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
Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?	43
Q6a. Does your company pursue all NPV>0 projects?	47
Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?	52
Why doesn't your firm hire more managers to reduce the shortage?	57
Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL
Respondents	72
Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?
Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?	77
Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?
Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?
BY Why doesn't your firm hire more managers to reduce the shortage?	82
Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?	83
Why doesn't your firm hire more labor to reduce the shortage?	88
Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL	108
Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses
of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?	113
Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses
of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?   BY   Why doesn't your
firm hire more labor to reduce the shortage?	118
Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?	119
Q8a. Does your company have difficulty attracting and retaining qualified technology employees?	123
Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS	127
Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and
retaining qualified technology employees	135
j. Weighted Average Cost of Capital	143
k. Workforce	147
On August 21, 2017 the annual yield on 10-yr treasury bonds was 2.18%. Please complete the following:  (Winsorized)	151
Return on assets (ROA=operating earnings/assets)  (Winsorized)	155
Manufacturing capacity utilized  (Winsorized)	159
Your job title (e.g., CFO, Asst. Treasurer, etc):	163

 1 

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

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

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
1=More optimistic		121		12	7	5	6	1	26	3	9	22	13	4	11	
		32.7%		32.4%	17.1%	33.3%	40.0%	12.5%	47.3%	50.0%	30.0%	28.6%	43.3%	36.4%	25.6%	
					Fj				Bil			f	b		f	
																
0=No change		141		15	14	4	6	4	14	2	14	36	10	4	18	
		38.1%		40.5%	34.1%	26.7%	40.0%	50.0%	25.5%	33.3%	46.7%	46.8%	33.3%	36.4%	41.9%	
									i			f				
																
-1=Less optimistic		108		10	20	6	3	3	15	1	7	19	7	3	14	
		29.2%		27.0%	48.8%	40.0%	20.0%	37.5%	27.3%	16.7%	23.3%	24.7%	23.3%	27.3%	32.6%	
					fhIj				b		b	B	b			
																
Mean		0.04		0.05	-0.32	-0.07	0.20	-0.25	0.20	0.33	0.07	0.04	0.20	0.09	-0.07	
				b	adFhiJ		b		B		b	b	B			

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

2 

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

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

N=371		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		147	100	55	15	26	8	15	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%	
									
1=More optimistic		45	30	23	4	7	1	7	
		30.6%	30.0%	42.6%	26.7%	26.9%	12.5%	46.7%	
									
0=No change		54	43	17	6	10	4	6	
		36.7%	43.0%	31.5%	40.0%	38.5%	50.0%	40.0%	
									
-1=Less optimistic		48	27	14	5	9	3	2	
		32.7%	27.0%	25.9%	33.3%	34.6%	37.5%	13.3%	
									
Mean		-0.02	0.03	0.17	-0.07	-0.08	-0.25	0.33	

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

3 

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

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

N=371		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
1=More optimistic		30	26	22	20	12	8	0	
		28.3%	38.2%	33.8%	39.2%	25.5%	30.8%	0.0%	
									
0=No change		41	21	23	19	23	10	1	
		38.7%	30.9%	35.4%	37.3%	48.9%	38.5%	100.0%	
									
-1=Less optimistic		35	21	20	12	12	8	0	
		33.0%	30.9%	30.8%	23.5%	25.5%	30.8%	0.0%	
									
Mean		-0.05	0.07	0.03	0.16	0.00	0.00	0.00	

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

4 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		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		371		37	41	15	15	8	55	6	30	78	30	11	43	
Percent		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Optimism rating		65.87		67.46	61.08	63.23	66.00	56.71	66.18	68.00	65.35	65.82	70.38	58.56	68.53	
		70.00		70.00	65.00	77.00	70.00	60.00	70.00	75.00	70.00	70.00	75.00	65.00	70.00	
					jl			j					be		b	

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

5 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		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		147	100	55	15	26	8	15	
Percent		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%	
									
Optimism rating		66.54	65.10	63.91	67.53	63.88	61.00	67.69	
		70.00	70.00	70.00	70.00	65.00	65.00	67.50	

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

6 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		107	68	65	51	47	26	1	
Percent		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Optimism rating		63.45	65.31	65.07	70.49	64.79	66.83	60.00	
		65.00	70.00	67.50	75.00	70.00	70.00	50.00	
		D			A				

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

7 

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

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

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
1=More optimistic		174		14	21	6	8	4	25	2	18	38	14	4	18	
		47.7%		38.9%	51.2%	40.0%	53.3%	50.0%	46.3%	33.3%	62.1%	50.7%	46.7%	36.4%	41.9%	
																
0=No change		110		14	10	3	4	2	13	3	5	24	10	4	18	
		30.1%		38.9%	24.4%	20.0%	26.7%	25.0%	24.1%	50.0%	17.2%	32.0%	33.3%	36.4%	41.9%	
											l				h	
																
-1=Less optimistic		81		8	10	6	3	2	16	1	6	13	6	3	7	
		22.2%		22.2%	24.4%	40.0%	20.0%	25.0%	29.6%	16.7%	20.7%	17.3%	20.0%	27.3%	16.3%	
																
Mean		0.25		0.17	0.27	0.00	0.33	0.25	0.17	0.17	0.41	0.33	0.27	0.09	0.26	

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

8 

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

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

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
1=More optimistic		71	49	26	6	9	2	7		15	5	111	5	14	
		49.0%	49.5%	50.0%	40.0%	34.6%	25.0%	46.7%		37.5%	35.7%	46.6%	71.4%	46.7%	
															
0=No change		44	30	14	6	7	2	6		12	5	71	2	11	
		30.3%	30.3%	26.9%	40.0%	26.9%	25.0%	40.0%		30.0%	35.7%	29.8%	28.6%	36.7%	
															
-1=Less optimistic		30	20	12	3	10	4	2		13	4	56	0	5	
		20.7%	20.2%	23.1%	20.0%	38.5%	50.0%	13.3%		32.5%	28.6%	23.5%	0.0%	16.7%	
															
Mean		0.28	0.29	0.27	0.20	-0.04	-0.25	0.33		0.05	0.07	0.23	0.71	0.30	

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

9 

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

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

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
1=More optimistic		60	38	11	15	3	7	8		86	52	23	7	
		51.7%	43.7%	47.8%	51.7%	27.3%	53.8%	38.1%		50.3%	39.4%	54.8%	58.3%	
														
0=No change		31	31	6	5	3	4	8		50	45	11	2	
		26.7%	35.6%	26.1%	17.2%	27.3%	30.8%	38.1%		29.2%	34.1%	26.2%	16.7%	
														
-1=Less optimistic		25	18	6	9	5	2	5		35	35	8	3	
		21.6%	20.7%	26.1%	31.0%	45.5%	15.4%	23.8%		20.5%	26.5%	19.0%	25.0%	
														
Mean		0.30	0.23	0.22	0.21	-0.18	0.38	0.14		0.30	0.13	0.36	0.33	

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

10 

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

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

N=371		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
1=More optimistic		46	35	25	27	21	15	0	
		44.7%	51.5%	39.1%	52.9%	45.7%	57.7%	0.0%	
									
0=No change		33	18	20	11	20	6	1	
		32.0%	26.5%	31.3%	21.6%	43.5%	23.1%	100.0%	
					e	d			
									
-1=Less optimistic		24	15	19	13	5	5	0	
		23.3%	22.1%	29.7%	25.5%	10.9%	19.2%	0.0%	
				e		c			
									
Mean		0.21	0.29	0.09	0.27	0.35	0.38	0.00	

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

11 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		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		371		37	41	15	15	8	55	6	30	78	30	11	43	
Percent		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Optimism rating		70.19		67.57	73.77	67.31	74.23	63.00	67.36	61.00	72.04	71.90	68.23	59.00	73.03	
		75.00		70.00	75.00	77.50	82.50	60.00	70.00	62.50	80.00	75.00	70.00	70.00	75.00	
					gk					b				bl	k	

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

12 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
Percent		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Optimism rating		70.65	69.96	68.11	70.07	68.04	68.50	73.69		67.56	73.79	69.83	65.00	70.00	
		75.00	75.00	70.00	80.00	62.50	75.00	80.00		75.00	80.00	75.00	70.00	75.00	

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

13 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		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		118	88	24	29	11	13	21		172	135	43	13	
Percent		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Optimism rating		70.05	72.01	69.50	65.82	59.73	78.92	73.05		70.60	68.21	71.44	72.62	
		75.00	75.00	75.00	65.00	60.00	80.00	79.00		75.00	75.00	75.00	75.00	
			e		f	bFg	dE	e						

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

14 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		107	68	65	51	47	26	1	
Percent		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Optimism rating		70.28	68.40	67.00	70.23	72.93	72.17	80.00	
		75.00	70.00	70.00	75.00	75.00	75.00	65.00	

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

15 

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

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

N=370		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		370		37	41	15	15	8	55	6	30	77	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	20.8%	8.1%	3.0%	11.6%	
																
Difficulty attracting /
retaining qualified		
153		
20	
13	
8	
6	
1	
17	
3	
12	
40	
9	
6	
18	
employees		41.4%		54.1%	31.7%	53.3%	40.0%	12.5%	30.9%	50.0%	40.0%	51.9%	30.0%	54.5%	41.9%	
				bef	ai			ai	ai			befj	i			
																
Cost of benefits		128		16	11	7	4	1	19	3	7	31	10	2	16	
		34.6%		43.2%	26.8%	46.7%	26.7%	12.5%	34.5%	50.0%	23.3%	40.3%	33.3%	18.2%	37.2%	
																
Government policies		117		11	14	3	6	6	19	1	6	17	16	5	12	
		31.6%		29.7%	34.1%	20.0%	40.0%	75.0%	34.5%	16.7%	20.0%	22.1%	53.3%	45.5%	27.9%	
				e	e	ej		abcfHIl	e		EJ	EJ	cHIl		ej	
																
Regulatory		111		9	23	2	6	3	14	2	4	15	15	4	12	
requirements		30.0%		24.3%	56.1%	13.3%	40.0%	37.5%	25.5%	33.3%	13.3%	19.5%	50.0%	36.4%	27.9%	
				Bj	ACFHIl	Bj	h		Bj		BdJ	BJ	acfHI		b	
																
Economic uncertainty		110		7	20	4	4	3	21	2	5	22	10	3	9	
		29.7%		18.9%	48.8%	26.7%	26.7%	37.5%	38.2%	33.3%	16.7%	28.6%	33.3%	27.3%	20.9%	
				B	AHiL				h		Bf	b			B	
																
Data security		100		7	24	2	4	0	10	2	10	17	4	4	14	
		27.0%		18.9%	58.5%	13.3%	26.7%	0.0%	18.2%	33.3%	33.3%	22.1%	13.3%	36.4%	32.6%	
				B	ACdEFhIJl	B	b	B	B		b	B	B		b	
																
Employee productivity		87		7	1	6	3	1	17	0	6	23	9	2	12	
		23.5%		18.9%	2.4%	40.0%	20.0%	12.5%	30.9%	0.0%	20.0%	29.9%	30.0%	18.2%	27.9%	
				b	aCdFhIJL	B	b		B		b	B	B		B	

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

16 

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

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

N=370		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		147	100	54	15	26	8	15		40	14	241	7	30	
		39.7%	27.0%	14.6%	4.1%	7.0%	2.2%	4.1%		10.8%	3.8%	65.1%	1.9%	8.1%	
															
Difficulty attracting /
retaining qualified		
56	
53	
24	
8	
5	
3	
3		
10	
4	
102	
3	
14	
employees		38.1%	53.0%	44.4%	53.3%	19.2%	37.5%	20.0%		25.0%	28.6%	42.3%	42.9%	46.7%	
		b	aEg	e	e	Bcd		b		c		a			
															
Cost of benefits		58	33	22	5	5	1	3		9	1	91	4	11	
		39.5%	33.0%	40.7%	33.3%	19.2%	12.5%	20.0%		22.5%	7.1%	37.8%	57.1%	36.7%	
		e				a					cde	b	b	b	
															
Government policies		43	29	13	4	14	5	7		20	7	68	3	11	
		29.3%	29.0%	24.1%	26.7%	53.8%	62.5%	46.7%		50.0%	50.0%	28.2%	42.9%	36.7%	
		ef	e	ef		abc	ac			C		A			
															
Regulatory		43	31	13	1	9	3	8		13	6	64	4	13	
requirements		29.3%	31.0%	24.1%	6.7%	34.6%	37.5%	53.3%		32.5%	42.9%	26.6%	57.1%	43.3%	
				g	G			cD							
															
Economic uncertainty		46	26	11	6	10	4	7		18	3	73	1	8	
		31.3%	26.0%	20.4%	40.0%	38.5%	50.0%	46.7%		45.0%	21.4%	30.3%	14.3%	26.7%	
				g				c							
															
Data security		38	21	16	8	7	3	5		13	4	58	3	11	
		25.9%	21.0%	29.6%	53.3%	26.9%	37.5%	33.3%		32.5%	28.6%	24.1%	42.9%	36.7%	
		d	D		aB										
															
Employee productivity		35	26	18	1	5	1	1		4	3	58	2	11	
		23.8%	26.0%	33.3%	6.7%	19.2%	12.5%	6.7%		10.0%	21.4%	24.1%	28.6%	36.7%	
				dg	c			c		cE		a		A	

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

17 

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

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

N=370		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		118	87	24	29	11	13	21		172	135	42	13	
		31.9%	23.5%	6.5%	7.8%	3.0%	3.5%	5.7%		46.5%	36.5%	11.4%	3.5%	
														
Difficulty attracting /
retaining qualified		
44	
43	
11	
18	
5	
2	
5		
79	
55	
16	
2	
employees		37.3%	49.4%	45.8%	62.1%	45.5%	15.4%	23.8%		45.9%	40.7%	38.1%	15.4%	
		d	fg		aFg		bD	bd		d			a	
														
Cost of benefits		42	31	11	9	2	4	3		71	45	10	0	
		35.6%	35.6%	45.8%	31.0%	18.2%	30.8%	14.3%		41.3%	33.3%	23.8%	0.0%	
				g				c		cD	d	a	Ab	
														
Government policies		35	26	3	12	4	7	10		62	36	10	7	
		29.7%	29.9%	12.5%	41.4%	36.4%	53.8%	47.6%		36.0%	26.7%	23.8%	53.8%	
				dfg	c		c	c			d	d	bc	
														
Regulatory		31	26	6	11	1	3	11		67	29	10	3	
requirements		26.3%	29.9%	25.0%	37.9%	9.1%	23.1%	52.4%		39.0%	21.5%	23.8%	23.1%	
		g				g		ae		B	A			
														
Economic uncertainty		36	24	6	5	4	4	13		51	37	15	5	
		30.5%	27.6%	25.0%	17.2%	36.4%	30.8%	61.9%		29.7%	27.4%	35.7%	38.5%	
		G	G	g	G			ABcD						
														
Data security		31	17	5	9	6	3	8		51	35	11	1	
		26.3%	19.5%	20.8%	31.0%	54.5%	23.1%	38.1%		29.7%	25.9%	26.2%	7.7%	
		e	e			ab								
														
Employee productivity		20	26	13	3	3	0	2		43	37	7	0	
		16.9%	29.9%	54.2%	10.3%	27.3%	0.0%	9.5%		25.0%	27.4%	16.7%	0.0%	
		bC	acdf	AbDFG	bC		bC	C		d	d		ab	

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

18 

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

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

N=370		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		106	68	65	51	47	26	1	
		28.6%	18.4%	17.6%	13.8%	12.7%	7.0%	0.3%	
									
Difficulty attracting /
retaining qualified		
52	
17	
28	
22	
20	
12	
0	
employees		49.1%	25.0%	43.1%	43.1%	42.6%	46.2%	0.0%	
		B	Acdf	b	b		b		
									
Cost of benefits		41	21	24	19	14	8	0	
		38.7%	30.9%	36.9%	37.3%	29.8%	30.8%	0.0%	
									
Government policies		32	21	21	16	18	8	0	
		30.2%	30.9%	32.3%	31.4%	38.3%	30.8%	0.0%	
									
Regulatory		29	23	17	21	13	6	0	
requirements		27.4%	33.8%	26.2%	41.2%	27.7%	23.1%	0.0%	
									
Economic uncertainty		31	22	20	14	14	8	1	
		29.2%	32.4%	30.8%	27.5%	29.8%	30.8%	100.0%	
									
Data security		25	22	15	15	11	8	0	
		23.6%	32.4%	23.1%	29.4%	23.4%	30.8%	0.0%	
									
Employee productivity		23	15	19	11	13	6	0	
		21.7%	22.1%	29.2%	21.6%	27.7%	23.1%	0.0%	

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

19 

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

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

N=370		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	
																
Weak demand for		80		11	8	2	2	3	10	3	8	22	5	1	5	
your products/services		21.6%		29.7%	19.5%	13.3%	13.3%	37.5%	18.2%	50.0%	26.7%	28.6%	16.7%	9.1%	11.6%	
				l						l		l			agi	
																
Rising wages and		65		10	0	5	3	1	11	0	8	15	2	1	7	
salaries		17.6%		27.0%	0.0%	33.3%	20.0%	12.5%	20.0%	0.0%	26.7%	19.5%	6.7%	9.1%	16.3%	
				Bj	ACDeFHIL	Bj	B	b	B		Bj	B	ach		B	
																
Access to capital		52		5	4	2	2	5	8	0	10	5	4	4	3	
		14.1%		13.5%	9.8%	13.3%	13.3%	62.5%	14.5%	0.0%	33.3%	6.5%	13.3%	36.4%	7.0%	
				E	Ehk	e	e	ABcdFgIJL	Eh	e	bfIL	EHK	E	bIl	EHk	
																
Corporate tax code		49		12	8	1	2	0	8	0	5	6	4	1	2	
		13.2%		32.4%	19.5%	6.7%	13.3%	0.0%	14.5%	0.0%	16.7%	7.8%	13.3%	9.1%	4.7%	
				fIL	l				a			A			Ab	
																
Employee morale		48		3	1	1	4	0	11	1	2	12	6	0	7	
		13.0%		8.1%	2.4%	6.7%	26.7%	0.0%	20.0%	16.7%	6.7%	15.6%	20.0%	0.0%	16.3%	
					Dfijl		B		b			b	b		b	
																
Geopolitical / health		35		3	5	0	1	0	8	1	2	8	4	1	2	
crises		9.5%		8.1%	12.2%	0.0%	6.7%	0.0%	14.5%	16.7%	6.7%	10.4%	13.3%	9.1%	4.7%	
																
Other		30		2	4	4	2	0	3	0	5	2	3	0	5	
		8.1%		5.4%	9.8%	26.7%	13.3%	0.0%	5.5%	0.0%	16.7%	2.6%	10.0%	0.0%	11.6%	
				c		afI			c		I	CHl			i	
																
Cost of borrowing		28		5	1	0	2	3	3	0	1	3	3	3	4	
		7.6%		13.5%	2.4%	0.0%	13.3%	37.5%	5.5%	0.0%	3.3%	3.9%	10.0%	27.3%	9.3%	
					EK	ek		BcFHIl	Ek		Ek	EK		BcfhI	e	

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

20 

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

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

N=370		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	
															
Weak demand for		32	23	10	3	5	4	2		10	2	53	0	5	
your products/services		21.8%	23.0%	18.5%	20.0%	19.2%	50.0%	13.3%		25.0%	14.3%	22.0%	0.0%	16.7%	
															
Rising wages and		20	21	13	1	5	1	2		2	4	46	0	5	
salaries		13.6%	21.0%	24.1%	6.7%	19.2%	12.5%	13.3%		5.0%	28.6%	19.1%	0.0%	16.7%	
										bc	a	a			
															
Access to capital		26	13	7	1	3	0	1		5	3	38	1	1	
		17.7%	13.0%	13.0%	6.7%	11.5%	0.0%	6.7%		12.5%	21.4%	15.8%	14.3%	3.3%	
															
Corporate tax code		18	11	7	4	5	1	3		7	0	35	1	0	
		12.2%	11.0%	13.0%	26.7%	19.2%	12.5%	20.0%		17.5%	0.0%	14.5%	14.3%	0.0%	
										e		e	e	acd	
															
