	0.45	0.38	0.45	0.32	
				BfhijL	A				a		a	a	a		A	

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

2 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		142	75	70	21	25	8	14	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%	
									
1=More optimistic		74	51	49	12	21	6	8	
		52.5%	68.0%	71.0%	57.1%	84.0%	75.0%	57.1%	
		bcE	a	a		A			
									
0=No change		41	14	10	7	3	1	4	
		29.1%	18.7%	14.5%	33.3%	12.0%	12.5%	28.6%	
		c		a					
									
-1=Less optimistic		26	10	10	2	1	1	2	
		18.4%	13.3%	14.5%	9.5%	4.0%	12.5%	14.3%	
									
Mean		0.34	0.55	0.57	0.48	0.80	0.63	0.43	
		cE		a		A			

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

3 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Where are you personally located?	

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
1=More optimistic		66	41	39	24	25	21	6	
		63.5%	53.9%	72.2%	49.0%	69.4%	77.8%	50.0%	
			cf	bd	cf		bd		
									
0=No change		24	25	11	10	8	2	3	
		23.1%	32.9%	20.4%	20.4%	22.2%	7.4%	25.0%	
			f				b		
									
-1=Less optimistic		14	10	4	15	3	4	3	
		13.5%	13.2%	7.4%	30.6%	8.3%	14.8%	25.0%	
		d	d	D	abCe	d			
									
Mean		0.50	0.41	0.65	0.18	0.61	0.63	0.25	
		d	c	bD	aCef	d	d		

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

4 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=363		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		363		37	47	11	14	4	71	4	28	64	27	11	41	
Percent		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Optimism rating		68.47		74.45	64.67	61.67	75.17	73.75	64.75	75.00	68.81	67.59	73.42	68.50	69.24	
		70.00		75.50	70.00	70.00	75.00	75.00	70.00	80.00	75.00	70.00	75.00	70.00	75.00	
				BcF	Adj	a	b		Aj				bf			

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

5 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=363		Sales Revenue	
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		142	75	70	21	25	8	14	
Percent		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%	
									
Optimism rating		65.35	68.88	72.02	67.26	72.74	70.71	72.86	
		70.00	75.00	75.00	70.00	72.50	75.00	75.00	
		C		A					

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

6 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=363		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		104	76	56	49	36	27	12	
Percent		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Optimism rating		69.29	66.70	70.02	64.77	72.19	69.17	66.82	
		70.00	71.00	75.00	67.50	70.00	70.00	75.00	

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

7 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
1=More optimistic		208		21	29	7	12	3	41	3	15	37	11	6	21	
		58.1%		58.3%	65.9%	63.6%	92.3%	75.0%	57.7%	75.0%	53.6%	57.8%	40.7%	54.5%	51.2%	
				d	j		afhiJkl		d		d	d	bD	d	d	
																
0=No change		86		10	11	4	0	0	19	1	6	12	9	3	11	
		24.0%		27.8%	25.0%	36.4%	0.0%	0.0%	26.8%	25.0%	21.4%	18.8%	33.3%	27.3%	26.8%	
				d	d	d	abcfjl		d				d		d	
																
-1=Less optimistic		64		5	4	0	1	1	11	0	7	15	7	2	9	
		17.9%		13.9%	9.1%	0.0%	7.7%	25.0%	15.5%	0.0%	25.0%	23.4%	25.9%	18.2%	22.0%	
																
Mean		0.40		0.44	0.57	0.64	0.85	0.50	0.42	0.75	0.29	0.34	0.15	0.36	0.29	
					j		hiJl				d	d	bD		d	

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

8 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
1=More optimistic		79	45	38	8	16	8	11		21	5	148	5	18	
		56.0%	61.6%	54.3%	40.0%	66.7%	100.0%	78.6%		72.4%	62.5%	58.0%	50.0%	58.1%	
		f	f	f	Fg		abcD	d							
															
0=No change		38	15	19	7	3	0	2		4	1	67	3	6	
		27.0%	20.5%	27.1%	35.0%	12.5%	0.0%	14.3%		13.8%	12.5%	26.3%	30.0%	19.4%	
															
-1=Less optimistic		24	13	13	5	5	0	1		4	2	40	2	7	
		17.0%	17.8%	18.6%	25.0%	20.8%	0.0%	7.1%		13.8%	25.0%	15.7%	20.0%	22.6%	
															
Mean		0.39	0.44	0.36	0.15	0.46	1.00	0.71		0.59	0.38	0.42	0.30	0.35	
					g			d							

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

9 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
1=More optimistic		81	46	12	17	4	11	12		102	70	24	7	
		63.8%	59.0%	46.2%	51.5%	57.1%	84.6%	85.7%		60.4%	52.2%	68.6%	58.3%	
				fg	fg		cd	cd						
														
0=No change		30	14	8	11	1	1	1		47	29	6	2	
		23.6%	17.9%	30.8%	33.3%	14.3%	7.7%	7.1%		27.8%	21.6%	17.1%	16.7%	
														
-1=Less optimistic		16	18	6	5	2	1	1		20	35	5	3	
		12.6%	23.1%	23.1%	15.2%	28.6%	7.7%	7.1%		11.8%	26.1%	14.3%	25.0%	
										B	A			
														
Mean		0.51	0.36	0.23	0.36	0.29	0.77	0.79		0.49	0.26	0.54	0.33	
				fg			c	c		b	a			

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

10 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Where are you personally located?	

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
1=More optimistic		60	41	42	18	20	19	6	
		58.3%	54.7%	75.0%	38.3%	57.1%	70.4%	50.0%	
		cd	c	abD	aCF		D		
									
0=No change		25	18	9	17	10	4	3	
		24.3%	24.0%	16.1%	36.2%	28.6%	14.8%	25.0%	
				d	c				
									
-1=Less optimistic		18	16	5	12	5	4	3	
		17.5%	21.3%	8.9%	25.5%	14.3%	14.8%	25.0%	
				d	c				
									
Mean		0.41	0.33	0.66	0.13	0.43	0.56	0.25	
		cd	c	abD	aCf		d		

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

11 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=363		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		363		37	47	11	14	4	71	4	28	64	27	11	41	
Percent		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Optimism rating		69.01		70.73	69.10	68.11	70.83	71.25	69.74	77.50	69.92	68.36	64.39	74.50	67.08	
		75.00		70.00	75.00	75.00	80.00	80.00	75.00	80.00	70.00	75.00	67.50	80.00	70.00	

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

12 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
Percent		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Optimism rating		67.79	68.91	69.10	66.50	72.09	76.43	75.36		70.76	70.00	69.33	65.00	66.20	
		75.00	75.00	75.00	70.00	77.50	82.50	80.00		77.50	70.00	75.00	65.00	75.00	

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

13 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=363		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		128	80	26	34	7	13	14		173	135	35	12	
Percent		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Optimism rating		70.36	68.85	68.96	70.80	56.00	76.25	72.31		69.61	68.81	68.22	65.58	
		75.00	75.00	73.00	80.00	60.00	80.00	80.00		75.00	75.00	75.00	65.00	
						fg	e	e						

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

14 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=363		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		104	76	56	49	36	27	12	
Percent		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Optimism rating		70.56	64.08	70.88	68.62	70.35	71.46	70.55	
		75.00	65.00	75.00	75.00	75.00	75.00	76.50	
		b	ac	b					

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

15 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		363		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.2%	12.9%	3.0%	3.9%	1.1%	19.6%	1.1%	7.7%	17.6%	7.4%	3.0%	11.3%	
																
Government policies		141		18	18	3	6	2	29	0	9	23	13	5	13	
		38.8%		48.6%	38.3%	27.3%	42.9%	50.0%	40.8%	0.0%	32.1%	35.9%	48.1%	45.5%	31.7%	
																
Economic uncertainty		128		14	15	6	6	1	25	1	7	27	8	4	12	
		35.3%		37.8%	31.9%	54.5%	42.9%	25.0%	35.2%	25.0%	25.0%	42.2%	29.6%	36.4%	29.3%	
																
Difficulty attracting /
retaining qualified		
121		
12	
7	
4	
2	
1	
24	
2	
12	
29	
6	
4	
17	
employees		33.3%		32.4%	14.9%	36.4%	14.3%	25.0%	33.8%	50.0%	42.9%	45.3%	22.2%	36.4%	41.5%	
					fHIL		i		b		B	Bdj	i		B	
																
Cost of benefits		119		17	15	2	7	1	21	1	6	27	5	5	11	
		32.8%		45.9%	31.9%	18.2%	50.0%	25.0%	29.6%	25.0%	21.4%	42.2%	18.5%	45.5%	26.8%	
				hj			j				a	j	adi			
																
Regulatory		119		15	27	3	7	2	16	2	7	15	9	4	11	
requirements		32.8%		40.5%	57.4%	27.3%	50.0%	50.0%	22.5%	50.0%	25.0%	23.4%	33.3%	36.4%	26.8%	
					FHIjL		fi		Bd		B	Bd	b		B	
																
Data security		78		6	21	1	2	1	18	2	4	8	3	3	8	
		21.5%		16.2%	44.7%	9.1%	14.3%	25.0%	25.4%	50.0%	14.3%	12.5%	11.1%	27.3%	19.5%	
				B	AcdfHIJl	b	b		b	i	B	Bg	B		b	
																
Weak demand for		78		12	6	1	3	1	11	0	9	16	8	1	9	
your products/services		21.5%		32.4%	12.8%	9.1%	21.4%	25.0%	15.5%	0.0%	32.1%	25.0%	29.6%	9.1%	22.0%	
				bf	ah				a		b					

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

16 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		39.1%	20.7%	19.3%	5.8%	6.9%	2.2%	3.9%		8.5%	2.2%	70.8%	2.8%	8.8%	
															
Government policies		50	30	27	12	10	2	6		14	5	96	6	12	
		35.2%	40.0%	38.6%	57.1%	40.0%	25.0%	42.9%		45.2%	62.5%	37.4%	60.0%	37.5%	
															
Economic uncertainty		56	26	20	8	9	4	4		11	3	89	6	8	
		39.4%	34.7%	28.6%	38.1%	36.0%	50.0%	28.6%		35.5%	37.5%	34.6%	60.0%	25.0%	
													e	d	
															
Difficulty attracting /
retaining qualified		
46	
33	
27	
6	
5	
1	
2		
5	
1	
91	
3	
16	
employees		32.4%	44.0%	38.6%	28.6%	20.0%	12.5%	14.3%		16.1%	12.5%	35.4%	30.0%	50.0%	
			eg			b		b		cE		a		A	
															
Cost of benefits		49	27	23	6	6	3	4		9	1	86	5	9	
		34.5%	36.0%	32.9%	28.6%	24.0%	37.5%	28.6%		29.0%	12.5%	33.5%	50.0%	28.1%	
															
Regulatory		35	24	25	8	12	4	9		13	3	78	5	10	
requirements		24.6%	32.0%	35.7%	38.1%	48.0%	50.0%	64.3%		41.9%	37.5%	30.4%	50.0%	31.3%	
		eG	g			a		Ab							
															
Data security		32	15	17	4	6	1	2		6	1	54	2	10	
		22.5%	20.0%	24.3%	19.0%	24.0%	12.5%	14.3%		19.4%	12.5%	21.0%	20.0%	31.3%	
															
Weak demand for		26	22	14	5	4	2	1		5	5	51	0	9	
your products/services		18.3%	29.3%	20.0%	23.8%	16.0%	25.0%	7.1%		16.1%	62.5%	19.8%	0.0%	28.1%	
										b	aCD	B	B		

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

17 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		35.3%	22.0%	7.2%	9.4%	1.9%	3.6%	3.9%		47.7%	37.2%	9.6%	3.3%	
														
Government policies		54	26	9	17	2	5	6		68	50	14	4	
		42.2%	32.5%	34.6%	50.0%	28.6%	38.5%	42.9%		39.3%	37.0%	40.0%	33.3%	
														
Economic uncertainty		48	24	6	10	3	5	5		57	53	10	4	
		37.5%	30.0%	23.1%	29.4%	42.9%	38.5%	35.7%		32.9%	39.3%	28.6%	33.3%	
														
Difficulty attracting /
retaining qualified		
41	
37	
11	
10	
2	
4	
3		
60	
49	
8	
2	
employees		32.0%	46.3%	42.3%	29.4%	28.6%	30.8%	21.4%		34.7%	36.3%	22.9%	16.7%	
		b	a											
														
Cost of benefits		45	28	8	12	1	5	5		58	43	15	1	
		35.2%	35.0%	30.8%	35.3%	14.3%	38.5%	35.7%		33.5%	31.9%	42.9%	8.3%	
												d	c	
														
Regulatory		38	23	6	17	1	4	8		61	36	11	8	
requirements		29.7%	28.8%	23.1%	50.0%	14.3%	30.8%	57.1%		35.3%	26.7%	31.4%	66.7%	
		dg	dg	dg	abc			abc		d	D	d	aBc	
														
Data security		25	20	6	6	2	3	2		43	27	5	2	
		19.5%	25.0%	23.1%	17.6%	28.6%	23.1%	14.3%		24.9%	20.0%	14.3%	16.7%	
														
Weak demand for		23	21	8	8	2	1	2		26	39	7	3	
your products/services		18.0%	26.3%	30.8%	23.5%	28.6%	7.7%	14.3%		15.0%	28.9%	20.0%	25.0%	
										B	A			

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

18 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Where are you personally located?	

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.7%	20.9%	15.4%	13.5%	9.9%	7.4%	3.3%	
									
Government policies		37	29	20	24	14	11	5	
		35.6%	38.2%	35.7%	49.0%	38.9%	40.7%	41.7%	
									
Economic uncertainty		35	25	18	19	14	11	5	
		33.7%	32.9%	32.1%	38.8%	38.9%	40.7%	41.7%	
									
Difficulty attracting /
retaining qualified		
41	
23	
17	
11	
11	
12	
5	
employees		39.4%	30.3%	30.4%	22.4%	30.6%	44.4%	41.7%	
		d			af		d		
									
Cost of benefits		38	29	16	16	8	9	2	
		36.5%	38.2%	28.6%	32.7%	22.2%	33.3%	16.7%	
									
Regulatory		27	27	23	19	12	6	4	
requirements		26.0%	35.5%	41.1%	38.8%	33.3%	22.2%	33.3%	
									
Data security		26	12	13	10	7	6	3	
		25.0%	15.8%	23.2%	20.4%	19.4%	22.2%	25.0%	
									
Weak demand for		22	21	12	11	4	6	1	
your products/services		21.2%	27.6%	21.4%	22.4%	11.1%	22.2%	8.3%	

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

19 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Total		Industry	

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

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

Manufac-
turing	
Health-
care
Pharm	

Agr, Pub
Admin	

Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Employee productivity		75		5	8	2	3	0	17	1	9	12	9	0	9	
		20.7%		13.5%	17.0%	18.2%	21.4%	0.0%	23.9%	25.0%	32.1%	18.8%	33.3%	0.0%	22.0%	
											k		k	hj		
																
Corporate tax code		67		10	7	2	4	2	16	2	6	12	0	2	3	
		18.5%		27.0%	14.9%	18.2%	28.6%	50.0%	22.5%	50.0%	21.4%	18.8%	0.0%	18.2%	7.3%	
				Jl	j	j	Jl	Jl	Jl	Jl	j	j	AbcDEFGhik	j	adefg	
																
Rising wages and		65		8	5	2	1	2	13	1	9	8	8	1	7	
salaries		17.9%		21.6%	10.6%	18.2%	7.1%	50.0%	18.3%	25.0%	32.1%	12.5%	29.6%	9.1%	17.1%	
					ehj			bi			bi	eh	b			
																
Access to capital		52		2	6	3	1	1	13	0	7	6	5	1	7	
		14.3%		5.4%	12.8%	27.3%	7.1%	25.0%	18.3%	0.0%	25.0%	9.4%	18.5%	9.1%	17.1%	
				ch		a					a					
																
Employee morale		52		4	3	1	2	1	12	0	7	7	6	0	9	
		14.3%		10.8%	6.4%	9.1%	14.3%	25.0%	16.9%	0.0%	25.0%	10.9%	22.2%	0.0%	22.0%	
					hjl						b		b		b	
																
Other		31		2	2	0	1	0	6	0	4	9	2	1	4	
		8.5%		5.4%	4.3%	0.0%	7.1%	0.0%	8.5%	0.0%	14.3%	14.1%	7.4%	9.1%	9.8%	
																
Cost of borrowing		28		2	8	1	3	0	3	0	1	0	4	2	3	
		7.7%		5.4%	17.0%	9.1%	21.4%	0.0%	4.2%	0.0%	3.6%	0.0%	14.8%	18.2%	7.3%	
					fI	i	fI		bd			BcDJKl	I	I	i	
																
Geopolitical / health		26		1	4	0	1	0	6	1	0	4	4	1	4	
crises		7.2%		2.7%	8.5%	0.0%	7.1%	0.0%	8.5%	25.0%	0.0%	6.3%	14.8%	9.1%	9.8%	
										h	gj		h			

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

20 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Employee productivity		36	15	17	0	3	2	2		4	1	56	2	8	
		25.4%	20.0%	24.3%	0.0%	12.0%	25.0%	14.3%		12.9%	12.5%	21.8%	20.0%	25.0%	
		D	d	d	Abcf		d								
															
Corporate tax code		27	8	14	2	9	2	4		12	2	50	0	0	
		19.0%	10.7%	20.0%	9.5%	36.0%	25.0%	28.6%		38.7%	25.0%	19.5%	0.0%	0.0%	
			E		e	Bd				cdE	E	aE	a	ABC	
															
Rising wages and		23	19	16	1	5	0	1		4	0	49	2	7	
salaries		16.2%	25.3%	22.9%	4.8%	20.0%	0.0%	7.1%		12.9%	0.0%	19.1%	20.0%	21.9%	
			d		b										
															
Access to capital		31	12	6	2	0	1	0		2	0	45	0	3	
		21.8%	16.0%	8.6%	9.5%	0.0%	12.5%	0.0%		6.5%	0.0%	17.5%	0.0%	9.4%	
		ce	e	a		ab									
															
Employee morale		25	13	5	3	1	2	3		5	2	33	1	5	
		17.6%	17.3%	7.1%	14.3%	4.0%	25.0%	21.4%		16.1%	25.0%	12.8%	10.0%	15.6%	
		c		a											
															
Other		13	5	8	0	2	1	2		4	1	23	0	2	
		9.2%	6.7%	11.4%	0.0%	8.0%	12.5%	14.3%		12.9%	12.5%	8.9%	0.0%	6.3%	
															
Cost of borrowing		11	6	1	6	2	0	0		1	0	21	2	2	
		7.7%	8.0%	1.4%	28.6%	8.0%	0.0%	0.0%		3.2%	0.0%	8.2%	20.0%	6.3%	
		D	d	D	AbCg			d							
															
Geopolitical / health		10	8	1	2	4	0	0		2	2	17	0	5	
crises		7.0%	10.7%	1.4%	9.5%	16.0%	0.0%	0.0%		6.5%	25.0%	6.6%	0.0%	15.6%	
			c	bE		C					c	b			

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

21 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Employee productivity		29	23	3	2	3	2	3		41	23	11	0	
		22.7%	28.8%	11.5%	5.9%	42.9%	15.4%	21.4%		23.7%	17.0%	31.4%	0.0%	
		d	D		aBE	D						d	c	
														
Corporate tax code		29	9	4	6	2	3	4		22	30	10	3	
		22.7%	11.3%	15.4%	17.6%	28.6%	23.1%	28.6%		12.7%	22.2%	28.6%	25.0%	
		b	a							bc	a	a		
														
Rising wages and		19	18	8	7	3	1	0		35	25	5	0	
salaries		14.8%	22.5%	30.8%	20.6%	42.9%	7.7%	0.0%		20.2%	18.5%	14.3%	0.0%	
				g		g		ce						
														
Access to capital		27	14	1	0	0	1	1		28	17	5	2	
		21.1%	17.5%	3.8%	0.0%	0.0%	7.7%	7.1%		16.2%	12.6%	14.3%	16.7%	
		cD	d	a	Ab									
														
Employee morale		15	14	1	5	0	1	4		26	16	9	1	
		11.7%	17.5%	3.8%	14.7%	0.0%	7.7%	28.6%		15.0%	11.9%	25.7%	8.3%	
				g				c			c	b		
														
Other		10	9	2	3	0	1	2		11	16	3	0	
		7.8%	11.3%	7.7%	8.8%	0.0%	7.7%	14.3%		6.4%	11.9%	8.6%	0.0%	
														
Cost of borrowing		10	5	1	2	1	2	0		19	6	2	0	
		7.8%	6.3%	3.8%	5.9%	14.3%	15.4%	0.0%		11.0%	4.4%	5.7%	0.0%	
										b	a			
														
Geopolitical / health		12	8	2	2	0	0	0		13	9	1	2	
crises		9.4%	10.0%	7.7%	5.9%	0.0%	0.0%	0.0%		7.5%	6.7%	2.9%	16.7%	

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

22 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Where are you personally located?	

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Employee productivity		18	22	13	3	11	7	1	
		17.3%	28.9%	23.2%	6.1%	30.6%	25.9%	8.3%	
			D	d	BcEf	D	d		
									
Corporate tax code		27	6	12	13	4	2	2	
		26.0%	7.9%	21.4%	26.5%	11.1%	7.4%	16.7%	
		Bf	AcD	b	Bf		ad		
									
Rising wages and		19	12	8	9	6	7	4	
salaries		18.3%	15.8%	14.3%	18.4%	16.7%	25.9%	33.3%	
									
Access to capital		11	13	7	6	9	3	3	
		10.6%	17.1%	12.5%	12.2%	25.0%	11.1%	25.0%	
		e				a			
									
Employee morale		11	14	8	4	6	8	1	
		10.6%	18.4%	14.3%	8.2%	16.7%	29.6%	8.3%	
		f			f		ad		
									
Other		11	5	4	3	3	2	3	
		10.6%	6.6%	7.1%	6.1%	8.3%	7.4%	25.0%	
			g					b	
									
Cost of borrowing		5	6	8	2	4	1	1	
		4.8%	7.9%	14.3%	4.1%	11.1%	3.7%	8.3%	
		c		a					
									
Geopolitical / health		10	5	2	2	5	2	0	
crises		9.6%	6.6%	3.6%	4.1%	13.9%	7.4%	0.0%	

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

23 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Total		Industry	

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

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

Manufac-
turing	
Health-
care
Pharm	

Agr, Pub
Admin	

Other
Industry	
		 		A	B	C	D	E	F	G	H	I	J	K	L	
																
Rising input or		25		2	1	3	1	0	0	1	1	9	2	1	3	
commodity costs		6.9%		5.4%	2.1%	27.3%	7.1%	0.0%	0.0%	25.0%	3.6%	14.1%	7.4%	9.1%	7.3%	
				c	Cgi	aBFh	f		CdGIjkl	bF	c	bF	f	f	f	
																
Currency risk		24		2	2	0	0	0	4	1	2	8	0	1	3	
		6.6%		5.4%	4.3%	0.0%	0.0%	0.0%	5.6%	25.0%	7.1%	12.5%	0.0%	9.1%	7.3%	
										j			g			
																
Inflation		11		0	4	0	0	0	0	1	0	1	1	1	3	
		3.0%		0.0%	8.5%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	1.6%	3.7%	9.1%	7.3%	
				G	f				bGkl	AFhI	g	G		f	f	
																
Deflation		5		1	2	0	0	0	1	0	0	1	0	0	0	
		1.4%		2.7%	4.3%	0.0%	0.0%	0.0%	1.4%	0.0%	0.0%	1.6%	0.0%	0.0%	0.0%	

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

24 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Sales Revenue		Ownership	
		Less than
$25
million	
$25-99
million	
$100-499
million	
$500-999
million	
$1-4.9
billion	
$5-9.9
billion	More
than $10
billion		
Public,
NYSE	Public,
Nasdaq/
AMEX	

Private	
Govern-
ment	

Nonprofit	
		A	B	C	D	E	F	G		A	B	C	D	E	
															
Rising input or		3	5	9	3	3	2	0		4	1	18	0	0	
commodity costs		2.1%	6.7%	12.9%	14.3%	12.0%	25.0%	0.0%		12.9%	12.5%	7.0%	0.0%	0.0%	
		CDeF		A	A	a	A			e	e			ab	
															
Currency risk		1	2	11	2	3	2	2		3	2	16	0	0	
		0.7%	2.7%	15.7%	9.5%	12.0%	25.0%	14.3%		9.7%	25.0%	6.2%	0.0%	0.0%	
		CDEFG	CF	AB	A	A	AB	A			cE	b		B	
															
Inflation		5	0	1	2	0	1	2		1	0	8	1	1	
		3.5%	0.0%	1.4%	9.5%	0.0%	12.5%	14.3%		3.2%	0.0%	3.1%	10.0%	3.1%	
			DFG	g	B		B	Bc							
															
Deflation		1	0	2	0	0	0	1		1	0	3	0	0	
		0.7%	0.0%	2.9%	0.0%	0.0%	0.0%	7.1%		3.2%	0.0%	1.2%	0.0%	0.0%	
		g	g					ab							

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

25 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Number of Employees		Foreign Sales	
		
Fewer
than 100	
100-
499	
500-
999	
1000-
2499	
2500-
4999	
5000-
9999	More
than
10,000		

0%	

1-24%	

25-50%	
More
than 50%	
		A	B	C	D	E	F	G		A	B	C	D	
														
Rising input or		4	4	4	3	2	4	0		8	14	3	0	
commodity costs		3.1%	5.0%	15.4%	8.8%	28.6%	30.8%	0.0%		4.6%	10.4%	8.6%	0.0%	
		cEF	eF	a		Abg	ABg	ef						
														
Currency risk		3	4	4	3	0	3	2		2	11	8	3	
		2.3%	5.0%	15.4%	8.8%	0.0%	23.1%	14.3%		1.2%	8.1%	22.9%	25.0%	
		CFg	f	A			Ab	a		BCD	Ac	Ab	A	
														
Inflation		5	0	0	3	0	1	2		4	3	3	1	
		3.9%	0.0%	0.0%	8.8%	0.0%	7.7%	14.3%		2.3%	2.2%	8.6%	8.3%	
			DfG		B		b	B						
														
Deflation		1	2	0	0	0	0	1		2	2	1	0	
		0.8%	2.5%	0.0%	0.0%	0.0%	0.0%	7.1%		1.2%	1.5%	2.9%	0.0%	

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

26 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Where are you personally located?	

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Rising input or		8	5	2	3	1	2	4	
commodity costs		7.7%	6.6%	3.6%	6.1%	2.8%	7.4%	33.3%	
		G	G	G	g	G	g	ABCdEf	
									
Currency risk		7	8	4	2	2	0	1	
		6.7%	10.5%	7.1%	4.1%	5.6%	0.0%	8.3%	
									
Inflation		2	2	3	2	1	1	0	
		1.9%	2.6%	5.4%	4.1%	2.8%	3.7%	0.0%	
									
Deflation		2	1	1	1	0	0	0	
		1.9%	1.3%	1.8%	2.0%	0.0%	0.0%	0.0%	

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

27 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		363		37	47	11	14	4	71	4	28	64	27	11	41	
Percent		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Earnings		8.3		5.0	12.5	24.0	11.2	23.8	7.8	9.5	13.2	7.7	-1.1	2.6	7.1	
		5.0		5.0	10.0	17.5	6.0	35.0	5.0	1.0	10.0	5.0	2.5	2.0	3.0	
																
Revenue		8.1		5.9	9.0	10.6	5.4	20.0	10.4	11.0	15.7	7.3	5.6	1.8	5.0	
		6.0		5.5	8.0	8.0	5.0	25.0	10.0	13.0	10.0	6.5	3.0	5.0	5.0	
																
Health care costs		7.4		7.7	8.1	8.6	6.3	5.5	7.9	4.0	6.7	7.7	5.8	6.5	7.3	
		6.0		8.0	7.0	10.5	6.0	7.0	8.0	5.0	5.0	7.0	5.0	6.5	6.0	
																
Marketing/		6.3		4.3	9.2	4.4	2.7	3.8	5.6	7.5	13.7	6.3	1.3	0.9	8.8	
advertising spending		3.0		5.0	5.0	1.0	1.0	0.0	4.5	1.0	10.0	3.0	0.0	1.0	3.5	
																
Technology spending		5.8		6.0	6.4	1.8	4.4	0.0	5.7	9.0	10.0	5.6	4.9	2.1	5.1	
		3.0		5.0	5.0	2.0	3.0	5.0	5.0	12.5	7.0	2.0	2.5	2.0	5.0	
																
Number of domestic		4.4		2.2	5.9	10.0	2.7	8.7	4.9	4.7	11.5	3.2	3.6	0.0	2.1	
full-time employees		2.0		1.0	4.0	10.0	2.0	5.0	2.0	9.5	10.0	2.0	0.5	1.0	1.0	
																
Wages/Salaries		4.4		3.6	4.8	3.8	4.8	2.8	6.8	4.7	6.3	3.1	3.0	1.1	4.5	
		3.0		3.3	3.0	3.0	3.0	3.0	5.0	5.5	4.0	3.0	3.0	2.0	3.5	
																
Capital spending		3.9		3.4	4.9	10.3	8.9	15.0	3.3	1.0	6.2	5.0	1.5	1.1	-1.6	
		2.0		2.0	5.0	5.0	6.5	50.0	0.0	1.0	3.0	4.5	0.0	2.5	0.0	
																
Research and		3.6		1.5	4.7	0.0	-1.0	1.3	4.2	13.0	9.6	2.9	1.6	3.9	3.0	
development
spending		0.0		0.0	2.0	1.0	0.0	0.0	2.0	6.5	6.5	1.0	0.0	1.0	0.0	
																
Prices of your products		2.6		2.8	3.3	4.1	2.9	8.5	3.2	8.0	2.0	2.1	0.7	-0.4	3.1	
		2.0		3.0	3.0	3.0	2.0	12.0	3.0	1.0	3.0	2.0	0.0	1.0	3.0	

28 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
Percent		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Earnings		9.2	8.7	6.9	7.7	8.6	12.3	7.2		7.9	5.0	10.4	-0.4	-5.4	
		3.0	5.0	5.0	3.0	6.5	11.0	6.5		5.5	9.0	5.0	1.0	0.0	
															
Revenue		10.5	7.3	5.9	6.1	8.2	9.3	8.0		7.4	4.1	9.2	2.4	2.5	
		7.5	6.0	5.0	5.0	6.0	10.0	6.0		6.0	5.5	8.0	2.5	3.0	
															
Health care costs		8.8	6.4	6.9	7.4	6.4	5.6	5.5		6.0	2.0	7.7	7.0	6.3	
		7.5	5.5	7.0	8.0	6.0	6.0	5.0		6.0	3.0	6.0	8.0	7.0	
															
Marketing/		8.6	4.2	5.9	7.0	4.0	1.7	3.6		3.7	3.2	7.5	0.4	1.3	
advertising spending		5.0	3.0	2.0	5.0	2.0	2.0	3.0		3.0	3.0	5.0	0.0	0.0	
															
Technology spending		7.4	4.6	4.7	5.4	5.0	7.4	5.0		3.6	1.2	6.3	1.8	3.2	
		5.0	2.0	4.0	3.0	5.0	7.5	3.0		3.0	0.0	4.5	2.0	3.0	
															
Number of domestic		6.1	4.3	3.3	2.3	4.4	0.3	4.2		2.9	1.0	5.3	0.8	1.8	
full-time employees		2.0	3.0	2.0	2.0	2.0	1.0	1.0		2.0	2.0	3.0	1.0	1.0	
															
Wages/Salaries		6.0	3.5	4.0	3.8	3.1	2.8	2.9		3.0	3.0	4.9	2.5	3.8	
		4.0	3.0	3.0	3.0	3.0	3.0	3.0		3.0	3.0	3.0	3.0	3.0	
															
Capital spending		5.2	4.9	0.1	2.2	8.9	1.4	4.3		3.1	-2.9	5.0	4.9	-1.7	
		0.0	5.0	0.5	2.5	5.0	3.5	3.0		3.0	0.0	3.0	5.0	0.0	
															
Research and		5.2	1.8	3.5	-0.2	3.2	4.2	5.5		3.4	1.3	3.8	0.4	1.5	
development
spending		0.0	0.0	0.0	0.0	1.0	3.0	4.5		2.0	0.0	0.0	0.0	0.0	
															
Prices of your products		3.0	2.6	2.2	2.0	2.7	2.8	4.2		3.5	0.9	2.7	2.2	2.1	
		3.0	2.0	2.0	3.0	2.0	2.0	2.5		2.0	0.1	2.8	3.0	2.0	

29 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
Percent		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Earnings		10.0	10.9	5.0	4.9	16.0	6.7	8.0		8.3	8.7	8.4	3.8	
		5.0	5.0	5.0	5.0	8.0	6.5	8.0		4.0	5.0	8.5	6.0	
														
Revenue		9.7	7.7	6.4	5.3	8.0	9.0	7.1		7.6	9.2	7.2	7.2	
		10.0	6.0	6.5	5.0	10.0	6.0	6.0		5.0	7.0	6.0	5.5	
														
Health care costs		8.8	7.7	7.6	5.4	3.7	5.3	5.2		7.7	7.2	6.7	5.8	
		8.0	6.0	8.5	5.0	5.0	5.0	5.0		7.0	6.0	5.0	5.0	
														
Marketing/		7.8	7.5	4.8	4.4	0.6	1.3	3.1		4.9	7.7	6.8	5.8	
advertising spending		5.0	5.0	3.0	1.5	0.0	2.0	3.0		2.0	5.0	5.0	2.0	
														
Technology spending		6.2	5.9	4.2	5.7	3.4	3.3	5.3		5.9	5.7	5.2	5.9	
		3.0	5.0	4.5	2.0	5.0	5.0	4.0		3.0	5.0	2.0	3.0	
														
Number of domestic		5.0	4.4	4.0	3.3	4.2	2.0	1.9		4.8	4.2	4.1	3.9	
full-time employees		1.0	2.0	3.0	2.0	4.0	1.0	0.5		2.0	2.0	1.5	1.0	
														
Wages/Salaries		5.5	4.0	4.1	3.8	2.8	3.4	2.5		4.6	4.3	4.1	4.5	
		3.0	3.0	3.0	3.0	3.0	3.0	2.3		3.0	3.0	3.0	4.0	
														
Capital spending		5.4	2.2	-2.7	6.7	18.4	5.6	4.3		4.8	3.8	2.1	-2.0	
		2.0	2.0	1.0	4.5	10.0	2.5	5.0		2.0	3.0	2.0	0.0	
														
Research and		3.5	2.7	1.6	3.7	0.0	1.3	4.7		2.3	3.5	7.1	7.5	
development
spending		0.0	0.0	0.0	0.0	0.0	1.0	4.0		0.0	2.0	5.0	2.0	
														
Prices of your products		3.2	2.6	1.9	1.4	3.3	3.0	3.7		2.9	2.7	1.6	1.5	
		3.0	2.5	2.5	2.0	3.0	3.0	2.0		2.0	3.0	1.8	2.0	

30 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
									
Number		104	76	56	49	36	27	12	
Percent		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Earnings		8.6	7.4	10.8	6.1	11.5	4.8	10.0	
		5.0	5.0	6.0	5.0	7.0	3.0	5.0	
									
Revenue		8.6	7.9	9.4	8.0	6.8	6.7	9.0	
		7.0	5.0	7.0	5.0	5.0	5.0	8.0	
									
Health care costs		7.7	8.3	6.6	6.5	7.3	7.0	6.5	
		6.5	6.5	5.0	7.0	8.0	5.5	6.5	
									
Marketing/		7.5	6.5	4.0	8.1	6.3	3.1	8.8	
advertising spending		5.0	3.5	2.0	5.0	4.0	2.0	3.0	
									
Technology spending		5.6	4.6	5.1	7.7	6.7	3.0	15.2	
		5.0	2.5	5.0	5.0	4.0	2.0	8.0	
									
Number of domestic		4.7	2.6	3.8	7.8	6.4	2.4	4.9	
full-time employees		3.0	0.0	2.5	3.0	4.0	2.0	2.0	
									
Wages/Salaries		4.6	4.4	4.3	5.2	4.5	3.6	2.9	
		3.0	3.0	3.0	3.0	3.0	3.0	3.0	
									
Capital spending		7.2	1.4	1.2	6.0	2.3	1.5	5.2	
		5.0	0.0	1.0	3.0	0.0	1.0	5.0	
									
Research and		4.0	3.5	2.6	4.1	5.7	1.9	4.3	
development
spending		1.5	0.0	0.0	0.0	0.0	0.0	2.5	
									
Prices of your products		3.3	2.1	2.7	2.5	2.6	2.3	1.1	
		3.0	1.5	2.0	3.0	3.0	2.0	1.0	

31 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=355		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	
																
Earnings		8.7		9.9	10.7	24.0	4.7	20.3	3.0	16.2	9.4	7.2	5.5	6.3	8.4	
		7.0		8.6	10.0	17.5	7.0	20.9	2.0	1.9	10.0	7.0	10.0	3.0	9.3	
																
Revenue		8.1		7.5	7.6	8.5	3.5	18.5	4.3	15.5	8.8	8.3	15.0	3.8	7.5	
		6.0		6.0	8.1	9.0	3.1	20.3	4.2	6.1	10.0	6.0	20.0	5.0	5.0	
																
Capital spending		5.8		0.6	7.4	3.4	9.8	4.2	7.5	10.8	8.0	6.8	13.6	0.0	0.7	
		3.0		0.0	5.0	3.6	7.8	26.4	0.0	-3.1	13.8	2.2	21.7	2.0	2.0	
																
Technology spending		5.3		3.7	6.8	2.9	3.6	-1.5	3.2	14.3	5.0	7.2	14.9	1.8	4.6	
		5.0		1.8	5.0	2.1	3.0	2.6	5.0	7.9	5.0	3.6	25.9	2.0	3.0	
																
Research and		4.0		3.2	8.9	0.0	0.6	1.6	2.9	13.0	5.9	2.8	7.2	5.1	0.0	
development
spending		2.0		0.0	5.0	0.0	0.8	0.0	4.4	6.5	6.5	0.0	6.9	2.9	0.0	
																
Marketing/		3.8		2.8	10.2	2.4	0.4	4.9	1.4	5.3	5.6	0.3	3.1	0.8	3.6	
advertising spending		2.0		2.6	10.0	5.8	0.0	0.0	2.0	7.6	5.0	2.0	5.0	1.0	2.1	
																
Prices of your products		3.0		2.4	3.4	4.8	1.4	7.4	1.2	10.7	0.3	3.8	3.5	2.3	1.2	
		2.0		2.0	3.0	5.0	2.0	11.0	3.0	4.9	0.0	1.8	4.1	3.0	2.0	

32 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=355		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	
															
Earnings		9.2	8.7	6.9	7.7	8.6	12.3	7.2		8.6	8.8	7.3	2.0	1.4	
		3.0	5.0	5.0	3.0	6.5	11.0	6.5		6.9	10.0	5.0	3.9	4.4	
															
Revenue		10.5	7.3	5.9	6.1	8.2	9.3	8.0		8.1	12.2	7.7	2.2	4.0	
		7.5	6.0	5.0	5.0	6.0	10.0	6.0		6.0	11.2	5.0	2.6	4.4	
															
Capital spending		5.2	4.9	0.1	2.2	8.9	1.4	4.3		4.1	3.8	8.1	7.2	19.9	
		0.0	5.0	0.5	2.5	5.0	3.5	3.0		3.0	3.1	5.0	5.0	18.6	
															
Technology spending		7.4	4.6	4.7	5.4	5.0	7.4	5.0		3.4	1.0	8.1	0.1	4.6	
		5.0	2.0	4.0	3.0	5.0	7.5	3.0		3.0	0.0	5.0	1.0	5.0	
															
Research and		5.2	1.8	3.5	-0.2	3.2	4.2	5.5		3.4	1.7	3.4	0.1	4.2	
development
spending		0.0	0.0	0.0	0.0	1.0	3.0	4.5		2.0	3.9	0.0	0.9	6.9	
															
Marketing/		8.6	4.2	5.9	7.0	4.0	1.7	3.6		3.5	4.0	3.1	0.1	1.3	
advertising spending		5.0	3.0	2.0	5.0	2.0	2.0	3.0		2.5	3.0	0.0	0.9	2.0	
															
Prices of your products		3.0	2.6	2.2	2.0	2.7	2.8	4.2		4.2	9.8	1.9	0.4	2.6	
		3.0	2.0	2.0	3.0	2.0	2.0	2.5		2.0	8.0	2.0	0.6	3.0	

33 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=355		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%	
														
Earnings		7.3	10.8	8.1	6.3	17.2	6.7	8.0		6.2	9.3	7.0	13.6	
		5.0	5.0	10.0	5.9	3.8	6.5	8.0		5.0	5.0	9.0	13.1	
														
Revenue		10.1	6.9	11.9	6.3	6.5	9.6	7.1		7.2	8.1	7.8	10.4	
		10.0	6.0	13.0	5.0	4.3	6.0	6.0		5.0	6.0	10.0	12.8	
														
Capital spending		6.7	2.3	3.9	16.1	16.4	5.3	4.3		9.9	5.8	4.2	0.2	
		5.0	2.0	0.0	10.0	10.0	1.1	5.0		6.7	3.0	1.5	0.0	
														
Technology spending		9.2	6.9	9.4	11.3	3.3	3.4	5.3		5.6	5.8	4.3	3.8	
		8.0	5.0	5.0	5.0	5.0	5.0	4.0		2.0	5.0	5.0	3.0	
														
Research and		4.5	2.6	3.9	2.5	0.0	1.5	4.7		2.9	3.4	3.3	6.9	
development
spending		0.0	0.0	0.0	0.0	0.0	1.9	4.0		0.0	2.0	0.0	7.2	
														
Marketing/		8.7	10.2	4.9	3.5	-0.9	0.9	3.1		2.9	3.2	4.0	7.1	
advertising spending		5.0	9.4	5.0	0.6	0.0	2.0	3.0		0.0	2.0	3.6	3.6	
														
Prices of your products		4.2	2.9	2.2	0.1	4.8	3.0	3.7		2.2	3.7	2.2	3.9	
		4.1	3.0	2.0	2.0	6.7	3.0	2.0		2.0	2.0	1.8	4.0	

34 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=355		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
									
Earnings		11.9	4.8	11.7	9.9	8.5	5.7	3.1	
		5.0	5.0	10.0	10.0	10.0	4.9	5.4	
									
Revenue		8.1	5.3	12.1	9.6	10.3	5.8	5.2	
		5.0	5.0	15.0	10.0	11.1	5.0	8.0	
									
Capital spending		4.6	0.8	1.5	8.3	5.0	9.6	26.7	
		5.0	0.0	0.0	10.0	0.0	1.0	5.0	
									
Technology spending		3.6	3.0	4.4	5.7	9.3	1.7	21.3	
		2.6	3.0	5.0	5.5	7.0	0.0	5.0	
									
Research and		3.6	1.3	3.2	7.2	5.1	3.4	2.5	
development
spending		0.0	0.0	0.0	5.0	0.0	4.4	5.0	
									
Marketing/		3.8	2.2	0.1	9.0	3.0	2.0	1.6	
advertising spending		1.0	0.0	2.0	5.0	5.0	2.4	2.5	
									
Prices of your products		4.6	0.6	5.2	2.9	2.7	3.0	0.2	
		2.0	0.0	3.0	3.0	3.0	3.7	1.0	

35 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=302		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	
																
Health care		6.8		7.1	6.5	11.1	6.6	1.7	6.7	2.7	7.9	7.8	5.6	6.8	6.7	
costs		5.0		6.0	5.0	13.2	7.7	3.2	8.0	4.0	6.0	7.0	5.0	7.4	6.0	
																
Wages/		3.9		3.3	3.1	3.7	4.1	2.9	5.7	5.5	6.1	3.2	3.2	0.7	4.4	
Salaries		3.0		3.0	3.0	3.0	2.7	3.0	4.0	4.0	3.5	3.0	3.0	2.0	4.0	
																
Number of		3.5		2.2	4.0	15.3	3.9	19.9	3.5	4.2	11.9	0.9	5.0	-0.3	1.4	
domestic full-
time
employees		1.0		2.8	2.8	18.9	6.0	16.8	2.1	9.5	8.7	0.0	0.7	1.4	0.0	

36 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=302		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	
															
Health care		8.8	6.9	7.5	7.1	5.8	4.8	5.1		5.5	0.8	7.4	7.2	7.3	
costs		8.0	6.1	8.0	7.8	5.0	5.0	5.0		5.4	1.6	5.0	8.6	8.0	
															
Wages/		5.6	3.6	4.3	4.6	3.0	2.8	2.7		2.6	2.9	4.7	2.5	3.6	
Salaries		3.5	3.0	3.0	5.0	3.0	2.5	3.0		2.7	3.0	3.0	3.0	3.0	
															
Number of		5.1	4.6	3.7	1.5	1.8	0.4	3.6		2.0	0.9	4.5	0.7	2.0	
domestic full-
time
employees		1.0	3.0	2.0	1.6	2.0	3.0	1.0		0.0	3.6	2.0	0.8	2.0	

37 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=302		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%	
														
Health care		8.8	7.7	7.6	5.4	3.7	5.3	5.2		7.5	6.8	4.9	3.7	
costs		8.0	6.0	8.5	5.0	5.0	5.0	5.0		6.3	6.0	5.0	3.7	
														
Wages/		5.5	4.0	4.1	3.7	2.8	3.4	2.5		4.2	4.1	3.2	4.0	
Salaries		3.0	3.0	3.0	3.0	3.0	3.0	2.3		3.0	3.0	2.0	4.3	
														
Number of		5.0	4.4	4.0	3.3	4.2	2.0	1.9		4.1	3.5	3.5	0.0	
domestic full-
time
employees		1.0	2.0	3.0	2.0	4.0	1.0	0.5		2.0	2.0	1.0	0.0	

38 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=302		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
									
Health care		7.1	6.8	6.0	7.4	7.5	5.9	6.6	
costs		6.2	5.0	5.6	6.7	8.0	5.0	6.0	
									
Wages/		4.2	4.1	4.5	4.1	3.7	2.7	2.2	
Salaries		3.0	3.0	3.2	3.0	3.0	2.2	2.7	
									
Number of		3.5	1.2	2.7	11.0	5.5	2.4	1.3	
domestic full-
time
employees		1.2	0.0	2.0	14.4	4.0	3.0	0.0	

39 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=173		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	
																
Earnings		8.6		8.9	7.3	---	5.3	20.0	3.2	---	6.0	8.0	-3.0	---	6.4	
		7.4		9.9	8.0	---	10.0	27.5	5.1	---	5.5	8.5	0.4	---	8.0	
																
Revenue		8.4		7.9	7.3	---	3.7	18.3	6.2	---	-10.0	8.7	2.5	---	4.5	
		6.0		9.9	8.0	---	4.5	20.0	8.1	---	0.0	9.7	0.4	---	5.0	

40 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=173		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	
															
Earnings		---	5.0	5.8	3.0	11.0	10.7	6.2		8.6	8.8	---	---	---	
		---	0.0	5.5	8.0	8.0	13.5	6.0		6.9	10.0	---	---	---	
															
Revenue		---	6.5	2.2	4.5	9.4	9.0	7.8		8.1	12.2	---	---	---	
		---	0.0	5.0	6.0	12.5	10.5	6.0		6.0	11.2	---	---	---	

41 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=173		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%	
														
Earnings		---	4.0	10.0	7.2	47.7	7.3	6.9		3.2	10.4	5.7	5.9	
		---	5.0	6.5	9.0	31.2	8.1	7.0		6.6	8.0	6.0	5.0	
														
Revenue		---	3.6	9.6	2.9	14.5	15.2	6.0		5.2	9.6	6.6	5.4	
		---	5.0	7.6	4.0	10.3	19.7	6.0		8.6	6.0	7.5	5.0	

42 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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=173		Where are you personally located?	
Mean
Median		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
									
Earnings		10.9	5.4	11.1	7.6	10.0	5.5	6.0	
		5.0	5.5	9.9	9.0	7.5	6.7	7.0	
									
Revenue		9.5	5.2	10.0	9.4	10.0	4.8	8.0	
		11.5	6.0	9.8	7.5	6.5	6.7	7.0	

43 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Build a wall along the Mexican border	
																
Yes		126		17	19	4	5	2	18	3	9	19	12	4	13	
		36.1%		47.2%	42.2%	36.4%	41.7%	50.0%	25.7%	75.0%	36.0%	32.2%	44.4%	36.4%	31.7%	
				f					ag	f						
																
No		223		19	26	7	7	2	52	1	16	40	15	7	28	
		63.9%		52.8%	57.8%	63.6%	58.3%	50.0%	74.3%	25.0%	64.0%	67.8%	55.6%	63.6%	68.3%	
				f					ag	f						
																
Total		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Replace the leadership at the Federal Reserve	
																
Yes		112		16	17	3	3	2	20	2	8	21	8	3	7	
		31.8%		44.4%	37.0%	27.3%	27.3%	50.0%	28.2%	50.0%	29.6%	35.0%	29.6%	27.3%	17.5%	
				l	l										ab	
																
No		240		20	29	8	8	2	51	2	19	39	19	8	33	
		68.2%		55.6%	63.0%	72.7%	72.7%	50.0%	71.8%	50.0%	70.4%	65.0%	70.4%	72.7%	82.5%	
				l	l										ab	

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

44 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Build a wall along the Mexican border	
															
Yes		48	28	24	7	9	3	5		12	2	90	2	12	
		35.6%	39.4%	35.3%	33.3%	36.0%	42.9%	35.7%		40.0%	28.6%	36.7%	20.0%	37.5%	
															
No		87	43	44	14	16	4	9		18	5	155	8	20	
		64.4%	60.6%	64.7%	66.7%	64.0%	57.1%	64.3%		60.0%	71.4%	63.3%	80.0%	62.5%	
															
Total		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Replace the leadership at the Federal Reserve	
															
Yes		42	25	22	8	7	1	5		7	3	84	2	6	
		30.7%	35.7%	31.4%	38.1%	28.0%	14.3%	35.7%		23.3%	42.9%	33.9%	20.0%	18.8%	
															
No		95	45	48	13	18	6	9		23	4	164	8	26	
		69.3%	64.3%	68.6%	61.9%	72.0%	85.7%	64.3%		76.7%	57.1%	66.1%	80.0%	81.3%	

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

45 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Build a wall along the Mexican border	
														
Yes		46	29	8	11	3	5	5		72	38	8	6	
		37.4%	38.7%	30.8%	32.4%	42.9%	38.5%	38.5%		42.4%	29.9%	22.9%	54.5%	
										bc	a	a		
														
No		77	46	18	23	4	8	8		98	89	27	5	
		62.6%	61.3%	69.2%	67.6%	57.1%	61.5%	61.5%		57.6%	70.1%	77.1%	45.5%	
										bc	a	a		
														
Total		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Replace the leadership at the Federal Reserve	
														
Yes		43	22	8	10	2	3	4		49	45	9	6	
		35.0%	28.9%	30.8%	30.3%	28.6%	23.1%	30.8%		28.8%	34.9%	25.7%	50.0%	
														
No		80	54	18	23	5	10	9		121	84	26	6	
		65.0%	71.1%	69.2%	69.7%	71.4%	76.9%	69.2%		71.2%	65.1%	74.3%	50.0%	

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

46 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Build a wall along the Mexican border	
									
Yes		37	16	32	16	13	5	6	
		38.1%	21.6%	59.3%	34.0%	36.1%	19.2%	50.0%	
		bc	aCg	aBdeF	c	c	C	b	
									
No		60	58	22	31	23	21	6	
		61.9%	78.4%	40.7%	66.0%	63.9%	80.8%	50.0%	
		bc	aCg	aBdeF	c	c	C	b	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Replace the leadership at the Federal Reserve	
									