Employee morale		28	8	7	1	1	1	2		5	3	32	0	6	
		19.0%	8.0%	13.0%	6.7%	3.8%	12.5%	13.3%		12.5%	21.4%	13.3%	0.0%	20.0%	
		b	a												
															
Geopolitical / health		13	7	5	2	2	3	3		9	1	16	1	2	
crises		8.8%	7.0%	9.3%	13.3%	7.7%	37.5%	20.0%		22.5%	7.1%	6.6%	14.3%	6.7%	
		f	F	f		f	aBce			C		A			
															
Other		11	11	4	0	2	0	1		2	3	20	1	1	
		7.5%	11.0%	7.4%	0.0%	7.7%	0.0%	6.7%		5.0%	21.4%	8.3%	14.3%	3.3%	
															
Cost of borrowing		7	6	10	3	2	0	0		1	2	22	1	0	
		4.8%	6.0%	18.5%	20.0%	7.7%	0.0%	0.0%		2.5%	14.3%	9.1%	14.3%	0.0%	
		Cd	c	Ab	a						e		e	bd	

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

21 

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

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

N=370		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	
														
Weak demand for		25	15	5	7	4	1	5		30	36	12	2	
your products/services		21.2%	17.2%	20.8%	24.1%	36.4%	7.7%	23.8%		17.4%	26.7%	28.6%	15.4%	
														
Rising wages and		11	20	4	5	4	2	4		27	25	9	2	
salaries		9.3%	23.0%	16.7%	17.2%	36.4%	15.4%	19.0%		15.7%	18.5%	21.4%	15.4%	
		BE	A			A								
														
Access to capital		20	15	4	1	1	0	1		24	18	5	3	
		16.9%	17.2%	16.7%	3.4%	9.1%	0.0%	4.8%		14.0%	13.3%	11.9%	23.1%	
														
Corporate tax code		18	7	2	5	2	2	4		23	16	7	2	
		15.3%	8.0%	8.3%	17.2%	18.2%	15.4%	19.0%		13.4%	11.9%	16.7%	15.4%	
														
Employee morale		17	14	3	2	1	2	2		15	25	6	2	
		14.4%	16.1%	12.5%	6.9%	9.1%	15.4%	9.5%		8.7%	18.5%	14.3%	15.4%	
										b	a			
														
Geopolitical / health		7	7	2	3	0	4	5		12	14	7	0	
crises		5.9%	8.0%	8.3%	10.3%	0.0%	30.8%	23.8%		7.0%	10.4%	16.7%	0.0%	
		FG	fg				Ab	Ab		c		a		
														
Other		10	7	1	0	1	3	1		13	7	4	3	
		8.5%	8.0%	4.2%	0.0%	9.1%	23.1%	4.8%		7.6%	5.2%	9.5%	23.1%	
					f		d				d		b	
														
Cost of borrowing		9	9	3	3	0	0	0		14	9	3	2	
		7.6%	10.3%	12.5%	10.3%	0.0%	0.0%	0.0%		8.1%	6.7%	7.1%	15.4%	

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

22 

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

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

N=370		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Weak demand for		26	17	14	9	7	7	0	
your products/services		24.5%	25.0%	21.5%	17.6%	14.9%	26.9%	0.0%	
									
Rising wages and		18	6	13	11	10	5	0	
salaries		17.0%	8.8%	20.0%	21.6%	21.3%	19.2%	0.0%	
									
Access to capital		10	10	12	8	11	0	0	
		9.4%	14.7%	18.5%	15.7%	23.4%	0.0%	0.0%	
		e	f	f	f	aF	bcdE		
									
Corporate tax code		13	11	7	8	6	3	0	
		12.3%	16.2%	10.8%	15.7%	12.8%	11.5%	0.0%	
									
Employee morale		16	11	11	5	3	2	0	
		15.1%	16.2%	16.9%	9.8%	6.4%	7.7%	0.0%	
									
Geopolitical / health		12	9	7	1	1	4	1	
crises		11.3%	13.2%	10.8%	2.0%	2.1%	15.4%	100.0%	
		dG	deg	G	abfG	bfG	deg	AbCDEf	
									
Other		7	6	3	4	5	4	0	
		6.6%	8.8%	4.6%	7.8%	10.6%	15.4%	0.0%	
									
Cost of borrowing		6	6	7	3	6	0	0	
		5.7%	8.8%	10.8%	5.9%	12.8%	0.0%	0.0%	

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

23 

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

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

N=370		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		28		1	0	3	2	1	1	0	1	15	0	1	3	
commodity costs		7.6%		2.7%	0.0%	20.0%	13.3%	12.5%	1.8%	0.0%	3.3%	19.5%	0.0%	9.1%	7.0%	
				ci	CdeI	aBFj	bj	b	CI		i	aBFhj	cdi			
																
Currency risk		15		0	2	0	0	0	1	0	2	8	1	1	0	
		4.1%		0.0%	4.9%	0.0%	0.0%	0.0%	1.8%	0.0%	6.7%	10.4%	3.3%	9.1%	0.0%	
				i								al			i	
																
Deflation		4		1	2	0	0	0	0	0	0	1	0	0	0	
		1.1%		2.7%	4.9%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	1.3%	0.0%	0.0%	0.0%	
																
Inflation		2		0	0	0	0	0	0	1	0	1	0	0	0	
		0.5%		0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	16.7%	0.0%	1.3%	0.0%	0.0%	0.0%	
				g	g				G	abFhijL	g	g	g		G	

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

24 

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

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

N=370		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		9	6	2	4	5	1	1		6	2	20	0	0	
commodity costs		6.1%	6.0%	3.7%	26.7%	19.2%	12.5%	6.7%		15.0%	14.3%	8.3%	0.0%	0.0%	
		De	De	De	ABC	abc				e	e			ab	
															
Currency risk		5	4	2	1	2	0	1		2	1	9	0	0	
		3.4%	4.0%	3.7%	6.7%	7.7%	0.0%	6.7%		5.0%	7.1%	3.7%	0.0%	0.0%	
															
Deflation		1	1	0	0	1	0	1		2	0	1	0	0	
		0.7%	1.0%	0.0%	0.0%	3.8%	0.0%	6.7%		5.0%	0.0%	0.4%	0.0%	0.0%	
		g						a		C		A			
															
Inflation		2	0	0	0	0	0	0		0	0	2	0	0	
		1.4%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	0.8%	0.0%	0.0%	

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

25 

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

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

N=370		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		9	6	1	5	1	4	1		6	18	2	1	
commodity costs		7.6%	6.9%	4.2%	17.2%	9.1%	30.8%	4.8%		3.5%	13.3%	4.8%	7.7%	
		F	F	f			ABcg	f		B	A			
														
Currency risk		5	3	0	3	0	0	1		1	7	4	3	
		4.2%	3.4%	0.0%	10.3%	0.0%	0.0%	4.8%		0.6%	5.2%	9.5%	23.1%	
										bCD	ad	A	Ab	
														
Deflation		1	1	0	0	0	2	0		1	1	1	0	
		0.8%	1.1%	0.0%	0.0%	0.0%	15.4%	0.0%		0.6%	0.7%	2.4%	0.0%	
		F	F		f		ABd							
														
Inflation		2	0	0	0	0	0	0		1	1	0	0	
		1.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.6%	0.7%	0.0%	0.0%	

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

26 

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

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

N=370		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Rising input or		13	5	1	3	4	2	0	
commodity costs		12.3%	7.4%	1.5%	5.9%	8.5%	7.7%	0.0%	
		c		a					
									
Currency risk		2	4	3	3	1	1	0	
		1.9%	5.9%	4.6%	5.9%	2.1%	3.8%	0.0%	
									
Deflation		2	1	1	0	0	0	0	
		1.9%	1.5%	1.5%	0.0%	0.0%	0.0%	0.0%	
									
Inflation		1	0	0	0	1	0	0	
		0.9%	0.0%	0.0%	0.0%	2.1%	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. - Third 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=371		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		371		37	41	15	15	8	55	6	30	78	30	11	43	
Percent		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Earnings		9.1		6.0	10.4	14.4	-0.2	5.3	5.8	7.0	21.4	8.0	10.2	6.5	12.4	
		5.0		3.5	5.0	10.0	3.0	15.0	5.0	5.0	10.0	5.0	5.0	5.0	6.0	
																
Health care costs		8.6		9.2	8.1	9.9	8.8	6.7	8.4	12.6	7.0	9.3	8.0	9.6	8.0	
		8.0		10.0	7.0	10.0	7.0	5.0	8.0	16.5	8.0	9.5	8.0	9.0	8.0	
																
Revenue		8.3		7.3	5.1	12.8	5.2	8.7	7.0	2.8	20.2	6.2	7.2	12.4	9.8	
		5.0		5.0	5.5	14.0	5.0	10.0	5.0	1.0	17.5	5.0	3.0	7.0	5.0	
																
Technology spending		6.0		7.5	8.3	0.0	5.8	9.0	1.7	2.0	13.3	5.2	2.5	5.9	6.6	
		5.0		5.0	5.0	6.0	5.0	11.5	3.0	3.0	10.0	2.0	2.0	4.0	5.0	
																
Capital spending		5.7		5.7	6.0	8.1	6.2	11.2	-2.0	0.0	6.4	5.1	8.0	11.3	8.5	
		3.0		3.0	3.0	10.0	7.0	10.0	0.0	0.0	10.0	5.0	5.0	4.0	5.0	
																
Marketing/		4.5		5.2	3.6	1.8	1.0	5.8	4.6	1.7	13.5	1.5	6.4	3.1	5.2	
advertising spending		1.5		2.0	2.5	5.0	1.0	2.0	3.0	2.5	10.0	0.0	2.5	0.0	0.0	
																
Wages/Salaries		4.4		4.2	4.7	4.6	3.4	3.2	4.1	2.0	6.5	3.8	4.8	5.0	4.4	
		3.0		3.0	3.0	5.0	4.0	3.0	3.0	2.5	5.0	3.0	3.0	3.0	3.0	
																
Number of domestic		4.1		1.1	3.0	6.7	3.5	2.0	4.3	1.6	10.1	3.3	5.1	4.5	4.0	
full-time employees		2.0		1.0	1.0	10.0	4.0	4.0	1.0	2.5	10.0	3.0	3.0	2.0	0.8	
																
Research and		2.2		1.7	1.1	4.6	0.5	1.5	0.7	0.5	7.7	1.9	1.7	5.2	1.2	
development
spending		0.0		0.0	0.0	3.0	0.0	2.0	0.0	0.0	10.0	0.0	0.0	4.0	0.0	
																
Prices of your products		2.1		2.7	1.8	6.8	1.4	3.6	2.9	0.5	1.5	1.6	1.0	-0.8	2.5	
		2.0		2.0	1.0	5.0	3.0	2.0	3.0	0.0	0.0	1.0	0.0	0.0	2.0	

28 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
Percent		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Earnings		10.2	8.4	8.6	14.4	1.1	6.5	8.5		4.5	10.5	9.8	4.5	5.5	
		5.0	5.0	5.0	8.0	3.5	10.0	10.0		6.0	10.0	5.0	2.0	2.8	
															
Health care costs		9.3	7.9	8.3	8.9	8.7	6.5	8.0		7.2	6.9	9.0	9.1	8.7	
		10.0	8.0	8.0	9.0	7.0	6.0	7.0		5.0	8.0	9.0	9.0	8.5	
															
Revenue		10.2	6.8	8.6	8.5	3.1	3.9	4.7		3.1	5.5	9.5	4.0	5.1	
		9.0	6.0	5.0	5.5	4.0	4.0	5.0		4.0	5.0	7.0	2.5	4.1	
															
Technology spending		6.1	6.6	4.8	5.5	3.9	5.4	7.5		3.9	7.2	6.6	4.7	3.6	
		5.0	5.0	2.0	5.5	5.0	5.0	5.0		2.0	8.0	5.0	2.0	2.0	
															
Capital spending		5.2	5.8	3.9	13.1	4.6	0.0	5.3		3.1	4.1	5.2	21.6	6.8	
		5.0	3.0	0.0	9.0	3.5	2.5	5.5		2.5	10.0	3.0	28.1	0.0	
															
Marketing/		6.3	3.3	3.3	5.1	1.3	0.8	2.0		1.0	2.9	4.9	0.6	4.7	
advertising spending		2.0	0.0	0.0	4.0	2.5	0.0	0.0		0.0	4.0	2.0	0.5	0.0	
															
Wages/Salaries		5.3	3.5	4.1	5.4	3.5	2.4	2.8		2.9	2.6	4.8	3.1	2.9	
		3.0	3.0	3.0	3.0	3.0	2.5	3.0		3.0	3.0	3.0	3.0	3.0	
															
Number of domestic		5.6	3.5	4.2	0.7	1.0	0.6	0.4		-1.0	1.2	5.0	4.0	2.3	
full-time employees		2.5	3.0	5.0	2.0	1.0	0.5	0.0		0.0	2.0	3.0	5.5	1.5	
															
Research and		3.0	1.8	1.8	2.3	0.6	5.0	0.4		1.0	1.4	2.3	0.6	2.4	
development
spending		0.0	0.0	0.0	3.0	0.0	5.0	1.0		0.0	4.0	0.0	0.5	0.0	
															
Prices of your products		1.9	2.3	2.3	2.7	1.5	1.1	0.3		0.1	1.6	2.4	2.0	0.8	
		0.0	2.0	2.0	2.5	2.0	1.0	1.0		0.8	2.0	2.0	3.0	0.5	

29 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		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		118	88	24	29	11	13	21		172	135	43	13	
Percent		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Earnings		10.8	6.8	6.0	10.5	2.1	6.8	6.8		8.8	8.8	12.5	0.9	
		5.0	5.0	9.0	6.0	5.0	10.0	8.5		4.0	6.5	5.0	9.0	
														
Health care costs		9.0	9.1	8.0	9.1	8.5	9.5	6.8		9.0	8.1	8.9	7.8	
		10.0	8.0	9.0	8.0	10.0	10.0	6.0		8.0	8.0	10.0	8.0	
														
Revenue		9.7	8.7	6.5	6.8	2.3	4.7	4.9		7.9	7.8	9.9	9.6	
		8.0	7.0	6.0	5.0	4.5	4.0	5.0		5.0	6.0	5.0	10.0	
														
Technology spending		6.2	5.9	2.8	7.3	2.2	6.9	5.3		6.1	6.2	5.7	2.9	
		5.0	4.5	3.0	5.0	2.0	5.0	5.0		5.0	5.0	2.0	3.5	
														
Capital spending		6.4	3.9	6.0	13.0	-3.7	4.1	2.9		5.7	7.0	1.8	0.5	
		5.0	3.0	0.0	10.0	1.5	5.0	1.5		3.0	5.0	0.0	10.0	
														
Marketing/		6.7	2.4	4.6	3.1	-0.4	1.8	2.1		5.0	4.1	5.0	-1.0	
advertising spending		3.0	0.0	0.0	2.0	1.5	0.0	2.0		2.0	2.0	0.0	0.0	
														
Wages/Salaries		5.3	3.8	2.9	5.1	3.4	3.1	2.8		4.5	4.1	4.3	5.5	
		3.5	3.0	3.0	3.0	3.0	3.0	2.5		3.0	3.0	3.0	3.5	
														
Number of domestic		5.8	4.0	3.6	3.8	0.5	1.4	1.1		4.8	3.7	2.1	2.0	
full-time employees		3.5	3.0	5.0	2.3	1.5	0.0	1.0		3.0	2.0	0.0	5.0	
														
Research and		2.9	1.5	1.5	1.7	0.5	3.0	1.2		1.3	2.9	3.0	2.4	
development
spending		0.0	0.0	0.0	0.0	0.0	3.0	0.0		0.0	0.0	0.0	3.5	
														
Prices of your products		2.1	2.4	1.6	2.3	0.4	0.2	1.9		2.3	2.2	0.5	1.9	
		0.0	2.0	1.8	2.0	1.8	2.0	1.0		2.0	2.0	0.0	0.0	

30 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=371		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
									
Number		107	68	65	51	47	26	1	
Percent		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Earnings		8.7	8.8	8.3	8.4	7.3	12.1	9.0	
		5.0	5.0	4.5	5.0	4.0	5.0	-0.5	
									
Health care costs		9.5	7.7	8.7	9.1	7.5	7.6	5.0	
		9.0	7.0	8.0	10.0	7.0	6.0	2.5	
									
Revenue		7.8	7.4	9.1	9.4	7.1	7.6	3.0	
		6.0	5.0	6.0	5.0	5.0	6.0	-3.5	
									
Technology spending		6.5	3.4	5.3	8.1	7.8	4.9	5.0	
		3.0	5.0	5.0	5.0	5.0	5.0	2.5	
									
Capital spending		7.6	4.4	4.9	4.9	3.9	2.6	25.0	
		3.0	2.5	5.0	5.0	3.0	3.8	10.0	
									
Marketing/		5.2	2.2	3.1	6.1	5.0	4.9	-3.0	
advertising spending		2.0	0.0	0.0	5.0	2.5	2.0	-4.0	
									
Wages/Salaries		4.1	4.7	4.7	3.9	3.5	5.3	3.0	
		3.0	3.0	3.0	3.0	3.0	4.0	1.5	
									
Number of domestic		4.6	4.3	3.0	5.8	1.7	2.5	-1.0	
full-time employees		5.0	2.0	1.0	3.0	1.0	1.0	-3.0	
									
Research and		2.5	1.1	2.3	1.4	3.6	2.7	-3.0	
development
spending		0.0	0.0	0.0	0.0	1.0	0.0	-1.5	
									
Prices of your products		2.0	1.5	2.2	1.9	2.2	2.8	1.0	
		2.0	0.0	2.0	1.5	1.0	3.0	0.5	

31 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=366		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	
																
Technology spending		5.23		4.00	11.80	12.63	6.00	4.89	0.81	4.98	8.09	1.31	5.42	2.85	3.85	
		5.00		5.00	5.00	9.58	5.92	3.70	0.00	1.52	8.62	2.00	0.00	3.02	5.00	
																
Earnings		4.71		3.62	5.60	50.27	0.46	0.39	6.15	0.04	15.19	3.36	10.49	3.61	6.95	
		5.00		12.53	6.38	29.63	5.00	12.70	5.00	1.51	12.69	2.00	9.88	5.00	5.58	
																
Revenue		4.30		6.13	2.77	29.83	1.61	2.15	6.23	1.01	5.75	7.14	10.51	-6.11	3.69	
		4.00		7.84	4.11	14.00	5.00	7.70	5.00	5.49	10.00	4.00	4.96	-3.51	4.00	
																
Capital spending		4.24		4.66	2.73	19.57	6.24	5.08	0.85	0.00	3.20	7.17	5.50	2.58	2.80	
		2.00		3.00	0.00	10.00	10.00	6.32	0.92	-12.45	10.00	5.00	0.00	3.02	1.58	
																
Marketing/		1.68		2.69	4.66	4.50	2.07	1.31	2.77	1.67	7.58	-3.04	3.70	0.58	0.99	
advertising spending		0.00		2.00	5.00	5.00	0.02	2.00	3.00	2.50	6.74	0.00	5.00	0.00	0.00	
																
Research and		1.30		4.46	3.44	0.66	0.95	1.67	0.02	0.00	4.15	-0.75	4.78	2.34	-0.52	
development
spending		0.00		0.00	1.95	0.00	0.00	1.08	0.00	0.00	3.54	0.00	0.00	3.02	0.00	
																
Prices of your products		1.23		3.35	-0.76	5.26	1.66	1.39	2.43	0.00	1.29	1.02	1.93	1.17	1.21	
		1.46		3.00	0.00	5.00	3.00	1.08	3.00	1.00	1.00	1.00	0.00	1.00	1.47	

32 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=366		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	
															
Technology spending		6.08	6.61	4.77	5.54	3.90	5.43	7.50		3.13	9.71	8.18	5.19	1.73	
		5.00	5.00	2.00	5.50	5.00	5.00	5.00		2.49	10.00	5.00	2.00	0.00	
															
Earnings		10.24	8.38	8.61	14.45	1.09	6.50	8.50		4.15	7.24	7.31	1.47	1.93	
		5.00	5.00	5.00	8.00	3.50	10.00	10.00		8.04	10.00	5.22	2.00	1.50	
															
Revenue		10.22	6.80	8.62	8.48	3.14	3.86	4.69		2.78	4.12	10.26	1.66	-1.33	
		9.00	6.00	5.00	5.50	4.00	4.00	5.00		4.00	5.00	10.00	2.00	2.00	
															
Capital spending		5.24	5.84	3.92	13.06	4.58	0.00	5.31		2.79	-0.18	9.25	11.91	-0.32	
		5.00	3.00	0.00	9.00	3.50	2.50	5.50		2.00	7.50	5.00	6.15	0.00	
															
Marketing/		6.33	3.31	3.28	5.08	1.27	0.83	2.00		0.32	1.91	3.92	0.26	1.67	
advertising spending		2.00	0.00	0.00	4.00	2.50	0.00	0.00		0.00	4.00	3.00	0.01	0.50	
															
Research and		2.97	1.81	1.78	2.33	0.62	5.00	0.40		1.06	1.90	2.43	0.60	0.14	
development
spending		0.00	0.00	0.00	3.00	0.00	5.00	1.00		0.00	1.85	0.00	0.50	0.00	
															
Prices of your products		1.92	2.31	2.30	2.68	1.47	1.14	0.30		0.10	2.00	2.66	1.41	0.66	
		0.00	2.00	2.00	2.50	2.00	1.00	1.00		1.00	2.48	2.00	2.02	0.00	

33 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=366		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%	
														
Technology spending		11.54	4.49	6.33	8.10	-1.68	7.78	5.02		9.31	5.10	2.88	3.48	
		15.00	3.00	12.83	7.00	0.00	5.00	5.00		5.00	5.00	3.61	5.42	
														
Earnings		50.42	3.96	7.10	5.80	-1.02	7.21	6.69		4.71	3.45	6.48	4.96	
		87.28	5.00	10.00	4.66	1.31	10.00	8.96		5.00	5.00	5.00	9.42	
														
Revenue		-4.49	9.23	9.60	7.09	-0.15	5.31	4.67		5.50	3.11	4.25	6.83	
		-11.44	5.00	15.33	5.21	2.31	4.00	5.00		5.00	4.00	3.66	9.00	
														
Capital spending		11.66	1.98	9.48	13.85	-6.48	4.37	2.53		5.69	4.76	4.28	-0.52	
		20.00	5.00	15.89	10.00	0.00	5.00	1.04		5.00	5.00	1.07	0.00	
														
Marketing/		22.69	6.58	3.37	2.19	-3.09	1.68	1.78		4.94	1.63	1.37	-3.37	
advertising spending		36.06	10.00	5.00	2.00	1.50	0.00	0.16		5.00	2.00	0.00	0.00	
														
Research and		9.17	1.45	5.30	1.05	-2.55	3.15	0.95		2.05	1.96	1.09	-1.13	
development
spending		10.57	1.29	10.53	0.00	0.00	3.00	0.00		0.00	0.00	0.50	0.00	
														
Prices of your products		3.13	2.80	2.75	1.28	-0.72	0.02	1.87		1.92	1.81	-0.19	1.49	
		5.00	2.00	5.72	1.00	0.58	2.00	1.00		2.00	2.00	0.00	0.00	

34 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=366		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
									
Technology spending		2.21	3.42	5.97	9.30	6.67	2.76	5.00	
		0.00	5.00	5.00	5.00	5.00	3.53	2.50	
									
Earnings		2.67	2.65	6.68	5.96	2.57	12.20	9.00	
		7.11	4.17	5.00	8.00	5.00	14.77	-0.50	
									
Revenue		4.95	2.85	4.36	7.26	1.70	5.72	3.00	
		4.29	4.51	4.00	5.00	3.00	5.00	-3.50	
									
Capital spending		4.57	-0.41	3.83	7.33	4.57	4.86	25.00	
		2.00	2.50	0.00	2.58	10.00	2.54	10.00	
									
Marketing/		1.44	0.48	1.96	3.62	1.47	2.28	-3.00	
advertising spending		2.07	3.26	0.00	3.58	4.91	1.33	-4.00	
									
Research and		2.46	-0.29	2.12	0.70	4.13	0.07	-3.00	
development
spending		2.00	0.00	0.00	0.00	3.00	0.00	-1.50	
									
Prices of your products		2.14	-1.22	1.16	1.92	1.71	5.92	1.00	
		2.00	0.00	1.28	2.00	1.96	3.00	0.50	

35 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=304		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		8.56		9.78	9.28	9.27	9.07	6.19	9.13	16.45	7.61	8.79	6.30	9.86	7.47	
costs		8.00		9.01	7.00	10.00	8.29	7.37	10.00	0.71	8.00	7.91	8.00	9.57	6.66	
																
Wages/		3.93		4.45	4.14	4.44	3.55	2.73	3.74	2.44	6.04	3.37	4.73	5.14	3.63	
Salaries		3.00		3.00	3.00	5.00	4.00	2.98	3.00	2.57	5.00	3.00	3.00	3.00	3.00	
																
Number of		3.37		1.92	1.80	6.81	2.98	2.55	4.26	2.17	8.74	2.76	4.68	4.26	2.98	
domestic full-
time
employees		2.00		2.00	0.00	10.00	4.34	2.49	1.50	2.57	9.66	2.00	0.00	1.50	0.28	

36 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=304		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		9.45	7.98	9.18	8.64	8.73	6.50	7.88		6.82	7.00	9.37	9.45	9.20	
costs		10.00	8.00	10.00	8.95	7.00	6.00	6.62		5.00	8.00	10.00	10.00	8.71	
															
Wages/		5.13	3.49	4.03	5.02	3.36	2.43	2.79		2.76	2.95	4.73	2.93	2.70	
Salaries		3.00	3.00	3.00	4.00	3.00	2.50	3.00		3.00	3.00	3.00	2.95	3.00	
															
Number of		5.71	3.96	4.53	1.90	1.08	0.57	0.40		-0.24	2.32	5.07	6.33	2.16	
domestic full-
time
employees		4.00	3.00	5.00	2.00	0.81	0.50	0.00		0.00	4.80	4.00	10.26	1.59	

37 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=304		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		8.99	9.06	8.04	9.10	8.55	9.49	6.83		9.46	7.87	8.27	8.67	
costs		10.00	8.00	9.00	8.00	10.00	10.00	6.00		9.00	8.00	7.65	8.78	
														
Wages/		5.27	3.83	2.92	5.15	3.41	3.14	2.77		4.44	3.68	3.57	3.51	
Salaries		3.50	3.00	3.00	3.00	3.00	3.00	2.50		3.00	3.00	3.00	3.00	
														
Number of		5.76	3.95	3.59	3.76	0.45	1.36	1.06		4.87	2.87	1.05	1.53	
domestic full-
time
employees		3.50	3.00	5.00	2.25	1.50	0.00	1.00		3.00	2.00	0.00	5.00	

38 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=304		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
									
Health care		9.12	8.19	7.98	9.55	7.95	7.93	5.00	
costs		9.00	8.00	7.00	8.00	7.00	6.00	3.50	
									
Wages/		3.91	4.35	3.89	3.69	2.95	4.33	3.00	
Salaries		3.00	3.00	3.00	3.00	3.00	4.00	1.50	
									
Number of		4.67	3.69	1.90	4.50	1.09	1.39	-1.00	
domestic full-
time
employees		5.00	2.00	1.00	2.00	1.00	1.00	-3.00	

39 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=228		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		4.62		13.49	5.56	---	-0.17	0.00	4.23	0.00	19.64	4.28	7.00	---	11.26	
		8.11		15.00	6.38	---	5.00	12.50	12.17	10.00	20.00	7.00	3.50	---	12.11	
																
Revenue		3.01		7.50	2.75	---	0.60	1.67	5.00	1.00	-0.41	5.32	4.00	---	3.21	
		4.00		8.00	5.08	---	4.00	7.50	7.30	3.00	3.39	4.00	2.00	---	3.50	

40 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=228		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		2.50	6.25	11.50	7.20	-1.60	6.50	8.50		4.15	7.24	---	---	---	
		0.01	5.00	15.00	9.50	3.00	10.00	10.00		8.04	10.00	---	---	---	
															
Revenue		-3.50	4.75	6.14	4.60	-1.27	3.86	6.25		2.78	4.12	---	---	---	
		0.01	7.00	5.00	5.00	1.50	4.00	5.00		4.00	5.00	---	---	---	

41 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=228		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		5.00	0.35	15.00	7.21	-10.63	7.88	7.00		6.62	1.27	6.16	6.20	
		0.01	0.00	0.52	5.59	-4.18	10.00	9.00		7.88	10.00	7.08	9.50	
														
Revenue		7.00	-0.35	16.00	4.49	-8.39	5.36	4.79		6.87	-0.16	3.52	6.80	
		0.01	2.05	0.52	5.00	0.59	4.00	5.00		8.92	3.70	3.50	9.00	

42 

Duke / CFO magazine Global Business Outlook survey - U.S. - Third 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=228		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
									
Earnings		-2.30	2.15	7.82	7.73	7.99	14.99	9.00	
		2.00	5.38	10.00	9.04	11.99	13.50	12.00	
									
Revenue		2.55	0.35	3.65	6.92	3.62	7.00	3.00	
		3.62	1.73	4.96	6.98	3.00	5.00	5.00	

43 

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

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=371		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		371		37	41	15	15	8	55	6	30	78	30	11	43	
Percent		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
What is the hurdle		13.50		12.12	11.59	12.49	10.21	13.41	13.56	17.74	20.50	14.68	10.10	18.40	11.64	
rate that your
company uses to
evaluate investment
projects?		12.00		12.00	10.00	12.00	10.00	15.00	12.00	20.85	20.00	14.50	10.00	10.00	10.00	
				gH	gHi	h	GHi		Hj	abDJl	ABcDFIJL	bdHJl	fGHI		gHi	

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

44 

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

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
Percent		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
What is the hurdle		15.45	12.80	12.60	12.53	10.88	11.71	11.71		12.39	14.00	14.44	7.08	8.43	
rate that your
company uses to
evaluate investment
projects?		12.00	12.00	10.50	12.50	10.75	12.00	10.75		12.00	13.50	12.00	8.00	8.50	
										DE	DE	E	AB	ABC	

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

45 

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

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
Percent		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
What is the hurdle		14.91	13.09	12.01	12.16	11.60	11.87	11.49		12.37	15.08	12.99	14.45	
rate that your
company uses to
evaluate investment
projects?		12.00	12.00	10.00	12.00	12.00	12.00	10.00		10.00	12.25	11.50	15.00	
										b	a			

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

46 

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

Q5a.  What is the hurdle rate that your company uses to evaluate investment projects?

N=371		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		107	68	65	51	47	26	1	
Percent		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
What is the hurdle		13.93	14.66	11.68	14.12	14.05	11.71	9.30	
rate that your
company uses to
evaluate investment
projects?		12.00	12.00	10.00	12.00	12.00	10.00	8.15	
		c		a					

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

47 

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

 Q6a. Does your company pursue all NPV>0 projects?

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Yes		35		2	4	2	1	1	5	0	7	9	1	0	2	
		9.6%		5.4%	10.3%	13.3%	6.7%	12.5%	9.4%	0.0%	23.3%	11.7%	3.3%	0.0%	4.7%	
				h							ajl		h		h	
																
No		299		33	30	11	12	7	43	5	20	66	25	10	36	
		81.7%		89.2%	76.9%	73.3%	80.0%	87.5%	81.1%	83.3%	66.7%	85.7%	83.3%	90.9%	83.7%	
				h							ai	h				
																
Don't Know		32		2	5	2	2	0	5	1	3	2	4	1	5	
		8.7%		5.4%	12.8%	13.3%	13.3%	0.0%	9.4%	16.7%	10.0%	2.6%	13.3%	9.1%	11.6%	
					i							bjl	i		i	

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

48 

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

 Q6a. Does your company pursue all NPV>0 projects?

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Yes		12	13	2	2	2	1	2		5	1	24	0	0	
		8.3%	13.1%	3.7%	13.3%	7.7%	12.5%	13.3%		12.5%	7.1%	10.0%	0.0%	0.0%	
										e				a	
															
No		111	80	50	13	24	7	12		34	12	195	7	27	
		76.6%	80.8%	92.6%	86.7%	92.3%	87.5%	80.0%		85.0%	85.7%	81.3%	100.0%	90.0%	
		c		a											
															
Don't Know		22	6	2	0	0	0	1		1	1	21	0	3	
		15.2%	6.1%	3.7%	0.0%	0.0%	0.0%	6.7%		2.5%	7.1%	8.8%	0.0%	10.0%	
		bce	a	a		a									

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

49 

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

 Q6a. Does your company pursue all NPV>0 projects?

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Yes		7	11	2	2	1	1	2		13	16	5	0	
		6.0%	12.6%	8.3%	6.9%	9.1%	7.7%	9.5%		7.6%	11.9%	11.9%	0.0%	
														
No		97	70	21	26	10	12	18		135	112	34	12	
		82.9%	80.5%	87.5%	89.7%	90.9%	92.3%	85.7%		79.4%	83.6%	81.0%	92.3%	
														
Don't Know		13	6	1	1	0	0	1		22	6	3	1	
		11.1%	6.9%	4.2%	3.4%	0.0%	0.0%	4.8%		12.9%	4.5%	7.1%	7.7%	
										b	a			

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

50 

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

 Q6a. Does your company pursue all NPV>0 projects?

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Yes		11	5	6	4	5	2	1	
		10.4%	7.5%	9.4%	7.8%	10.6%	8.0%	100.0%	
		G	G	G	G	g	G	ABCDeF	
									
No		85	56	52	43	39	20	0	
		80.2%	83.6%	81.3%	84.3%	83.0%	80.0%	0.0%	
			g	g	g	g		bcde	
									
Don't Know		10	6	6	4	3	3	0	
		9.4%	9.0%	9.4%	7.8%	6.4%	12.0%	0.0%	

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

51 

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

 Q6a. Does your company pursue all NPV>0 projects?

N=371		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
Number
Col %		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		163	160		270	59		144	178	
		50.5%	49.5%		82.1%	17.9%		44.7%	55.3%	
										
Yes		20	14		28	6		17	17	
		12.4%	8.9%		10.5%	10.3%		12.0%	9.7%	
										
No		141	144		239	52		125	159	
		87.6%	91.1%		89.5%	89.7%		88.0%	90.3%	
										
Don't Know		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

52 

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

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Yes		144		15	14	4	5	4	19	2	14	35	13	4	15	
		39.3%		40.5%	35.0%	26.7%	33.3%	50.0%	34.5%	33.3%	46.7%	46.1%	44.8%	36.4%	35.7%	
																
No		191		21	23	9	7	3	30	3	12	37	13	6	25	
		52.2%		56.8%	57.5%	60.0%	46.7%	37.5%	54.5%	50.0%	40.0%	48.7%	44.8%	54.5%	59.5%	
																
Don't Know		31		1	3	2	3	1	6	1	4	4	3	1	2	
		8.5%		2.7%	7.5%	13.3%	20.0%	12.5%	10.9%	16.7%	13.3%	5.3%	10.3%	9.1%	4.8%	
				d			a									

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

53 

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

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Yes		49	39	26	6	12	6	5		18	8	91	2	14	
		34.0%	39.4%	48.1%	40.0%	46.2%	75.0%	33.3%		45.0%	57.1%	37.9%	28.6%	50.0%	
		f					a								
															
No		79	54	26	8	12	2	7		20	3	131	5	11	
		54.9%	54.5%	48.1%	53.3%	46.2%	25.0%	46.7%		50.0%	21.4%	54.6%	71.4%	39.3%	
											cd	b	b		
															
Don't Know		16	6	2	1	2	0	3		2	3	18	0	3	
		11.1%	6.1%	3.7%	6.7%	7.7%	0.0%	20.0%		5.0%	21.4%	7.5%	0.0%	10.7%	
				g				c							

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

54 

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

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Yes		41	37	9	13	4	7	9		57	57	18	9	
		35.3%	43.0%	37.5%	44.8%	36.4%	53.8%	42.9%		33.7%	42.5%	42.9%	69.2%	
										d			a	
														
No		67	43	13	12	6	6	10		93	70	20	3	
		57.8%	50.0%	54.2%	41.4%	54.5%	46.2%	47.6%		55.0%	52.2%	47.6%	23.1%	
										d	d		ab	
														
Don't Know		8	6	2	4	1	0	2		19	7	4	1	
		6.9%	7.0%	8.3%	13.8%	9.1%	0.0%	9.5%		11.2%	5.2%	9.5%	7.7%	

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

55 

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

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Yes		46	27	28	16	18	7	0	
		43.8%	39.7%	44.4%	31.4%	38.3%	28.0%	0.0%	
									
No		53	34	30	29	25	15	1	
		50.5%	50.0%	47.6%	56.9%	53.2%	60.0%	100.0%	
									
Don't Know		6	7	5	6	4	3	0	
		5.7%	10.3%	7.9%	11.8%	8.5%	12.0%	0.0%	

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

56 

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

Q6b.  Does a shortage of management time or expertise prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
Number
Col %		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		161	162		271	57		143	181	
		49.8%	50.2%		82.6%	17.4%		44.1%	55.9%	
										
Yes		73	62		108	29		63	72	
		45.9%	39.0%		40.4%	51.8%		44.7%	40.4%	
										
No		86	97		159	27		78	106	
		54.1%	61.0%		59.6%	48.2%		55.3%	59.6%	
										
Don't Know		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

57 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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		144		15	14	4	5	4	19	2	14	35	13	4	15	
		100.0%		10.4%	9.7%	2.8%	3.5%	2.8%	13.2%	1.4%	9.7%	24.3%	9.0%	2.8%	10.4%	
																
Financial constraints		69		8	6	1	3	3	5	1	5	18	7	3	9	
		47.9%		53.3%	42.9%	25.0%	60.0%	75.0%	26.3%	50.0%	35.7%	51.4%	53.8%	75.0%	60.0%	
																
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

63		

6	

6	

2	

3	

3	

7	

1	

9	

12	

3	

1	

10	
managerial workforce		43.8%		40.0%	42.9%	50.0%	60.0%	75.0%	36.8%	50.0%	64.3%	34.3%	23.1%	25.0%	66.7%	
											j	l	hl		ij	
																
It is difficult to hire
potential managers
that possess the
specific hard skills		

42		

4	

3	

2	

1	

0	

7	

1	

4	

12	

4	

1	

3	
that we need		29.2%		26.7%	21.4%	50.0%	20.0%	0.0%	36.8%	50.0%	28.6%	34.3%	30.8%	25.0%	20.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

58 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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		49	39	26	6	12	6	5		18	8	91	2	14	
		34.0%	27.1%	18.1%	4.2%	8.3%	4.2%	3.5%		12.5%	5.6%	63.2%	1.4%	9.7%	
															
Financial constraints		22	17	14	3	8	3	2		11	2	39	2	10	
		44.9%	43.6%	53.8%	50.0%	66.7%	50.0%	40.0%		61.1%	25.0%	42.9%	100.0%	71.4%	
											e	e		bc	
															
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

18	

18	

13	

3	

6	

2	

3		

7	

5	

40	

1	

6	
managerial workforce		36.7%	46.2%	50.0%	50.0%	50.0%	33.3%	60.0%		38.9%	62.5%	44.0%	50.0%	42.9%	
															
It is difficult to hire
potential managers
that possess the
specific hard skills		

17	

13	

5	

3	

2	

1	

1		

3	

2	

27	

2	

4	
that we need		34.7%	33.3%	19.2%	50.0%	16.7%	16.7%	20.0%		16.7%	25.0%	29.7%	100.0%	28.6%	
										d		d	ac		

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

59 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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		41	37	9	13	4	7	9		57	57	18	9	
		28.5%	25.7%	6.3%	9.0%	2.8%	4.9%	6.3%		39.6%	39.6%	12.5%	6.3%	
														