Yes		26	20	32	20	4	5	4	
		26.5%	26.7%	58.2%	41.7%	11.4%	19.2%	33.3%	
		C	C	ABEF	E	CD	C		
									
No		72	55	23	28	31	21	8	
		73.5%	73.3%	41.8%	58.3%	88.6%	80.8%	66.7%	
		C	C	ABEF	E	CD	C		

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

47 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Continue seeking to restrict immigration from certain foreign nations	
																
Yes		205		30	29	6	10	2	30	3	13	38	14	7	21	
		58.1%		81.1%	64.4%	54.5%	76.9%	50.0%	42.9%	75.0%	48.1%	63.3%	51.9%	70.0%	51.2%	
				FHjL	f		f		Abdi		A	f	a		A	
																
No		148		7	16	5	3	2	40	1	14	22	13	3	20	
		41.9%		18.9%	35.6%	45.5%	23.1%	50.0%	57.1%	25.0%	51.9%	36.7%	48.1%	30.0%	48.8%	
				FHjL	f		f		Abdi		A	f	a		A	
																
Total		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Reduce H1-B visas (highly skilled worker) visas	
																
Yes		53		6	9	2	0	0	13	1	4	7	6	2	2	
		15.2%		16.7%	20.0%	18.2%	0.0%	0.0%	18.8%	25.0%	14.3%	11.9%	22.2%	20.0%	4.9%	
					l				l				l		bfj	
																
No		296		30	36	9	11	4	56	3	24	52	21	8	39	
		84.8%		83.3%	80.0%	81.8%	100.0%	100.0%	81.2%	75.0%	85.7%	88.1%	77.8%	80.0%	95.1%	
					l				l				l		bfj	

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

48 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Continue seeking to restrict immigration from certain foreign nations	
															
Yes		77	44	46	12	13	3	8		19	3	149	3	17	
		55.4%	61.1%	66.7%	60.0%	52.0%	50.0%	57.1%		63.3%	42.9%	59.6%	33.3%	53.1%	
															
No		62	28	23	8	12	3	6		11	4	101	6	15	
		44.6%	38.9%	33.3%	40.0%	48.0%	50.0%	42.9%		36.7%	57.1%	40.4%	66.7%	46.9%	
															
Total		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Reduce H1-B visas (highly skilled worker) visas	
															
Yes		22	10	8	3	4	0	4		5	1	40	0	4	
		16.3%	14.3%	11.6%	14.3%	16.0%	0.0%	28.6%		16.7%	14.3%	16.3%	0.0%	12.5%	
															
No		113	60	61	18	21	7	10		25	6	206	9	28	
		83.7%	85.7%	88.4%	85.7%	84.0%	100.0%	71.4%		83.3%	85.7%	83.7%	100.0%	87.5%	

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

49 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Continue seeking to restrict immigration from certain foreign nations	
														
Yes		72	50	15	17	4	6	8		109	68	14	10	
		57.6%	64.1%	60.0%	53.1%	57.1%	46.2%	61.5%		63.4%	52.7%	41.2%	83.3%	
										c	d	ad	bc	
														
No		53	28	10	15	3	7	5		63	61	20	2	
		42.4%	35.9%	40.0%	46.9%	42.9%	53.8%	38.5%		36.6%	47.3%	58.8%	16.7%	
										c	d	ad	bc	
														
Total		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Reduce H1-B visas (highly skilled worker) visas	
														
Yes		22	6	9	4	0	0	4		23	19	4	4	
		18.0%	7.9%	36.0%	12.1%	0.0%	0.0%	30.8%		13.9%	14.6%	11.4%	33.3%	
		bc	aCg	aBdf	c		cg	bf						
														
No		100	70	16	29	7	13	9		143	111	31	8	
		82.0%	92.1%	64.0%	87.9%	100.0%	100.0%	69.2%		86.1%	85.4%	88.6%	66.7%	
		bc	aCg	aBdf	c		cg	bf						

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

50 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Continue seeking to restrict immigration from certain foreign nations	
									
Yes		60	34	41	28	17	17	7	
		61.2%	45.9%	74.5%	58.3%	47.2%	63.0%	58.3%	
		b	aC	BE		C			
									
No		38	40	14	20	19	10	5	
		38.8%	54.1%	25.5%	41.7%	52.8%	37.0%	41.7%	
		b	aC	BE		C			
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Reduce H1-B visas (highly skilled worker) visas	
									
Yes		14	8	12	9	4	3	2	
		14.4%	10.7%	22.2%	20.0%	11.1%	11.1%	16.7%	
									
No		83	67	42	36	32	24	10	
		85.6%	89.3%	77.8%	80.0%	88.9%	88.9%	83.3%	

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

51 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Stick to prepared remarks during public speeches	
																
Yes		247		18	34	6	10	4	49	2	19	44	20	10	28	
		70.2%		50.0%	73.9%	54.5%	71.4%	100.0%	72.1%	50.0%	73.1%	72.1%	74.1%	90.9%	70.0%	
				bfik	a				a			a		a		
																
No		105		18	12	5	4	0	19	2	7	17	7	1	12	
		29.8%		50.0%	26.1%	45.5%	28.6%	0.0%	27.9%	50.0%	26.9%	27.9%	25.9%	9.1%	30.0%	
				bfik	a				a			a		a		
																
Total		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Stop using Twitter	
																
Yes		234		16	32	6	8	3	48	1	18	42	19	8	30	
		66.7%		45.7%	69.6%	54.5%	61.5%	75.0%	68.6%	25.0%	72.0%	68.9%	70.4%	72.7%	75.0%	
				bfhil	a				a	l	a	a			ag	
																
No		117		19	14	5	5	1	22	3	7	19	8	3	10	
		33.3%		54.3%	30.4%	45.5%	38.5%	25.0%	31.4%	75.0%	28.0%	31.1%	29.6%	27.3%	25.0%	
				bfhil	a				a	l	a	a			ag	

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

52 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Stick to prepared remarks during public speeches	
															
Yes		98	47	49	12	19	5	10		23	5	170	9	24	
		72.1%	65.3%	72.1%	57.1%	76.0%	62.5%	71.4%		74.2%	71.4%	68.5%	90.0%	77.4%	
															
No		38	25	19	9	6	3	4		8	2	78	1	7	
		27.9%	34.7%	27.9%	42.9%	24.0%	37.5%	28.6%		25.8%	28.6%	31.5%	10.0%	22.6%	
															
Total		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Stop using Twitter	
															
Yes		95	47	39	14	19	3	10		22	6	157	8	24	
		69.3%	65.3%	58.2%	66.7%	76.0%	42.9%	71.4%		73.3%	85.7%	63.3%	80.0%	77.4%	
															
No		42	25	28	7	6	4	4		8	1	91	2	7	
		30.7%	34.7%	41.8%	33.3%	24.0%	57.1%	28.6%		26.7%	14.3%	36.7%	20.0%	22.6%	

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

53 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Stick to prepared remarks during public speeches	
														
Yes		90	53	17	23	5	11	10		111	95	30	7	
		73.8%	67.9%	65.4%	67.6%	71.4%	84.6%	71.4%		65.3%	73.1%	85.7%	63.6%	
										c		a		
														
No		32	25	9	11	2	2	4		59	35	5	4	
		26.2%	32.1%	34.6%	32.4%	28.6%	15.4%	28.6%		34.7%	26.9%	14.3%	36.4%	
										c		a		
														
Total		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Stop using Twitter	
														
Yes		82	49	17	25	5	10	8		111	86	26	6	
		66.1%	64.5%	65.4%	73.5%	71.4%	76.9%	61.5%		65.3%	66.7%	74.3%	54.5%	
														
No		42	27	9	9	2	3	5		59	43	9	5	
		33.9%	35.5%	34.6%	26.5%	28.6%	23.1%	38.5%		34.7%	33.3%	25.7%	45.5%	

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

54 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q5.  For the good of the U.S. business community, should President Trump:

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Stick to prepared remarks during public speeches	
									
Yes		63	59	37	32	25	21	7	
		63.6%	78.7%	67.3%	71.1%	69.4%	77.8%	58.3%	
		b	a						
									
No		36	16	18	13	11	6	5	
		36.4%	21.3%	32.7%	28.9%	30.6%	22.2%	41.7%	
		b	a						
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Stop using Twitter	
									
Yes		65	51	30	36	21	21	7	
		66.3%	68.0%	54.5%	78.3%	58.3%	80.8%	58.3%	
				df	c		c		
									
No		33	24	25	10	15	5	5	
		33.7%	32.0%	45.5%	21.7%	41.7%	19.2%	41.7%	
				df	c		c		

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

55 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Reduce corporate income tax rate to 20%	
																
-2=Very bad		2		0	0	1	0	0	1	0	0	0	0	0	0	
		0.6%		0.0%	0.0%	9.1%	0.0%	0.0%	1.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					c	bi						c				
																
-1=Bad		7		0	1	0	0	0	3	0	0	2	0	0	1	
		2.0%		0.0%	2.2%	0.0%	0.0%	0.0%	4.3%	0.0%	0.0%	3.1%	0.0%	0.0%	2.6%	
																
0=Neutral		35		2	2	1	0	1	4	0	5	8	4	1	7	
		9.8%		5.4%	4.3%	9.1%	0.0%	25.0%	5.7%	0.0%	17.9%	12.5%	14.8%	9.1%	17.9%	
					l				l						bf	
																
1=Good		95		9	14	2	5	1	24	1	4	14	6	4	11	
		26.5%		24.3%	30.4%	18.2%	35.7%	25.0%	34.3%	25.0%	14.3%	21.9%	22.2%	36.4%	28.2%	
																
2=Very good		213		25	29	7	9	2	37	3	19	39	16	6	18	
		59.5%		67.6%	63.0%	63.6%	64.3%	50.0%	52.9%	75.0%	67.9%	60.9%	59.3%	54.5%	46.2%	
																
6=DK		6		1	0	0	0	0	1	0	0	1	1	0	2	
		1.7%		2.7%	0.0%	0.0%	0.0%	0.0%	1.4%	0.0%	0.0%	1.6%	3.7%	0.0%	5.1%	

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

56 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Reduce corporate income tax rate to 20%	
															
-2=Very bad		1	1	0	0	0	0	0		0	0	2	0	0	
		0.7%	1.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.8%	0.0%	0.0%	
															
-1=Bad		5	1	0	0	0	0	1		1	0	4	0	1	
		3.6%	1.3%	0.0%	0.0%	0.0%	0.0%	7.1%		3.2%	0.0%	1.6%	0.0%	3.1%	
				g				c							
															
0=Neutral		17	8	6	1	1	0	1		3	0	25	1	5	
		12.2%	10.7%	8.6%	5.0%	4.0%	0.0%	7.1%		9.7%	0.0%	9.8%	10.0%	15.6%	
															
1=Good		45	20	17	4	3	4	2		4	1	69	1	13	
		32.4%	26.7%	24.3%	20.0%	12.0%	50.0%	14.3%		12.9%	14.3%	27.1%	10.0%	40.6%	
		e				af	e			e				a	
															
2=Very good		70	41	47	15	20	4	10		22	6	152	7	12	
		50.4%	54.7%	67.1%	75.0%	80.0%	50.0%	71.4%		71.0%	85.7%	59.6%	70.0%	37.5%	
		cdE	e	a	a	Ab				E	e	e		Abc	
															
6=DK		1	4	0	0	1	0	0		1	0	3	1	1	
		0.7%	5.3%	0.0%	0.0%	4.0%	0.0%	0.0%		3.2%	0.0%	1.2%	10.0%	3.1%	
		b	a									d	c		

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

57 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Reduce corporate income tax rate to 20%	
														
-2=Very bad		1	0	0	0	0	0	0		2	0	0	0	
		0.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		1.2%	0.0%	0.0%	0.0%	
														
-1=Bad		3	1	0	0	0	0	0		3	3	0	1	
		2.4%	1.3%	0.0%	0.0%	0.0%	0.0%	0.0%		1.7%	2.2%	0.0%	8.3%	
														
0=Neutral		10	11	2	4	0	2	1		13	17	4	1	
		7.9%	13.8%	7.7%	11.8%	0.0%	15.4%	7.1%		7.6%	12.7%	11.8%	8.3%	
														
1=Good		38	22	4	11	2	4	3		61	27	7	0	
		30.2%	27.5%	15.4%	32.4%	33.3%	30.8%	21.4%		35.5%	20.1%	20.6%	0.0%	
										Bd	A		a	
														
2=Very good		72	44	20	18	4	6	10		89	86	22	10	
		57.1%	55.0%	76.9%	52.9%	66.7%	46.2%	71.4%		51.7%	64.2%	64.7%	83.3%	
			c	b						bd	a		a	
														
6=DK		2	2	0	1	0	1	0		4	1	1	0	
		1.6%	2.5%	0.0%	2.9%	0.0%	7.7%	0.0%		2.3%	0.7%	2.9%	0.0%	

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

58 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Reduce corporate income tax rate to 20%	
									
-2=Very bad		1	0	0	0	0	1	0	
		1.0%	0.0%	0.0%	0.0%	0.0%	3.8%	0.0%	
									
-1=Bad		4	0	0	3	0	0	0	
		3.8%	0.0%	0.0%	6.1%	0.0%	0.0%	0.0%	
			d		b				
									
0=Neutral		12	8	5	6	0	3	1	
		11.5%	10.7%	9.3%	12.2%	0.0%	11.5%	8.3%	
		e	e		e	abdf	e		
									
1=Good		29	17	14	10	14	8	3	
		27.9%	22.7%	25.9%	20.4%	38.9%	30.8%	25.0%	
									
2=Very good		58	49	34	30	19	13	8	
		55.8%	65.3%	63.0%	61.2%	52.8%	50.0%	66.7%	
									
6=DK		0	1	1	0	3	1	0	
		0.0%	1.3%	1.9%	0.0%	8.3%	3.8%	0.0%	
		Ef			e	Ad	a		

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

59 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Ease repatriation of foreign profits	
																
-2=Very bad		2		0	0	1	0	0	1	0	0	0	0	0	0	
		0.6%		0.0%	0.0%	9.1%	0.0%	0.0%	1.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
					c	bi						c				
																
-1=Bad		14		1	1	0	1	0	4	0	0	3	3	0	1	
		3.9%		2.7%	2.2%	0.0%	7.1%	0.0%	5.7%	0.0%	0.0%	4.7%	11.1%	0.0%	2.5%	
																
0=Neutral		60		8	9	1	0	1	11	0	4	13	3	3	7	
		16.8%		21.6%	20.0%	9.1%	0.0%	25.0%	15.7%	0.0%	14.3%	20.3%	11.1%	27.3%	17.5%	
							k							d		
																
1=Good		98		7	10	4	2	3	17	1	7	16	12	3	15	
		27.4%		18.9%	22.2%	36.4%	14.3%	75.0%	24.3%	25.0%	25.0%	25.0%	44.4%	27.3%	37.5%	
				ej	e		e	abdfi	e			e	a			
																
2=Very good		170		20	25	5	7	0	35	3	17	29	8	5	14	
		47.5%		54.1%	55.6%	45.5%	50.0%	0.0%	50.0%	75.0%	60.7%	45.3%	29.6%	45.5%	35.0%	
				e	ej			abh			ejl		bh		h	
																
6=DK		14		1	0	0	4	0	2	0	0	3	1	0	3	
		3.9%		2.7%	0.0%	0.0%	28.6%	0.0%	2.9%	0.0%	0.0%	4.7%	3.7%	0.0%	7.5%	
				D	D		ABFHIjl		D		D	D	d		d	

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

60 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Ease repatriation of foreign profits	
															
-2=Very bad		1	1	0	0	0	0	0		0	0	2	0	0	
		0.7%	1.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.8%	0.0%	0.0%	
															
-1=Bad		8	6	0	0	0	0	0		0	2	7	0	3	
		5.8%	8.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	28.6%	2.7%	0.0%	9.4%	
		c	c	ab						B	AC	B			
															
0=Neutral		28	11	13	3	2	1	1		4	1	46	2	2	
		20.1%	14.7%	18.6%	15.0%	8.0%	12.5%	7.1%		12.9%	14.3%	18.0%	20.0%	6.3%	
															
1=Good		44	20	17	4	6	3	3		6	0	66	4	14	
		31.7%	26.7%	24.3%	20.0%	24.0%	37.5%	21.4%		19.4%	0.0%	25.9%	40.0%	43.8%	
										e	e	e		abc	
															
2=Very good		51	31	39	13	17	4	10		21	4	125	3	9	
		36.7%	41.3%	55.7%	65.0%	68.0%	50.0%	71.4%		67.7%	57.1%	49.0%	30.0%	28.1%	
		CdEg	eg	A	a	Ab		ab		cdE		ae	a	Ac	
															
6=DK		7	6	1	0	0	0	0		0	0	9	1	4	
		5.0%	8.0%	1.4%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	3.5%	10.0%	12.5%	
										e		e		ac	

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

61 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Ease repatriation of foreign profits	
														
-2=Very bad		1	0	0	0	0	0	0		2	0	0	0	
		0.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		1.2%	0.0%	0.0%	0.0%	
														
-1=Bad		7	5	0	0	0	0	0		9	4	0	1	
		5.6%	6.3%	0.0%	0.0%	0.0%	0.0%	0.0%		5.3%	3.0%	0.0%	8.3%	
														
0=Neutral		25	14	3	8	0	2	1		31	20	7	1	
		19.8%	17.5%	11.5%	23.5%	0.0%	15.4%	7.1%		18.1%	14.9%	20.0%	8.3%	
														
1=Good		30	19	9	8	4	2	3		52	35	7	2	
		23.8%	23.8%	34.6%	23.5%	66.7%	15.4%	21.4%		30.4%	26.1%	20.0%	16.7%	
		e	e		e	abdf	e							
														
2=Very good		56	37	14	16	2	9	10		67	73	19	8	
		44.4%	46.3%	53.8%	47.1%	33.3%	69.2%	71.4%		39.2%	54.5%	54.3%	66.7%	
										B	A			
														
6=DK		7	5	0	2	0	0	0		10	2	2	0	
		5.6%	6.3%	0.0%	5.9%	0.0%	0.0%	0.0%		5.8%	1.5%	5.7%	0.0%	

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

62 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Ease repatriation of foreign profits	
									
-2=Very bad		1	0	0	0	0	1	0	
		1.0%	0.0%	0.0%	0.0%	0.0%	3.7%	0.0%	
									
-1=Bad		5	2	1	3	2	1	0	
		4.8%	2.7%	1.9%	6.1%	5.7%	3.7%	0.0%	
									
0=Neutral		19	16	11	6	2	4	2	
		18.3%	21.3%	20.4%	12.2%	5.7%	14.8%	16.7%	
			e			b			
									
1=Good		27	19	10	17	10	10	4	
		26.0%	25.3%	18.5%	34.7%	28.6%	37.0%	33.3%	
									
2=Very good		49	37	30	21	16	10	6	
		47.1%	49.3%	55.6%	42.9%	45.7%	37.0%	50.0%	
									
6=DK		3	1	2	2	5	1	0	
		2.9%	1.3%	3.7%	4.1%	14.3%	3.7%	0.0%	
		e	E			aB			

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

63 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Immediate deduction for new investment	
																
-2=Very bad		3		0	1	0	1	0	0	0	0	0	0	0	1	
		0.8%		0.0%	2.2%	0.0%	7.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.5%	
							fi		d			d				
																
-1=Bad		13		2	2	0	2	0	1	0	0	2	1	1	2	
		3.7%		5.4%	4.3%	0.0%	14.3%	0.0%	1.5%	0.0%	0.0%	3.2%	3.7%	9.1%	5.0%	
							fh		d		d					
																
0=Neutral		66		4	12	4	2	0	15	0	4	9	3	3	10	
		18.6%		10.8%	26.1%	36.4%	14.3%	0.0%	22.1%	0.0%	14.3%	14.3%	11.1%	27.3%	25.0%	
																
1=Good		130		13	19	3	2	3	23	1	11	24	18	1	12	
		36.6%		35.1%	41.3%	27.3%	14.3%	75.0%	33.8%	25.0%	39.3%	38.1%	66.7%	9.1%	30.0%	
				j	jk	j	eJ	dk	J		j	j	abcDFhiKL	beJ	J	
																
2=Very good		136		17	11	4	7	1	27	3	13	27	5	6	13	
		38.3%		45.9%	23.9%	36.4%	50.0%	25.0%	39.7%	75.0%	46.4%	42.9%	18.5%	54.5%	32.5%	
				bj	aghi		j			bj	bj	bj	adghik	j		
																
6=DK		7		1	1	0	0	0	2	0	0	1	0	0	2	
		2.0%		2.7%	2.2%	0.0%	0.0%	0.0%	2.9%	0.0%	0.0%	1.6%	0.0%	0.0%	5.0%	

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

64 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Immediate deduction for new investment	
															
-2=Very bad		2	0	0	1	0	0	0		0	0	3	0	0	
		1.4%	0.0%	0.0%	5.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.2%	0.0%	0.0%	
															
-1=Bad		4	4	0	2	1	1	1		2	0	3	0	3	
		2.9%	5.3%	0.0%	10.0%	4.2%	14.3%	7.1%		6.7%	0.0%	1.2%	0.0%	9.4%	
				DFg	C		C	c		c		aE		C	
															
0=Neutral		29	18	13	2	2	1	0		1	0	49	2	10	
		20.9%	24.0%	18.6%	10.0%	8.3%	14.3%	0.0%		3.3%	0.0%	19.4%	20.0%	31.3%	
			g					b		cE		a		A	
															
1=Good		51	29	23	7	9	3	5		13	4	95	2	11	
		36.7%	38.7%	32.9%	35.0%	37.5%	42.9%	35.7%		43.3%	57.1%	37.5%	20.0%	34.4%	
															
2=Very good		49	22	34	7	12	2	8		14	3	99	5	7	
		35.3%	29.3%	48.6%	35.0%	50.0%	28.6%	57.1%		46.7%	42.9%	39.1%	50.0%	21.9%	
			cg	b				b		e				a	
															
6=DK		4	2	0	1	0	0	0		0	0	4	1	1	
		2.9%	2.7%	0.0%	5.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.6%	10.0%	3.1%	

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

65 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Immediate deduction for new investment	
														
-2=Very bad		1	0	0	1	0	0	0		2	1	0	0	
		0.8%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%		1.2%	0.8%	0.0%	0.0%	
														
-1=Bad		3	3	0	2	0	0	0		7	5	1	0	
		2.4%	3.8%	0.0%	5.9%	0.0%	0.0%	0.0%		4.1%	3.8%	2.9%	0.0%	
														
0=Neutral		23	18	5	6	1	2	0		42	17	5	2	
		18.4%	22.5%	19.2%	17.6%	16.7%	15.4%	0.0%		24.4%	13.0%	14.3%	16.7%	
										b	a			
														
1=Good		46	31	9	12	2	4	6		62	44	14	7	
		36.8%	38.8%	34.6%	35.3%	33.3%	30.8%	46.2%		36.0%	33.6%	40.0%	58.3%	
														
2=Very good		48	27	11	12	3	7	7		55	62	14	3	
		38.4%	33.8%	42.3%	35.3%	50.0%	53.8%	53.8%		32.0%	47.3%	40.0%	25.0%	
										B	A			
														
6=DK		4	1	1	1	0	0	0		4	2	1	0	
		3.2%	1.3%	3.8%	2.9%	0.0%	0.0%	0.0%		2.3%	1.5%	2.9%	0.0%	

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

66 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Immediate deduction for new investment	
									
-2=Very bad		1	0	0	2	0	0	0	
		1.0%	0.0%	0.0%	4.1%	0.0%	0.0%	0.0%	
									
-1=Bad		3	1	4	3	2	0	0	
		2.9%	1.4%	7.4%	6.1%	5.7%	0.0%	0.0%	
									
0=Neutral		15	14	9	14	8	4	2	
		14.6%	18.9%	16.7%	28.6%	22.9%	14.8%	16.7%	
		d			a				
									
1=Good		46	26	17	15	8	13	5	
		44.7%	35.1%	31.5%	30.6%	22.9%	48.1%	41.7%	
		e				af	e		
									
2=Very good		38	31	21	15	15	10	5	
		36.9%	41.9%	38.9%	30.6%	42.9%	37.0%	41.7%	
									
6=DK		0	2	3	0	2	0	0	
		0.0%	2.7%	5.6%	0.0%	5.7%	0.0%	0.0%	
		ce		a		a			

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

67 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Elimination of debt interest deduction	
																
-2=Very bad		49		4	5	2	3	0	10	0	2	11	2	3	7	
		13.7%		10.8%	10.9%	18.2%	23.1%	0.0%	14.3%	0.0%	7.1%	17.2%	7.4%	27.3%	17.5%	
																
-1=Bad		158		19	18	5	4	3	33	0	12	26	16	5	16	
		44.1%		51.4%	39.1%	45.5%	30.8%	75.0%	47.1%	0.0%	42.9%	40.6%	59.3%	45.5%	40.0%	
										j			g			
																
0=Neutral		93		7	14	3	3	0	13	2	11	20	8	1	11	
		26.0%		18.9%	30.4%	27.3%	23.1%	0.0%	18.6%	50.0%	39.3%	31.3%	29.6%	9.1%	27.5%	
									h		f					
																
1=Good		28		2	7	0	1	0	10	1	0	4	0	1	2	
		7.8%		5.4%	15.2%	0.0%	7.7%	0.0%	14.3%	25.0%	0.0%	6.3%	0.0%	9.1%	5.0%	
					hj				hj	hj	bfg		bfg			
																
2=Very good		15		3	0	0	0	1	3	1	2	1	0	1	1	
		4.2%		8.1%	0.0%	0.0%	0.0%	25.0%	4.3%	25.0%	7.1%	1.6%	0.0%	9.1%	2.5%	
					EGk			BIjl		BIjl		EG	eg	b	eg	
																
6=DK		15		2	2	1	2	0	1	0	1	2	1	0	3	
		4.2%		5.4%	4.3%	9.1%	15.4%	0.0%	1.4%	0.0%	3.6%	3.1%	3.7%	0.0%	7.5%	
							f		d							

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

68 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Elimination of debt interest deduction	
															
-2=Very bad		15	8	13	8	3	1	0		2	0	39	2	4	
		10.7%	10.7%	18.6%	40.0%	12.5%	12.5%	0.0%		6.5%	0.0%	15.3%	22.2%	12.5%	
		D	D	d	ABceg	d		d							
															
-1=Bad		66	38	27	6	10	2	8		14	3	117	2	11	
		47.1%	50.7%	38.6%	30.0%	41.7%	25.0%	57.1%		45.2%	42.9%	45.9%	22.2%	34.4%	
															
0=Neutral		29	20	23	5	6	5	3		11	3	62	3	10	
		20.7%	26.7%	32.9%	25.0%	25.0%	62.5%	21.4%		35.5%	42.9%	24.3%	33.3%	31.3%	
		F	f				Ab								
															
1=Good		17	3	2	1	3	0	2		2	0	15	0	5	
		12.1%	4.0%	2.9%	5.0%	12.5%	0.0%	14.3%		6.5%	0.0%	5.9%	0.0%	15.6%	
		c		a								e		c	
															
2=Very good		7	1	1	0	2	0	1		1	1	11	0	1	
		5.0%	1.3%	1.4%	0.0%	8.3%	0.0%	7.1%		3.2%	14.3%	4.3%	0.0%	3.1%	
															
6=DK		6	5	4	0	0	0	0		1	0	11	2	1	
		4.3%	6.7%	5.7%	0.0%	0.0%	0.0%	0.0%		3.2%	0.0%	4.3%	22.2%	3.1%	
												d	c		

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

69 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Elimination of debt interest deduction	
														
-2=Very bad		16	8	7	7	2	1	1		23	22	4	0	
		12.7%	10.0%	26.9%	20.6%	40.0%	7.7%	7.1%		13.5%	16.4%	11.4%	0.0%	
			ce	b		b								
														
-1=Bad		59	40	10	10	2	5	6		73	67	11	6	
		46.8%	50.0%	38.5%	29.4%	40.0%	38.5%	42.9%		42.7%	50.0%	31.4%	50.0%	
			d		b									
														
0=Neutral		25	24	7	14	1	4	5		44	32	13	1	
		19.8%	30.0%	26.9%	41.2%	20.0%	30.8%	35.7%		25.7%	23.9%	37.1%	8.3%	
		d			a									
														
1=Good		11	5	1	1	0	3	1		17	6	3	2	
		8.7%	6.3%	3.8%	2.9%	0.0%	23.1%	7.1%		9.9%	4.5%	8.6%	16.7%	
			f		f		bd							
														
2=Very good		8	1	0	0	0	0	1		4	4	2	3	
		6.3%	1.3%	0.0%	0.0%	0.0%	0.0%	7.1%		2.3%	3.0%	5.7%	25.0%	
										D	D		AB	
														
6=DK		7	2	1	2	0	0	0		10	3	2	0	
		5.6%	2.5%	3.8%	5.9%	0.0%	0.0%	0.0%		5.8%	2.2%	5.7%	0.0%	

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

70 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Elimination of debt interest deduction	
									
-2=Very bad		15	11	6	7	5	4	1	
		14.4%	14.7%	11.1%	14.3%	14.3%	14.8%	8.3%	
									
-1=Bad		44	32	22	23	14	16	7	
		42.3%	42.7%	40.7%	46.9%	40.0%	59.3%	58.3%	
									
0=Neutral		31	20	15	14	5	4	4	
		29.8%	26.7%	27.8%	28.6%	14.3%	14.8%	33.3%	
									
1=Good		7	6	5	3	4	3	0	
		6.7%	8.0%	9.3%	6.1%	11.4%	11.1%	0.0%	
									
2=Very good		2	4	3	2	2	0	0	
		1.9%	5.3%	5.6%	4.1%	5.7%	0.0%	0.0%	
									
6=DK		5	2	3	0	5	0	0	
		4.8%	2.7%	5.6%	0.0%	14.3%	0.0%	0.0%	
			e		E	bDf	e		

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

71 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Border tax (imported inputs not deductible)	
																
-2=Very bad		79		5	8	2	2	1	14	0	6	19	4	4	12	
		22.3%		13.5%	17.8%	18.2%	14.3%	25.0%	20.3%	0.0%	21.4%	29.7%	15.4%	36.4%	30.8%	
																
-1=Bad		115		15	14	3	3	0	21	1	9	19	15	2	13	
		32.4%		40.5%	31.1%	27.3%	21.4%	0.0%	30.4%	25.0%	32.1%	29.7%	57.7%	18.2%	33.3%	
					j		j	j	j			j	bdefik	j		
																
0=Neutral		83		7	13	3	4	3	18	1	7	14	2	3	8	
		23.4%		18.9%	28.9%	27.3%	28.6%	75.0%	26.1%	25.0%	25.0%	21.9%	7.7%	27.3%	20.5%	
				e	j			afiJl	e			e	bE		e	
																
1=Good		41		4	6	1	3	0	9	1	3	7	4	1	2	
		11.5%		10.8%	13.3%	9.1%	21.4%	0.0%	13.0%	25.0%	10.7%	10.9%	15.4%	9.1%	5.1%	
																
2=Very good		19		2	2	1	0	0	4	1	2	3	0	1	2	
		5.4%		5.4%	4.4%	9.1%	0.0%	0.0%	5.8%	25.0%	7.1%	4.7%	0.0%	9.1%	5.1%	
										j			g			
																
6=DK		18		4	2	1	2	0	3	0	1	2	1	0	2	
		5.1%		10.8%	4.4%	9.1%	14.3%	0.0%	4.3%	0.0%	3.6%	3.1%	3.8%	0.0%	5.1%	

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

72 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Border tax (imported inputs not deductible)	
															
-2=Very bad		24	16	18	6	4	3	3		5	2	57	2	7	
		17.4%	21.3%	26.1%	31.6%	16.0%	37.5%	21.4%		16.1%	28.6%	22.5%	20.0%	21.9%	
															
-1=Bad		48	26	18	8	11	1	3		9	2	82	4	11	
		34.8%	34.7%	26.1%	42.1%	44.0%	12.5%	21.4%		29.0%	28.6%	32.4%	40.0%	34.4%	
															
0=Neutral		27	18	20	4	6	3	5		11	1	54	3	10	
		19.6%	24.0%	29.0%	21.1%	24.0%	37.5%	35.7%		35.5%	14.3%	21.3%	30.0%	31.3%	
															
1=Good		21	5	8	1	2	1	2		6	1	29	0	1	
		15.2%	6.7%	11.6%	5.3%	8.0%	12.5%	14.3%		19.4%	14.3%	11.5%	0.0%	3.1%	
										e				a	
															
2=Very good		9	3	3	0	2	0	1		0	1	15	0	2	
		6.5%	4.0%	4.3%	0.0%	8.0%	0.0%	7.1%		0.0%	14.3%	5.9%	0.0%	6.3%	
										b	a				
															
6=DK		9	7	2	0	0	0	0		0	0	16	1	1	
		6.5%	9.3%	2.9%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	6.3%	10.0%	3.1%	

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

73 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Border tax (imported inputs not deductible)	
														
-2=Very bad		28	11	7	11	2	4	2		29	34	13	2	
		22.6%	13.9%	26.9%	32.4%	33.3%	30.8%	14.3%		17.1%	25.4%	39.4%	16.7%	
			d		b					C		A		
														
-1=Bad		36	27	9	9	2	4	3		51	48	12	3	
		29.0%	34.2%	34.6%	26.5%	33.3%	30.8%	21.4%		30.0%	35.8%	36.4%	25.0%	
														
0=Neutral		24	26	7	10	1	3	7		43	29	5	3	
		19.4%	32.9%	26.9%	29.4%	16.7%	23.1%	50.0%		25.3%	21.6%	15.2%	25.0%	
		bg	a					a						
														
1=Good		19	7	0	3	0	2	1		24	13	1	3	
		15.3%	8.9%	0.0%	8.8%	0.0%	15.4%	7.1%		14.1%	9.7%	3.0%	25.0%	
		c		af			c					d	c	
														
2=Very good		6	4	2	0	0	0	1		10	6	1	1	
		4.8%	5.1%	7.7%	0.0%	0.0%	0.0%	7.1%		5.9%	4.5%	3.0%	8.3%	
														
6=DK		11	4	1	1	1	0	0		13	4	1	0	
		8.9%	5.1%	3.8%	2.9%	16.7%	0.0%	0.0%		7.6%	3.0%	3.0%	0.0%	

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

74 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Border tax (imported inputs not deductible)	
									
-2=Very bad		32	15	5	14	5	5	2	
		30.8%	19.7%	9.8%	29.2%	14.3%	18.5%	16.7%	
		C		Ad	c				
									
-1=Bad		24	27	16	16	15	12	5	
		23.1%	35.5%	31.4%	33.3%	42.9%	44.4%	41.7%	
		ef				a	a		
									
0=Neutral		26	24	9	8	6	7	3	
		25.0%	31.6%	17.6%	16.7%	17.1%	25.9%	25.0%	
									
1=Good		9	5	11	7	5	3	1	
		8.7%	6.6%	21.6%	14.6%	14.3%	11.1%	8.3%	
		c	c	ab					
									
2=Very good		6	4	5	2	1	0	0	
		5.8%	5.3%	9.8%	4.2%	2.9%	0.0%	0.0%	
									
6=DK		7	1	5	1	3	0	1	
		6.7%	1.3%	9.8%	2.1%	8.6%	0.0%	8.3%	
			c	b					

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

75 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Substantial tariff on Mexican and Chinese goods	
																
-2=Very bad		87		2	11	2	1	1	17	1	10	19	4	2	15	
		24.9%		6.1%	23.9%	20.0%	7.1%	25.0%	24.6%	25.0%	35.7%	30.6%	15.4%	18.2%	37.5%	
				bfHIL	a		l		a		A	A			Ad	
																
-1=Bad		113		14	16	4	5	1	18	1	6	18	14	4	12	
		32.3%		42.4%	34.8%	40.0%	35.7%	25.0%	26.1%	25.0%	21.4%	29.0%	53.8%	36.4%	30.0%	
									j		j	j	fhi			
																
0=Neutral		80		10	11	1	3	2	18	0	8	14	3	3	7	
		22.9%		30.3%	23.9%	10.0%	21.4%	50.0%	26.1%	0.0%	28.6%	22.6%	11.5%	27.3%	17.5%	
																
1=Good		42		3	6	1	3	0	11	1	2	6	4	1	4	
		12.0%		9.1%	13.0%	10.0%	21.4%	0.0%	15.9%	25.0%	7.1%	9.7%	15.4%	9.1%	10.0%	
																
2=Very good		15		1	2	1	0	0	3	1	2	2	0	1	1	
		4.3%		3.0%	4.3%	10.0%	0.0%	0.0%	4.3%	25.0%	7.1%	3.2%	0.0%	9.1%	2.5%	
										ijl		g	g		g	
																
6=DK		13		3	0	1	2	0	2	0	0	3	1	0	1	
		3.7%		9.1%	0.0%	10.0%	14.3%	0.0%	2.9%	0.0%	0.0%	4.8%	3.8%	0.0%	2.5%	
				b	acd	b	bh				d					

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

76 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Substantial tariff on Mexican and Chinese goods	
															
-2=Very bad		36	20	15	5	4	2	2		3	1	67	1	10	
		26.7%	27.0%	21.7%	26.3%	16.0%	28.6%	14.3%		9.7%	14.3%	26.9%	10.0%	31.3%	
										ce		a		a	
															
-1=Bad		38	24	24	7	11	1	6		15	3	74	5	10	
		28.1%	32.4%	34.8%	36.8%	44.0%	14.3%	42.9%		48.4%	42.9%	29.7%	50.0%	31.3%	
										c		a			
															
0=Neutral		28	18	17	4	5	4	4		10	1	55	3	7	
		20.7%	24.3%	24.6%	21.1%	20.0%	57.1%	28.6%		32.3%	14.3%	22.1%	30.0%	21.9%	
		f					a								
															
1=Good		21	6	7	2	4	0	1		2	2	30	0	3	
		15.6%	8.1%	10.1%	10.5%	16.0%	0.0%	7.1%		6.5%	28.6%	12.0%	0.0%	9.4%	
															
2=Very good		8	2	3	0	0	0	1		0	0	13	0	1	
		5.9%	2.7%	4.3%	0.0%	0.0%	0.0%	7.1%		0.0%	0.0%	5.2%	0.0%	3.1%	
															
6=DK		4	4	3	1	1	0	0		1	0	10	1	1	
		3.0%	5.4%	4.3%	5.3%	4.0%	0.0%	0.0%		3.2%	0.0%	4.0%	10.0%	3.1%	

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

77 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Substantial tariff on Mexican and Chinese goods	
														
-2=Very bad		35	15	4	9	2	5	1		33	41	11	1	
		28.5%	19.5%	16.0%	26.5%	33.3%	38.5%	7.1%		19.6%	31.5%	32.4%	8.3%	
										b	a			
														
-1=Bad		31	29	11	11	3	3	5		54	40	14	4	
		25.2%	37.7%	44.0%	32.4%	50.0%	23.1%	35.7%		32.1%	30.8%	41.2%	33.3%	
														
0=Neutral		25	21	4	10	1	4	6		39	30	5	3	
		20.3%	27.3%	16.0%	29.4%	16.7%	30.8%	42.9%		23.2%	23.1%	14.7%	25.0%	
														
1=Good		21	8	1	2	0	0	1		26	11	2	3	
		17.1%	10.4%	4.0%	5.9%	0.0%	0.0%	7.1%		15.5%	8.5%	5.9%	25.0%	
														
2=Very good		6	2	2	0	0	0	1		7	5	1	1	
		4.9%	2.6%	8.0%	0.0%	0.0%	0.0%	7.1%		4.2%	3.8%	2.9%	8.3%	
														
6=DK		5	2	3	2	0	1	0		9	3	1	0	
		4.1%	2.6%	12.0%	5.9%	0.0%	7.7%	0.0%		5.4%	2.3%	2.9%	0.0%	

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

78 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Substantial tariff on Mexican and Chinese goods	
									
-2=Very bad		29	19	5	12	7	10	4	
		28.4%	25.3%	9.6%	26.1%	20.0%	38.5%	33.3%	
		C	c	AbdFg	c		C	c	
									
-1=Bad		33	20	19	18	13	5	5	
		32.4%	26.7%	36.5%	39.1%	37.1%	19.2%	41.7%	
									
0=Neutral		20	23	13	9	5	8	2	
		19.6%	30.7%	25.0%	19.6%	14.3%	30.8%	16.7%	
									
1=Good		8	10	10	5	5	3	1	
		7.8%	13.3%	19.2%	10.9%	14.3%	11.5%	8.3%	
		c		a					
									
2=Very good		5	2	5	1	1	0	0	
		4.9%	2.7%	9.6%	2.2%	2.9%	0.0%	0.0%	
									
6=DK		7	1	0	1	4	0	0	
		6.9%	1.3%	0.0%	2.2%	11.4%	0.0%	0.0%	
			e	e		bc			

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

79 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Reduce personal income tax rate to 30% maximum	
																
-2=Very bad		4		0	0	1	0	0	2	0	1	0	0	0	0	
		1.1%		0.0%	0.0%	9.1%	0.0%	0.0%	2.9%	0.0%	3.6%	0.0%	0.0%	0.0%	0.0%	
					c	bi						c				
																
-1=Bad		20		0	4	0	0	0	7	0	1	2	3	0	3	
		5.6%		0.0%	8.7%	0.0%	0.0%	0.0%	10.1%	0.0%	3.6%	3.1%	12.0%	0.0%	7.5%	
				j									a			
																
0=Neutral		65		1	12	1	3	2	11	1	5	11	5	4	8	
		18.3%		2.8%	26.1%	9.1%	21.4%	50.0%	15.9%	25.0%	17.9%	17.2%	20.0%	36.4%	20.0%	
				BdEfhijKl	A		a	A	a		a	a	a	A	a	
																
1=Good		124		19	13	3	6	1	23	1	11	24	7	2	14	
		34.9%		52.8%	28.3%	27.3%	42.9%	25.0%	33.3%	25.0%	39.3%	37.5%	28.0%	18.2%	35.0%	
				bk	a									a		
																
2=Very good		137		15	17	6	5	1	25	2	9	27	10	5	13	
		38.6%		41.7%	37.0%	54.5%	35.7%	25.0%	36.2%	50.0%	32.1%	42.2%	40.0%	45.5%	32.5%	
																
6=DK		5		1	0	0	0	0	1	0	1	0	0	0	2	
		1.4%		2.8%	0.0%	0.0%	0.0%	0.0%	1.4%	0.0%	3.6%	0.0%	0.0%	0.0%	5.0%	

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

80 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Reduce personal income tax rate to 30% maximum	
															
-2=Very bad		2	2	0	0	0	0	0		0	0	4	0	0	
		1.4%	2.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.6%	0.0%	0.0%	
															
-1=Bad		12	2	2	0	1	0	3		3	1	11	0	4	
		8.7%	2.7%	2.9%	0.0%	4.0%	0.0%	21.4%		9.7%	14.3%	4.4%	0.0%	12.5%	
			G	G	g			BCd							
															
0=Neutral		26	16	10	1	4	3	2		3	3	46	2	8	
		18.8%	21.6%	14.3%	5.3%	16.0%	37.5%	14.3%		9.7%	42.9%	18.3%	20.0%	25.0%	
					f		d			b	a				
															
1=Good		48	30	24	7	7	2	4		9	1	93	4	11	
		34.8%	40.5%	34.3%	36.8%	28.0%	25.0%	28.6%		29.0%	14.3%	37.1%	40.0%	34.4%	
															
2=Very good		47	23	34	11	12	3	5		15	2	95	3	9	
		34.1%	31.1%	48.6%	57.9%	48.0%	37.5%	35.7%		48.4%	28.6%	37.8%	30.0%	28.1%	
		cd	cd	ab	ab										
															
6=DK		3	1	0	0	1	0	0		1	0	2	1	0	
		2.2%	1.4%	0.0%	0.0%	4.0%	0.0%	0.0%		3.2%	0.0%	0.8%	10.0%	0.0%	
												D	C		

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

81 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Reduce personal income tax rate to 30% maximum	
														
-2=Very bad		2	1	0	0	0	0	0		1	3	0	0	
		1.6%	1.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.6%	2.3%	0.0%	0.0%	
														
-1=Bad		9	4	0	1	0	0	2		9	9	1	1	
		7.3%	5.0%	0.0%	3.0%	0.0%	0.0%	14.3%		5.3%	6.8%	2.9%	8.3%	
														
0=Neutral		22	18	7	6	1	4	1		34	17	11	0	
		17.7%	22.5%	26.9%	18.2%	16.7%	30.8%	7.1%		20.0%	12.8%	32.4%	0.0%	
											C	Bd	c	
														
1=Good		43	30	8	12	5	2	6		64	49	7	4	
		34.7%	37.5%	30.8%	36.4%	83.3%	15.4%	42.9%		37.6%	36.8%	20.6%	33.3%	
		e	e	e	e	abcdf	e							
														
2=Very good		46	27	11	13	0	6	5		60	52	15	7	
		37.1%	33.8%	42.3%	39.4%	0.0%	46.2%	35.7%		35.3%	39.1%	44.1%	58.3%	
														
6=DK		2	0	0	1	0	1	0		2	3	0	0	
		1.6%	0.0%	0.0%	3.0%	0.0%	7.7%	0.0%		1.2%	2.3%	0.0%	0.0%	
			f				b							

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

82 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Reduce personal income tax rate to 30% maximum	
									
-2=Very bad		2	0	0	1	0	1	0	
		1.9%	0.0%	0.0%	2.1%	0.0%	3.7%	0.0%	
									
-1=Bad		7	6	1	5	0	0	1	
		6.8%	8.0%	1.9%	10.4%	0.0%	0.0%	8.3%	
									
0=Neutral		24	14	9	7	5	4	2	
		23.3%	18.7%	16.7%	14.6%	14.7%	14.8%	16.7%	
									
1=Good		36	26	18	16	14	10	4	
		35.0%	34.7%	33.3%	33.3%	41.2%	37.0%	33.3%	
									
2=Very good		34	28	26	19	13	10	5	
		33.0%	37.3%	48.1%	39.6%	38.2%	37.0%	41.7%	
									
6=DK		0	1	0	0	2	2	0	
		0.0%	1.3%	0.0%	0.0%	5.9%	7.4%	0.0%	
		eF		f		a	Ac		

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

83 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		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		363		37	47	11	14	4	71	4	28	64	27	11	41	
Percent		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Reduce corporate income tax rate to 20%	
																
		352		36	46	11	14	4	69	4	28	63	26	11	37	
		1.4		1.6	1.5	1.3	1.6	1.3	1.3	1.8	1.5	1.4	1.5	1.5	1.2	
				l											a	
																
Ease repatriation of foreign profits	
																
		344		36	45	11	10	4	68	4	28	61	26	11	37	
		1.2		1.3	1.3	1.1	1.5	0.8	1.2	1.8	1.5	1.2	1.0	1.2	1.1	
								g		e	j		h			
																
Immediate deduction for new investment	
																
		348		36	45	11	14	4	66	4	28	62	27	11	38	
		1.1		1.3	0.8	1.0	0.9	1.3	1.2	1.8	1.3	1.2	1.0	1.1	0.9	
				b	ahi					j	b	b	g			
																
Elimination of debt interest deduction	
																
		343		35	44	10	11	4	69	4	27	62	26	11	37	
		-0.6		-0.5	-0.5	-0.9	-0.8	-0.3	-0.5	0.8	-0.4	-0.7	-0.8	-0.7	-0.7	
				g	g	G	g		g	abCdfhIJL	g	G	G		G	
																
Border tax (imported inputs not deductible)	
																
		337		33	43	10	12	4	66	4	27	62	25	11	37	
		-0.6		-0.5	-0.5	-0.4	-0.3	-0.5	-0.5	0.5	-0.5	-0.7	-0.8	-0.6	-0.8	
										ijl		g	g		g	

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

84 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
Percent		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Reduce corporate income tax rate to 20%	
															
		138	71	70	20	24	8	14		30	7	252	9	31	
		1.3	1.4	1.6	1.7	1.8	1.5	1.5		1.6	1.9	1.4	1.7	1.2	
		cdE	e	a	a	Ab					e			b	
															
Ease repatriation of foreign profits	
															
		132	69	69	20	25	8	14		31	7	246	9	28	
		1.0	1.1	1.4	1.5	1.6	1.4	1.6		1.5	0.9	1.2	1.1	1.0	
		cdEg	e	a	a	Ab		a		e				a	
															
Immediate deduction for new investment	
															
		135	73	70	19	24	7	14		30	7	249	9	31	
		1.0	0.9	1.3	0.9	1.3	0.9	1.4		1.3	1.4	1.1	1.3	0.7	
		c	c	ab						e		E		aC	
															
Elimination of debt interest deduction	
															
		134	70	66	20	24	8	14		30	7	244	7	31	
		-0.5	-0.7	-0.7	-1.0	-0.4	-0.5	-0.3		-0.5	-0.1	-0.6	-0.9	-0.4	
		d			aeg	d		d							
															
Border tax (imported inputs not deductible)	
															
		129	68	67	19	25	8	14		31	7	237	9	31	
		-0.4	-0.7	-0.6	-1.0	-0.5	-0.8	-0.4		-0.4	-0.4	-0.6	-0.9	-0.6	
		d			a										

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

85 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
Percent		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Reduce corporate income tax rate to 20%	
														
		124	78	26	33	6	12	14		168	133	33	12	
		1.4	1.4	1.7	1.4	1.7	1.3	1.6		1.4	1.5	1.5	1.6	
														
Ease repatriation of foreign profits	
														
		119	75	26	32	6	13	14		161	132	33	12	
		1.1	1.2	1.4	1.3	1.3	1.5	1.6		1.1	1.3	1.4	1.4	
										b	a			
														
Immediate deduction for new investment	
														
		121	79	25	33	6	13	13		168	129	34	12	
		1.1	1.0	1.2	1.0	1.3	1.4	1.5		1.0	1.2	1.2	1.1	
			g					b		B	A			
														
Elimination of debt interest deduction	
														
		119	78	25	32	5	13	14		161	131	33	12	
		-0.5	-0.6	-0.9	-0.7	-1.2	-0.3	-0.4		-0.6	-0.7	-0.4	0.2	
										d	cD	b	aB	
														
Border tax (imported inputs not deductible)	
														
		113	75	25	33	5	13	14		157	130	32	12	
		-0.5	-0.5	-0.8	-0.8	-1.2	-0.8	-0.3		-0.4	-0.7	-1.1	-0.2	
										bC	a	Ad	c	

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

86 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		104	76	56	49	36	27	12	
Percent		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Reduce corporate income tax rate to 20%	
									
		104	74	53	49	33	25	12	
		1.3	1.6	1.5	1.4	1.6	1.3	1.6	
									
Ease repatriation of foreign profits	
									
		101	74	52	47	30	26	12	
		1.2	1.2	1.3	1.2	1.3	1.0	1.3	
									
Immediate deduction for new investment	
									
		103	72	51	49	33	27	12	
		1.1	1.2	1.1	0.8	1.1	1.2	1.3	
		d	d		ab				
									
Elimination of debt interest deduction	
									
		99	73	51	49	30	27	12	
		-0.6	-0.5	-0.5	-0.6	-0.5	-0.8	-0.8	
									
Border tax (imported inputs not deductible)	
									
		97	75	46	47	32	27	11	
		-0.7	-0.6	-0.1	-0.7	-0.6	-0.7	-0.7	
		C	c	Abdf	c		c		

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

87 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		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	
																
Substantial tariff on Mexican and Chinese goods	
																
		337		30	46	9	12	4	67	4	28	59	25	11	39	
		-0.6		-0.4	-0.6	-0.6	-0.3	-0.8	-0.5	0.0	-0.7	-0.8	-0.7	-0.5	-0.9	
																