Financial constraints		16	20	5	6	0	6	4		23	30	7	7	
		39.0%	54.1%	55.6%	46.2%	0.0%	85.7%	44.4%		40.4%	52.6%	38.9%	77.8%	
		f	e			bf	ae			d			a	
														
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

14	

20	

4	

6	

0	

3	

5		

22	

29	

9	

2	
managerial workforce		34.1%	54.1%	44.4%	46.2%	0.0%	42.9%	55.6%		38.6%	50.9%	50.0%	22.2%	
			e			b								
														
It is difficult to hire
potential managers
that possess the
specific hard skills		

14	

12	

2	

7	

2	

0	

2		

21	

13	

7	

1	
that we need		34.1%	32.4%	22.2%	53.8%	50.0%	0.0%	22.2%		36.8%	22.8%	38.9%	11.1%	
					f		d							

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

60 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		46	27	28	16	18	7	0	
		31.9%	18.8%	19.4%	11.1%	12.5%	4.9%	0.0%	
									
Financial constraints		21	15	15	7	6	4	0	
		45.7%	55.6%	53.6%	43.8%	33.3%	57.1%	0.0%	
									
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

16	

10	

20	

7	

7	

3	

0	
managerial workforce		34.8%	37.0%	71.4%	43.8%	38.9%	42.9%	0.0%	
		C	c	Abe		c			
									
It is difficult to hire
potential managers
that possess the
specific hard skills		

12	

7	

8	

5	

7	

2	

0	
that we need		26.1%	25.9%	28.6%	31.3%	38.9%	28.6%	0.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

61 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		73	62		108	29		63	72	
		50.7%	43.1%		75.0%	20.1%		43.8%	50.0%	
										
Financial constraints		38	25		48	15		24	39	
		52.1%	40.3%		44.4%	51.7%		38.1%	54.2%	
										
Our top management
team does not have
enough bandwidth to
oversee an expanded
organization and
expanded		

30	

29		

49	

11		

25	

34	
managerial workforce		41.1%	46.8%		45.4%	37.9%		39.7%	47.2%	
										
It is difficult to hire
potential managers
that possess the
specific hard skills		

23	

17		

34	

7		

19	

21	
that we need		31.5%	27.4%		31.5%	24.1%		30.2%	29.2%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

62 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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	
																
It's difficult to quickly
get new managers up
to speed and fully		

37		

5	

3	

2	

2	

0	

4	

0	

1	

12	

3	

0	

5	
productive		25.7%		33.3%	21.4%	50.0%	40.0%	0.0%	21.1%	0.0%	7.1%	34.3%	23.1%	0.0%	33.3%	
																
It is difficult to hire
potential managers
that possess the
intangible skills that		

28		

1	

2	

2	

1	

1	

6	

0	

3	

6	

3	

0	

3	
we need		19.4%		6.7%	14.3%	50.0%	20.0%	25.0%	31.6%	0.0%	21.4%	17.1%	23.1%	0.0%	20.0%	
				c		a										
																
It's difficult to find
new managers who
mesh with our work		

25		

2	

1	

2	

0	

0	

3	

1	

3	

9	

2	

1	

1	
culture		17.4%		13.3%	7.1%	50.0%	0.0%	0.0%	15.8%	50.0%	21.4%	25.7%	15.4%	25.0%	6.7%	
						l									c	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

63 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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	
															
It's difficult to quickly
get new managers up
to speed and fully		

7	

13	

6	

2	

3	

3	

3		

4	

4	

26	

1	

1	
productive		14.3%	33.3%	23.1%	33.3%	25.0%	50.0%	60.0%		22.2%	50.0%	28.6%	50.0%	7.1%	
		bfg	a				a	a			e			b	
															
It is difficult to hire
potential managers
that possess the
intangible skills that		

11	

7	

6	

2	

1	

0	

1		

1	

2	

18	

0	

3	
we need		22.4%	17.9%	23.1%	33.3%	8.3%	0.0%	20.0%		5.6%	25.0%	19.8%	0.0%	21.4%	
															
It's difficult to find
new managers who
mesh with our work		

10	

7	

4	

2	

1	

1	

0		

2	

2	

17	

0	

3	
culture		20.4%	17.9%	15.4%	33.3%	8.3%	16.7%	0.0%		11.1%	25.0%	18.7%	0.0%	21.4%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

64 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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	
														
It's difficult to quickly
get new managers up
to speed and fully		

6	

12	

2	

5	

1	

3	

4		

13	

15	

4	

4	
productive		14.6%	32.4%	22.2%	38.5%	25.0%	42.9%	44.4%		22.8%	26.3%	22.2%	44.4%	
		g						a						
														
It is difficult to hire
potential managers
that possess the
intangible skills that		

7	

8	

4	

4	

1	

0	

1		

14	

6	

4	

4	
we need		17.1%	21.6%	44.4%	30.8%	25.0%	0.0%	11.1%		24.6%	10.5%	22.2%	44.4%	
											d		b	
														
It's difficult to find
new managers who
mesh with our work		

8	

7	

1	

2	

1	

1	

0		

11	

7	

3	

4	
culture		19.5%	18.9%	11.1%	15.4%	25.0%	14.3%	0.0%		19.3%	12.3%	16.7%	44.4%	
											d		b	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

65 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
It's difficult to quickly
get new managers up
to speed and fully		

10	

9	

5	

6	

5	

2	

0	
productive		21.7%	33.3%	17.9%	37.5%	27.8%	28.6%	0.0%	
									
It is difficult to hire
potential managers
that possess the
intangible skills that		

9	

4	

8	

2	

4	

0	

0	
we need		19.6%	14.8%	28.6%	12.5%	22.2%	0.0%	0.0%	
									
It's difficult to find
new managers who
mesh with our work		

9	

3	

6	

5	

1	

1	

0	
culture		19.6%	11.1%	21.4%	31.3%	5.6%	14.3%	0.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

66 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
It's difficult to quickly
get new managers up
to speed and fully		

23	

11		

23	

13		

13	

21	
productive		31.5%	17.7%		21.3%	44.8%		20.6%	29.2%	
					b	a				
										
It is difficult to hire
potential managers
that possess the
intangible skills that		

14	

14		

23	

5		

13	

15	
we need		19.2%	22.6%		21.3%	17.2%		20.6%	20.8%	
										
It's difficult to find
new managers who
mesh with our work		

13	

12		

20	

5		

10	

15	
culture		17.8%	19.4%		18.5%	17.2%		15.9%	20.8%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

67 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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	
																
Hiring more
managers would
reduce		

19		

2	

1	

1	

1	

1	

4	

0	

0	

4	

1	

0	

4	
organizational focus		13.2%		13.3%	7.1%	25.0%	20.0%	25.0%	21.1%	0.0%	0.0%	11.4%	7.7%	0.0%	26.7%	
											l				h	
																
Other		14		1	1	0	0	0	2	0	2	3	2	1	2	
		9.7%		6.7%	7.1%	0.0%	0.0%	0.0%	10.5%	0.0%	14.3%	8.6%	15.4%	25.0%	13.3%	
																
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

13		

1	

2	

0	

1	

0	

3	

0	

2	

2	

1	

0	

1	
hires		9.0%		6.7%	14.3%	0.0%	20.0%	0.0%	15.8%	0.0%	14.3%	5.7%	7.7%	0.0%	6.7%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

68 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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	
															
Hiring more
managers would
reduce		

7	

4	

5	

0	

1	

0	

2		

2	

1	

15	

0	

1	
organizational focus		14.3%	10.3%	19.2%	0.0%	8.3%	0.0%	40.0%		11.1%	12.5%	16.5%	0.0%	7.1%	
															
Other		8	3	1	0	0	2	0		1	1	11	0	1	
		16.3%	7.7%	3.8%	0.0%	0.0%	33.3%	0.0%		5.6%	12.5%	12.1%	0.0%	7.1%	
				f		f	ce								
															
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

4	

1	

3	

0	

4	

0	

0		

1	

1	

10	

0	

0	
hires		8.2%	2.6%	11.5%	0.0%	33.3%	0.0%	0.0%		5.6%	12.5%	11.0%	0.0%	0.0%	
		e	E			aB									

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

69 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		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	
														
Hiring more
managers would
reduce		

5	

6	

1	

0	

1	

0	

3		

8	

5	

4	

2	
organizational focus		12.2%	16.2%	11.1%	0.0%	25.0%	0.0%	33.3%		14.0%	8.8%	22.2%	22.2%	
					g			d						
														
Other		8	3	0	0	1	1	1		7	5	1	0	
		19.5%	8.1%	0.0%	0.0%	25.0%	14.3%	11.1%		12.3%	8.8%	5.6%	0.0%	
														
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

3	

3	

1	

2	

0	

1	

0		

5	

3	

3	

1	
hires		7.3%	8.1%	11.1%	15.4%	0.0%	14.3%	0.0%		8.8%	5.3%	16.7%	11.1%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

70 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Hiring more
managers would
reduce		

5	

2	

6	

3	

2	

1	

0	
organizational focus		10.9%	7.4%	21.4%	18.8%	11.1%	14.3%	0.0%	
									
Other		7	3	0	1	3	0	0	
		15.2%	11.1%	0.0%	6.3%	16.7%	0.0%	0.0%	
		c		ae		c			
									
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

4	

5	

1	

1	

1	

0	

0	
hires		8.7%	18.5%	3.6%	6.3%	5.6%	0.0%	0.0%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

71 

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

Why doesn't your firm hire more managers to reduce the shortage?

N=144		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Hiring more
managers would
reduce		

8	

9		

13	

6		

6	

11	
organizational focus		11.0%	14.5%		12.0%	20.7%		9.5%	15.3%	
										
Other		7	5		9	4		8	4	
		9.6%	8.1%		8.3%	13.8%		12.7%	5.6%	
										
Even if more
managers were hired,
some tasks and
responsibilities
could not delegated
to new managerial		

4	

6		

8	

3		

7	

3	
hires		5.5%	9.7%		7.4%	10.3%		11.1%	4.2%	

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

 Asked of those who indicated a shortage of management time or expertise prevented their firm from pursuing some NPV>0 projects that they would otherwise pursue

72 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Yes		73		8	9	5	3	2	8	1	3	17	6	4	7	
		20.0%		21.6%	23.1%	33.3%	21.4%	25.0%	14.5%	16.7%	10.3%	22.4%	20.0%	36.4%	16.3%	
																
No		272		27	30	9	9	6	43	4	23	56	23	7	33	
		74.5%		73.0%	76.9%	60.0%	64.3%	75.0%	78.2%	66.7%	79.3%	73.7%	76.7%	63.6%	76.7%	
																
Don't Know		20		2	0	1	2	0	4	1	3	3	1	0	3	
		5.5%		5.4%	0.0%	6.7%	14.3%	0.0%	7.3%	16.7%	10.3%	3.9%	3.3%	0.0%	7.0%	
					dgh		b			b	b					

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

 

73 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Yes		30	20	10	2	4	1	4		5	6	47	1	7	
		20.5%	20.6%	18.5%	13.3%	16.0%	12.5%	26.7%		12.8%	42.9%	19.7%	14.3%	23.3%	
										b	ac	b			
															
No		104	73	44	13	19	7	9		31	8	181	6	18	
		71.2%	75.3%	81.5%	86.7%	76.0%	87.5%	60.0%		79.5%	57.1%	76.1%	85.7%	60.0%	
															
Don't Know		12	4	0	0	2	0	2		3	0	10	0	5	
		8.2%	4.1%	0.0%	0.0%	8.0%	0.0%	13.3%		7.7%	0.0%	4.2%	0.0%	16.7%	
		c		aeG		c		C				E		C	

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

 

74 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Yes		25	14	4	6	2	1	4		35	24	6	7	
		21.4%	16.1%	17.4%	20.7%	20.0%	7.7%	19.0%		20.7%	18.0%	14.3%	53.8%	
										D	D	D	ABC	
														
No		85	70	18	23	7	11	15		124	102	34	5	
		72.6%	80.5%	78.3%	79.3%	70.0%	84.6%	71.4%		73.4%	76.7%	81.0%	38.5%	
										D	D	D	ABC	
														
Don't Know		7	3	1	0	1	1	2		10	7	2	1	
		6.0%	3.4%	4.3%	0.0%	10.0%	7.7%	9.5%		5.9%	5.3%	4.8%	7.7%	

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

 

75 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Yes		21	16	15	6	10	4	0	
		19.8%	24.6%	23.1%	11.8%	21.7%	16.0%	0.0%	
									
No		81	48	44	41	34	18	1	
		76.4%	73.8%	67.7%	80.4%	73.9%	72.0%	100.0%	
									
Don't Know		4	1	6	4	2	3	0	
		3.8%	1.5%	9.2%	7.8%	4.3%	12.0%	0.0%	
			f				b		

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

 

76 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise? ALL Respondents

N=371		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
Number
Col %		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		167	167		282	57		147	185	
		50.0%	50.0%		83.2%	16.8%		44.3%	55.7%	
										
Yes		40	32		58	14		31	41	
		24.2%	19.5%		20.9%	25.5%		21.7%	22.4%	
										
No		125	132		220	41		112	142	
		75.8%	80.5%		79.1%	74.5%		78.3%	77.6%	
										
Don't Know		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

 

77 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=144		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		144		15	14	4	5	4	19	2	14	35	13	4	15	
		100.0%		10.4%	9.7%	2.8%	3.5%	2.8%	13.2%	1.4%	9.7%	24.3%	9.0%	2.8%	10.4%	
																
Yes		46		5	5	3	3	1	4	0	1	14	4	3	3	
		32.2%		33.3%	35.7%	75.0%	60.0%	25.0%	21.1%	0.0%	7.7%	40.0%	30.8%	75.0%	20.0%	
						fh	h		ck		cdik	h		fh		
																
No		90		9	9	1	1	3	14	2	11	20	9	1	10	
		62.9%		60.0%	64.3%	25.0%	20.0%	75.0%	73.7%	100.0%	84.6%	57.1%	69.2%	25.0%	66.7%	
						h	fh		d		cdk			h		
																
Don't Know		7		1	0	0	1	0	1	0	1	1	0	0	2	
		4.9%		6.7%	0.0%	0.0%	20.0%	0.0%	5.3%	0.0%	7.7%	2.9%	0.0%	0.0%	13.3%	

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

 

78 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=144		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		49	39	26	6	12	6	5		18	8	91	2	14	
		34.3%	27.3%	18.2%	4.2%	8.4%	4.2%	3.5%		13.5%	6.0%	68.4%	1.5%	10.5%	
															
Yes		18	14	7	1	3	0	3		3	4	29	1	4	
		36.7%	36.8%	26.9%	16.7%	25.0%	0.0%	60.0%		16.7%	50.0%	32.2%	50.0%	28.6%	
															
No		28	21	19	5	8	6	2		14	4	57	1	8	
		57.1%	55.3%	73.1%	83.3%	66.7%	100.0%	40.0%		77.8%	50.0%	63.3%	50.0%	57.1%	
		f	f				ab								
															
Don't Know		3	3	0	0	1	0	0		1	0	4	0	2	
		6.1%	7.9%	0.0%	0.0%	8.3%	0.0%	0.0%		5.6%	0.0%	4.4%	0.0%	14.3%	

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

 

79 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=144		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		41	37	9	13	4	7	9		57	57	18	9	
		34.2%	30.8%	7.5%	10.8%	3.3%	5.8%	7.5%		40.4%	40.4%	12.8%	6.4%	
														
Yes		14	11	2	4	1	0	3		19	16	5	6	
		34.1%	29.7%	25.0%	30.8%	25.0%	0.0%	33.3%		33.3%	28.6%	27.8%	66.7%	
											d		b	
														
No		24	25	5	9	3	6	6		35	36	13	3	
		58.5%	67.6%	62.5%	69.2%	75.0%	85.7%	66.7%		61.4%	64.3%	72.2%	33.3%	
														
Don't Know		3	1	1	0	0	1	0		3	4	0	0	
		7.3%	2.7%	12.5%	0.0%	0.0%	14.3%	0.0%		5.3%	7.1%	0.0%	0.0%	

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

 

80 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=144		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		46	27	28	16	18	7	0	
		32.4%	19.0%	19.7%	11.3%	12.7%	4.9%	0.0%	
									
Yes		14	13	6	4	5	4	0	
		30.4%	48.1%	21.4%	25.0%	29.4%	57.1%	0.0%	
			c	b					
									
No		28	14	20	11	12	3	0	
		60.9%	51.9%	71.4%	68.8%	70.6%	42.9%	0.0%	
									
Don't Know		4	0	2	1	0	0	0	
		8.7%	0.0%	7.1%	6.3%	0.0%	0.0%	0.0%	

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

 

81 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=144		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
Number
Col %		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		71	57		102	28		60	68	
		55.5%	44.5%		78.5%	21.5%		46.9%	53.1%	
										
Yes		30	15		34	11		19	26	
		42.3%	26.8%		33.7%	39.3%		32.2%	38.2%	
										
No		41	41		67	17		40	42	
		57.7%	73.2%		66.3%	60.7%		67.8%	61.8%	
										
Don't Know		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

 

82 

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

 Q6c. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of management time or expertise?  Shows responses of those who indicated a shortage of management time or expertise prevent their firm from pursuing some NPV>0 projects that you would otherwise pursue?  BY Why doesn't your firm hire more managers to reduce the shortage?

N=137		Lack of
hard
skills		Lack of
intangibl-
e skills		No
manager-
ial band...		
Reduce
org. focus		
Hard to
delegate		Financial
Constrain-
ts		Hard to
get new
mgrs up ...		Hard to
mesh
with cult...	
Number
Col %		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes	
		 		 		 		 		 		 		 		A	
																	
Total		39		27		61		18		12		65		35		23	
		28.5%		19.7%		44.5%		13.1%		8.8%		47.4%		25.5%		16.8%	
																	
Yes		14		9		22		4		5		19		15		8	
		35.9%		33.3%		36.7%		22.2%		41.7%		29.2%		42.9%		34.8%	
																	
No		25		18		38		14		7		46		20		15	
		64.1%		66.7%		63.3%		77.8%		58.3%		70.8%		57.1%		65.2%	

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

 

83 

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

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Yes		88		10	13	7	3	2	10	1	11	17	2	1	10	
		23.9%		27.0%	32.5%	46.7%	20.0%	25.0%	18.5%	16.7%	36.7%	22.1%	6.7%	9.1%	23.3%	
				j	j	fJ			c		J		abCH			
																
No		256		26	25	7	10	6	38	5	16	56	27	9	30	
		69.6%		70.3%	62.5%	46.7%	66.7%	75.0%	70.4%	83.3%	53.3%	72.7%	90.0%	81.8%	69.8%	
					j	iJ			j		J	c	bCfHl		j	
																
Don't Know		24		1	2	1	2	0	6	0	3	4	1	1	3	
		6.5%		2.7%	5.0%	6.7%	13.3%	0.0%	11.1%	0.0%	10.0%	5.2%	3.3%	9.1%	7.0%	

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

84 

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

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Yes		44	19	7	5	7	1	3		9	4	58	0	8	
		30.1%	19.2%	13.0%	33.3%	26.9%	12.5%	20.0%		22.5%	28.6%	24.1%	0.0%	26.7%	
		c		a											
															
No		92	76	43	10	15	7	10		26	10	171	7	17	
		63.0%	76.8%	79.6%	66.7%	57.7%	87.5%	66.7%		65.0%	71.4%	71.0%	100.0%	56.7%	
		bc	a	ae		c							e	d	
															
Don't Know		10	4	4	0	4	0	2		5	0	12	0	5	
		6.8%	4.0%	7.4%	0.0%	15.4%	0.0%	13.3%		12.5%	0.0%	5.0%	0.0%	16.7%	
			e			b						e		c	

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

85 

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

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Yes		30	21	4	6	1	2	6		42	32	10	1	
		25.4%	24.1%	16.7%	20.7%	9.1%	15.4%	28.6%		24.6%	23.9%	23.8%	7.7%	
														
No		82	61	16	22	9	10	12		115	97	28	11	
		69.5%	70.1%	66.7%	75.9%	81.8%	76.9%	57.1%		67.3%	72.4%	66.7%	84.6%	
														
Don't Know		6	5	4	1	1	1	3		14	5	4	1	
		5.1%	5.7%	16.7%	3.4%	9.1%	7.7%	14.3%		8.2%	3.7%	9.5%	7.7%	
		c		a										

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

86 

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

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Yes		28	10	16	14	9	10	0	
		26.4%	14.7%	25.0%	27.5%	19.1%	40.0%	0.0%	
			F				B		
									
No		74	55	38	33	37	13	1	
		69.8%	80.9%	59.4%	64.7%	78.7%	52.0%	100.0%	
			CdF	Be	b	cf	Be		
									
Don't Know		4	3	10	4	1	2	0	
		3.8%	4.4%	15.6%	7.8%	2.1%	8.0%	0.0%	
		C	c	Abe		c			

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

87 

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

 Q6d. Does a shortage of non-management labor prevent your firm from pursuing some NPV>0 projects that you would otherwise pursue?