Reduce personal income tax rate to 30% maximum	
																
		350		35	46	11	14	4	68	4	27	64	25	11	38	
		1.1		1.4	0.9	1.2	1.1	0.8	0.9	1.3	1.0	1.2	1.0	1.1	1.0	
				befhjl	a			a	a		a		a		a	

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

88 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		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	
															
Substantial tariff on Mexican and Chinese goods	
															
		131	70	66	18	24	7	14		30	7	239	9	31	
		-0.6	-0.8	-0.6	-0.8	-0.6	-0.7	-0.5		-0.6	-0.4	-0.6	-0.8	-0.8	
															
Reduce personal income tax rate to 30% maximum	
															
		135	73	70	19	24	8	14		30	7	249	9	32	
		0.9	1.0	1.3	1.5	1.3	1.0	0.8		1.2	0.6	1.1	1.1	0.8	
		cd	cd	ab	abg			d							

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

89 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		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	
														
Substantial tariff on Mexican and Chinese goods	
														
		118	75	22	32	6	12	14		159	127	33	12	
		-0.6	-0.6	-0.6	-0.8	-1.2	-1.1	-0.3		-0.5	-0.8	-1.0	-0.1	
							g	f		bc	ad	ad	bc	
														
Reduce personal income tax rate to 30% maximum	
														
		122	80	26	32	6	12	14		168	130	34	12	
		1.0	1.0	1.2	1.2	0.8	1.2	1.0		1.0	1.1	1.1	1.4	

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

90 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q6.  How would the following proposed tax reforms affect the business community? (DK excluded - Shows average scores)

N=363		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Substantial tariff on Mexican and Chinese goods	
									
		95	74	52	45	31	26	12	
		-0.8	-0.6	-0.2	-0.8	-0.6	-0.8	-1.0	
		C	c	AbDfg	C		c	c	
									
Reduce personal income tax rate to 30% maximum	
									
		103	74	54	48	32	25	12	
		0.9	1.0	1.3	1.0	1.3	1.1	1.1	
		c		a					

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

91 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q7.  Would your company be directly affected by a border tax (imported inputs not a deductible expense, domestic inputs deductible)?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
No		234		14	39	9	10	3	56	3	19	21	23	6	29	
		65.0%		37.8%	83.0%	81.8%	71.4%	75.0%	81.2%	75.0%	67.9%	33.3%	85.2%	54.5%	70.7%	
				BcdFhJL	AIk	aI	ai		AI		aI	BCdFHJL	AI	b	AI	
																
Yes		99		21	3	1	2	1	7	1	7	38	3	4	9	
		27.5%		56.8%	6.4%	9.1%	14.3%	25.0%	10.1%	25.0%	25.0%	60.3%	11.1%	36.4%	22.0%	
				BCDFhJL	AhIKl	AI	AI		AIk		abI	BCDFHJL	AI	Bf	AbI	
																
Don't Know		27		2	5	1	2	0	6	0	2	4	1	1	3	
		7.5%		5.4%	10.6%	9.1%	14.3%	0.0%	8.7%	0.0%	7.1%	6.3%	3.7%	9.1%	7.3%	

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

92 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q7.  Would your company be directly affected by a border tax (imported inputs not a deductible expense, domestic inputs deductible)?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
No		106	47	41	12	13	4	6		15	4	162	9	29	
		75.7%	62.7%	59.4%	57.1%	52.0%	50.0%	42.9%		48.4%	50.0%	63.8%	90.0%	90.6%	
		bceG	a	a		a		A		dE	e	E	a	AbC	
															
Yes		24	21	22	9	11	4	5		13	4	73	0	1	
		17.1%	28.0%	31.9%	42.9%	44.0%	50.0%	35.7%		41.9%	50.0%	28.7%	0.0%	3.1%	
		cDEf		a	A	A	a			dE	dE	dE	abc	ABC	
															
Don't Know		10	7	6	0	1	0	3		3	0	19	1	2	
		7.1%	9.3%	8.7%	0.0%	4.0%	0.0%	21.4%		9.7%	0.0%	7.5%	10.0%	6.3%	
					g			d							

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

93 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q7.  Would your company be directly affected by a border tax (imported inputs not a deductible expense, domestic inputs deductible)?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
No		80	57	17	19	6	6	7		139	67	12	10	
		63.5%	71.3%	65.4%	57.6%	85.7%	46.2%	50.0%		80.3%	50.8%	34.3%	83.3%	
										BC	Ad	AD	bC	
														
Yes		32	17	9	11	1	6	5		19	57	19	2	
		25.4%	21.3%	34.6%	33.3%	14.3%	46.2%	35.7%		11.0%	43.2%	54.3%	16.7%	
										BC	A	Ad	c	
														
Don't Know		14	6	0	3	0	1	2		15	8	4	0	
		11.1%	7.5%	0.0%	9.1%	0.0%	7.7%	14.3%		8.7%	6.1%	11.4%	0.0%	

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

94 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q7.  Would your company be directly affected by a border tax (imported inputs not a deductible expense, domestic inputs deductible)?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
No		58	51	41	29	26	20	7	
		56.9%	68.0%	73.2%	59.2%	72.2%	74.1%	58.3%	
		c		a					
									
Yes		37	18	10	17	5	7	4	
		36.3%	24.0%	17.9%	34.7%	13.9%	25.9%	33.3%	
		ce		a	e	ad			
									
Don't Know		7	6	5	3	5	0	1	
		6.9%	8.0%	8.9%	6.1%	13.9%	0.0%	8.3%	
						f	e		

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

95 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		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		97		21	3	1	2	1	7	1	7	38	3	4	9	
		100.0%		21.6%	3.1%	1.0%	2.1%	1.0%	7.2%	1.0%	7.2%	39.2%	3.1%	4.1%	9.3%	
																
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
																
-2=Large decrease in		30		8	0	0	1	1	1	0	3	10	0	2	3	
profit		30.3%		38.1%	0.0%	0.0%	50.0%	100.0%	14.3%	0.0%	42.9%	26.3%	0.0%	50.0%	33.3%	
																
-1=Small decrease in		49		9	1	1	1	0	4	0	1	25	3	1	2	
profit		49.5%		42.9%	33.3%	100.0%	50.0%	0.0%	57.1%	0.0%	14.3%	65.8%	100.0%	25.0%	22.2%	
											ij	hl	hl		ij	
																
0=No change		4		2	1	0	0	0	0	0	0	1	0	0	0	
		4.0%		9.5%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%	0.0%	0.0%	0.0%	
					i							b				
																
1=Small increase in		8		1	1	0	0	0	1	0	2	1	0	0	2	
profit		8.1%		4.8%	33.3%	0.0%	0.0%	0.0%	14.3%	0.0%	28.6%	2.6%	0.0%	0.0%	22.2%	
					i						i	bhl			i	
																
2=Large increase in		2		0	0	0	0	0	0	0	0	1	0	1	0	
profit		2.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%	0.0%	25.0%	0.0%	
				k										a		
																
6=DK		6		1	0	0	0	0	1	1	1	0	0	0	2	
		6.1%		4.8%	0.0%	0.0%	0.0%	0.0%	14.3%	100.0%	14.3%	0.0%	0.0%	0.0%	22.2%	
				G					i	AI	i	fGhL			I	

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

96 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		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		24	21	22	9	11	4	5		13	4	73	0	1	
		25.0%	21.9%	22.9%	9.4%	11.5%	4.2%	5.2%		14.3%	4.4%	80.2%	0.0%	1.1%	
															
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
															
-2=Large decrease in		5	8	9	2	4	1	0		3	0	24	0	0	
profit		20.8%	38.1%	40.9%	22.2%	36.4%	25.0%	0.0%		23.1%	0.0%	32.9%	0.0%	0.0%	
															
-1=Small decrease in		16	10	10	5	3	2	2		5	3	37	0	0	
profit		66.7%	47.6%	45.5%	55.6%	27.3%	50.0%	40.0%		38.5%	75.0%	50.7%	0.0%	0.0%	
		e				a									
															
0=No change		2	0	0	0	1	0	1		1	0	3	0	0	
		8.3%	0.0%	0.0%	0.0%	9.1%	0.0%	20.0%		7.7%	0.0%	4.1%	0.0%	0.0%	
			g	g				bc							
															
1=Small increase in		0	1	2	1	2	1	1		3	0	4	0	0	
profit		0.0%	4.8%	9.1%	11.1%	18.2%	25.0%	20.0%		23.1%	0.0%	5.5%	0.0%	0.0%	
		efg				a	a	a		c		a			
															
2=Large increase in		1	0	0	0	1	0	0		0	1	1	0	0	
profit		4.2%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%		0.0%	25.0%	1.4%	0.0%	0.0%	
											C	B			
															
6=DK		0	2	1	1	0	0	1		1	0	4	0	1	
		0.0%	9.5%	4.5%	11.1%	0.0%	0.0%	20.0%		7.7%	0.0%	5.5%	0.0%	100.0%	
		g						a		e		E		aC	

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

97 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		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		32	17	9	11	1	6	5		19	57	19	2	
		39.5%	21.0%	11.1%	13.6%	1.2%	7.4%	6.2%		19.6%	58.8%	19.6%	2.1%	
														
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
														
-2=Large decrease in		7	5	4	4	0	1	0		3	20	7	0	
profit		21.9%	29.4%	44.4%	36.4%	0.0%	16.7%	0.0%		15.8%	35.1%	36.8%	0.0%	
														
-1=Small decrease in		19	9	4	4	1	2	3		10	28	8	2	
profit		59.4%	52.9%	44.4%	36.4%	100.0%	33.3%	60.0%		52.6%	49.1%	42.1%	100.0%	
														
0=No change		2	0	0	1	0	0	1		2	1	0	0	
		6.3%	0.0%	0.0%	9.1%	0.0%	0.0%	20.0%		10.5%	1.8%	0.0%	0.0%	
														
1=Small increase in		1	2	1	1	0	2	0		3	3	2	0	
profit		3.1%	11.8%	11.1%	9.1%	0.0%	33.3%	0.0%		15.8%	5.3%	10.5%	0.0%	
		f					a							
														
2=Large increase in		1	0	0	0	0	0	0		0	2	0	0	
profit		3.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	3.5%	0.0%	0.0%	
														
6=DK		2	1	0	1	0	1	1		1	3	2	0	
		6.3%	5.9%	0.0%	9.1%	0.0%	16.7%	20.0%		5.3%	5.3%	10.5%	0.0%	

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

98 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		37	18	10	17	5	7	4	
		37.8%	18.4%	10.2%	17.3%	5.1%	7.1%	4.1%	
									
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
									
-2=Large decrease in		13	3	2	7	2	1	2	
profit		35.1%	16.7%	20.0%	41.2%	40.0%	14.3%	50.0%	
									
-1=Small decrease in		16	12	4	6	2	6	2	
profit		43.2%	66.7%	40.0%	35.3%	40.0%	85.7%	50.0%	
		f			f		ad		
									
0=No change		2	1	0	1	0	0	0	
		5.4%	5.6%	0.0%	5.9%	0.0%	0.0%	0.0%	
									
1=Small increase in		2	1	2	3	0	0	0	
profit		5.4%	5.6%	20.0%	17.6%	0.0%	0.0%	0.0%	
									
2=Large increase in		2	0	0	0	0	0	0	
profit		5.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
6=DK		2	1	2	0	1	0	0	
		5.4%	5.6%	20.0%	0.0%	20.0%	0.0%	0.0%	

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

99 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		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		97		21	3	1	2	1	7	1	7	38	3	4	9	
		100.0%		21.6%	3.1%	1.0%	2.1%	1.0%	7.2%	1.0%	7.2%	39.2%	3.1%	4.1%	9.3%	
																
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
																
-2=Large decrease in		31		6	1	0	1	0	0	0	3	15	0	3	1	
profit		31.6%		28.6%	33.3%	0.0%	100.0%	0.0%	0.0%	0.0%	42.9%	39.5%	0.0%	75.0%	11.1%	
							f		dik			f		fl	k	
																
-1=Small decrease in		35		11	1	1	0	0	4	0	1	12	3	0	2	
profit		35.7%		52.4%	33.3%	100.0%	0.0%	0.0%	57.1%	0.0%	14.3%	31.6%	100.0%	0.0%	22.2%	
											j	j	hikl	j	j	
																
0=No change		13		2	1	0	0	1	1	0	1	5	0	1	0	
		13.3%		9.5%	33.3%	0.0%	0.0%	100.0%	14.3%	0.0%	14.3%	13.2%	0.0%	25.0%	0.0%	
				e				ail				e			e	
																
1=Small increase in		10		1	0	0	0	0	1	0	1	3	0	0	4	
profit		10.2%		4.8%	0.0%	0.0%	0.0%	0.0%	14.3%	0.0%	14.3%	7.9%	0.0%	0.0%	44.4%	
				l								L			aI	
																
2=Large increase in		1		0	0	0	0	0	0	0	0	1	0	0	0	
profit		1.0%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%	0.0%	0.0%	0.0%	
																
6=DK		8		1	0	0	0	0	1	1	1	2	0	0	2	
		8.2%		4.8%	0.0%	0.0%	0.0%	0.0%	14.3%	100.0%	14.3%	5.3%	0.0%	0.0%	22.2%	
				G						AI		G				

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

100 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		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		24	21	22	9	11	4	5		13	4	73	0	1	
		25.0%	21.9%	22.9%	9.4%	11.5%	4.2%	5.2%		14.3%	4.4%	80.2%	0.0%	1.1%	
															
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
															
-2=Large decrease in		6	8	7	2	2	2	2		2	0	25	0	0	
profit		25.0%	38.1%	31.8%	22.2%	18.2%	66.7%	40.0%		16.7%	0.0%	34.2%	0.0%	0.0%	
															
-1=Small decrease in		11	7	7	5	2	0	3		5	2	26	0	0	
profit		45.8%	33.3%	31.8%	55.6%	18.2%	0.0%	60.0%		41.7%	50.0%	35.6%	0.0%	0.0%	
															
0=No change		4	1	3	0	5	0	0		3	0	10	0	0	
		16.7%	4.8%	13.6%	0.0%	45.5%	0.0%	0.0%		25.0%	0.0%	13.7%	0.0%	0.0%	
			E		e	Bd									
															
1=Small increase in		1	2	4	1	1	1	0		2	1	5	0	0	
profit		4.2%	9.5%	18.2%	11.1%	9.1%	33.3%	0.0%		16.7%	25.0%	6.8%	0.0%	0.0%	
															
2=Large increase in		0	0	0	0	1	0	0		0	1	0	0	0	
profit		0.0%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%		0.0%	25.0%	0.0%	0.0%	0.0%	
											C	B			
															
6=DK		2	3	1	1	0	0	0		0	0	7	0	1	
		8.3%	14.3%	4.5%	11.1%	0.0%	0.0%	0.0%		0.0%	0.0%	9.6%	0.0%	100.0%	
										E		E		AC	

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

101 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		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		32	17	9	11	1	6	5		19	57	19	2	
		39.5%	21.0%	11.1%	13.6%	1.2%	7.4%	6.2%		19.6%	58.8%	19.6%	2.1%	
														
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
														
-2=Large decrease in		9	6	3	4	0	0	2		2	19	7	2	
profit		28.1%	35.3%	33.3%	36.4%	0.0%	0.0%	50.0%		10.5%	33.9%	36.8%	100.0%	
										D			A	
														
-1=Small decrease in		11	5	5	4	1	0	2		9	19	6	0	
profit		34.4%	29.4%	55.6%	36.4%	100.0%	0.0%	50.0%		47.4%	33.9%	31.6%	0.0%	
				f		f	ce							
														
0=No change		5	2	0	1	0	3	0		3	9	1	0	
		15.6%	11.8%	0.0%	9.1%	0.0%	50.0%	0.0%		15.8%	16.1%	5.3%	0.0%	
				f			c							
														
1=Small increase in		3	2	1	1	0	2	0		4	2	4	0	
profit		9.4%	11.8%	11.1%	9.1%	0.0%	33.3%	0.0%		21.1%	3.6%	21.1%	0.0%	
										b	ac	b		
														
2=Large increase in		0	0	0	0	0	0	0		0	1	0	0	
profit		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	1.8%	0.0%	0.0%	
														
6=DK		4	2	0	1	0	1	0		1	6	1	0	
		12.5%	11.8%	0.0%	9.1%	0.0%	16.7%	0.0%		5.3%	10.7%	5.3%	0.0%	

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

102 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax

N=99		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		37	18	10	17	5	7	4	
		37.8%	18.4%	10.2%	17.3%	5.1%	7.1%	4.1%	
									
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
									
-2=Large decrease in		14	3	2	6	0	2	3	
profit		38.9%	16.7%	20.0%	35.3%	0.0%	28.6%	75.0%	
			g			g		be	
									
-1=Small decrease in		11	5	3	10	2	3	1	
profit		30.6%	27.8%	30.0%	58.8%	40.0%	42.9%	25.0%	
									
0=No change		4	4	1	1	1	2	0	
		11.1%	22.2%	10.0%	5.9%	20.0%	28.6%	0.0%	
									
1=Small increase in		3	5	2	0	0	0	0	
profit		8.3%	27.8%	20.0%	0.0%	0.0%	0.0%	0.0%	
			d		b				
									
2=Large increase in		1	0	0	0	0	0	0	
profit		2.8%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
6=DK		3	1	2	0	2	0	0	
		8.3%	5.6%	20.0%	0.0%	40.0%	0.0%	0.0%	
		e			e	ad			

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

103 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax - Excludes DK (Shows average scores)

N=99		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		99		21	3	1	2	1	7	1	7	38	3	4	9	
Percent		100.0%		21.6%	3.1%	1.0%	2.1%	1.0%	7.2%	1.0%	7.2%	39.2%	3.1%	4.1%	9.3%	
																
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
																
		93		20	3	1	2	1	6	0	6	38	3	4	7	
		-1.0		-1.2	0.0	-1.0	-1.5	-2.0	-0.8	---	-0.8	-1.1	-1.0	-0.8	-0.9	
				b	ai							b				
																
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
																
		90		20	3	1	1	1	6	0	6	36	3	4	7	
		-0.9		-1.1	-1.0	-1.0	-2.0	0.0	-0.5	---	-1.0	-1.0	-1.0	-1.5	0.0	
				l								l			ai	

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

104 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax - Excludes DK (Shows average scores)

N=99		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		24	21	22	9	11	4	5		13	4	73	0	1	
Percent		25.0%	21.9%	22.9%	9.4%	11.5%	4.2%	5.2%		14.3%	4.4%	80.2%	0.0%	1.1%	
															
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
															
		24	19	21	8	11	4	4		12	4	69	0	0	
		-1.0	-1.3	-1.2	-1.0	-0.6	-0.8	-0.3		-0.7	-0.3	-1.1	---	---	
			g					b							
															
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
															
		22	18	21	8	11	3	5		12	4	66	0	0	
		-1.0	-1.2	-0.8	-1.0	-0.3	-1.0	-1.4		-0.6	0.3	-1.1	---	---	
		e	e			ab					C	B			

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

105 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax - Excludes DK (Shows average scores)

N=99		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		32	17	9	11	1	6	5		19	57	19	2	
Percent		39.5%	21.0%	11.1%	13.6%	1.2%	7.4%	6.2%		19.6%	58.8%	19.6%	2.1%	
														
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
														
		30	16	9	10	1	5	4		18	54	17	2	
		-1.0	-1.1	-1.2	-1.1	-1.0	-0.4	-0.8		-0.7	-1.1	-1.2	-1.0	
														
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
														
		28	15	9	10	1	5	4		18	50	18	2	
		-0.9	-1.0	-1.1	-1.1	-1.0	0.4	-1.5		-0.5	-1.1	-0.9	-2.0	
		F	f	F	F		AbCDG	F		b	a			

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

106 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q7a/b.  If company would be directly affected by a border tax - Excludes DK (Shows average scores)

N=99		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		37	18	10	17	5	7	4	
Percent		37.8%	18.4%	10.2%	17.3%	5.1%	7.1%	4.1%	
									
Q7a.  Assuming no change in the exchange rate, how would a border tax impact your bottom line?	
									
		35	17	8	17	4	7	4	
		-1.0	-1.0	-0.8	-1.0	-1.5	-1.1	-1.5	
									
Q7b.  Assuming the US dollar appreciates by 20% as a result of the border tax, how would the combination of the border tax and the dollar appreciation impact your bottom line?	
									
		33	17	8	17	3	7	4	
		-1.0	-0.4	-0.6	-1.3	-0.7	-1.0	-1.8	
		b	aDg		B	g		be	

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

107 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q8.  How much do you expect real GDP to grow in 2017

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
0-0.9		15		2	0	0	0	0	4	0	0	6	1	0	1	
		4.1%		5.4%	0.0%	0.0%	0.0%	0.0%	5.7%	0.0%	0.0%	9.4%	3.7%	0.0%	2.4%	
					i							b				
																
1-1.9%		89		6	10	4	3	3	21	1	10	13	5	3	10	
		24.6%		16.2%	21.3%	36.4%	21.4%	75.0%	30.0%	25.0%	35.7%	20.3%	18.5%	27.3%	24.4%	
				e	e			abijl				e	e		e	
																
2-2.9%		180		21	25	5	8	0	27	1	17	33	12	7	21	
		49.7%		56.8%	53.2%	45.5%	57.1%	0.0%	38.6%	25.0%	60.7%	51.6%	44.4%	63.6%	51.2%	
				e	e			abhik	h		ef	e		e		
																
3-3.9%		54		7	8	2	3	1	11	2	1	11	1	0	7	
		14.9%		18.9%	17.0%	18.2%	21.4%	25.0%	15.7%	50.0%	3.6%	17.2%	3.7%	0.0%	17.1%	
										HJk	G		G	g		
																
>4		7		0	2	0	0	0	2	0	0	0	2	0	1	
		1.9%		0.0%	4.3%	0.0%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%	7.4%	0.0%	2.4%	
												j	i			
																
Don't Know		17		1	2	0	0	0	5	0	0	1	6	1	1	
		4.7%		2.7%	4.3%	0.0%	0.0%	0.0%	7.1%	0.0%	0.0%	1.6%	22.2%	9.1%	2.4%	
				j	j				j		j	J	abfhIl		j	

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

108 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q8.  How much do you expect real GDP to grow in 2017

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
0-0.9		9	3	0	2	0	0	0		0	1	11	0	2	
		6.4%	4.0%	0.0%	9.5%	0.0%	0.0%	0.0%		0.0%	12.5%	4.3%	0.0%	6.3%	
		c		ad	c										
															
1-1.9%		40	19	19	3	4	1	1		6	1	66	2	8	
		28.4%	25.3%	27.1%	14.3%	16.0%	12.5%	7.1%		19.4%	12.5%	25.8%	20.0%	25.0%	
															
2-2.9%		54	38	40	13	15	7	8		19	4	122	7	15	
		38.3%	50.7%	57.1%	61.9%	60.0%	87.5%	57.1%		61.3%	50.0%	47.7%	70.0%	46.9%	
		cdeF		a	a	a	A								
															
3-3.9%		24	10	8	3	5	0	4		5	1	40	1	5	
		17.0%	13.3%	11.4%	14.3%	20.0%	0.0%	28.6%		16.1%	12.5%	15.6%	10.0%	15.6%	
															
>4		2	2	1	0	1	0	1		1	1	3	0	1	
		1.4%	2.7%	1.4%	0.0%	4.0%	0.0%	7.1%		3.2%	12.5%	1.2%	0.0%	3.1%	
											c	b			
															
Don't Know		12	3	2	0	0	0	0		0	0	14	0	1	
		8.5%	4.0%	2.9%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	5.5%	0.0%	3.1%	

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

109 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q8.  How much do you expect real GDP to grow in 2017

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
0-0.9		8	3	1	1	0	0	0		5	8	0	1	
		6.3%	3.8%	3.8%	2.9%	0.0%	0.0%	0.0%		2.9%	5.9%	0.0%	8.3%	
														
1-1.9%		32	18	8	9	1	3	0		46	30	8	4	
		25.0%	22.5%	30.8%	26.5%	14.3%	23.1%	0.0%		26.7%	22.2%	22.9%	33.3%	
		g		g	g			acd						
														
2-2.9%		52	41	14	16	5	8	10		79	73	20	4	
		40.6%	51.3%	53.8%	47.1%	71.4%	61.5%	71.4%		45.9%	54.1%	57.1%	33.3%	
		g						a						
														
3-3.9%		23	12	2	7	1	2	3		28	17	4	3	
		18.0%	15.0%	7.7%	20.6%	14.3%	15.4%	21.4%		16.3%	12.6%	11.4%	25.0%	
														
>4		2	2	1	0	0	0	1		3	2	2	0	
		1.6%	2.5%	3.8%	0.0%	0.0%	0.0%	7.1%		1.7%	1.5%	5.7%	0.0%	
														
Don't Know		11	4	0	1	0	0	0		11	5	1	0	
		8.6%	5.0%	0.0%	2.9%	0.0%	0.0%	0.0%		6.4%	3.7%	2.9%	0.0%	

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

110 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q8.  How much do you expect real GDP to grow in 2017

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
0-0.9		4	2	1	6	1	0	0	
		3.8%	2.7%	1.8%	12.2%	2.8%	0.0%	0.0%	
			d	d	bc				
									
1-1.9%		23	16	15	15	10	8	2	
		22.1%	21.3%	26.8%	30.6%	27.8%	29.6%	16.7%	
									
2-2.9%		55	39	23	19	17	16	9	
		52.9%	52.0%	41.1%	38.8%	47.2%	59.3%	75.0%	
				g	g			cd	
									
3-3.9%		18	12	8	6	7	2	1	
		17.3%	16.0%	14.3%	12.2%	19.4%	7.4%	8.3%	
									
>4		2	0	3	1	1	0	0	
		1.9%	0.0%	5.4%	2.0%	2.8%	0.0%	0.0%	
			c	b					
									
Don't Know		2	6	6	2	0	1	0	
		1.9%	8.0%	10.7%	4.1%	0.0%	3.7%	0.0%	
		c		ae		c			

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

111 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Your company:	
																
0=Not at all		96		15	9	3	6	1	22	1	6	15	7	1	9	
		26.7%		41.7%	19.1%	27.3%	42.9%	25.0%	31.0%	25.0%	22.2%	23.4%	25.9%	9.1%	22.0%	
				b	a											
																
1=Very little		149		15	16	6	8	1	21	2	20	26	13	3	18	
		41.4%		41.7%	34.0%	54.5%	57.1%	25.0%	29.6%	50.0%	74.1%	40.6%	48.1%	27.3%	43.9%	
				h	H				H		aBFIkl	H		h	h	
																
2=Moderately		85		5	17	2	0	2	18	1	1	20	6	4	7	
		23.6%		13.9%	36.2%	18.2%	0.0%	50.0%	25.4%	25.0%	3.7%	31.3%	22.2%	36.4%	17.1%	
				b	adHl		befik	dH	dh		BEfIjk	dH	h	dh	b	
																
3=A great deal		22		1	4	0	0	0	6	0	0	2	1	3	5	
		6.1%		2.8%	8.5%	0.0%	0.0%	0.0%	8.5%	0.0%	0.0%	3.1%	3.7%	27.3%	12.2%	
				k			k				K	K	k	adHIj		
																
5=N/A		8		0	1	0	0	0	4	0	0	1	0	0	2	
		2.2%		0.0%	2.1%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	1.6%	0.0%	0.0%	4.9%	

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

112 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Your company:	
															
0=Not at all		37	21	17	7	10	0	2		5	1	74	1	7	
		26.1%	28.8%	24.3%	33.3%	40.0%	0.0%	14.3%		16.1%	12.5%	29.0%	10.0%	21.9%	
						f	e								
															
1=Very little		61	28	33	7	9	4	7		15	4	103	3	15	
		43.0%	38.4%	47.1%	33.3%	36.0%	50.0%	50.0%		48.4%	50.0%	40.4%	30.0%	46.9%	
															
2=Moderately		31	16	16	5	6	4	4		10	3	59	3	5	
		21.8%	21.9%	22.9%	23.8%	24.0%	50.0%	28.6%		32.3%	37.5%	23.1%	30.0%	15.6%	
															
3=A great deal		7	7	3	2	0	0	1		1	0	14	3	3	
		4.9%	9.6%	4.3%	9.5%	0.0%	0.0%	7.1%		3.2%	0.0%	5.5%	30.0%	9.4%	
										d		D	aC		
															
5=N/A		6	1	1	0	0	0	0		0	0	5	0	2	
		4.2%	1.4%	1.4%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	2.0%	0.0%	6.3%	

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

113 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Your company:	
														
0=Not at all		34	25	8	7	2	3	2		46	43	1	4	
		26.8%	31.3%	30.8%	20.6%	28.6%	23.1%	14.3%		26.7%	32.1%	2.9%	33.3%	
										C	C	ABD	C	
														
1=Very little		49	31	12	13	5	4	8		76	49	18	5	
		38.6%	38.8%	46.2%	38.2%	71.4%	30.8%	57.1%		44.2%	36.6%	51.4%	41.7%	
														
2=Moderately		32	17	5	11	0	6	3		35	32	12	2	
		25.2%	21.3%	19.2%	32.4%	0.0%	46.2%	21.4%		20.3%	23.9%	34.3%	16.7%	
						f	e							
														
3=A great deal		7	6	1	3	0	0	1		11	7	4	0	
		5.5%	7.5%	3.8%	8.8%	0.0%	0.0%	7.1%		6.4%	5.2%	11.4%	0.0%	
														
5=N/A		5	1	0	0	0	0	0		4	3	0	1	
		3.9%	1.3%	0.0%	0.0%	0.0%	0.0%	0.0%		2.3%	2.2%	0.0%	8.3%	

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

114 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Your company:	
									
0=Not at all		23	19	19	15	12	6	2	
		22.1%	25.3%	34.5%	30.6%	33.3%	22.2%	16.7%	
									
1=Very little		51	30	20	15	13	13	7	
		49.0%	40.0%	36.4%	30.6%	36.1%	48.1%	58.3%	
		d			a				
									
2=Moderately		25	16	15	11	7	6	3	
		24.0%	21.3%	27.3%	22.4%	19.4%	22.2%	25.0%	
									
3=A great deal		3	7	0	6	4	2	0	
		2.9%	9.3%	0.0%	12.2%	11.1%	7.4%	0.0%	
		d	c	bDef	aC	c	c		
									
5=N/A		2	3	1	2	0	0	0	
		1.9%	4.0%	1.8%	4.1%	0.0%	0.0%	0.0%	

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

115 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Your business environment:	
																
0=Not at all		47		7	5	2	3	1	8	2	2	9	3	0	4	
		13.1%		19.4%	10.6%	18.2%	21.4%	25.0%	11.3%	50.0%	7.4%	14.3%	11.1%	0.0%	9.8%	
					g				g	bfhkl	g			g	g	
																
1=Very little		139		18	15	3	10	0	24	1	16	22	12	2	16	
		38.8%		50.0%	31.9%	27.3%	71.4%	0.0%	33.8%	25.0%	59.3%	34.9%	44.4%	20.0%	39.0%	
					dh	d	bcefikl	dh	dh		befik	dh		dh	d	
																
2=Moderately		120		9	15	6	1	3	24	1	8	26	7	3	15	
		33.5%		25.0%	31.9%	54.5%	7.1%	75.0%	33.8%	25.0%	29.6%	41.3%	25.9%	30.0%	36.6%	
				e		d	cefil	ad	d			d			d	
																
3=A great deal		47		2	10	0	0	0	13	0	1	6	5	5	5	
		13.1%		5.6%	21.3%	0.0%	0.0%	0.0%	18.3%	0.0%	3.7%	9.5%	18.5%	50.0%	12.2%	
				bK	ah	k	K		k		bK	K		AcDfHIL	K	
																
5=N/A		5		0	2	0	0	0	2	0	0	0	0	0	1	
		1.4%		0.0%	4.3%	0.0%	0.0%	0.0%	2.8%	0.0%	0.0%	0.0%	0.0%	0.0%	2.4%	

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

116 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Your business environment:	
															
0=Not at all		18	9	7	4	6	0	2		4	1	30	1	5	
		12.8%	12.2%	10.0%	20.0%	24.0%	0.0%	15.4%		13.3%	12.5%	11.8%	10.0%	15.6%	
															
1=Very little		53	33	29	9	10	2	2		9	1	106	3	12	
		37.6%	44.6%	41.4%	45.0%	40.0%	25.0%	15.4%		30.0%	12.5%	41.7%	30.0%	37.5%	
															
2=Moderately		49	18	27	4	8	6	6		15	2	84	1	10	
		34.8%	24.3%	38.6%	20.0%	32.0%	75.0%	46.2%		50.0%	25.0%	33.1%	10.0%	31.3%	
		f	F		f	f	aBde			d			a		
															
3=A great deal		17	14	6	3	1	0	3		2	4	30	5	4	
		12.1%	18.9%	8.6%	15.0%	4.0%	0.0%	23.1%		6.7%	50.0%	11.8%	50.0%	12.5%	
										BD	ACe	BD	ACe	bd	
															
5=N/A		4	0	1	0	0	0	0		0	0	4	0	1	
		2.8%	0.0%	1.4%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.6%	0.0%	3.1%	

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

117 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Your business environment:	
														
0=Not at all		17	13	1	3	2	2	2		21	19	1	4	
		13.5%	16.3%	4.0%	8.8%	28.6%	15.4%	15.4%		12.2%	14.3%	2.9%	36.4%	
										d		D	aC	
														
1=Very little		41	35	12	14	3	3	3		75	49	12	3	
		32.5%	43.8%	48.0%	41.2%	42.9%	23.1%	23.1%		43.6%	36.8%	34.3%	27.3%	
														
2=Moderately		47	22	10	12	2	7	6		49	50	14	3	
		37.3%	27.5%	40.0%	35.3%	28.6%	53.8%	46.2%		28.5%	37.6%	40.0%	27.3%	
														
3=A great deal		18	10	2	4	0	1	2		25	13	7	1	
		14.3%	12.5%	8.0%	11.8%	0.0%	7.7%	15.4%		14.5%	9.8%	20.0%	9.1%	
														
5=N/A		3	0	0	1	0	0	0		2	2	1	0	
		2.4%	0.0%	0.0%	2.9%	0.0%	0.0%	0.0%		1.2%	1.5%	2.9%	0.0%	

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

118 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… 

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Your business environment:	
									
0=Not at all		11	11	9	6	7	3	0	
		10.6%	14.7%	16.4%	12.5%	20.0%	11.1%	0.0%	
									
1=Very little		49	29	24	11	11	11	4	
		47.1%	38.7%	43.6%	22.9%	31.4%	40.7%	33.3%	
		D		d	Ac				
									
2=Moderately		33	22	15	22	11	9	6	
		31.7%	29.3%	27.3%	45.8%	31.4%	33.3%	50.0%	
									
3=A great deal		10	10	6	9	6	4	2	
		9.6%	13.3%	10.9%	18.8%	17.1%	14.8%	16.7%	
									
5=N/A		1	3	1	0	0	0	0	
		1.0%	4.0%	1.8%	0.0%	0.0%	0.0%	0.0%	

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

119 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

N=363		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		363		37	47	11	14	4	71	4	28	64	27	11	41	
Percent		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Your company:	
																
		352		36	46	11	14	4	67	4	27	63	27	11	39	
		1.1		0.8	1.3	0.9	0.6	1.3	1.1	1.0	0.8	1.1	1.0	1.8	1.2	
				BiKl	ADH	k	BfiKl		dk		BK	adk	k	AcDfHij	ad	
																
Your business environment:	
																
		353		36	45	11	14	4	69	4	27	63	27	10	40	
		1.5		1.2	1.7	1.4	0.9	1.5	1.6	0.8	1.3	1.5	1.5	2.3	1.5	
				bfK	aD	k	BFhijKL		aDk	k	dK	dK	dk	AcDfgHIjl	Dk	

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

120 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
Percent		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Your company:	
															
		136	72	69	21	25	8	14		31	8	250	10	30	
		1.1	1.1	1.1	1.1	0.8	1.5	1.3		1.2	1.3	1.1	1.8	1.1	
						f	e					D	C		
															
Your business environment:	
															
		137	74	69	20	25	8	13		30	8	250	10	31	
		1.5	1.5	1.5	1.3	1.2	1.8	1.8		1.5	2.1	1.5	2.0	1.4	
											c	b			

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

121 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
Percent		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Your company:	
														
		122	79	26	34	7	13	14		168	131	35	11	
		1.1	1.1	1.0	1.3	0.7	1.2	1.2		1.1	1.0	1.5	0.8	
										C	C	ABD	C	
														
Your business environment:	
														
		123	80	25	33	7	13	13		170	131	34	11	
		1.5	1.4	1.5	1.5	1.0	1.5	1.6		1.5	1.4	1.8	1.1	
										c	c	abd	c	

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

122 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Q9.  Recent data from the Edelman Trust Barometer shows public trust continues to decline in business and government leadership. To what degree, if any, has a lack of public trust in business and government affected… (DK Excluded - Shows average scores)

N=363		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		104	76	56	49	36	27	12	
Percent		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Your company:	
									
		102	72	54	47	36	27	12	
		1.1	1.2	0.9	1.2	1.1	1.1	1.1	
									
Your business environment:	
									
		103	72	54	48	35	27	12	
		1.4	1.4	1.3	1.7	1.5	1.5	1.8	
		d		d	ac				

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

123 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Public perceptions and trust considerations affect my company's business decisions	
																
-2=Strongly Disagree		27		3	3	1	2	0	6	1	3	5	2	0	1	
		7.5%		8.1%	6.4%	9.1%	14.3%	0.0%	8.5%	25.0%	10.7%	7.9%	7.4%	0.0%	2.5%	
										l					g	
																
-1=Disagree		71		13	4	3	4	1	13	1	6	14	5	1	6	
		19.8%		35.1%	8.5%	27.3%	28.6%	25.0%	18.3%	25.0%	21.4%	22.2%	18.5%	9.1%	15.0%	
				Bl	A										a	
																
0=Neutral		105		12	15	3	2	1	19	2	13	20	9	1	8	
		29.2%		32.4%	31.9%	27.3%	14.3%	25.0%	26.8%	50.0%	46.4%	31.7%	33.3%	9.1%	20.0%	
							h				dkl			h	h	
																
1=Agree		128		7	22	2	4	2	26	0	6	23	11	4	19	
		35.7%		18.9%	46.8%	18.2%	28.6%	50.0%	36.6%	0.0%	21.4%	36.5%	40.7%	36.4%	47.5%	
				BL	Ah						bl				Ah	
																
2=Strongly Agree		28		2	3	2	2	0	7	0	0	1	0	5	6	
		7.8%		5.4%	6.4%	18.2%	14.3%	0.0%	9.9%	0.0%	0.0%	1.6%	0.0%	45.5%	15.0%	
				K	K	hij	hi		iK		cdKl	cdfKL	cKl	ABFHIJl	hIjk	
																
Mean		0.2		-0.2	0.4	0.1	0.0	0.3	0.2	-0.8	-0.2	0.0	0.1	1.2	0.6	
				BKL	Aghk	k	k		K	bKl	bKL	KL	Kl	AbcdFGHIJ	AgHIj	

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

124 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Public perceptions and trust considerations affect my company's business decisions	
															
-2=Strongly Disagree		11	5	4	1	4	0	1		4	0	20	0	2	
		7.7%	6.8%	5.7%	5.0%	16.0%	0.0%	7.1%		12.9%	0.0%	7.8%	0.0%	6.3%	
															
-1=Disagree		21	18	21	3	4	2	1		6	2	53	0	3	
		14.8%	24.3%	30.0%	15.0%	16.0%	25.0%	7.1%		19.4%	28.6%	20.7%	0.0%	9.4%	
		C		A											
															
0=Neutral		47	22	17	6	6	2	5		9	1	83	1	5	
		33.1%	29.7%	24.3%	30.0%	24.0%	25.0%	35.7%		29.0%	14.3%	32.4%	10.0%	15.6%	
															
1=Agree		55	23	23	7	9	2	7		10	3	88	5	15	
		38.7%	31.1%	32.9%	35.0%	36.0%	25.0%	50.0%		32.3%	42.9%	34.4%	50.0%	46.9%	
															
2=Strongly Agree		8	6	5	3	2	2	0		2	1	12	4	7	
		5.6%	8.1%	7.1%	15.0%	8.0%	25.0%	0.0%		6.5%	14.3%	4.7%	40.0%	21.9%	
		f					a			d		DE	aC	C	
															
Mean		0.2	0.1	0.1	0.4	0.0	0.5	0.3		0.0	0.4	0.1	1.3	0.7	
										De		DE	AC	aC	

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

125 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Public perceptions and trust considerations affect my company's business decisions	
														
-2=Strongly Disagree		10	7	3	3	0	1	0		12	12	1	2	
		7.8%	8.9%	11.5%	8.8%	0.0%	7.7%	0.0%		6.9%	9.0%	2.9%	16.7%	
														
-1=Disagree		21	21	6	5	1	1	1		27	32	8	3	
		16.4%	26.6%	23.1%	14.7%	16.7%	7.7%	7.1%		15.6%	24.1%	22.9%	25.0%	
														
0=Neutral		38	21	7	9	2	4	5		56	33	10	4	
		29.7%	26.6%	26.9%	26.5%	33.3%	30.8%	35.7%		32.4%	24.8%	28.6%	33.3%	
														
1=Agree		53	25	8	13	2	5	7		60	49	14	2	
		41.4%	31.6%	30.8%	38.2%	33.3%	38.5%	50.0%		34.7%	36.8%	40.0%	16.7%	
														
2=Strongly Agree		6	5	2	4	1	2	1		18	7	2	1	
		4.7%	6.3%	7.7%	11.8%	16.7%	15.4%	7.1%		10.4%	5.3%	5.7%	8.3%	
														
Mean		0.2	0.0	0.0	0.3	0.5	0.5	0.6		0.3	0.1	0.2	-0.3	

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

126 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Public perceptions and trust considerations affect my company's business decisions	
									
-2=Strongly Disagree		6	4	9	5	2	1	0	
		5.8%	5.3%	16.4%	10.2%	5.6%	3.7%	0.0%	
		c	c	ab					
									
-1=Disagree		22	15	12	9	6	3	4	
		21.4%	19.7%	21.8%	18.4%	16.7%	11.1%	33.3%	
									
0=Neutral		36	20	13	12	11	9	4	
		35.0%	26.3%	23.6%	24.5%	30.6%	33.3%	33.3%	
									
1=Agree		33	27	18	18	16	11	4	
		32.0%	35.5%	32.7%	36.7%	44.4%	40.7%	33.3%	
									
2=Strongly Agree		6	10	3	5	1	3	0	
		5.8%	13.2%	5.5%	10.2%	2.8%	11.1%	0.0%	
									
Mean		0.1	0.3	-0.1	0.2	0.2	0.4	0.0	
			c	bf			c		

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

127 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Our revenues are lower because of a lack of public trust	
																
-2=Strongly Disagree		62		5	6	1	8	1	11	1	9	11	3	1	5	
		17.3%		13.5%	12.8%	9.1%	57.1%	25.0%	15.5%	25.0%	32.1%	17.5%	11.1%	9.1%	12.5%	
				D	Dh	d	ABcFIJkL		D		b	D	D	d	D	
																
-1=Disagree		166		19	18	7	4	3	29	1	11	33	15	1	24	
		46.2%		51.4%	38.3%	63.6%	28.6%	75.0%	40.8%	25.0%	39.3%	52.4%	55.6%	9.1%	60.0%	
				k	l	k	l	k	k			K	k	acefIjL	bdK	
																
0=Neutral		85		11	13	1	2	0	17	2	7	12	9	4	6	
		23.7%		29.7%	27.7%	9.1%	14.3%	0.0%	23.9%	50.0%	25.0%	19.0%	33.3%	36.4%	15.0%	
																
1=Agree		37		2	8	2	0	0	12	0	1	6	0	3	3	
		10.3%		5.4%	17.0%	18.2%	0.0%	0.0%	16.9%	0.0%	3.6%	9.5%	0.0%	27.3%	7.5%	
				k	j	j	k		j		k		bcfK	adhJ		
																
2=Strongly Agree		9		0	2	0	0	0	2	0	0	1	0	2	2	
		2.5%		0.0%	4.3%	0.0%	0.0%	0.0%	2.8%	0.0%	0.0%	1.6%	0.0%	18.2%	5.0%	
				k					k		k	k	k	afhij		
																
Mean		-0.7		-0.7	-0.4	-0.6	-1.4	-1.3	-0.5	-0.8	-1.0	-0.7	-0.8	0.4	-0.7	
				DK	Dhk	dk	ABcFiJKl	k	Dhk		bfK	dK	DK	AbcDefHIJL	dK	

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

128 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Our revenues are lower because of a lack of public trust	
															
-2=Strongly Disagree		24	14	12	3	4	1	3		7	0	46	1	5	
		16.9%	18.9%	17.1%	15.0%	16.0%	12.5%	21.4%		22.6%	0.0%	18.0%	10.0%	15.6%	
															
-1=Disagree		63	33	34	11	13	5	6		14	2	121	3	16	
		44.4%	44.6%	48.6%	55.0%	52.0%	62.5%	42.9%		45.2%	28.6%	47.3%	30.0%	50.0%	
															
0=Neutral		35	17	18	3	5	1	3		6	2	59	2	8	
		24.6%	23.0%	25.7%	15.0%	20.0%	12.5%	21.4%		19.4%	28.6%	23.0%	20.0%	25.0%	
															
1=Agree		15	9	6	1	3	1	2		4	3	23	3	2	
		10.6%	12.2%	8.6%	5.0%	12.0%	12.5%	14.3%		12.9%	42.9%	9.0%	30.0%	6.3%	
											Ce	Bd	ce	bd	
															
2=Strongly Agree		5	1	0	2	0	0	0		0	0	7	1	1	
		3.5%	1.4%	0.0%	10.0%	0.0%	0.0%	0.0%		0.0%	0.0%	2.7%	10.0%	3.1%	
				D	C										
															
Mean		-0.6	-0.7	-0.7	-0.6	-0.7	-0.8	-0.7		-0.8	0.1	-0.7	0.0	-0.7	
										bd	ace	bd	ac	b	

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

129 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Our revenues are lower because of a lack of public trust	
														
-2=Strongly Disagree		22	13	6	5	0	3	2		26	27	3	5	
		17.2%	16.5%	23.1%	14.7%	0.0%	23.1%	14.3%		15.0%	20.3%	8.6%	41.7%	
										d		d	ac	
														
-1=Disagree		55	36	12	15	4	7	6		80	66	16	3	
		43.0%	45.6%	46.2%	44.1%	66.7%	53.8%	42.9%		46.2%	49.6%	45.7%	25.0%	
														
0=Neutral		33	21	6	8	2	1	3		44	25	10	2	
		25.8%	26.6%	23.1%	23.5%	33.3%	7.7%	21.4%		25.4%	18.8%	28.6%	16.7%	
														
1=Agree		15	8	2	4	0	1	3		18	12	5	2	
		11.7%	10.1%	7.7%	11.8%	0.0%	7.7%	21.4%		10.4%	9.0%	14.3%	16.7%	
														
2=Strongly Agree		3	1	0	2	0	1	0		5	3	1	0	
		2.3%	1.3%	0.0%	5.9%	0.0%	7.7%	0.0%		2.9%	2.3%	2.9%	0.0%	
														
Mean		-0.6	-0.7	-0.8	-0.5	-0.7	-0.8	-0.5		-0.6	-0.8	-0.4	-0.9	

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

130 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Our revenues are lower because of a lack of public trust	
									
-2=Strongly Disagree		18	10	15	10	4	4	1	
		17.5%	13.2%	27.3%	20.4%	11.1%	14.8%	8.3%	
			c	b					
									
-1=Disagree		51	39	21	20	19	11	5	
		49.5%	51.3%	38.2%	40.8%	52.8%	40.7%	41.7%	
									
0=Neutral		22	16	16	10	9	5	6	
		21.4%	21.1%	29.1%	20.4%	25.0%	18.5%	50.0%	
		g	g		g			abd	
									
1=Agree		10	8	3	6	3	7	0	
		9.7%	10.5%	5.5%	12.2%	8.3%	25.9%	0.0%	
		f		F			aC		
									
2=Strongly Agree		2	3	0	3	1	0	0	
		1.9%	3.9%	0.0%	6.1%	2.8%	0.0%	0.0%	
									
Mean		-0.7	-0.6	-0.9	-0.6	-0.6	-0.4	-0.6	

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

131 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
We use marketing and public relations to counteract the lack of public trust	
																
-2=Strongly Disagree		61		6	7	2	2	0	13	0	11	9	4	2	5	
		17.1%		16.2%	14.9%	18.2%	14.3%	0.0%	18.8%	0.0%	39.3%	14.5%	14.8%	18.2%	12.5%	
				h	h				h		abfijl	h	h		h	
																
-1=Disagree		101		14	12	5	0	0	18	0	8	22	10	2	10	
		28.4%		37.8%	25.5%	45.5%	0.0%	0.0%	26.1%	0.0%	28.6%	35.5%	37.0%	18.2%	25.0%	
				D	d	D	AbCfhIjl		d		d	D	d		d	
																
0=Neutral		113		15	11	4	4	3	22	3	7	23	9	2	8	
		31.7%		40.5%	23.4%	36.4%	28.6%	75.0%	31.9%	75.0%	25.0%	37.1%	33.3%	18.2%	20.0%	
					eg			bl		bl					eg	
																
1=Agree		68		2	12	0	7	1	13	1	2	8	4	3	15	
		19.1%		5.4%	25.5%	0.0%	50.0%	25.0%	18.8%	25.0%	7.1%	12.9%	14.8%	27.3%	37.5%	
				bDkL	a	dl	AcfHIj		dl		DL	DL	dl	a	AcfHIj	
																
2=Strongly Agree		13		0	5	0	1	0	3	0	0	0	0	2	2	
		3.7%		0.0%	10.6%	0.0%	7.1%	0.0%	4.3%	0.0%	0.0%	0.0%	0.0%	18.2%	5.0%	
				bk	aI		i				k	BdK	k	ahIj		
																
Mean		-0.4		-0.6	-0.1	-0.8	0.4	0.3	-0.4	0.3	-1.0	-0.5	-0.5	0.1	0.0	
				bDegkL	aHi	Degl	ACfHIj	ach	dh	ach	BDefgiKL	bDhl	d	aH	AcHi	

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

132 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
We use marketing and public relations to counteract the lack of public trust	
															
-2=Strongly Disagree		23	19	13	3	2	0	0		2	0	51	1	5	
		16.4%	25.7%	18.8%	15.0%	8.0%	0.0%	0.0%		6.5%	0.0%	20.0%	10.0%	15.6%	
			g					b							
															
-1=Disagree		42	20	19	9	4	2	4		11	4	74	1	4	
		30.0%	27.0%	27.5%	45.0%	16.0%	25.0%	28.6%		35.5%	57.1%	29.0%	10.0%	12.5%	
					e	d				e	e	e		abc	
															
0=Neutral		46	21	23	1	11	3	6		11	2	85	2	7	
		32.9%	28.4%	33.3%	5.0%	44.0%	37.5%	42.9%		35.5%	28.6%	33.3%	20.0%	21.9%	
		d	d	d	abcEfg	D	d	d							
															
1=Agree		25	12	13	5	8	2	2		5	0	37	6	14	
		17.9%	16.2%	18.8%	25.0%	32.0%	25.0%	14.3%		16.1%	0.0%	14.5%	60.0%	43.8%	
										De	de	DE	AbC	abC	
															
2=Strongly Agree		4	2	1	2	0	1	2		2	1	8	0	2	
		2.9%	2.7%	1.4%	10.0%	0.0%	12.5%	14.3%		6.5%	14.3%	3.1%	0.0%	6.3%	
		g		g				ac							
															