N=371		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
Number
Col %		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		166	165		281	55		149	180	
		50.2%	49.8%		83.6%	16.4%		45.3%	54.7%	
										
Yes		46	40		76	11		43	43	
		27.9%	24.5%		27.2%	20.4%		29.1%	24.2%	
										
No		119	123		203	43		105	135	
		72.1%	75.5%		72.8%	79.6%		70.9%	75.8%	
										
Don't Know		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

88 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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		88		10	13	7	3	2	10	1	11	17	2	1	10	
		100.0%		11.4%	14.8%	8.0%	3.4%	2.3%	11.4%	1.1%	12.5%	19.3%	2.3%	1.1%	11.4%	
																
It is difficult to find
potential hires that
possess the specific		

46		

6	

5	

6	

2	

1	

7	

1	

6	

6	

1	

0	

5	
skills we need		52.3%		60.0%	38.5%	85.7%	66.7%	50.0%	70.0%	100.0%	54.5%	35.3%	50.0%	0.0%	50.0%	
						i						c				
																
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

25		

5	

4	

1	

0	

0	

2	

0	

2	

6	

0	

1	

4	
a full day		28.4%		50.0%	30.8%	14.3%	0.0%	0.0%	20.0%	0.0%	18.2%	35.3%	0.0%	100.0%	40.0%	
																
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

24		

1	

2	

2	

0	

0	

4	

0	

3	

5	

0	

1	

5	
back later		27.3%		10.0%	15.4%	28.6%	0.0%	0.0%	40.0%	0.0%	27.3%	29.4%	0.0%	100.0%	50.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

89 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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		44	19	7	5	7	1	3		9	4	58	0	8	
		50.0%	21.6%	8.0%	5.7%	8.0%	1.1%	3.4%		10.2%	4.5%	65.9%	0.0%	9.1%	
															
It is difficult to find
potential hires that
possess the specific		

26	

9	

5	

2	

3	

0	

0		

0	

2	

35	

0	

4	
skills we need		59.1%	47.4%	71.4%	40.0%	42.9%	0.0%	0.0%		0.0%	50.0%	60.3%	0.0%	50.0%	
										bCe	a	A		a	
															
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

12	

8	

2	

1	

0	

1	

1		

2	

0	

18	

0	

2	
a full day		27.3%	42.1%	28.6%	20.0%	0.0%	100.0%	33.3%		22.2%	0.0%	31.0%	0.0%	25.0%	
						f	e								
															
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

14	

2	

1	

2	

2	

0	

2		

4	

1	

13	

0	

4	
back later		31.8%	10.5%	14.3%	40.0%	28.6%	0.0%	66.7%		44.4%	25.0%	22.4%	0.0%	50.0%	
			g					b							

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

90 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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		30	21	4	6	1	2	6		42	32	10	1	
		34.1%	23.9%	4.5%	6.8%	1.1%	2.3%	6.8%		47.7%	36.4%	11.4%	1.1%	
														
It is difficult to find
potential hires that
possess the specific		

15	

14	

3	

4	

1	

0	

1		

26	

16	

3	

1	
skills we need		50.0%	66.7%	75.0%	66.7%	100.0%	0.0%	16.7%		61.9%	50.0%	30.0%	100.0%	
			g					b						
														
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

8	

9	

2	

0	

0	

1	

2		

14	

7	

4	

0	
a full day		26.7%	42.9%	50.0%	0.0%	0.0%	50.0%	33.3%		33.3%	21.9%	40.0%	0.0%	
														
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

11	

2	

0	

2	

0	

0	

3		

9	

8	

5	

0	
back later		36.7%	9.5%	0.0%	33.3%	0.0%	0.0%	50.0%		21.4%	25.0%	50.0%	0.0%	
		b	ag					b						

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

91 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		28	10	16	14	9	10	0	
		31.8%	11.4%	18.2%	15.9%	10.2%	11.4%	0.0%	
									
It is difficult to find
potential hires that
possess the specific		

14	

5	

7	

9	

6	

5	

0	
skills we need		50.0%	50.0%	43.8%	64.3%	66.7%	50.0%	0.0%	
									
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

10	

3	

5	

3	

2	

2	

0	
a full day		35.7%	30.0%	31.3%	21.4%	22.2%	20.0%	0.0%	
									
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

4	

2	

5	

5	

1	

6	

0	
back later		14.3%	20.0%	31.3%	35.7%	11.1%	60.0%	0.0%	
		F				f	Ae		

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

92 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		46	40		76	11		43	43	
		52.3%	45.5%		86.4%	12.5%		48.9%	48.9%	
										
It is difficult to find
potential hires that
possess the specific		

26	

20		

40	

6		

22	

24	
skills we need		56.5%	50.0%		52.6%	54.5%		51.2%	55.8%	
										
It is difficult to find
potential hires that
possess intangibles
such as always being
reliable and working		

15	

10		

25	

0		

15	

10	
a full day		32.6%	25.0%		32.9%	0.0%		34.9%	23.3%	
					b	a				
										
We don't know how
long we'll need the
expanded workforce,
and it's costly to cut		

10	

12		

21	

2		

8	

14	
back later		21.7%	30.0%		27.6%	18.2%		18.6%	32.6%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

93 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
																
It's difficult to quickly
get new employees
up to speed and fully		

24		

1	

7	

3	

0	

0	

2	

0	

1	

6	

1	

0	

3	
productive		27.3%		10.0%	53.8%	42.9%	0.0%	0.0%	20.0%	0.0%	9.1%	35.3%	50.0%	0.0%	30.0%	
				b	ah						b					
																
Current workers don't
want to expand their		
16		
3	
0	
1	
0	
1	
3	
0	
2	
4	
0	
0	
2	
hours		18.2%		30.0%	0.0%	14.3%	0.0%	50.0%	30.0%	0.0%	18.2%	23.5%	0.0%	0.0%	20.0%	
				b	aef			b	b							
																
Training new workers
is too expensive or		
13		
2	
4	
1	
1	
0	
2	
0	
0	
2	
0	
0	
0	
time-consuming		14.8%		20.0%	30.8%	14.3%	33.3%	0.0%	20.0%	0.0%	0.0%	11.8%	0.0%	0.0%	0.0%	
																
Benefits are too		13		2	3	0	0	0	2	0	0	3	1	0	1	
expensive		14.8%		20.0%	23.1%	0.0%	0.0%	0.0%	20.0%	0.0%	0.0%	17.6%	50.0%	0.0%	10.0%	
											j		h			

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

94 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
															
It's difficult to quickly
get new employees
up to speed and fully		

10	

6	

1	

2	

3	

0	

1		

2	

3	

15	

0	

3	
productive		22.7%	31.6%	14.3%	40.0%	42.9%	0.0%	33.3%		22.2%	75.0%	25.9%	0.0%	37.5%	
											c	b			
															
Current workers don't
want to expand their		
7	
4	
0	
5	
0	
0	
0		
2	
0	
11	
0	
0	
hours		15.9%	21.1%	0.0%	100.0%	0.0%	0.0%	0.0%		22.2%	0.0%	19.0%	0.0%	0.0%	
		D	D	D	ABCEg	D		d							
															
Training new workers
is too expensive or		
8	
2	
0	
1	
1	
0	
0		
0	
1	
11	
0	
0	
time-consuming		18.2%	10.5%	0.0%	20.0%	14.3%	0.0%	0.0%		0.0%	25.0%	19.0%	0.0%	0.0%	
															
Benefits are too		7	1	1	1	1	0	1		1	0	9	0	1	
expensive		15.9%	5.3%	14.3%	20.0%	14.3%	0.0%	33.3%		11.1%	0.0%	15.5%	0.0%	12.5%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

95 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
														
It's difficult to quickly
get new employees
up to speed and fully		

8	

5	

1	

4	

0	

1	

1		

12	

7	

2	

1	
productive		26.7%	23.8%	25.0%	66.7%	0.0%	50.0%	16.7%		28.6%	21.9%	20.0%	100.0%	
														
Current workers don't
want to expand their		
4	
5	
0	
3	
0	
0	
1		
9	
5	
2	
0	
hours		13.3%	23.8%	0.0%	50.0%	0.0%	0.0%	16.7%		21.4%	15.6%	20.0%	0.0%	
		d			a									
														
Training new workers
is too expensive or		
6	
2	
1	
2	
0	
0	
0		
6	
5	
0	
1	
time-consuming		20.0%	9.5%	25.0%	33.3%	0.0%	0.0%	0.0%		14.3%	15.6%	0.0%	100.0%	
										d	d	D	abC	
														
Benefits are too		4	2	0	2	0	1	1		5	5	2	0	
expensive		13.3%	9.5%	0.0%	33.3%	0.0%	50.0%	16.7%		11.9%	15.6%	20.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

96 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
It's difficult to quickly
get new employees
up to speed and fully		

6	

3	

5	

5	

2	

3	

0	
productive		21.4%	30.0%	31.3%	35.7%	22.2%	30.0%	0.0%	
									
Current workers don't
want to expand their		
7	
1	
2	
2	
1	
3	
0	
hours		25.0%	10.0%	12.5%	14.3%	11.1%	30.0%	0.0%	
									
Training new workers
is too expensive or		
3	
2	
3	
0	
2	
2	
0	
time-consuming		10.7%	20.0%	18.8%	0.0%	22.2%	20.0%	0.0%	
									
Benefits are too		5	2	2	1	1	1	0	
expensive		17.9%	20.0%	12.5%	7.1%	11.1%	10.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

97 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
It's difficult to quickly
get new employees
up to speed and fully		

14	

10		

20	

4		

12	

12	
productive		30.4%	25.0%		26.3%	36.4%		27.9%	27.9%	
										
Current workers don't
want to expand their		
10	
6		
13	
3		
7	
9	
hours		21.7%	15.0%		17.1%	27.3%		16.3%	20.9%	
										
Training new workers
is too expensive or		
5	
7		
11	
1		
10	
2	
time-consuming		10.9%	17.5%		14.5%	9.1%		23.3%	4.7%	
								b	a	
										
Benefits are too		6	6		11	1		5	7	
expensive		13.0%	15.0%		14.5%	9.1%		11.6%	16.3%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

98 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
																
Applicants don't pass
background and		
13		
2	
1	
1	
0	
0	
0	
0	
0	
6	
1	
0	
2	
related checks		14.8%		20.0%	7.7%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	35.3%	50.0%	0.0%	20.0%	
									ij		ij	fh	fh			
																
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

10		

2	

1	

1	

1	

0	

0	

0	

1	

3	

0	

0	

1	
current organization)		11.4%		20.0%	7.7%	14.3%	33.3%	0.0%	0.0%	0.0%	9.1%	17.6%	0.0%	0.0%	10.0%	
																
Potential employees
don't want to
relocate (move		

8		

2	

1	

0	

0	

0	

0	

0	

0	

4	

1	

0	

0	
homes) to work here		9.1%		20.0%	7.7%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	23.5%	50.0%	0.0%	0.0%	
									j		j		fhl		j	
																
Other		6		1	0	0	1	0	0	0	0	1	0	0	3	
		6.8%		10.0%	0.0%	0.0%	33.3%	0.0%	0.0%	0.0%	0.0%	5.9%	0.0%	0.0%	30.0%	
					dl		b								b	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

99 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
															
Applicants don't pass
background and		
2	
4	
3	
4	
0	
0	
0		
0	
0	
12	
0	
1	
related checks		4.5%	21.1%	42.9%	80.0%	0.0%	0.0%	0.0%		0.0%	0.0%	20.7%	0.0%	12.5%	
		bCD	ad	A	Abe	d									
															
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

3	

4	

0	

2	

1	

0	

0		

2	

0	

8	

0	

0	
current organization)		6.8%	21.1%	0.0%	40.0%	14.3%	0.0%	0.0%		22.2%	0.0%	13.8%	0.0%	0.0%	
		d			a										
															
Potential employees
don't want to
relocate (move		

3	

1	

1	

3	

0	

0	

0		

0	

0	

7	

0	

1	
homes) to work here		6.8%	5.3%	14.3%	60.0%	0.0%	0.0%	0.0%		0.0%	0.0%	12.1%	0.0%	12.5%	
		D	D		ABe	d									
															
Other		4	0	0	1	1	0	0		0	0	3	0	3	
		9.1%	0.0%	0.0%	20.0%	14.3%	0.0%	0.0%		0.0%	0.0%	5.2%	0.0%	37.5%	
												E		C	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

100 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
														
Applicants don't pass
background and		
1	
5	
1	
4	
0	
0	
1		
5	
7	
1	
0	
related checks		3.3%	23.8%	25.0%	66.7%	0.0%	0.0%	16.7%		11.9%	21.9%	10.0%	0.0%	
		bD	a		A									
														
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

5	

2	

0	

1	

0	

1	

1		

3	

3	

3	

0	
current organization)		16.7%	9.5%	0.0%	16.7%	0.0%	50.0%	16.7%		7.1%	9.4%	30.0%	0.0%	
										c		a		
														
Potential employees
don't want to
relocate (move		

1	

2	

0	

3	

0	

0	

1		

2	

5	

1	

0	
homes) to work here		3.3%	9.5%	0.0%	50.0%	0.0%	0.0%	16.7%		4.8%	15.6%	10.0%	0.0%	
		D	d		Ab									
														
Other		3	0	0	1	0	0	1		2	3	0	0	
		10.0%	0.0%	0.0%	16.7%	0.0%	0.0%	16.7%		4.8%	9.4%	0.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

101 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Applicants don't pass
background and		
4	
2	
2	
2	
1	
2	
0	
related checks		14.3%	20.0%	12.5%	14.3%	11.1%	20.0%	0.0%	
									
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

3	

0	

3	

1	

1	

2	

0	
current organization)		10.7%	0.0%	18.8%	7.1%	11.1%	20.0%	0.0%	
									
Potential employees
don't want to
relocate (move		

6	

0	

0	

1	

1	

0	

0	
homes) to work here		21.4%	0.0%	0.0%	7.1%	11.1%	0.0%	0.0%	
									
Other		1	0	0	2	2	1	0	
		3.6%	0.0%	0.0%	14.3%	22.2%	10.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

102 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Applicants don't pass
background and		
10	
3		
11	
2		
4	
9	
related checks		21.7%	7.5%		14.5%	18.2%		9.3%	20.9%	
										
Potential employees
are hesitant to leave
their current jobs
(and give up benefits/
tenure in their		

6	

4		

9	

1		

4	

6	
current organization)		13.0%	10.0%		11.8%	9.1%		9.3%	14.0%	
										
Potential employees
don't want to
relocate (move		

5	

3		

6	

2		

0	

8	
homes) to work here		10.9%	7.5%		7.9%	18.2%		0.0%	18.6%	
								B	A	
										
Other		5	1		6	0		2	4	
		10.9%	2.5%		7.9%	0.0%		4.7%	9.3%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

103 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
																
Potential employees
are hesitant to work
here because they
are worried about job		

3		

0	

1	

0	

0	

1	

0	

0	

0	

1	

0	

0	

0	
security		3.4%		0.0%	7.7%	0.0%	0.0%	50.0%	0.0%	0.0%	0.0%	5.9%	0.0%	0.0%	0.0%	
				e				afhl	e		e				e	
																
Potential employees
don't know about our		
2		
0	
0	
1	
0	
0	
0	
0	
0	
0	
1	
0	
0	
job opportunities		2.3%		0.0%	0.0%	14.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	50.0%	0.0%	0.0%	
				j	j				j		j	J	abfhIl		j	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

104 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
															
Potential employees
are hesitant to work
here because they
are worried about job		

1	

1	

0	

0	

1	

0	

0		

2	

0	

1	

0	

0	
security		2.3%	5.3%	0.0%	0.0%	14.3%	0.0%	0.0%		22.2%	0.0%	1.7%	0.0%	0.0%	
										C		A			
															
Potential employees
don't know about our		
2	
0	
0	
0	
0	
0	
0		
0	
0	
1	
0	
1	
job opportunities		4.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	1.7%	0.0%	12.5%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

105 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		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	
														
Potential employees
are hesitant to work
here because they
are worried about job		

1	

1	

0	

0	

0	

0	

0		

1	

1	

1	

0	
security		3.3%	4.8%	0.0%	0.0%	0.0%	0.0%	0.0%		2.4%	3.1%	10.0%	0.0%	
														
Potential employees
don't know about our		
1	
0	
0	
0	
0	
0	
0		
2	
0	
0	
0	
job opportunities		3.3%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%		4.8%	0.0%	0.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

106 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Potential employees
are hesitant to work
here because they
are worried about job		

1	

0	

1	

0	

0	

1	

0	
security		3.6%	0.0%	6.3%	0.0%	0.0%	10.0%	0.0%	
									
Potential employees
don't know about our		
0	
0	
1	
1	
0	
0	
0	
job opportunities		0.0%	0.0%	6.3%	7.1%	0.0%	0.0%	0.0%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

107 

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

Why doesn't your firm hire more labor to reduce the shortage?