Mean		-0.4	-0.6	-0.4	-0.3	0.0	0.3	0.1		-0.2	-0.3	-0.5	0.3	0.1	
			eg			b		b				dE	c	C	

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

133 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
We use marketing and public relations to counteract the lack of public trust	
														
-2=Strongly Disagree		20	16	6	6	0	2	0		31	22	4	4	
		15.7%	20.3%	23.1%	18.2%	0.0%	15.4%	0.0%		18.1%	16.7%	11.4%	33.3%	
														
-1=Disagree		40	20	6	9	1	2	4		41	40	15	3	
		31.5%	25.3%	23.1%	27.3%	16.7%	15.4%	28.6%		24.0%	30.3%	42.9%	25.0%	
										c		a		
														
0=Neutral		43	24	9	11	2	2	7		55	40	10	4	
		33.9%	30.4%	34.6%	33.3%	33.3%	15.4%	50.0%		32.2%	30.3%	28.6%	33.3%	
														
1=Agree		21	17	4	6	3	5	2		39	25	3	1	
		16.5%	21.5%	15.4%	18.2%	50.0%	38.5%	14.3%		22.8%	18.9%	8.6%	8.3%	
		e				a								
														
2=Strongly Agree		3	2	1	1	0	2	1		5	5	3	0	
		2.4%	2.5%	3.8%	3.0%	0.0%	15.4%	7.1%		2.9%	3.8%	8.6%	0.0%	
		f	f				ab							
														
Mean		-0.4	-0.4	-0.5	-0.4	0.3	0.2	0.0		-0.3	-0.4	-0.4	-0.8	
		f					a							

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

134 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
We use marketing and public relations to counteract the lack of public trust	
									
-2=Strongly Disagree		13	16	15	7	5	3	2	
		12.7%	21.3%	27.3%	14.3%	13.9%	11.5%	16.7%	
		c		a					
									
-1=Disagree		35	19	18	11	7	8	3	
		34.3%	25.3%	32.7%	22.4%	19.4%	30.8%	25.0%	
									
0=Neutral		35	19	16	19	13	7	3	
		34.3%	25.3%	29.1%	38.8%	36.1%	26.9%	25.0%	
									
1=Agree		17	17	6	8	10	6	4	
		16.7%	22.7%	10.9%	16.3%	27.8%	23.1%	33.3%	
				e		c			
									
2=Strongly Agree		2	4	0	4	1	2	0	
		2.0%	5.3%	0.0%	8.2%	2.8%	7.7%	0.0%	
				df	c		c		
									
Mean		-0.4	-0.3	-0.8	-0.2	-0.1	-0.2	-0.3	
		c	c	abDEf	C	C	c		

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

135 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
We have strengthened our governance policies and procedures	
																
-2=Strongly Disagree		25		5	2	1	0	0	7	0	3	5	0	0	2	
		7.0%		13.9%	4.3%	9.1%	0.0%	0.0%	9.9%	0.0%	10.7%	7.9%	0.0%	0.0%	5.0%	
				j									a			
																
-1=Disagree		52		8	6	1	2	1	11	0	4	9	5	1	4	
		14.5%		22.2%	12.8%	9.1%	14.3%	25.0%	15.5%	0.0%	14.3%	14.3%	18.5%	9.1%	10.0%	
																
0=Neutral		122		15	14	6	5	1	25	3	8	25	8	2	10	
		34.1%		41.7%	29.8%	54.5%	35.7%	25.0%	35.2%	75.0%	28.6%	39.7%	29.6%	18.2%	25.0%	
										l					g	
																
1=Agree		139		6	19	3	6	2	26	1	12	22	11	7	23	
		38.8%		16.7%	40.4%	27.3%	42.9%	50.0%	36.6%	25.0%	42.9%	34.9%	40.7%	63.6%	57.5%	
				bfhjKL	a				al		a	l	a	A	Afi	
																
2=Strongly Agree		20		2	6	0	1	0	2	0	1	2	3	1	1	
		5.6%		5.6%	12.8%	0.0%	7.1%	0.0%	2.8%	0.0%	3.6%	3.2%	11.1%	9.1%	2.5%	
					f				b							
																
Mean		0.2		-0.2	0.4	0.0	0.4	0.3	0.1	0.3	0.1	0.1	0.4	0.7	0.4	
				BdjKL	A		a		k			k	a	Afi	A	

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

136 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
We have strengthened our governance policies and procedures	
															
-2=Strongly Disagree		10	5	6	2	1	0	0		0	0	21	1	1	
		7.0%	6.8%	8.7%	10.0%	4.0%	0.0%	0.0%		0.0%	0.0%	8.2%	10.0%	3.1%	
															
-1=Disagree		22	15	6	3	1	2	1		3	1	42	0	3	
		15.5%	20.3%	8.7%	15.0%	4.0%	25.0%	7.1%		9.7%	14.3%	16.5%	0.0%	9.4%	
															
0=Neutral		53	25	27	5	8	0	3		9	1	93	3	4	
		37.3%	33.8%	39.1%	25.0%	32.0%	0.0%	21.4%		29.0%	14.3%	36.5%	30.0%	12.5%	
		f		f			ac					E		C	
															
1=Agree		52	29	27	9	12	3	6		14	5	87	6	23	
		36.6%	39.2%	39.1%	45.0%	48.0%	37.5%	42.9%		45.2%	71.4%	34.1%	60.0%	71.9%	
										e	c	bE		aC	
															
2=Strongly Agree		5	0	3	1	3	3	4		5	0	12	0	1	
		3.5%	0.0%	4.3%	5.0%	12.0%	37.5%	28.6%		16.1%	0.0%	4.7%	0.0%	3.1%	
		FG	EFG	FG	f	B	ABCd	ABC		c		a			
															
Mean		0.1	0.1	0.2	0.2	0.6	0.9	0.9		0.7	0.6	0.1	0.4	0.6	
		efG	efG	g		ab	ab	ABc		C		AE		C	

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

137 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
We have strengthened our governance policies and procedures	
														
-2=Strongly Disagree		11	4	2	3	1	1	0		10	13	0	2	
		8.6%	5.1%	7.7%	8.8%	16.7%	7.7%	0.0%		5.8%	9.8%	0.0%	16.7%	
												d	c	
														
-1=Disagree		26	13	1	3	0	2	0		20	25	7	0	
		20.3%	16.7%	3.8%	8.8%	0.0%	15.4%	0.0%		11.6%	18.8%	20.0%	0.0%	
		c		a										
														
0=Neutral		48	24	11	9	3	0	3		63	44	10	3	
		37.5%	30.8%	42.3%	26.5%	50.0%	0.0%	21.4%		36.6%	33.1%	28.6%	25.0%	
		F	f	F	f	f	AbCde							
														
1=Agree		39	37	9	16	2	8	6		71	44	15	6	
		30.5%	47.4%	34.6%	47.1%	33.3%	61.5%	42.9%		41.3%	33.1%	42.9%	50.0%	
		bf	a				a							
														
2=Strongly Agree		4	0	3	3	0	2	5		8	7	3	1	
		3.1%	0.0%	11.5%	8.8%	0.0%	15.4%	35.7%		4.7%	5.3%	8.6%	8.3%	
		fG	CDFG	B	Bg		aB	ABd						
														
Mean		0.0	0.2	0.4	0.4	0.0	0.6	1.1		0.3	0.1	0.4	0.3	
		dfG	G	g	ag	g	a	ABcde						

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

138 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
We have strengthened our governance policies and procedures	
									
-2=Strongly Disagree		5	5	7	4	2	2	0	
		4.9%	6.6%	12.7%	8.2%	5.6%	7.4%	0.0%	
									
-1=Disagree		18	13	7	5	3	4	2	
		17.6%	17.1%	12.7%	10.2%	8.3%	14.8%	16.7%	
									
0=Neutral		39	21	25	17	12	4	4	
		38.2%	27.6%	45.5%	34.7%	33.3%	14.8%	33.3%	
		f	c	bF			aC		
									
1=Agree		35	32	15	17	18	17	5	
		34.3%	42.1%	27.3%	34.7%	50.0%	63.0%	41.7%	
		F		eF	f	c	ACd		
									
2=Strongly Agree		5	5	1	6	1	0	1	
		4.9%	6.6%	1.8%	12.2%	2.8%	0.0%	8.3%	
				d	c				
									
Mean		0.2	0.3	-0.1	0.3	0.4	0.3	0.4	
				e		c			

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

139 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
We have emphasized increased transparency in our business dealings and reporting	
																
-2=Strongly Disagree		22		4	2	2	1	0	7	0	2	1	0	1	2	
		6.2%		10.8%	4.3%	18.2%	7.1%	0.0%	10.0%	0.0%	7.1%	1.6%	0.0%	9.1%	5.0%	
				i		ij			i			acf	c			
																
-1=Disagree		42		8	5	0	0	1	5	0	6	10	4	0	3	
		11.8%		21.6%	10.9%	0.0%	0.0%	33.3%	7.1%	0.0%	21.4%	15.9%	14.8%	0.0%	7.5%	
				f			e	d	ah		f					
																
0=Neutral		118		16	13	5	4	0	21	1	11	23	10	2	11	
		33.1%		43.2%	28.3%	45.5%	28.6%	0.0%	30.0%	25.0%	39.3%	36.5%	37.0%	18.2%	27.5%	
																
1=Agree		142		7	22	4	7	2	27	3	6	26	11	5	21	
		39.9%		18.9%	47.8%	36.4%	50.0%	66.7%	38.6%	75.0%	21.4%	41.3%	40.7%	45.5%	52.5%	
				BdfgiL	Ah		a		a	ah	bgl	a			Ah	
																
2=Strongly Agree		32		2	4	0	2	0	10	0	3	3	2	3	3	
		9.0%		5.4%	8.7%	0.0%	14.3%	0.0%	14.3%	0.0%	10.7%	4.8%	7.4%	27.3%	7.5%	
				k								k		ai		
																
Mean		0.3		-0.1	0.5	0.0	0.6	0.3	0.4	0.8	0.1	0.3	0.4	0.8	0.5	
				BdfijkL	A		a		a			a	a	a	A	

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

140 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
We have emphasized increased transparency in our business dealings and reporting	
															
-2=Strongly Disagree		7	5	5	2	2	0	0		1	0	16	1	1	
		5.0%	6.8%	7.2%	10.0%	8.0%	0.0%	0.0%		3.2%	0.0%	6.3%	10.0%	3.1%	
															
-1=Disagree		22	10	4	3	2	0	0		1	1	39	0	0	
		15.6%	13.5%	5.8%	15.0%	8.0%	0.0%	0.0%		3.2%	14.3%	15.4%	0.0%	0.0%	
		c		a							e	e		bc	
															
0=Neutral		51	25	29	4	5	1	2		7	1	92	2	6	
		36.2%	33.8%	42.0%	20.0%	20.0%	12.5%	15.4%		22.6%	14.3%	36.2%	20.0%	18.8%	
															
1=Agree		50	28	27	8	14	6	7		16	5	92	5	17	
		35.5%	37.8%	39.1%	40.0%	56.0%	75.0%	53.8%		51.6%	71.4%	36.2%	50.0%	53.1%	
		f	f				ab								
															
2=Strongly Agree		11	6	4	3	2	1	4		6	0	15	2	8	
		7.8%	8.1%	5.8%	15.0%	8.0%	12.5%	30.8%		19.4%	0.0%	5.9%	20.0%	25.0%	
		G	g	G				AbC		C		AE		C	
															
Mean		0.3	0.3	0.3	0.4	0.5	1.0	1.2		0.8	0.6	0.2	0.7	1.0	
		fG	G	fG	g	g	ac	ABCde		C		AE		C	

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

141 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
We have emphasized increased transparency in our business dealings and reporting	
														
-2=Strongly Disagree		7	5	2	1	0	1	0		11	9	1	1	
		5.5%	6.4%	7.7%	2.9%	0.0%	8.3%	0.0%		6.5%	6.8%	2.9%	8.3%	
														
-1=Disagree		20	11	0	3	0	0	0		16	22	3	1	
		15.6%	14.1%	0.0%	8.8%	0.0%	0.0%	0.0%		9.4%	16.5%	8.6%	8.3%	
		c	c	ab										
														
0=Neutral		46	24	12	12	2	1	2		55	43	12	4	
		35.9%	30.8%	46.2%	35.3%	33.3%	8.3%	14.3%		32.4%	32.3%	34.3%	33.3%	
				f			c							
														
1=Agree		47	31	10	14	4	8	7		72	51	13	5	
		36.7%	39.7%	38.5%	41.2%	66.7%	66.7%	50.0%		42.4%	38.3%	37.1%	41.7%	
		f					a							
														
2=Strongly Agree		8	7	2	4	0	2	5		16	8	6	1	
		6.3%	9.0%	7.7%	11.8%	0.0%	16.7%	35.7%		9.4%	6.0%	17.1%	8.3%	
		G	G	g				ABc			c	b		
														
Mean		0.2	0.3	0.4	0.5	0.7	0.8	1.2		0.4	0.2	0.6	0.3	
		fG	G	G	g		a	ABCd						

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

142 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
We have emphasized increased transparency in our business dealings and reporting	
									
-2=Strongly Disagree		5	3	7	2	4	1	0	
		5.0%	3.9%	12.7%	4.1%	11.1%	3.8%	0.0%	
									
-1=Disagree		20	10	4	4	2	1	1	
		19.8%	13.2%	7.3%	8.2%	5.6%	3.8%	8.3%	
		ce		a		a			
									
0=Neutral		36	24	18	13	14	8	4	
		35.6%	31.6%	32.7%	26.5%	38.9%	30.8%	33.3%	
									
1=Agree		37	31	20	18	15	14	7	
		36.6%	40.8%	36.4%	36.7%	41.7%	53.8%	58.3%	
									
2=Strongly Agree		3	8	6	12	1	2	0	
		3.0%	10.5%	10.9%	24.5%	2.8%	7.7%	0.0%	
		bcD	ad	a	AbE	D			
									
Mean		0.1	0.4	0.3	0.7	0.2	0.6	0.5	
		Df		d	Ace	d	a		

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

143 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
We have made organizational changes in response to the lack of public trust	
																
-2=Strongly Disagree		69		6	6	2	3	1	17	1	9	13	2	1	7	
		19.3%		16.2%	13.0%	18.2%	21.4%	25.0%	23.9%	25.0%	32.1%	20.6%	7.4%	9.1%	17.5%	
											j		h			
																
-1=Disagree		130		18	18	3	6	1	16	1	10	29	11	2	14	
		36.3%		48.6%	39.1%	27.3%	42.9%	25.0%	22.5%	25.0%	35.7%	46.0%	40.7%	18.2%	35.0%	
				F					AI			F				
																
0=Neutral		115		12	13	6	4	2	25	2	8	18	13	3	9	
		32.1%		32.4%	28.3%	54.5%	28.6%	50.0%	35.2%	50.0%	28.6%	28.6%	48.1%	27.3%	22.5%	
						l							l		cj	
																
1=Agree		37		1	8	0	1	0	11	0	1	3	1	3	8	
		10.3%		2.7%	17.4%	0.0%	7.1%	0.0%	15.5%	0.0%	3.6%	4.8%	3.7%	27.3%	20.0%	
				bfkl	ai				ai		k	bfkl	k	ahij	ai	
																
2=Strongly Agree		7		0	1	0	0	0	2	0	0	0	0	2	2	
		2.0%		0.0%	2.2%	0.0%	0.0%	0.0%	2.8%	0.0%	0.0%	0.0%	0.0%	18.2%	5.0%	
				k	k				k		k	K	k	abfhIj		
																
Mean		-0.6		-0.8	-0.4	-0.6	-0.8	-0.8	-0.5	-0.8	-1.0	-0.8	-0.5	0.3	-0.4	
				K	hi		k		hk		bfjKl	bKl	hk	AdfHIj	hi	

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

144 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
We have made organizational changes in response to the lack of public trust	
															
-2=Strongly Disagree		21	20	15	4	5	0	2		5	0	53	1	5	
		14.8%	27.0%	21.4%	20.0%	20.0%	0.0%	15.4%		16.1%	0.0%	20.8%	10.0%	15.6%	
		b	a												
															
-1=Disagree		53	22	26	9	9	2	7		15	3	94	2	10	
		37.3%	29.7%	37.1%	45.0%	36.0%	25.0%	53.8%		48.4%	42.9%	36.9%	20.0%	31.3%	
															
0=Neutral		51	21	23	4	7	5	2		7	2	83	3	10	
		35.9%	28.4%	32.9%	20.0%	28.0%	62.5%	15.4%		22.6%	28.6%	32.5%	30.0%	31.3%	
					f		dg	f							
															
1=Agree		14	11	5	1	4	1	1		3	2	20	3	7	
		9.9%	14.9%	7.1%	5.0%	16.0%	12.5%	7.7%		9.7%	28.6%	7.8%	30.0%	21.9%	
												de	c	c	
															
2=Strongly Agree		3	0	1	2	0	0	1		1	0	5	1	0	
		2.1%	0.0%	1.4%	10.0%	0.0%	0.0%	7.7%		3.2%	0.0%	2.0%	10.0%	0.0%	
			Dg		B			b							
															
Mean		-0.5	-0.7	-0.7	-0.6	-0.6	-0.1	-0.6		-0.6	-0.1	-0.7	0.1	-0.4	
												d	c		

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

145 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
We have made organizational changes in response to the lack of public trust	
														
-2=Strongly Disagree		21	19	9	4	0	3	1		26	34	3	3	
		16.4%	24.1%	34.6%	11.8%	0.0%	25.0%	7.1%		15.1%	25.6%	8.6%	25.0%	
		c		ad	c					b	ac	b		
														
-1=Disagree		49	26	7	13	2	3	7		59	50	13	7	
		38.3%	32.9%	26.9%	38.2%	33.3%	25.0%	50.0%		34.3%	37.6%	37.1%	58.3%	
														
0=Neutral		41	24	8	14	4	1	5		65	34	14	1	
		32.0%	30.4%	30.8%	41.2%	66.7%	8.3%	35.7%		37.8%	25.6%	40.0%	8.3%	
					f	f	de			bd	a	d	ac	
														
1=Agree		14	10	2	2	0	4	0		19	12	4	1	
		10.9%	12.7%	7.7%	5.9%	0.0%	33.3%	0.0%		11.0%	9.0%	11.4%	8.3%	
		f			f		adg	f						
														
2=Strongly Agree		3	0	0	1	0	1	1		3	3	1	0	
		2.3%	0.0%	0.0%	2.9%	0.0%	8.3%	7.1%		1.7%	2.3%	2.9%	0.0%	
			fg				b	b						
														
Mean		-0.6	-0.7	-0.9	-0.5	-0.3	-0.3	-0.5		-0.5	-0.8	-0.4	-1.0	
										b	ac	bd	c	

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

146 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
We have made organizational changes in response to the lack of public trust	
									
-2=Strongly Disagree		18	15	11	12	7	4	1	
		17.6%	19.7%	20.0%	24.5%	19.4%	14.8%	8.3%	
									
-1=Disagree		41	30	22	14	8	7	8	
		40.2%	39.5%	40.0%	28.6%	22.2%	25.9%	66.7%	
					g	G	g	dEf	
									
0=Neutral		32	21	18	14	16	11	3	
		31.4%	27.6%	32.7%	28.6%	44.4%	40.7%	25.0%	
									
1=Agree		10	8	4	6	4	5	0	
		9.8%	10.5%	7.3%	12.2%	11.1%	18.5%	0.0%	
									
2=Strongly Agree		1	2	0	3	1	0	0	
		1.0%	2.6%	0.0%	6.1%	2.8%	0.0%	0.0%	
									
Mean		-0.6	-0.6	-0.7	-0.5	-0.4	-0.4	-0.8	

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

147 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
																
-2=Strongly Disagree		81		10	10	4	4	1	18	0	8	14	5	2	5	
		22.7%		27.8%	21.3%	36.4%	28.6%	25.0%	25.4%	0.0%	29.6%	22.2%	18.5%	18.2%	12.5%	
																
-1=Disagree		120		17	9	1	5	0	17	2	12	28	12	2	14	
		33.6%		47.2%	19.1%	9.1%	35.7%	0.0%	23.9%	50.0%	44.4%	44.4%	44.4%	18.2%	35.0%	
				Bcf	AhIj	ahij			ahij		bcf	Bcf	bcf			
																
0=Neutral		104		7	18	6	3	2	23	1	7	16	8	3	10	
		29.1%		19.4%	38.3%	54.5%	21.4%	50.0%	32.4%	25.0%	25.9%	25.4%	29.6%	27.3%	25.0%	
				c		a										
																
1=Agree		39		2	7	0	2	1	9	1	0	5	2	1	8	
		10.9%		5.6%	14.9%	0.0%	14.3%	25.0%	12.7%	25.0%	0.0%	7.9%	7.4%	9.1%	20.0%	
					h			h		h	begl				h	
																
2=Strongly Agree		13		0	3	0	0	0	4	0	0	0	0	3	3	
		3.6%		0.0%	6.4%	0.0%	0.0%	0.0%	5.6%	0.0%	0.0%	0.0%	0.0%	27.3%	7.5%	
				K	ik		k		k		K	bKl	K	AbdfHIJ	i	
																
Mean		-0.6		-1.0	-0.3	-0.8	-0.8	-0.3	-0.5	-0.3	-1.0	-0.8	-0.7	0.1	-0.3	
				BfKL	AHi				ah		BfKL	bKL	k	AHIj	AHI	

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

148 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
															
-2=Strongly Disagree		24	22	20	7	5	1	1		4	0	65	2	3	
		17.0%	30.1%	28.6%	35.0%	20.0%	12.5%	7.1%		12.9%	0.0%	25.6%	20.0%	9.4%	
		b	a									e		c	
															
-1=Disagree		46	27	25	7	7	4	3		10	1	92	3	7	
		32.6%	37.0%	35.7%	35.0%	28.0%	50.0%	21.4%		32.3%	14.3%	36.2%	30.0%	21.9%	
															
0=Neutral		50	16	21	2	6	3	5		9	5	72	2	10	
		35.5%	21.9%	30.0%	10.0%	24.0%	37.5%	35.7%		29.0%	71.4%	28.3%	20.0%	31.3%	
		bd	a		a					b	ac	b			
															
1=Agree		17	7	3	1	5	0	4		6	0	21	2	8	
		12.1%	9.6%	4.3%	5.0%	20.0%	0.0%	28.6%		19.4%	0.0%	8.3%	20.0%	25.0%	
				eG		c		C		c		aE		C	
															
2=Strongly Agree		4	1	1	3	2	0	1		2	1	4	1	4	
		2.8%	1.4%	1.4%	15.0%	8.0%	0.0%	7.1%		6.5%	14.3%	1.6%	10.0%	12.5%	
		d	D	d	aBc						c	bE		C	
															
Mean		-0.5	-0.8	-0.9	-0.7	-0.3	-0.8	0.1		-0.3	0.1	-0.8	-0.3	0.1	
		bcg	aeG	aeG		bc		aBC		C	c	AbE		C	

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

149 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
														
-2=Strongly Disagree		19	21	11	5	0	1	2		39	32	5	4	
		15.0%	26.9%	42.3%	14.7%	0.0%	7.7%	14.3%		22.7%	24.2%	14.3%	33.3%	
		bC	a	Adf	c		c							
														
-1=Disagree		45	25	8	14	2	5	3		49	57	12	2	
		35.4%	32.1%	30.8%	41.2%	33.3%	38.5%	21.4%		28.5%	43.2%	34.3%	16.7%	
										B	A			
														
0=Neutral		45	24	4	9	2	3	6		58	28	10	4	
		35.4%	30.8%	15.4%	26.5%	33.3%	23.1%	42.9%		33.7%	21.2%	28.6%	33.3%	
		c		a						b	a			
														
1=Agree		16	6	3	4	2	2	2		20	11	6	1	
		12.6%	7.7%	11.5%	11.8%	33.3%	15.4%	14.3%		11.6%	8.3%	17.1%	8.3%	
			e			b								
														
2=Strongly Agree		2	2	0	2	0	2	1		6	4	2	1	
		1.6%	2.6%	0.0%	5.9%	0.0%	15.4%	7.1%		3.5%	3.0%	5.7%	8.3%	
		F	f	f			Abc							
														
Mean		-0.5	-0.7	-1.0	-0.5	0.0	-0.1	-0.2		-0.6	-0.8	-0.3	-0.6	
		C	f	Adefg	c	c	bc	c			c	b		

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

150 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Our CEO has chosen to speak out on controversial issues in an effort to regain public trust	
									
-2=Strongly Disagree		25	15	20	9	4	5	3	
		24.3%	19.7%	37.0%	18.8%	11.1%	18.5%	25.0%	
			c	bdE	c	C			
									
-1=Disagree		36	22	19	15	14	8	6	
		35.0%	28.9%	35.2%	31.3%	38.9%	29.6%	50.0%	
									
0=Neutral		33	29	10	13	8	8	3	
		32.0%	38.2%	18.5%	27.1%	22.2%	29.6%	25.0%	
			c	b					
									
1=Agree		6	8	4	7	10	3	0	
		5.8%	10.5%	7.4%	14.6%	27.8%	11.1%	0.0%	
		E	e	e		Abcg		e	
									
2=Strongly Agree		3	2	1	4	0	3	0	
		2.9%	2.6%	1.9%	8.3%	0.0%	11.1%	0.0%	
						f	e		
									
Mean		-0.7	-0.5	-1.0	-0.4	-0.3	-0.3	-1.0	
		e	c	bDEf	C	aCg	c	e	

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

151 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Other	
																
-2=Strongly Disagree		1		0	0	1	0	0	0	0	0	0	0	0	0	
		3.4%		0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
																
-1=Disagree		1		0	0	0	0	0	0	0	0	0	1	0	0	
		3.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
				j					j				af			
																
0=Neutral		26		6	4	1	0	0	6	1	3	3	0	0	2	
		89.7%		100.0%	100.0%	50.0%	0.0%	0.0%	100.0%	100.0%	75.0%	100.0%	0.0%	0.0%	100.0%	
				j					j				af			
																
1=Agree		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%	
																
2=Strongly Agree		1		0	0	0	0	0	0	0	1	0	0	0	0	
		3.4%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	0.0%	0.0%	0.0%	0.0%	
																
Mean		0.0		0.0	0.0	-1.0	---	---	0.0	0.0	0.5	0.0	-1.0	---	0.0	

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

152 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Other	
															
-2=Strongly Disagree		1	0	0	0	0	0	0		0	0	1	0	0	
		9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	4.3%	0.0%	0.0%	
															
-1=Disagree		0	1	0	0	0	0	0		0	0	0	1	0	
		0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	100.0%	0.0%	
												D	C		
															
0=Neutral		9	2	9	1	3	1	1		1	1	21	0	1	
		81.8%	66.7%	100.0%	100.0%	100.0%	100.0%	100.0%		100.0%	100.0%	91.3%	0.0%	100.0%	
												d	c		
															
1=Agree		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%	
															
2=Strongly Agree		1	0	0	0	0	0	0		0	0	1	0	0	
		9.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	4.3%	0.0%	0.0%	
															
Mean		0.0	-0.3	0.0	0.0	0.0	0.0	0.0		0.0	0.0	0.0	-1.0	0.0	

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

153 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Other	
														
-2=Strongly Disagree		0	0	0	0	0	0	0		1	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		6.7%	0.0%	0.0%	0.0%	
														
-1=Disagree		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	14.3%	0.0%	0.0%	
														
0=Neutral		9	4	4	2	1	0	2		14	5	6	1	
		100.0%	66.7%	100.0%	100.0%	100.0%	0.0%	100.0%		93.3%	71.4%	100.0%	100.0%	
														
1=Agree		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%	
														
2=Strongly Agree		0	1	0	0	0	0	0		0	1	0	0	
		0.0%	16.7%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	14.3%	0.0%	0.0%	
														
Mean		0.0	0.2	0.0	0.0	0.0	---	0.0		-0.1	0.1	0.0	0.0	

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

154 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 Q10. How much do you agree or disagree with the following statements in relation to public concerns about business trust?

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Other	
									
-2=Strongly Disagree		0	0	0	1	0	0	0	
		0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	
									
-1=Disagree		0	0	0	0	1	0	0	
		0.0%	0.0%	0.0%	0.0%	33.3%	0.0%	0.0%	
									
0=Neutral		6	10	4	2	2	1	1	
		100.0%	100.0%	80.0%	66.7%	66.7%	100.0%	100.0%	
									
1=Agree		0	0	0	0	0	0	0	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	
									
2=Strongly Agree		0	0	1	0	0	0	0	
		0.0%	0.0%	20.0%	0.0%	0.0%	0.0%	0.0%	
									
Mean		0.0	0.0	0.4	-0.7	-0.3	0.0	0.0	

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

155 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only - What are the effects of HB2 on the 2017 economic prospects of firms in your industry?

N=12		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		12		1	2	2	0	0	1	0	1	2	1	1	1	
		100.0%		8.3%	16.7%	16.7%	0.0%	0.0%	8.3%	0.0%	8.3%	16.7%	8.3%	8.3%	8.3%	
																
-2=Very Negative		2		0	0	0	0	0	1	0	0	0	0	1	0	
		16.7%		0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	
																
-1=-Negative		3		0	0	1	0	0	0	0	1	0	0	0	1	
		25.0%		0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	100.0%	
																
0=Neutral		6		1	2	1	0	0	0	0	0	2	0	0	0	
		50.0%		100.0%	100.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	0.0%	
																
1=Positive		1		0	0	0	0	0	0	0	0	0	1	0	0	
		8.3%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	0.0%	0.0%	
																
2=Very Positive		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

156 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only - What are the effects of HB2 on the 2017 economic prospects of firms in your industry?

N=12		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		5	3	2	0	1	0	1		1	0	11	0	0	
		41.7%	25.0%	16.7%	0.0%	8.3%	0.0%	8.3%		8.3%	0.0%	91.7%	0.0%	0.0%	
															
-2=Very Negative		1	1	0	0	0	0	0		0	0	2	0	0	
		20.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	18.2%	0.0%	0.0%	
															
-1=-Negative		2	1	0	0	0	0	0		0	0	3	0	0	
		40.0%	33.3%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	27.3%	0.0%	0.0%	
															
0=Neutral		1	1	2	0	1	0	1		1	0	5	0	0	
		20.0%	33.3%	100.0%	0.0%	100.0%	0.0%	100.0%		100.0%	0.0%	45.5%	0.0%	0.0%	
															
1=Positive		1	0	0	0	0	0	0		0	0	1	0	0	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	9.1%	0.0%	0.0%	
															
2=Very Positive		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

157 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only - What are the effects of HB2 on the 2017 economic prospects of firms in your industry?

N=12		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		5	2	1	1	1	0	1		5	5	1	0	
		45.5%	18.2%	9.1%	9.1%	9.1%	0.0%	9.1%		45.5%	45.5%	9.1%	0.0%	
														
-2=Very Negative		1	1	0	0	0	0	0		1	0	1	0	
		20.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%		20.0%	0.0%	100.0%	0.0%	
														
-1=-Negative		1	1	0	0	0	0	0		2	1	0	0	
		20.0%	50.0%	0.0%	0.0%	0.0%	0.0%	0.0%		40.0%	20.0%	0.0%	0.0%	
														
0=Neutral		2	0	1	1	1	0	1		2	4	0	0	
		40.0%	0.0%	100.0%	100.0%	100.0%	0.0%	100.0%		40.0%	80.0%	0.0%	0.0%	
														
1=Positive		1	0	0	0	0	0	0		0	0	0	0	
		20.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.0%	0.0%	
														
2=Very Positive		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

158 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only - What are the effects of HB2 on the 2017 economic prospects of firms in your industry?

N=12		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		0	0	0	0	0	0	12	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	
									
-2=Very Negative		0	0	0	0	0	0	2	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	
									
-1=-Negative		0	0	0	0	0	0	3	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	25.0%	
									
0=Neutral		0	0	0	0	0	0	6	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	
									
1=Positive		0	0	0	0	0	0	1	
		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	8.3%	
									
2=Very Positive		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

159 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only / Excludes DK - 

N=12		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		12		1	2	2	0	0	1	0	1	2	1	1	1	
Percent		100.0%		8.3%	16.7%	16.7%	0.0%	0.0%	8.3%	0.0%	8.3%	16.7%	8.3%	8.3%	8.3%	
																
What are the effects of HB2 on the 2017 economic prospects of firms in your industry?	
																
		12		1	2	2	0	0	1	0	1	2	1	1	1	
		-0.5		0.0	0.0	-0.5	---	---	-2.0	---	-1.0	0.0	1.0	-2.0	-1.0	

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

160 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only / Excludes DK - 

N=12		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		5	3	2	0	1	0	1		1	0	11	0	0	
Percent		41.7%	25.0%	16.7%	0.0%	8.3%	0.0%	8.3%		8.3%	0.0%	91.7%	0.0%	0.0%	
															
What are the effects of HB2 on the 2017 economic prospects of firms in your industry?	
															
		5	3	2	0	1	0	1		1	0	11	0	0	
		-0.6	-1.0	0.0	---	0.0	---	0.0		0.0	---	-0.5	---	---	

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

161 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only / Excludes DK - 

N=12		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		5	2	1	1	1	0	1		5	5	1	0	
Percent		45.5%	18.2%	9.1%	9.1%	9.1%	0.0%	9.1%		45.5%	45.5%	9.1%	0.0%	
														
What are the effects of HB2 on the 2017 economic prospects of firms in your industry?	
														
		5	2	1	1	1	0	1		5	5	1	0	
		-0.4	-1.5	0.0	0.0	0.0	---	0.0		-0.8	-0.2	-2.0	---	

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

162 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

 NC Only / Excludes DK - 

N=12		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		0	0	0	0	0	0	12	
Percent		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	100.0%	
									
What are the effects of HB2 on the 2017 economic prospects of firms in your industry?	
									
		0	0	0	0	0	0	12	
		---	---	---	---	---	---	-0.5	

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

163 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

On February 20, 2017 the annual yield on 10-yr treasury bonds was 2.41%. Please complete the following:  (Winsorized)

N=363		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		363		37	47	11	14	4	71	4	28	64	27	11	41	
Percent		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
Over the next 10 years, I		322		35	43	11	13	4	55	3	26	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:		2.00		2.34	1.80	2.28	2.02	1.25	2.33	5.16	2.19	1.67	1.06	2.05	2.13	
																
Over the next 10 years, I		327		35	42	11	13	4	57	3	26	60	27	10	37	
expect the average annual S&P
500 return will be: Expected
return:		6.60		7.22	7.80	6.87	6.32	6.75	6.53	10.77	5.96	5.81	6.31	5.50	6.72	
																
Over the next 10 years, I		326		35	43	11	13	4	59	3	26	59	25	10	36	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		9.79		10.17	10.55	10.59	8.60	10.00	9.29	15.22	10.26	9.32	9.82	7.30	10.09	
																
Over the next year, I expect		324		35	42	11	14	4	57	3	26	59	25	10	36	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		-0.55		0.73	-0.63	2.77	-2.77	-2.50	-0.60	6.17	-1.75	-1.15	1.09	-0.80	-1.47	
																
Over the next year, I expect		330		35	43	11	14	4	58	3	26	60	27	10	37	
the average annual S&P 500
return will be: Expected
return:		6.12		6.49	6.68	5.91	6.29	6.75	6.26	10.06	4.91	5.44	6.49	6.40	6.09	
																
Over the next year, I expect		328		35	43	11	14	4	60	3	26	59	25	10	36	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		10.81		10.86	11.70	10.64	10.70	13.00	10.07	15.01	11.79	10.49	10.20	10.40	10.71	

164 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

On February 20, 2017 the annual yield on 10-yr treasury bonds was 2.41%. Please complete the following:  (Winsorized)

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
Percent		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
Over the next 10 years, I		115	69	66	20	24	8	14		31	8	226	10	29	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be less
than:		2.15	2.42	1.49	0.56	2.46	2.25	1.83		1.91	3.50	1.99	0.80	1.90	
															
Over the next 10 years, I		119	70	66	20	24	8	14		31	8	228	10	29	
expect the average annual S&P
500 return will be: Expected
return:		6.48	6.37	6.72	6.42	6.78	6.63	8.74		8.20	6.00	6.59	6.80	6.19	
															
Over the next 10 years, I		117	70	66	20	25	8	14		31	8	228	10	29	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		8.84	9.92	10.44	9.86	10.13	10.50	13.79		11.89	10.58	9.72	10.40	9.15	
															
Over the next year, I expect		116	69	67	20	24	8	14		31	8	227	10	29	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		0.14	-0.11	-0.74	-3.43	-2.48	-0.50	-0.27		-1.95	-0.54	-0.30	-4.00	-1.39	
															
Over the next year, I expect		121	70	67	20	24	8	14		31	8	231	10	29	
the average annual S&P 500
return will be: Expected
return:		5.80	6.65	6.08	6.10	5.58	7.13	7.25		6.15	4.23	6.29	7.00	5.66	
															
Over the next year, I expect		118	70	67	20	25	8	14		31	8	230	10	29	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		9.62	11.21	11.45	12.25	11.32	12.88	12.86		11.52	11.00	10.80	14.00	9.81	

165 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

On February 20, 2017 the annual yield on 10-yr treasury bonds was 2.41%. Please complete the following:  (Winsorized)

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
Percent		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
Over the next 10 years, I		103	78	26	30	7	12	14		145	126	34	11	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be less
than:		2.10	2.24	1.58	1.72	-1.13	2.83	1.54		1.79	2.05	2.30	3.04	
														
Over the next 10 years, I		107	78	26	31	7	12	14		150	126	34	11	
expect the average annual S&P
500 return will be: Expected
return:		6.85	6.29	5.85	6.31	5.00	6.94	7.95		6.53	6.61	6.74	7.03	
														
Over the next 10 years, I		106	78	26	30	7	12	14		148	126	35	11	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		9.16	9.73	9.18	9.36	8.57	10.72	12.45		9.61	10.05	9.39	9.97	
														
Over the next year, I expect		104	78	26	31	7	12	14		147	126	34	11	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		0.26	-0.96	-0.70	-1.34	-6.61	1.14	-1.70		-0.03	-1.05	-1.88	2.46	
														
Over the next year, I expect		107	78	26	32	7	12	14		153	126	34	11	
the average annual S&P 500
return will be: Expected
return:		6.59	6.28	5.53	6.21	4.57	6.42	5.95		6.31	6.01	5.32	7.29	
														
Over the next year, I expect		106	78	26	31	7	12	14		150	126	35	11	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		10.50	10.97	10.63	11.16	12.14	11.75	11.36		10.75	10.85	10.71	12.09	

166 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

On February 20, 2017 the annual yield on 10-yr treasury bonds was 2.41%. Please complete the following:  (Winsorized)

N=363		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
									
Number		104	76	56	49	36	27	12	
Percent		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
Over the next 10 years, I		96	70	48	41	30	24	12	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be less
than:		1.66	2.27	2.35	2.30	3.17	1.49	-1.33	
									
Over the next 10 years, I		97	71	49	40	33	24	12	
expect the average annual S&P
500 return will be: Expected
return:		6.51	6.32	7.58	7.03	6.95	5.44	4.92	
									
Over the next 10 years, I		96	70	51	41	30	25	12	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		9.86	10.04	9.79	10.69	10.14	7.56	8.33	
									
Over the next year, I expect		96	70	50	41	30	24	12	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		-0.52	-2.00	1.21	-0.56	1.35	-0.32	-4.86	
									
Over the next year, I expect		97	71	50	42	33	24	12	
the average annual S&P 500
return will be: Expected
return:		5.99	5.92	7.19	5.96	6.72	5.74	3.66	
									
Over the next year, I expect		96	70	52	42	30	25	12	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		10.67	11.90	10.66	10.23	11.33	9.87	9.00	

167 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=279		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		279		31	35	9	12	4	52	3	22	50	20	8	31	
Percent		100.0%		11.2%	12.6%	3.2%	4.3%	1.4%	18.8%	1.1%	7.9%	18.1%	7.2%	2.9%	11.2%	
																
% Approximate ROA		279		31	35	9	12	4	52	3	22	50	20	8	31	
in 2016		7.2		9.1	7.0	5.0	6.6	1.2	9.1	16.3	3.7	9.3	3.5	2.8	5.6	
				ehJk		g		a	hj	cJKl	afi	hj	AfGi	aG	g	
																
% Expected ROA in		279		31	35	9	12	4	52	3	22	50	20	8	31	
2017		8.9		9.6	9.6	8.3	8.0	6.3	11.5	19.7	5.7	10.5	4.7	3.3	7.0	
				gJk	j	gk			hJkl	acJKl	f	j	AbFGi	acfG	fg	

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

168 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=279		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		100	63	58	16	21	7	10		22	6	207	7	25	
Percent		36.4%	22.9%	21.1%	5.8%	7.6%	2.5%	3.6%		8.2%	2.2%	77.5%	2.6%	9.4%	
															
% Approximate ROA		100	63	58	16	21	7	10		22	6	207	7	25	
in 2016		5.6	8.2	7.4	10.5	7.6	11.4	7.6		8.6	10.5	7.7	1.6	2.8	
										E	E	E		ABC	
															
% Expected ROA in		100	63	58	16	21	7	10		22	6	207	7	25	
2017		8.0	9.8	8.4	12.2	9.3	12.4	8.8		10.3	12.2	9.7	2.9	2.5	
										E	dE	E	b	ABC	

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

169 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=279		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		94	71	22	28	6	10	10		130	110	28	8	
Percent		39.0%	29.5%	9.1%	11.6%	2.5%	4.1%	4.1%		47.1%	39.9%	10.1%	2.9%	
														
% Approximate ROA		94	71	22	28	6	10	10		130	110	28	8	
in 2016		8.0	6.4	6.5	7.4	8.1	8.5	11.1		6.0	7.8	9.6	10.6	
										c		a		
														
% Expected ROA in		94	71	22	28	6	10	10		130	110	28	8	
2017		10.2	8.4	7.4	7.9	9.1	9.5	12.2		7.7	9.7	10.6	11.6	

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

170 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=279		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		81	59	47	34	25	22	10	
Percent		29.1%	21.2%	16.9%	12.2%	9.0%	7.9%	3.6%	
									
% Approximate ROA		81	59	47	34	25	22	10	
in 2016		7.7	7.4	8.5	6.5	7.2	5.3	3.4	
									
% Expected ROA in		81	59	47	34	25	22	10	
2017		9.5	8.2	11.7	6.8	9.5	7.5	5.0	

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

171 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

N=62		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		62		0	0	0	0	0	0	0	0	62	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		62		0	0	0	0	0	0	0	0	62	0	0	0	
in first half of 2017		71.69		---	---	---	---	---	---	---	---	71.69	---	---	---	
																
% of capacity		62		0	0	0	0	0	0	0	0	62	0	0	0	
utilization planned
for the second half of
2017		75.96		---	---	---	---	---	---	---	---	75.96	---	---	---	

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

172 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

N=62		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		20	16	16	2	3	1	4		7	3	48	0	0	
Percent		32.3%	25.8%	25.8%	3.2%	4.8%	1.6%	6.5%		12.1%	5.2%	82.8%	0.0%	0.0%	
															
% of capacity utilized		20	16	16	2	3	1	4		7	3	48	0	0	
in first half of 2017		65.64	73.80	75.75	53.50	75.67	90.00	78.75		77.14	70.00	70.51	---	---	
		c		aD	CG			D							
															
% of capacity		20	16	16	2	3	1	4		7	3	48	0	0	
utilization planned
for the second half of
2017		69.73	78.54	79.06	58.50	81.67	90.00	85.25		82.29	75.00	74.80	---	---	
		cg		ad	cG			aD							

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

173 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

N=62		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		22	15	4	9	1	1	4		5	46	7	3	
Percent		39.3%	26.8%	7.1%	16.1%	1.8%	1.8%	7.1%		8.2%	75.4%	11.5%	4.9%	
														
% of capacity utilized		22	15	4	9	1	1	4		5	46	7	3	
in first half of 2017		68.43	71.27	75.00	75.56	50.00	90.00	78.75		75.90	69.78	75.71	81.67	
														
% of capacity		22	15	4	9	1	1	4		5	46	7	3	
utilization planned
for the second half of
2017		72.00	76.88	77.50	79.67	56.00	90.00	85.25		80.00	74.18	78.29	84.67	

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

174 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

Manufacturing capacity utilized  (Winsorized)

N=62		Where are you personally located?	
Number
Mean		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Number		29	9	6	10	3	3	2	
Percent		46.8%	14.5%	9.7%	16.1%	4.8%	4.8%	3.2%	
									
% of capacity utilized		29	9	6	10	3	3	2	
in first half of 2017		69.00	77.47	76.17	71.28	70.00	66.67	83.25	
									
% of capacity		29	9	6	10	3	3	2	
utilization planned
for the second half of
2017		75.23	78.00	75.67	76.86	78.33	72.00	76.00	

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

175 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		359		37	47	11	14	4	71	4	28	64	27	11	41	
		100.0%		10.3%	13.1%	3.1%	3.9%	1.1%	19.8%	1.1%	7.8%	17.8%	7.5%	3.1%	11.4%	
																
CFO		177		26	17	8	12	1	26	2	13	25	16	6	25	
		49.4%		74.3%	36.2%	72.7%	85.7%	25.0%	37.1%	50.0%	46.4%	39.1%	59.3%	54.5%	61.0%	
				BFhI	AcDl	bfi	BeFhI	d	AcDl		ad	AcDl			bfi	
																
CEO		47		2	6	0	0	1	21	1	1	8	4	0	2	
		13.1%		5.7%	12.8%	0.0%	0.0%	25.0%	30.0%	25.0%	3.6%	12.5%	14.8%	0.0%	4.9%	
				F	f	f	f		AbcdHikL		F	f		f	F	
																
Other		44		2	13	0	1	1	15	0	2	5	0	0	5	
		12.3%		5.7%	27.7%	0.0%	7.1%	25.0%	21.4%	0.0%	7.1%	7.8%	0.0%	0.0%	12.2%	
				bf	ahIJ			j	aij		b	Bf	Bef			
																
Controller		41		4	4	2	0	0	3	0	4	16	3	1	4	
		11.5%		11.4%	8.5%	18.2%	0.0%	0.0%	4.3%	0.0%	14.3%	25.0%	11.1%	9.1%	9.8%	
					i		i		I			bdF				
																
VP of Finance		41		0	6	1	1	1	4	1	8	8	4	3	3	
		11.5%		0.0%	12.8%	9.1%	7.1%	25.0%	5.7%	25.0%	28.6%	12.5%	14.8%	27.3%	7.3%	
				bEGHijK	a			A	Hk	A	AFl	a	a	Af	h	
																
Treasurer		8		1	1	0	0	0	1	0	0	2	0	1	2	
		2.2%		2.9%	2.1%	0.0%	0.0%	0.0%	1.4%	0.0%	0.0%	3.1%	0.0%	9.1%	4.9%	

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

176 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		142	75	70	21	25	8	14		31	8	257	10	32	
		40.0%	21.1%	19.7%	5.9%	7.0%	2.3%	3.9%		9.2%	2.4%	76.0%	3.0%	9.5%	
															
CFO		58	41	46	11	11	4	5		15	2	125	7	18	
		41.1%	55.4%	65.7%	55.0%	44.0%	50.0%	35.7%		48.4%	25.0%	49.0%	70.0%	56.3%	
		bC	a	Ag				c							
															
CEO		33	5	3	1	4	0	0		1	0	41	0	1	
		23.4%	6.8%	4.3%	5.0%	16.0%	0.0%	0.0%		3.2%	0.0%	16.1%	0.0%	3.1%	
		BCg	A	A				a							
															
Other		18	6	8	1	1	3	3		4	1	30	1	2	
		12.8%	8.1%	11.4%	5.0%	4.0%	37.5%	21.4%		12.9%	12.5%	11.8%	10.0%	6.3%	
			f	f	f	f	bcde								
															
Controller		18	11	8	0	2	1	1		3	3	29	0	5	
		12.8%	14.9%	11.4%	0.0%	8.0%	12.5%	7.1%		9.7%	37.5%	11.4%	0.0%	15.6%	
											cd	b	b		
															
VP of Finance		13	11	4	5	5	0	3		6	1	26	1	6	
		9.2%	14.9%	5.7%	25.0%	20.0%	0.0%	21.4%		19.4%	12.5%	10.2%	10.0%	18.8%	
		d		de	ac	c									
															
Treasurer		1	0	1	2	2	0	2		2	1	4	1	0	
		0.7%	0.0%	1.4%	10.0%	8.0%	0.0%	14.3%		6.5%	12.5%	1.6%	10.0%	0.0%	
		DeG	DeG	g	AB	ab		ABc			ce	b		b	

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

177 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		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		128	80	26	34	7	13	14		173	135	35	12	
		42.4%	26.5%	8.6%	11.3%	2.3%	4.3%	4.6%		48.7%	38.0%	9.9%	3.4%	
														
CFO		49	52	15	17	7	3	6		92	66	11	6	
		38.3%	65.0%	57.7%	50.0%	100.0%	23.1%	42.9%		53.8%	49.3%	31.4%	50.0%	
		BE	AF	ef	e	AcdFg	BcE	e		c		a		
														
CEO		31	2	2	2	0	0	0		26	14	3	3	
		24.2%	2.5%	7.7%	5.9%	0.0%	0.0%	0.0%		15.2%	10.4%	8.6%	25.0%	
		Bdfg	A		a		a	a						
														
Other		21	4	2	6	0	3	2		18	16	8	2	
		16.4%	5.0%	7.7%	17.6%	0.0%	23.1%	14.3%		10.5%	11.9%	22.9%	16.7%	
		b	adf		b		b			c		a		
														
Controller		14	12	3	3	0	0	2		16	17	7	0	
		10.9%	15.0%	11.5%	8.8%	0.0%	0.0%	14.3%		9.4%	12.7%	20.0%	0.0%	
														
VP of Finance		12	10	4	3	0	4	3		16	19	3	1	
		9.4%	12.5%	15.4%	8.8%	0.0%	30.8%	21.4%		9.4%	14.2%	8.6%	8.3%	
		f					a							
														
Treasurer		1	0	0	3	0	3	1		3	2	3	0	
		0.8%	0.0%	0.0%	8.8%	0.0%	23.1%	7.1%		1.8%	1.5%	8.6%	0.0%	
		DF	DFg	f	AB		ABc	b		c	c	ab		

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

178 

Duke / CFO magazine Global Business Outlook survey - U.S. - First Quarter, 2017

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

N=363		Where are you personally located?	
Number
Col %		

Midwest
US	

Northeast
US	
South
Central
US	

Pacific
US	South
Atlantic-
Not NC
US	

Mountain
US	
North
Carolina
US	
		A	B	C	D	E	F	G	
									
Total		104	76	56	49	36	27	12	
		28.9%	21.1%	15.6%	13.6%	10.0%	7.5%	3.3%	
									
CFO		52	33	23	26	20	15	8	
		50.0%	43.4%	41.1%	55.3%	57.1%	55.6%	66.7%	
									
CEO		9	8	8	10	6	4	1	
		8.7%	10.5%	14.3%	21.3%	17.1%	14.8%	8.3%	
		d			a				
									
Other		11	14	11	4	3	0	1	
		10.6%	18.4%	19.6%	8.5%	8.6%	0.0%	8.3%	
			f	f			bc		
									
Controller		14	12	9	0	1	4	1	
		13.5%	15.8%	16.1%	0.0%	2.9%	14.8%	8.3%	
		D	D	D	ABCF		D		
									
VP of Finance		12	8	5	7	4	4	1	
		11.5%	10.5%	8.9%	14.9%	11.4%	14.8%	8.3%	
									
Treasurer		6	1	0	0	1	0	0	
		5.8%	1.3%	0.0%	0.0%	2.9%	0.0%	0.0%	

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