N=88		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Potential employees
are hesitant to work
here because they
are worried about job		

3	

0		

2	

1		

2	

1	
security		6.5%	0.0%		2.6%	9.1%		4.7%	2.3%	
										
Potential employees
don't know about our		
1	
1		
2	
0		
0	
2	
job opportunities		2.2%	2.5%		2.6%	0.0%		0.0%	4.7%	

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

 Ask of respondents who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

108 

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

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Yes		34		5	1	7	3	0	4	0	5	5	3	0	1	
		9.2%		13.5%	2.5%	46.7%	20.0%	0.0%	7.3%	0.0%	16.7%	6.4%	10.0%	0.0%	2.3%	
				c	Cdh	aBeFhIJkL	bl	c	C		bcl	C	C	c	Cdh	
																
No		310		30	35	6	10	8	46	6	22	70	26	11	38	
		83.8%		81.1%	87.5%	40.0%	66.7%	100.0%	83.6%	100.0%	73.3%	89.7%	86.7%	100.0%	88.4%	
				C	C	ABeFghIJKL	ik	c	C	c	ci	Cdh	C	Cd	C	
																
Don't Know		26		2	4	2	2	0	5	0	3	3	1	0	4	
		7.0%		5.4%	10.0%	13.3%	13.3%	0.0%	9.1%	0.0%	10.0%	3.8%	3.3%	0.0%	9.3%	

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

 

109 

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

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Yes		18	9	5	1	1	0	0		1	0	25	0	2	
		12.2%	9.1%	9.1%	6.7%	3.8%	0.0%	0.0%		2.5%	0.0%	10.3%	0.0%	6.7%	
															
No		115	85	49	14	22	8	13		35	14	205	7	22	
		78.2%	85.9%	89.1%	93.3%	84.6%	100.0%	86.7%		87.5%	100.0%	84.7%	100.0%	73.3%	
											e			b	
															
Don't Know		14	5	1	0	3	0	2		4	0	12	0	6	
		9.5%	5.1%	1.8%	0.0%	11.5%	0.0%	13.3%		10.0%	0.0%	5.0%	0.0%	20.0%	
												E		C	

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

 

110 

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

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Yes		14	8	1	1	0	0	1		16	16	2	0	
		11.9%	9.1%	4.2%	3.4%	0.0%	0.0%	4.8%		9.4%	11.9%	4.7%	0.0%	
														
No		96	76	21	27	10	12	18		143	111	37	12	
		81.4%	86.4%	87.5%	93.1%	90.9%	92.3%	85.7%		83.6%	82.2%	86.0%	92.3%	
														
Don't Know		8	4	2	1	1	1	2		12	8	4	1	
		6.8%	4.5%	8.3%	3.4%	9.1%	7.7%	9.5%		7.0%	5.9%	9.3%	7.7%	

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

 

111 

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

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Yes		12	1	8	1	7	5	0	
		11.2%	1.5%	12.3%	2.0%	14.9%	20.0%	0.0%	
		bd	acEF	bd	aceF	Bd	BD		
									
No		89	64	49	47	38	17	1	
		83.2%	94.1%	75.4%	92.2%	80.9%	68.0%	100.0%	
		b	aCeF	Bd	cF	b	BD		
									
Don't Know		6	3	8	3	2	3	0	
		5.6%	4.4%	12.3%	5.9%	4.3%	12.0%	0.0%	

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

 

112 

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

 Q6e. Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor?  ALL

N=371		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
Number
Col %		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		166	164		278	57		146	182	
		50.3%	49.7%		83.0%	17.0%		44.5%	55.5%	
										
Yes		18	16		29	5		15	19	
		10.9%	9.8%		10.5%	8.8%		10.3%	10.4%	
										
No		147	148		248	52		130	163	
		89.1%	90.2%		89.5%	91.2%		89.7%	89.6%	
										
Don't Know		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

 

113 

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

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=88		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		87		10	13	7	3	2	10	1	11	17	2	1	10	
		100.0%		11.5%	14.9%	8.0%	3.4%	2.3%	11.5%	1.1%	12.6%	19.5%	2.3%	1.1%	11.5%	
																
Yes		20		2	0	5	3	0	1	0	4	3	1	0	1	
		22.7%		20.0%	0.0%	71.4%	100.0%	0.0%	10.0%	0.0%	36.4%	17.6%	50.0%	0.0%	10.0%	
				d	CDhj	Bfil	aBfil		cd		b	cd	b		cd	
																
No		60		7	10	1	0	2	9	1	6	14	1	1	7	
		68.2%		70.0%	76.9%	14.3%	0.0%	100.0%	90.0%	100.0%	54.5%	82.4%	50.0%	100.0%	70.0%	
				c	cd	abFIl	bfi		Cd			Cd			c	
																
Don't Know		8		1	3	1	0	0	0	0	1	0	0	0	2	
		9.1%		10.0%	23.1%	14.3%	0.0%	0.0%	0.0%	0.0%	9.1%	0.0%	0.0%	0.0%	20.0%	
					i							b				

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

 

114 

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

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=88		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		44	19	7	5	7	1	3		9	4	58	0	8	
		51.2%	22.1%	8.1%	5.8%	8.1%	1.2%	3.5%		11.4%	5.1%	73.4%	0.0%	10.1%	
															
Yes		12	5	1	1	1	0	0		0	0	16	0	1	
		27.3%	26.3%	14.3%	20.0%	14.3%	0.0%	0.0%		0.0%	0.0%	27.6%	0.0%	12.5%	
															
No		26	12	6	4	6	1	3		9	4	35	0	6	
		59.1%	63.2%	85.7%	80.0%	85.7%	100.0%	100.0%		100.0%	100.0%	60.3%	0.0%	75.0%	
										c		a			
															
Don't Know		6	2	0	0	0	0	0		0	0	7	0	1	
		13.6%	10.5%	0.0%	0.0%	0.0%	0.0%	0.0%		0.0%	0.0%	12.1%	0.0%	12.5%	

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

 

115 

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

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=88		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		30	21	4	6	1	2	6		42	32	10	1	
		42.9%	30.0%	5.7%	8.6%	1.4%	2.9%	8.6%		49.4%	37.6%	11.8%	1.2%	
														
Yes		9	4	1	1	0	0	1		7	11	2	0	
		30.0%	19.0%	25.0%	16.7%	0.0%	0.0%	16.7%		16.7%	34.4%	20.0%	0.0%	
														
No		17	16	3	5	1	2	5		31	18	7	1	
		56.7%	76.2%	75.0%	83.3%	100.0%	100.0%	83.3%		73.8%	56.3%	70.0%	100.0%	
														
Don't Know		4	1	0	0	0	0	0		4	3	1	0	
		13.3%	4.8%	0.0%	0.0%	0.0%	0.0%	0.0%		9.5%	9.4%	10.0%	0.0%	

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

 

116 

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

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=88		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		28	10	16	14	9	10	0	
		32.2%	11.5%	18.4%	16.1%	10.3%	11.5%	0.0%	
									
Yes		6	0	4	1	4	5	0	
		21.4%	0.0%	25.0%	7.1%	44.4%	50.0%	0.0%	
			ef		ef	bd	bd		
									
No		20	9	10	12	4	4	0	
		71.4%	90.0%	62.5%	85.7%	44.4%	40.0%	0.0%	
			ef		ef	bd	bd		
									
Don't Know		2	1	2	1	1	1	0	
		7.1%	10.0%	12.5%	7.1%	11.1%	10.0%	0.0%	

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

 

117 

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

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?

N=88		What percentage of
your workforce has a
college degree?		What percentage of
your workforce is
unionized?		What percentage of
your workforce has a
college degree?	
Number
Col %		Below
Median
of 50	At/Above
Median
of 50		

0	

Above 0		Below
Median
of 7	At/Above
Median
of 7	
		A	B		A	B		A	B	
										
Total		44	34		68	11		40	38	
		56.4%	43.6%		86.1%	13.9%		51.3%	48.7%	
										
Yes		12	8		17	3		9	11	
		27.3%	23.5%		25.0%	27.3%		22.5%	28.9%	
										
No		32	26		51	8		31	27	
		72.7%	76.5%		75.0%	72.7%		77.5%	71.1%	
										
Don't Know		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

 

118 

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

 Does your firm require that proposed projects earn a higher expected return (e.g., set a higher hurdle rate) because of a shortage of non-management labor? Shows responses of those who indicated a shortage of non-management labor prevent their firm from pursuing some NPV>0 projects that they would otherwise pursue?   BY   Why doesn't your firm hire more labor to reduce the shortage?

N=80		
Lack of
specific skills		Lack of
intangible
skills		Don't know
about job
opp.		
Job security
worries		Hesitant to
leave current
jobs		
Don't want to
relocate		Current
workers -
don't want t...		Training new
-expensive&t-
ime- consu...		Benefits are
too
expensive		Uncertainty
of permanen-
t need		Applicants
fail
background...		Difficulty to
get new emp.
up to speed	
Number
Col %		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes		
Yes	
		 		 		 		 		 		 		 		 		 		 		 		A	
																									
Total		42		24		2		3		9		8		16		12		11		21		13		21	
		52.5%		30.0%		2.5%		3.8%		11.3%		10.0%		20.0%		15.0%		13.8%		26.3%		16.3%		26.3%	
																									
Yes		16		3		2		0		3		1		4		5		1		5		3		6	
		38.1%		12.5%		100.0%		0.0%		33.3%		12.5%		25.0%		41.7%		9.1%		23.8%		23.1%		28.6%	
																									
No		26		21		0		3		6		7		12		7		10		16		10		15	
		61.9%		87.5%		0.0%		100.0%		66.7%		87.5%		75.0%		58.3%		90.9%		76.2%		76.9%		71.4%	

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

 

119 

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

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
We have more back-		73		3	7	3	4	2	6	2	8	18	8	3	9	
logged projects		20.2%		8.1%	18.9%	21.4%	26.7%	25.0%	11.1%	33.3%	26.7%	23.4%	27.6%	27.3%	21.4%	
				hj							a		a			
																
The number of back-
logged projects is		
163		
22	
12	
9	
6	
5	
26	
2	
9	
40	
9	
5	
16	
about the same		45.0%		59.5%	32.4%	64.3%	40.0%	62.5%	48.1%	33.3%	30.0%	51.9%	31.0%	45.5%	38.1%	
				bhj	ac	bhj					aci	h	ac			
																
We have fewer back-		67		8	11	2	2	1	14	0	8	10	6	0	5	
logged projects		18.5%		21.6%	29.7%	14.3%	13.3%	12.5%	25.9%	0.0%	26.7%	13.0%	20.7%	0.0%	11.9%	
					ik							b		b		
																
Don't Know		59		4	7	0	3	0	8	2	5	9	6	3	12	
		16.3%		10.8%	18.9%	0.0%	20.0%	0.0%	14.8%	33.3%	16.7%	11.7%	20.7%	27.3%	28.6%	
						gkl				c		l		c	ci	

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

120 

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

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
We have more back-		32	18	8	4	8	0	3		11	0	54	1	4	
logged projects		22.5%	18.8%	14.5%	26.7%	30.8%	0.0%	20.0%		27.5%	0.0%	22.7%	14.3%	13.8%	
										b	ac	b			
															
The number of back-
logged projects is		
56	
41	
29	
9	
13	
4	
8		
18	
5	
105	
4	
11	
about the same		39.4%	42.7%	52.7%	60.0%	50.0%	50.0%	53.3%		45.0%	35.7%	44.1%	57.1%	37.9%	
															
We have fewer back-		25	24	10	1	3	2	1		5	7	44	1	5	
logged projects		17.6%	25.0%	18.2%	6.7%	11.5%	25.0%	6.7%		12.5%	50.0%	18.5%	14.3%	17.2%	
										B	ACe	B		b	
															
Don't Know		29	13	8	1	2	2	3		6	2	35	1	9	
		20.4%	13.5%	14.5%	6.7%	7.7%	25.0%	20.0%		15.0%	14.3%	14.7%	14.3%	31.0%	
												e		c	

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

121 

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

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
We have more back-		26	17	4	6	3	2	3		41	22	5	4	
logged projects		22.6%	20.0%	16.7%	20.7%	27.3%	15.4%	14.3%		24.7%	16.7%	11.6%	30.8%	
														
The number of back-
logged projects is		
42	
40	
12	
14	
5	
9	
13		
66	
66	
21	
6	
about the same		36.5%	47.1%	50.0%	48.3%	45.5%	69.2%	61.9%		39.8%	50.0%	48.8%	46.2%	
		fg					a	a						
														
We have fewer back-		23	19	4	5	2	0	3		29	28	8	1	
logged projects		20.0%	22.4%	16.7%	17.2%	18.2%	0.0%	14.3%		17.5%	21.2%	18.6%	7.7%	
														
Don't Know		24	9	4	4	1	2	2		30	16	9	2	
		20.9%	10.6%	16.7%	13.8%	9.1%	15.4%	9.5%		18.1%	12.1%	20.9%	15.4%	

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

122 

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

 Q7. Compared to 3 years ago, has the number of NPV>0 projects that your firm has 'back-logged' changed?

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
We have more back-		22	14	11	11	8	7	0	
logged projects		21.0%	20.9%	17.7%	22.0%	17.0%	28.0%	0.0%	
									
The number of back-
logged projects is		
50	
31	
21	
22	
21	
13	
1	
about the same		47.6%	46.3%	33.9%	44.0%	44.7%	52.0%	100.0%	
									
We have fewer back-		20	12	14	7	12	2	0	
logged projects		19.0%	17.9%	22.6%	14.0%	25.5%	8.0%	0.0%	
									
Don't Know		13	10	16	10	6	3	0	
		12.4%	14.9%	25.8%	20.0%	12.8%	12.0%	0.0%	
		c		a					

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

123 

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

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Yes, causing
substantial adverse
impacts to the		

20		

3	

1	

0	

1	

0	

1	

0	

6	

4	

0	

2	

2	
organization		5.4%		8.1%	2.6%	0.0%	6.7%	0.0%	1.8%	0.0%	20.0%	5.1%	0.0%	18.2%	4.7%	
					h				Hk		bFijl	h	hk	fj	h	
																
Yes, causing
moderate adverse
impacts to the		

127		

11	

10	

8	

6	

6	

16	

4	

13	

33	

5	

3	

12	
organization		34.4%		29.7%	25.6%	53.3%	40.0%	75.0%	29.1%	66.7%	43.3%	42.3%	16.7%	27.3%	27.9%	
				e	eg	j		abfJl	e	bj	j	j	cEghi		e	
																
Yes, but causing little
or no adverse
impacts to the		

90		

8	

12	

1	

4	

0	

11	

0	

7	

22	

13	

2	

9	
organization		24.4%		21.6%	30.8%	6.7%	26.7%	0.0%	20.0%	0.0%	23.3%	28.2%	43.3%	18.2%	20.9%	
						j		j	j				cefl		j	
																
No, we have no		132		15	16	6	4	2	27	2	4	19	12	4	20	
difficulties		35.8%		40.5%	41.0%	40.0%	26.7%	25.0%	49.1%	33.3%	13.3%	24.4%	40.0%	36.4%	46.5%	
				h	h	h			HI		abcFjL	Fl	h		Hi	

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

124 

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

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Yes, causing
substantial adverse
impacts to the		

11	

2	

2	

2	

1	

0	

2		

4	

1	

12	

1	

1	
organization		7.5%	2.0%	3.6%	13.3%	4.0%	0.0%	13.3%		10.0%	7.7%	5.0%	14.3%	3.3%	
			dg		b			b							
															
Yes, causing
moderate adverse
impacts to the		

43	

34	

19	

6	

12	

4	

8		

19	

6	

74	

2	

8	
organization		29.5%	34.0%	34.5%	40.0%	48.0%	50.0%	53.3%		47.5%	46.2%	30.6%	28.6%	26.7%	
										c		a			
															
Yes, but causing little
or no adverse
impacts to the		

31	

25	

15	

5	

7	

3	

3		

12	

4	

58	

2	

8	
organization		21.2%	25.0%	27.3%	33.3%	28.0%	37.5%	20.0%		30.0%	30.8%	24.0%	28.6%	26.7%	
															
No, we have no		61	39	19	2	5	1	2		5	2	98	2	13	
difficulties		41.8%	39.0%	34.5%	13.3%	20.0%	12.5%	13.3%		12.5%	15.4%	40.5%	28.6%	43.3%	
		deg			a	a		a		CE		A		A	

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

125 

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

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Yes, causing
substantial adverse
impacts to the		

8	

4	

0	

2	

2	

0	

2		

8	

6	

4	

2	
organization		6.8%	4.5%	0.0%	6.9%	18.2%	0.0%	9.5%		4.7%	4.5%	9.3%	15.4%	
				e		c								
														
Yes, causing
moderate adverse
impacts to the		

24	

30	

8	

15	

3	

5	

12		

49	

55	

17	

5	
organization		20.5%	34.1%	33.3%	51.7%	27.3%	38.5%	57.1%		28.7%	41.0%	39.5%	38.5%	
		bDG	a		A			A		b	a			
														
Yes, but causing little
or no adverse
impacts to the		

30	

25	

8	

5	

4	

5	

6		

46	

31	

10	

1	
organization		25.6%	28.4%	33.3%	17.2%	36.4%	38.5%	28.6%		26.9%	23.1%	23.3%	7.7%	
														
No, we have no		55	29	8	7	2	3	1		68	42	12	5	
difficulties		47.0%	33.0%	33.3%	24.1%	18.2%	23.1%	4.8%		39.8%	31.3%	27.9%	38.5%	
		bdG	ag	g	a			Abc						

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

126 

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

 Q8a. Does your company have difficulty attracting and retaining qualified technology employees?

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Yes, causing
substantial adverse
impacts to the		

5	

4	

5	

2	

2	

2	

0	
organization		4.7%	6.0%	7.7%	3.9%	4.3%	7.7%	0.0%	
									
Yes, causing
moderate adverse
impacts to the		

41	

18	

27	

15	

17	

8	

0	
organization		38.3%	26.9%	41.5%	29.4%	36.2%	30.8%	0.0%	
									
Yes, but causing little
or no adverse
impacts to the		

27	

15	

15	

12	

13	

6	

1	
organization		25.2%	22.4%	23.1%	23.5%	27.7%	23.1%	100.0%	
									
No, we have no		34	30	18	22	15	10	0	
difficulties		31.8%	44.8%	27.7%	43.1%	31.9%	38.5%	0.0%	
			c	b					

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

127 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		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		371		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.0%	4.0%	2.2%	14.8%	1.6%	8.1%	21.0%	8.1%	3.0%	11.6%	
																
Operations support		128		7	15	8	3	7	13	3	10	34	14	5	9	
		34.5%		18.9%	36.6%	53.3%	20.0%	87.5%	23.6%	50.0%	33.3%	43.6%	46.7%	45.5%	20.9%	
				cEij	e	afl	E	AbDFHijL	cEij		E	aefl	aefl		cEij	
																
Innovation/product		112		6	16	3	3	2	13	2	15	31	7	2	12	
development support		30.2%		16.2%	39.0%	20.0%	20.0%	25.0%	23.6%	33.3%	50.0%	39.7%	23.3%	18.2%	27.9%	
				bHi	a				h		Afj	a	h			
																
IT core functions		97		9	9	4	6	3	14	2	7	22	10	2	9	
effectiveness		26.1%		24.3%	22.0%	26.7%	40.0%	37.5%	25.5%	33.3%	23.3%	28.2%	33.3%	18.2%	20.9%	
																
Analysis of big data		89		6	12	5	4	4	8	1	8	16	5	3	17	
		24.0%		16.2%	29.3%	33.3%	26.7%	50.0%	14.5%	16.7%	26.7%	20.5%	16.7%	27.3%	39.5%	
				el				af	eL			l	l		aFij	
																
Sales and marketing		72		9	6	5	1	0	5	1	9	24	1	2	9	
support		19.4%		24.3%	14.6%	33.3%	6.7%	0.0%	9.1%	16.7%	30.0%	30.8%	3.3%	18.2%	20.9%	
				fj		fJ			achI		fJ	FJ	aCHIl		j	
																
Finance function		71		9	8	4	4	1	11	2	1	12	6	4	9	
effectiveness		19.1%		24.3%	19.5%	26.7%	26.7%	12.5%	20.0%	33.3%	3.3%	15.4%	20.0%	36.4%	20.9%	
				h	h	h	h		h	h	abcdfgjKl		h	H	h	
																
Customer service		70		5	8	1	3	0	12	0	7	16	7	2	9	
levels		18.9%		13.5%	19.5%	6.7%	20.0%	0.0%	21.8%	0.0%	23.3%	20.5%	23.3%	18.2%	20.9%	

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

128 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		39.6%	27.0%	14.8%	4.0%	7.0%	2.2%	4.0%		10.8%	3.8%	65.2%	1.9%	8.1%	
															
Operations support		44	45	16	4	9	1	8		18	2	83	4	11	
		29.9%	45.0%	29.1%	26.7%	34.6%	12.5%	53.3%		45.0%	14.3%	34.3%	57.1%	36.7%	
		b	a							b	a				
															
Innovation/product		42	22	19	6	9	6	8		17	9	70	2	7	
development support		28.6%	22.0%	34.5%	40.0%	34.6%	75.0%	53.3%		42.5%	64.3%	28.9%	28.6%	23.3%	
		Fg	Fg	f			ABc	ab			Ce	B		b	
															
IT core functions		29	31	11	8	9	2	6		16	4	49	3	9	
effectiveness		19.7%	31.0%	20.0%	53.3%	34.6%	25.0%	40.0%		40.0%	28.6%	20.2%	42.9%	30.0%	
		bD	a	d	Ac					C		A			
															
Analysis of big data		26	26	14	3	7	6	7		13	4	52	3	11	
		17.7%	26.0%	25.5%	20.0%	26.9%	75.0%	46.7%		32.5%	28.6%	21.5%	42.9%	36.7%	
		FG	F	F	f	f	ABCde	A							
															
Sales and marketing		33	24	7	2	1	0	3		5	3	49	0	6	
support		22.4%	24.0%	12.7%	13.3%	3.8%	0.0%	20.0%		12.5%	21.4%	20.2%	0.0%	20.0%	
		e	e			ab									
															
Finance function		26	19	7	6	8	1	3		9	2	47	1	7	
effectiveness		17.7%	19.0%	12.7%	40.0%	30.8%	12.5%	20.0%		22.5%	14.3%	19.4%	14.3%	23.3%	
		d		d	ac										
															
Customer service		32	18	10	2	4	2	2		7	2	42	3	10	
levels		21.8%	18.0%	18.2%	13.3%	15.4%	25.0%	13.3%		17.5%	14.3%	17.4%	42.9%	33.3%	
												e		c	

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

129 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		31.8%	23.7%	6.5%	7.8%	3.0%	3.5%	5.7%		46.4%	36.4%	11.6%	3.5%	
														
Operations support		30	40	10	9	4	5	8		69	43	12	2	
		25.4%	45.5%	41.7%	31.0%	36.4%	38.5%	38.1%		40.1%	31.9%	27.9%	15.4%	
		B	A											
														
Innovation/product		33	26	9	9	4	3	13		36	46	21	8	
development support		28.0%	29.5%	37.5%	31.0%	36.4%	23.1%	61.9%		20.9%	34.1%	48.8%	61.5%	
		G	G		g		g	ABdf		bCD	a	A	A	
														
IT core functions		18	21	5	11	5	4	10		51	32	13	0	
effectiveness		15.3%	23.9%	20.8%	37.9%	45.5%	30.8%	47.6%		29.7%	23.7%	30.2%	0.0%	
		DeG	g		A	a		Ab		d	d	d	abc	
														
Analysis of big data		16	27	5	8	3	3	13		42	28	12	5	
		13.6%	30.7%	20.8%	27.6%	27.3%	23.1%	61.9%		24.4%	20.7%	27.9%	38.5%	
		BG	AG	G	g		g	ABCdf						
														
Sales and marketing		27	16	1	4	2	2	2		28	32	10	1	
support		22.9%	18.2%	4.2%	13.8%	18.2%	15.4%	9.5%		16.3%	23.7%	23.3%	7.7%	
		c		a										
														
Finance function		20	16	5	8	5	1	4		41	23	6	1	
effectiveness		16.9%	18.2%	20.8%	27.6%	45.5%	7.7%	19.0%		23.8%	17.0%	14.0%	7.7%	
		e	e			abf	e							
														
Customer service		20	16	4	4	3	2	5		29	30	8	2	
levels		16.9%	18.2%	16.7%	13.8%	27.3%	15.4%	23.8%		16.9%	22.2%	18.6%	15.4%	

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

130 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		28.8%	18.3%	17.5%	13.7%	12.7%	7.0%	0.3%	
									
Operations support		42	20	24	19	15	8	0	
		39.3%	29.4%	36.9%	37.3%	31.9%	30.8%	0.0%	
									
Innovation/product		34	17	21	13	16	10	0	
development support		31.8%	25.0%	32.3%	25.5%	34.0%	38.5%	0.0%	
									
IT core functions		30	20	18	15	8	5	0	
effectiveness		28.0%	29.4%	27.7%	29.4%	17.0%	19.2%	0.0%	
									
Analysis of big data		17	13	23	17	10	7	1	
		15.9%	19.1%	35.4%	33.3%	21.3%	26.9%	100.0%	
		Cdg	cg	Ab	a			ab	
									
Sales and marketing		24	8	16	7	10	6	0	
support		22.4%	11.8%	24.6%	13.7%	21.3%	23.1%	0.0%	
									
Finance function		20	11	17	13	6	3	0	
effectiveness		18.7%	16.2%	26.2%	25.5%	12.8%	11.5%	0.0%	
									
Customer service		18	14	19	7	8	4	0	
levels		16.8%	20.6%	29.2%	13.7%	17.0%	15.4%	0.0%	
				d	c				

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

131 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		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	
																
Strategic decision		63		6	6	2	1	2	5	1	8	14	8	2	8	
support		17.0%		16.2%	14.6%	13.3%	6.7%	25.0%	9.1%	16.7%	26.7%	17.9%	26.7%	18.2%	18.6%	
									hj		f		f			
																
Competitive		62		5	5	3	0	2	11	2	4	15	3	1	11	
intelligence		16.7%		13.5%	12.2%	20.0%	0.0%	25.0%	20.0%	33.3%	13.3%	19.2%	10.0%	9.1%	25.6%	
							gl			d					d	
																
Other		23		1	2	2	1	0	7	1	0	5	1	0	3	
		6.2%		2.7%	4.9%	13.3%	6.7%	0.0%	12.7%	16.7%	0.0%	6.4%	3.3%	0.0%	7.0%	
						h			h	h	cfg					

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

132 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		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	
															
Strategic decision		21	21	10	4	5	0	2		5	5	42	1	4	
support		14.3%	21.0%	18.2%	26.7%	19.2%	0.0%	13.3%		12.5%	35.7%	17.4%	14.3%	13.3%	
															
Competitive		24	18	7	4	3	2	4		7	1	41	0	8	
intelligence		16.3%	18.0%	12.7%	26.7%	11.5%	25.0%	26.7%		17.5%	7.1%	16.9%	0.0%	26.7%	
															
Other		12	4	2	1	1	1	1		4	0	17	0	0	
		8.2%	4.0%	3.6%	6.7%	3.8%	12.5%	6.7%		10.0%	0.0%	7.0%	0.0%	0.0%	

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

133 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		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	
														
Strategic decision		20	18	5	5	2	2	3		29	23	10	1	
support		16.9%	20.5%	20.8%	17.2%	18.2%	15.4%	14.3%		16.9%	17.0%	23.3%	7.7%	
														
Competitive		20	14	2	3	2	5	6		27	25	8	1	
intelligence		16.9%	15.9%	8.3%	10.3%	18.2%	38.5%	28.6%		15.7%	18.5%	18.6%	7.7%	
				f	f		cd							
														
Other		11	2	2	3	0	1	1		9	11	2	0	
		9.3%	2.3%	8.3%	10.3%	0.0%	7.7%	4.8%		5.2%	8.1%	4.7%	0.0%	
		b	a											

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

134 

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

Q8b. Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage? ALL RESPONDENTS

N=371		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Strategic decision		21	7	11	13	8	3	0	
support		19.6%	10.3%	16.9%	25.5%	17.0%	11.5%	0.0%	
			d		b				
									
Competitive		19	10	9	11	9	4	0	
intelligence		17.8%	14.7%	13.8%	21.6%	19.1%	15.4%	0.0%	
									
Other		3	9	3	3	3	1	0	
		2.8%	13.2%	4.6%	5.9%	6.4%	3.8%	0.0%	
		B	A						

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

135 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		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		239		22	25	9	11	6	28	4	26	59	18	7	23	
		100.0%		9.2%	10.5%	3.8%	4.6%	2.5%	11.7%	1.7%	10.9%	24.7%	7.5%	2.9%	9.6%	
																
Operations support		112		6	12	7	3	5	13	2	10	30	12	4	8	
		46.9%		27.3%	48.0%	77.8%	27.3%	83.3%	46.4%	50.0%	38.5%	50.8%	66.7%	57.1%	34.8%	
				cej		adl	cej	adl					adl		cej	
																
Innovation/product		99		6	14	3	3	2	8	1	15	29	5	2	11	
development support		41.4%		27.3%	56.0%	33.3%	27.3%	33.3%	28.6%	25.0%	57.7%	49.2%	27.8%	28.6%	47.8%	
				h	f				bh		af					
																
IT core functions		84		8	9	4	5	2	10	2	7	18	8	2	9	
effectiveness		35.1%		36.4%	36.0%	44.4%	45.5%	33.3%	35.7%	50.0%	26.9%	30.5%	44.4%	28.6%	39.1%	
																
Analysis of big data		72		6	11	2	3	3	5	1	8	13	5	3	12	
		30.1%		27.3%	44.0%	22.2%	27.3%	50.0%	17.9%	25.0%	30.8%	22.0%	27.8%	42.9%	52.2%	
					fi				bl			bL			fI	
																
Customer service		62		4	7	1	3	0	11	0	6	13	7	2	8	
levels		25.9%		18.2%	28.0%	11.1%	27.3%	0.0%	39.3%	0.0%	23.1%	22.0%	38.9%	28.6%	34.8%	
																
Finance function		57		8	6	3	3	1	10	1	1	11	3	4	6	
effectiveness		23.8%		36.4%	24.0%	33.3%	27.3%	16.7%	35.7%	25.0%	3.8%	18.6%	16.7%	57.1%	26.1%	
				H	h	h	h		H		AbcdFKl	k		Hi	h	

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

136 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		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		86	61	36	13	21	7	13		35	12	144	5	17	
		36.0%	25.5%	15.1%	5.4%	8.8%	2.9%	5.4%		14.6%	5.0%	60.3%	2.1%	7.1%	
															
Operations support		37	38	15	4	9	1	7		17	2	71	4	8	
		43.0%	62.3%	41.7%	30.8%	42.9%	14.3%	53.8%		48.6%	16.7%	49.3%	80.0%	47.1%	
		b	adf		b		b				cd	b	b		
															
Innovation/product		32	20	18	6	9	6	8		17	9	60	2	5	
development support		37.2%	32.8%	50.0%	46.2%	42.9%	85.7%	61.5%		48.6%	75.0%	41.7%	40.0%	29.4%	
		f	F				aB				ce	b		b	
															
IT core functions		25	25	10	8	7	2	6		16	4	39	3	7	
effectiveness		29.1%	41.0%	27.8%	61.5%	33.3%	28.6%	46.2%		45.7%	33.3%	27.1%	60.0%	41.2%	
		d		d	ac					c		a			
															
Analysis of big data		20	18	12	3	6	6	7		13	4	40	3	8	
		23.3%	29.5%	33.3%	23.1%	28.6%	85.7%	53.8%		37.1%	33.3%	27.8%	60.0%	47.1%	
		Fg	F	f	f	f	ABcde	a							
															
Customer service		29	14	10	2	4	1	2		7	2	35	3	9	
levels		33.7%	23.0%	27.8%	15.4%	19.0%	14.3%	15.4%		20.0%	16.7%	24.3%	60.0%	52.9%	
										e		e		ac	
															
Finance function		19	15	6	6	6	1	3		9	2	36	1	5	
effectiveness		22.1%	24.6%	16.7%	46.2%	28.6%	14.3%	23.1%		25.7%	16.7%	25.0%	20.0%	29.4%	
				d	c										

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

137 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		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		63	59	16	22	9	10	20		104	93	31	8	
		26.4%	24.7%	6.7%	9.2%	3.8%	4.2%	8.4%		43.5%	38.9%	13.0%	3.3%	
														
Operations support		24	35	9	9	4	4	8		58	38	12	2	
		38.1%	59.3%	56.3%	40.9%	44.4%	40.0%	40.0%		55.8%	40.9%	38.7%	25.0%	
		b	a							b	a			
														
Innovation/product		24	25	9	9	4	3	13		31	42	19	7	
development support		38.1%	42.4%	56.3%	40.9%	44.4%	30.0%	65.0%		29.8%	45.2%	61.3%	87.5%	
		g						a		bCD	ad	A	Ab	
														
IT core functions		15	17	4	9	4	4	10		45	27	11	0	
effectiveness		23.8%	28.8%	25.0%	40.9%	44.4%	40.0%	50.0%		43.3%	29.0%	35.5%	0.0%	
		g						a		bd	a		a	
														
Analysis of big data		11	19	4	8	3	3	13		32	24	12	4	
		17.5%	32.2%	25.0%	36.4%	33.3%	30.0%	65.0%		30.8%	25.8%	38.7%	50.0%	
		G	g	g				Abc						
														
Customer service		19	13	4	4	3	2	4		26	26	7	2	
levels		30.2%	22.0%	25.0%	18.2%	33.3%	20.0%	20.0%		25.0%	28.0%	22.6%	25.0%	
														
Finance function		16	12	4	8	4	1	4		30	21	5	1	
effectiveness		25.4%	20.3%	25.0%	36.4%	44.4%	10.0%	20.0%		28.8%	22.6%	16.1%	12.5%	

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

138 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		73	38	47	29	32	16	1	
		30.5%	15.9%	19.7%	12.1%	13.4%	6.7%	0.4%	
									
Operations support		37	16	22	16	13	8	0	
		50.7%	42.1%	46.8%	55.2%	40.6%	50.0%	0.0%	
									
Innovation/product		31	14	21	9	14	9	0	
development support		42.5%	36.8%	44.7%	31.0%	43.8%	56.3%	0.0%	
									
IT core functions		28	17	14	12	7	5	0	
effectiveness		38.4%	44.7%	29.8%	41.4%	21.9%	31.3%	0.0%	
			e			b			
									
Analysis of big data		13	9	22	12	9	5	1	
		17.8%	23.7%	46.8%	41.4%	28.1%	31.3%	100.0%	
		Cdg	c	Ab	a			a	
									
Customer service		17	12	17	6	6	4	0	
levels		23.3%	31.6%	36.2%	20.7%	18.8%	25.0%	0.0%	
									
Finance function		18	9	15	9	4	1	0	
effectiveness		24.7%	23.7%	31.9%	31.0%	12.5%	6.3%	0.0%	
				f			c		

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

139 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		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	
																
Sales and marketing		54		7	3	4	0	0	4	1	9	17	1	1	7	
support		22.6%		31.8%	12.0%	44.4%	0.0%	0.0%	14.3%	25.0%	34.6%	28.8%	5.6%	14.3%	30.4%	
				dj	c	bdj	achil				dj	dj	achi		d	
																
Competitive		53		4	4	2	0	0	10	2	4	14	3	1	9	
intelligence		22.2%		18.2%	16.0%	22.2%	0.0%	0.0%	35.7%	50.0%	15.4%	23.7%	16.7%	14.3%	39.1%	
							fgl		d	d					d	
																
Strategic decision		51		5	4	1	1	1	4	1	8	11	6	2	7	
support		21.3%		22.7%	16.0%	11.1%	9.1%	16.7%	14.3%	25.0%	30.8%	18.6%	33.3%	28.6%	30.4%	
																
Other		7		1	0	1	1	0	1	1	0	1	0	0	1	
		2.9%		4.5%	0.0%	11.1%	9.1%	0.0%	3.6%	25.0%	0.0%	1.7%	0.0%	0.0%	4.3%	
					g					bhij	g	g	g			

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

140 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		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	
															
Sales and marketing		25	18	5	2	1	0	2		5	3	35	0	4	
support		29.1%	29.5%	13.9%	15.4%	4.8%	0.0%	15.4%		14.3%	25.0%	24.3%	0.0%	23.5%	
		e	e			ab									
															
Competitive		21	15	7	3	3	1	3		6	1	34	0	7	
intelligence		24.4%	24.6%	19.4%	23.1%	14.3%	14.3%	23.1%		17.1%	8.3%	23.6%	0.0%	41.2%	
															
Strategic decision		16	17	7	4	5	0	2		5	5	33	1	3	
support		18.6%	27.9%	19.4%	30.8%	23.8%	0.0%	15.4%		14.3%	41.7%	22.9%	20.0%	17.6%	
															
Other		3	1	0	1	1	1	0		2	0	5	0	0	
		3.5%	1.6%	0.0%	7.7%	4.8%	14.3%	0.0%		5.7%	0.0%	3.5%	0.0%	0.0%	
				f			c								

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

141 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		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	
														
Sales and marketing		20	13	1	3	2	1	2		18	27	8	1	
support		31.7%	22.0%	6.3%	13.6%	22.2%	10.0%	10.0%		17.3%	29.0%	25.8%	12.5%	
		c		a										
														
Competitive		18	11	1	2	2	4	5		22	22	7	1	
intelligence		28.6%	18.6%	6.3%	9.1%	22.2%	40.0%	25.0%		21.2%	23.7%	22.6%	12.5%	
				f	f		cd							
														
Strategic decision		15	13	4	5	2	2	3		21	19	10	1	
support		23.8%	22.0%	25.0%	22.7%	22.2%	20.0%	15.0%		20.2%	20.4%	32.3%	12.5%	
														
Other		3	1	0	2	0	0	1		3	3	1	0	
		4.8%	1.7%	0.0%	9.1%	0.0%	0.0%	5.0%		2.9%	3.2%	3.2%	0.0%	

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

142 

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

Which areas/aspects of your organization are currently adversely impacted by a technology talent shortage?  Shows just responses if company has difficulty attracting and retaining qualified technology employees

N=239		Where are you personally located?	
		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Sales and marketing		18	6	14	5	7	4	0	
support		24.7%	15.8%	29.8%	17.2%	21.9%	25.0%	0.0%	
									
Competitive		17	8	8	10	7	3	0	
intelligence		23.3%	21.1%	17.0%	34.5%	21.9%	18.8%	0.0%	
									
Strategic decision		17	4	10	10	7	3	0	
support		23.3%	10.5%	21.3%	34.5%	21.9%	18.8%	0.0%	
			d		b				
									
Other		0	2	2	1	2	0	0	
		0.0%	5.3%	4.3%	3.4%	6.3%	0.0%	0.0%	
		e				a			

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

143 

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

j. Weighted Average Cost of Capital

N=371		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	
																
What is your		9.2		8.2	8.2	9.2	7.5	8.6	9.5	9.0	11.3	10.2	8.3	7.7	8.9	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		9.0		7.7	8.0	10.0	7.6	9.5	9.8	10.0	11.3	10.0	9.0	9.0	9.0	
					i		i					bd				

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

144 

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

j. Weighted Average Cost of Capital

N=371		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	
															
What is your		9.6	9.2	8.8	10.1	8.7	9.5	7.3		9.1	10.5	9.5	6.0	7.6	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		8.9	9.4	9.3	11.5	9.3	9.5	7.5		9.0	10.0	10.0	6.4	8.0	
					g		g	df		De	DE		AB	aB	

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

145 

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

j. Weighted Average Cost of Capital

N=371		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	
														
What is your		9.2	9.4	10.5	9.3	10.3	9.0	7.7		8.3	9.9	10.3	10.1	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		9.0	9.0	10.7	10.5	11.5	9.0	8.0		8.0	10.0	10.0	11.1	
				g		g		ce		Bc	A	a		

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

146 

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

j. Weighted Average Cost of Capital

N=371		Where are you personally located?	
Mean
Median		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
What is your		9.8	9.5	8.8	8.9	8.9	7.7	7.0	
company's
overall
weighted
average cost
of capital
(WACC) for
2017?		9.3	9.5	9.9	8.0	8.0	7.9	5.5	

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

147 

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

k. Workforce

N=371		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		371		37	41	15	15	8	55	6	30	78	30	11	43	
Percent		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
What percentage of		353		35	40	15	14	7	53	5	29	76	30	10	39	
your workforce has a
college degree?		50.10		29.37	58.33	33.47	33.93	36.00	76.09	81.00	83.24	24.96	63.00	53.70	49.21	
				BFGHJkL	ACDFHI	BFGHJ	BFGHJ	FgHj	ABCDEIjkL	ACDeIl	ABCDEIJKL	BFGHJKL	ACDefHI	afHI	AFgHI	
																
What percentage of		358		35	40	15	15	7	53	5	29	77	30	10	42	
your workforce is
unionized?		5.72		0.49	0.90	14.75	22.07	2.29	1.60	0.00	0.00	10.88	2.77	8.55	8.00	
				CDil	CDIl	ABf	ABFJl		cDIl			aBF	D		abdf	
																
How many years has		351		34	40	15	14	7	52	5	29	76	30	10	39	
the average
employee worked at
your firm?		8.27		6.50	7.55	9.15	12.14	6.43	8.53	14.70	5.73	9.74	5.61	7.25	9.29	
				cDgIl	Dgij	ahJ	ABeHJK	d	hj	abhj	cDfgIl	AbHJ	bCDfgIl	D	ahj	

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

148 

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

k. Workforce

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
Percent		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
What percentage of		144	99	54	15	23	4	12		32	12	237	7	30	
your workforce has a
college degree?		61.48	43.86	36.46	34.40	48.70	41.25	49.20		40.63	52.92	50.26	39.29	64.57	
		BCD	A	A	A					E		e	e	Acd	
															
What percentage of		145	100	53	15	24	6	13		34	14	239	7	30	
your workforce is
unionized?		2.33	5.16	8.55	8.47	12.63	13.33	17.77		12.53	15.36	3.34	16.43	4.50	
		cEfG	g	a		A	a	Ab		C	C	ABd	c		
															
How many years has		144	98	53	14	24	4	12		33	11	236	7	30	
the average
employee worked at
your firm?		7.59	7.94	9.44	8.35	8.58	12.00	12.33		10.03	7.41	7.99	15.71	6.93	
		g	G		fg	g	d	aBde		cE		aD	CE	AD	

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

149 

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

k. Workforce

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
Percent		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
What percentage of		115	87	23	28	10	11	15		167	130	38	13	
your workforce has a
college degree?		63.77	38.52	46.00	37.50	39.50	46.67	43.27		50.27	45.69	57.03	64.15	
		BcDeg	A	a	A	a		a			d		b	
														
What percentage of		116	88	23	28	11	11	18		168	132	40	13	
your workforce is
unionized?		1.13	6.95	1.09	5.36	3.18	8.64	23.67		3.63	9.23	3.81	5.00	
		BdfG	AG	G	aG	g	a	ABCDe		b	a			
														
How many years has		115	86	23	26	11	11	15		166	129	38	13	
the average
employee worked at
your firm?		7.67	7.86	7.70	9.17	7.64	10.86	13.13		7.39	8.75	9.05	10.12	
		G	G	G	g	G		ABCdE		b	a			

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

150 

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

k. Workforce

N=371		Where are you personally located?	
Number
Mean		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		107	68	65	51	47	26	1	
Percent		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
What percentage of		104	64	62	49	46	24	1	
your workforce has a
college degree?		42.53	53.08	58.96	54.64	46.37	49.13	40.00	
		bCd	a	Ae	a	c			
									
What percentage of		105	66	63	49	47	24	1	
your workforce is
unionized?		8.69	5.00	7.18	1.07	3.83	4.00	25.00	
		d		d	ac				
									
How many years has		102	65	61	49	46	24	1	
the average
employee worked at
your firm?		8.63	7.51	9.94	7.23	7.40	8.25	16.00	
			c	bde	c	c			

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

151 

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

On August 21, 2017 the annual yield on 10-yr treasury bonds was 2.18%. Please complete the following:  (Winsorized)

N=371		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		371		37	41	15	15	8	55	6	30	78	30	11	43	
Percent		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
Over the next 10 years, I		330		36	38	14	14	8	48	3	28	68	24	9	40	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be less
than:		1.33		1.96	0.76	0.14	1.81	-0.22	1.95	2.33	0.50	1.50	1.61	-0.28	1.53	
																
Over the next 10 years, I		343		36	38	15	14	8	50	3	28	73	27	10	41	
expect the average annual S&P
500 return will be: Expected
return:		6.50		7.02	6.26	6.87	6.80	5.19	6.12	5.00	7.22	6.23	6.96	6.20	6.66	
																
Over the next 10 years, I		332		36	37	14	14	7	50	4	28	68	24	9	41	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		10.29		11.16	10.94	10.86	10.03	6.93	9.63	7.00	12.79	9.63	9.57	8.39	10.77	
																
Over the next year, I expect		327		34	38	13	14	8	48	3	28	68	24	9	40	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		-1.65		-1.82	-4.26	-1.04	-4.57	-4.00	-0.96	2.33	-0.49	-0.85	0.10	-3.00	-1.80	
																
Over the next year, I expect		341		34	39	14	14	8	50	3	28	73	27	10	41	
the average annual S&P 500
return will be: Expected
return:		5.47		6.14	4.66	5.06	6.00	2.01	5.84	5.00	6.08	5.31	6.20	5.10	5.40	
																
Over the next year, I expect		328		34	36	13	14	7	50	4	28	68	24	9	41	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		10.05		11.45	9.43	9.77	10.64	5.79	10.22	7.75	11.28	9.49	10.15	8.44	10.45	

152 

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

On August 21, 2017 the annual yield on 10-yr treasury bonds was 2.18%. Please complete the following:  (Winsorized)

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
Percent		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
Over the next 10 years, I		129	93	46	15	26	8	11		36	12	220	6	27	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be less
than:		1.76	1.33	1.18	1.62	-0.60	2.38	0.09		0.90	0.46	1.34	-2.09	1.45	
															
Over the next 10 years, I		132	95	51	15	26	8	14		39	14	226	6	27	
expect the average annual S&P
500 return will be: Expected
return:		6.41	6.63	6.76	6.83	5.87	6.69	6.37		5.85	7.65	6.49	5.38	6.50	
															
Over the next 10 years, I		130	93	47	15	26	8	11		36	12	221	7	27	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		10.13	10.56	10.55	10.80	9.59	10.00	10.32		9.17	13.35	10.24	9.10	10.82	
															
Over the next year, I expect		129	91	45	15	26	8	11		36	12	218	6	27	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		-0.15	-1.48	-1.97	-3.53	-7.46	-2.38	-3.27		-3.97	-7.17	-1.25	-0.67	-0.74	
															
Over the next year, I expect		133	93	50	15	26	8	14		39	14	225	6	27	
the average annual S&P 500
return will be: Expected
return:		5.70	5.66	5.95	4.62	3.17	6.63	4.99		3.93	4.98	5.74	6.50	5.27	
															
Over the next year, I expect		129	91	46	15	26	8	11		36	12	218	7	27	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		9.73	10.43	10.70	10.06	9.83	10.68	8.45		8.57	10.21	10.24	10.57	10.39	

153 

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

On August 21, 2017 the annual yield on 10-yr treasury bonds was 2.18%. Please complete the following:  (Winsorized)

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
Percent		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
Over the next 10 years, I		105	80	23	28	10	11	18		151	126	37	12	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be less
than:		2.04	-0.22	1.69	0.58	0.10	-0.19	0.89		1.33	1.53	0.80	0.79	
														
Over the next 10 years, I		107	83	23	29	11	12	20		156	129	42	12	
expect the average annual S&P
500 return will be: Expected
return:		6.35	6.56	6.73	6.31	7.14	5.70	6.47		6.57	6.33	7.06	5.53	
														
Over the next 10 years, I		106	80	23	28	10	12	18		151	127	37	12	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		10.02	10.68	10.82	10.41	10.80	8.32	10.61		10.42	9.81	11.44	10.02	
														
Over the next year, I expect		105	78	23	28	10	11	18		148	126	37	12	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		-0.47	-3.43	1.35	-3.43	-9.80	-4.64	-3.22		-0.71	-1.81	-3.05	-7.46	
														
Over the next year, I expect		108	81	23	29	11	12	20		154	129	42	12	
the average annual S&P 500
return will be: Expected
return:		5.86	5.16	6.50	4.59	3.51	4.05	5.85		5.65	5.35	5.48	4.80	
														
Over the next year, I expect		106	78	23	28	10	12	18		148	126	37	12	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		10.17	10.28	10.70	10.41	9.56	9.50	10.14		9.90	10.38	10.00	9.18	

154 

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

On August 21, 2017 the annual yield on 10-yr treasury bonds was 2.18%. Please complete the following:  (Winsorized)

N=371		Where are you personally located?	
Number
Mean		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
									
Number		107	68	65	51	47	26	1	
Percent		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
Over the next 10 years, I		94	62	57	46	43	24	1	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be less
than:		1.36	1.64	1.75	1.29	0.55	0.17	10.00	
									
Over the next 10 years, I		99	65	61	47	43	24	1	
expect the average annual S&P
500 return will be: Expected
return:		6.60	6.59	6.64	6.17	6.16	6.71	7.00	
									
Over the next 10 years, I		95	62	58	46	43	24	1	
expect the average annual S&P
500 return will be: There is a
1-in-10 chance it will be
greater than:		9.82	10.18	10.70	9.68	11.14	11.25	10.00	
									
Over the next year, I expect		94	62	56	44	43	24	1	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be less than:		-1.29	-1.44	-2.14	-2.07	-2.17	-1.48	12.00	
									
Over the next year, I expect		99	66	60	45	43	24	1	
the average annual S&P 500
return will be: Expected
return:		5.60	4.39	5.95	5.41	5.71	6.29	8.00	
									
Over the next year, I expect		95	62	56	44	43	24	1	
the average annual S&P 500
return will be: There is a 1-in-
10 chance it will be greater
than:		9.85	8.38	10.96	9.65	11.45	11.23	15.00	

155 

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

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

N=285		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		285		28	35	11	13	7	40	3	23	58	26	9	32	
Percent		100.0%		9.8%	12.3%	3.9%	4.6%	2.5%	14.0%	1.1%	8.1%	20.4%	9.1%	3.2%	11.2%	
																
% Approximate ROA		285		28	35	11	13	7	40	3	23	58	26	9	32	
in 2016		9.55		7.32	9.37	9.59	9.10	1.29	14.68	6.00	11.27	10.14	5.95	3.28	9.98	
				f				fil	aeJk			e	F	f	e	
																
% Expected ROA in		285		28	35	11	13	7	40	3	23	58	26	9	32	
2017		10.14		8.09	9.64	11.74	9.47	3.86	14.56	6.33	10.11	11.71	6.23	4.27	10.43	
				f		ek		cf	aeJk			jk	Fi	cfi		

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

156 

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

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

N=285		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		114	78	41	13	22	5	10		33	9	196	6	25	
Percent		40.3%	27.6%	14.5%	4.6%	7.8%	1.8%	3.5%		12.3%	3.3%	72.9%	2.2%	9.3%	
															
% Approximate ROA		114	78	41	13	22	5	10		33	9	196	6	25	
in 2016		9.97	9.90	7.38	9.25	9.12	6.48	11.35		8.49	10.12	10.74	3.42	3.51	
										e		E		aC	
															
% Expected ROA in		114	78	41	13	22	5	10		33	9	196	6	25	
2017		9.85	11.33	8.34	9.88	9.78	7.52	11.54		9.22	11.38	11.36	3.58	3.70	
										e	e	E		abC	

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

157 

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

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

N=285		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		95	71	20	24	11	9	14		130	108	31	12	
Percent		38.9%	29.1%	8.2%	9.8%	4.5%	3.7%	5.7%		46.3%	38.4%	11.0%	4.3%	
														
% Approximate ROA		95	71	20	24	11	9	14		130	108	31	12	
in 2016		11.21	9.61	6.93	8.13	8.33	9.56	10.31		8.39	10.00	11.12	10.83	
														
% Expected ROA in		95	71	20	24	11	9	14		130	108	31	12	
2017		10.95	10.59	7.95	8.54	9.17	10.26	10.79		9.11	10.21	12.23	12.29	

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

158 

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

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

N=285		Where are you personally located?	
Number
Mean		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		81	49	48	43	40	20	1	
Percent		28.7%	17.4%	17.0%	15.2%	14.2%	7.1%	0.4%	
									
% Approximate ROA		81	49	48	43	40	20	1	
in 2016		11.07	9.64	7.49	10.14	6.01	11.31	20.00	
		e				a			
									
% Expected ROA in		81	49	48	43	40	20	1	
2017		11.46	10.95	7.04	10.21	7.76	12.11	22.00	
		c		a					

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

159 

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

Manufacturing capacity utilized  (Winsorized)

N=74		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		74		0	0	0	0	0	0	0	0	74	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		74		0	0	0	0	0	0	0	0	74	0	0	0	
in first half of 2017		70.74		---	---	---	---	---	---	---	---	70.74	---	---	---	
																
% of capacity		74		0	0	0	0	0	0	0	0	74	0	0	0	
utilization planned
for the second half of
2017		73.89		---	---	---	---	---	---	---	---	73.89	---	---	---	

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

160 

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

Manufacturing capacity utilized  (Winsorized)

N=74		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		22	23	15	6	5	0	3		13	1	53	0	0	
Percent		29.7%	31.1%	20.3%	8.1%	6.8%	0.0%	4.1%		19.4%	1.5%	79.1%	0.0%	0.0%	
															
% of capacity utilized		22	23	15	6	5	0	3		13	1	53	0	0	
in first half of 2017		66.53	69.44	76.33	69.17	76.40	---	77.33		74.54	90.00	69.22	---	---	
		c		a											
															
% of capacity		22	23	15	6	5	0	3		13	1	53	0	0	
utilization planned
for the second half of
2017		69.90	72.65	78.20	69.99	81.40	---	86.33		77.07	85.00	72.94	---	---	

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

161 

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

Manufacturing capacity utilized  (Winsorized)

N=74		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		11	26	6	10	4	2	3		9	50	11	3	
Percent		17.7%	41.9%	9.7%	16.1%	6.5%	3.2%	4.8%		12.3%	68.5%	15.1%	4.1%	
														
% of capacity utilized		11	26	6	10	4	2	3		9	50	11	3	
in first half of 2017		62.22	70.47	74.17	75.00	79.75	75.00	78.33		69.44	69.67	75.73	72.74	
		d			a									
														
% of capacity		11	26	6	10	4	2	3		9	50	11	3	
utilization planned
for the second half of
2017		66.07	72.68	77.50	80.80	80.00	87.50	81.33		67.65	73.98	78.55	71.97	

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

162 

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

Manufacturing capacity utilized  (Winsorized)

N=74		Where are you personally located?	
Number
Mean		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Number		37	11	4	6	9	6	0	
Percent		50.7%	15.1%	5.5%	8.2%	12.3%	8.2%	0.0%	
									
% of capacity utilized		37	11	4	6	9	6	0	
in first half of 2017		71.73	68.49	83.75	70.33	68.69	63.70	---	
				df	c		c		
									
% of capacity		37	11	4	6	9	6	0	
utilization planned
for the second half of
2017		75.27	71.62	78.75	71.00	73.66	70.17	---	

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

163 

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

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

N=371		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		369		37	41	15	15	8	55	6	30	78	30	11	43	
		100.0%		10.0%	11.1%	4.1%	4.1%	2.2%	14.9%	1.6%	8.1%	21.1%	8.1%	3.0%	11.7%	
																
CFO		188		23	18	11	12	3	22	1	13	37	18	5	25	
		51.6%		62.2%	43.9%	73.3%	85.7%	37.5%	40.7%	16.7%	44.8%	47.4%	60.0%	50.0%	59.5%	
				fg	D	fg	BeFGhI	d	acD	acD	d	D				
																
Controller		49		3	6	0	0	1	5	1	2	20	4	1	6	
		13.5%		8.1%	14.6%	0.0%	0.0%	12.5%	9.3%	16.7%	6.9%	25.6%	13.3%	10.0%	14.3%	
				i		i	i		i		i	acdfh				
																
CEO		42		2	7	2	0	2	10	1	3	7	6	2	0	
		11.5%		5.4%	17.1%	13.3%	0.0%	25.0%	18.5%	16.7%	10.3%	9.0%	20.0%	20.0%	0.0%	
					L	l		L	L	l	l	l	L	L	BcEFghiJK	
																
Other		38		2	7	0	0	1	11	1	5	3	1	1	6	
		10.4%		5.4%	17.1%	0.0%	0.0%	12.5%	20.4%	16.7%	17.2%	3.8%	3.3%	10.0%	14.3%	
				f	i				aIj		i	bFhl	f		i	
																
VP of Finance		35		5	3	1	2	1	4	2	6	7	1	1	2	
		9.6%		13.5%	7.3%	6.7%	14.3%	12.5%	7.4%	33.3%	20.7%	9.0%	3.3%	10.0%	4.8%	
									g	fjl	jl		gh		gh	
																
Treasurer		12		2	0	1	0	0	2	0	0	4	0	0	3	
		3.3%		5.4%	0.0%	6.7%	0.0%	0.0%	3.7%	0.0%	0.0%	5.1%	0.0%	0.0%	7.1%	

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

164 

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

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

N=371		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		147	100	55	15	26	8	15		40	14	242	7	30	
		40.2%	27.3%	15.0%	4.1%	7.1%	2.2%	4.1%		12.0%	4.2%	72.7%	2.1%	9.0%	
															
CFO		58	62	34	10	16	3	5		14	8	127	5	14	
		40.3%	62.6%	61.8%	66.7%	61.5%	37.5%	33.3%		35.0%	57.1%	52.9%	71.4%	48.3%	
		BCe	Ag	A		a		b		c		a			
															
Controller		24	12	8	1	2	0	2		4	1	30	1	7	
		16.7%	12.1%	14.5%	6.7%	7.7%	0.0%	13.3%		10.0%	7.1%	12.5%	14.3%	24.1%	
															
CEO		32	6	2	0	2	0	0		1	1	34	0	2	
		22.2%	6.1%	3.6%	0.0%	7.7%	0.0%	0.0%		2.5%	7.1%	14.2%	0.0%	6.9%	
		BCdg	A	A	a			a		c		a			
															
Other		15	11	4	1	1	0	4		3	2	26	1	3	
		10.4%	11.1%	7.3%	6.7%	3.8%	0.0%	26.7%		7.5%	14.3%	10.8%	14.3%	10.3%	
				g		g		ce							
															
VP of Finance		13	4	4	1	5	4	4		16	1	16	0	2	
		9.0%	4.0%	7.3%	6.7%	19.2%	50.0%	26.7%		40.0%	7.1%	6.7%	0.0%	6.9%	
		Fg	EFG	Fg	f	B	ABCd	aBc		bCdE	a	A	a	A	
															
Treasurer		2	4	3	2	0	1	0		2	1	7	0	1	
		1.4%	4.0%	5.5%	13.3%	0.0%	12.5%	0.0%		5.0%	7.1%	2.9%	0.0%	3.4%	
		Df			A		a								

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

165 

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

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

N=371		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		118	88	24	29	11	13	21		172	135	43	13	
		38.8%	28.9%	7.9%	9.5%	3.6%	4.3%	6.9%		47.4%	37.2%	11.8%	3.6%	
														
CFO		47	51	14	17	7	7	10		89	76	17	4	
		40.9%	58.0%	58.3%	58.6%	63.6%	53.8%	47.6%		52.4%	56.3%	40.5%	30.8%	
		b	a											
														
Controller		15	19	3	4	0	2	0		22	21	4	1	
		13.0%	21.6%	12.5%	13.8%	0.0%	15.4%	0.0%		12.9%	15.6%	9.5%	7.7%	
			g					b						
														
CEO		25	6	1	0	1	0	0		28	8	2	4	
		21.7%	6.8%	4.2%	0.0%	9.1%	0.0%	0.0%		16.5%	5.9%	4.8%	30.8%	
		BcDg	A	a	A			a		B	AD	d	Bc	
														
Other		18	6	1	3	1	1	3		19	13	4	1	
		15.7%	6.8%	4.2%	10.3%	9.1%	7.7%	14.3%		11.2%	9.6%	9.5%	7.7%	
														
VP of Finance		7	4	3	2	2	3	7		10	11	11	3	
		6.1%	4.5%	12.5%	6.9%	18.2%	23.1%	33.3%		5.9%	8.1%	26.2%	23.1%	
		fG	fG		g		ab	ABd		Cd	C	AB	a	
														
Treasurer		3	2	2	3	0	0	1		2	6	4	0	
		2.6%	2.3%	8.3%	10.3%	0.0%	0.0%	4.8%		1.2%	4.4%	9.5%	0.0%	
										C		A		

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

166 

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

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

N=371		Where are you personally located?	
Number
Col %		
Midwest
US	South
Central
US	
Northeast
US	South
Atlantic
US	
Pacific
US	
Mountain
US	

Other	
		A	B	C	D	E	F	G	
									
Total		107	68	65	51	47	26	1	
		29.3%	18.6%	17.8%	14.0%	12.9%	7.1%	0.3%	
									
CFO		59	24	33	27	26	16	1	
		55.1%	35.8%	52.4%	54.0%	55.3%	61.5%	100.0%	
		b	aef			b	b		
									
Controller		19	13	6	5	5	1	0	
		17.8%	19.4%	9.5%	10.0%	10.6%	3.8%	0.0%	
									
CEO		7	11	8	7	4	5	0	
		6.5%	16.4%	12.7%	14.0%	8.5%	19.2%	0.0%	
		bf	a				a		
									
Other		8	7	8	5	7	2	0	
		7.5%	10.4%	12.7%	10.0%	14.9%	7.7%	0.0%	
									
VP of Finance		10	9	4	6	4	2	0	
		9.3%	13.4%	6.3%	12.0%	8.5%	7.7%	0.0%	
									
Treasurer		4	3	4	0	1	0	0	
		3.7%	4.5%	6.3%	0.0%	2.1%	0.0%	0.0%	

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