Table of Contents

1. Are you more or less optimistic about your country's economy compared to last quarter?	1
1b. 1b. Rate your optimism about your country's economy on a scale from 0-100, with 0
being the least optimistic and 100 being the most optimistic.	2

2. Are you more or less optimistic about the financial prospects for your own company 
compared to last quarter?	3
2b. Rate your optimism about the financial prospects for your own company on a scale from
0-100, with 0 being the least optimistic and 100 being the most optimistic.	4

3. What are the top three concerns your corporation faces? (rank #1, #2, #3)	5
3. What are the top three concerns your corporation faces? (rank #1, #2, #3) OTHER SPECIFIED	6

4. Relative to the previous 12 months, what will be your company's PERCENTAGE
CHANGE during the next 12 months? (e.g., +3%, -2%, etc.) [Leave blank if not applicable]	7
4. Relative to the previous 12 months, what will be your company's PERCENTAGE
CHANGE during the next 12 months?	8
4. Relative to the previous 12 months, what will be your company's PERCENTAGE
CHANGE during the next 12 months for:   [Unweighted - Sorted]	9
4. Relative to the previous 12 months, what will be your company's PERCENTAGE
CHANGE during the next 12 months?  [All Companies - Windsorized - Revenue Weighted - Sorted]	10
4. Relative to the previous 12 months, what will be your company's PERCENTAGE
CHANGE during the next 12 months?  [All Companies - Windsorized - Employee Weighted - Sorted]	11
4. Relative to the previous 12 months, what will be your company's PERCENTAGE
CHANGE during the next 12 months?  [Public Companies - Windsorized – Revenue Weighted]	12

All Respondents: 5. How strong do you anticipate demand from your own customers will be
over the next six months?	13
Primary Customers are Consumers: 5. How strong do you anticipate demand from your own
customers will be over the next six months?	14

6. There is a growing worry that the recent slowdown of U.S. economic growth may lead to
recession. If the U.S. economy tipped into recession, how damaging would this be to the
European economy's recent recovery?	15

7. The European Central Bank is expected to continue raising interest rates at its meetings
later this year, as it considers the risk of higher inflation greater than the risk of a slowdown in
economic growth in the euro zone. What do you think of this assessment?	16

8a. Please check here if your company or its immediate predecessors did not exist five years ago.	17
8. Security & Indirect Costs of Terrorism	18
Revenue Weighted for Firms That Existed 5 Years Ago: 9. Security & Indirect Costs of Terrorism	19
Q8b. How has your company been affected by terrorism or the threat of terrorism? (Check all that apply)	20
Little or No Impact Not Included: Q8b. How has your company been affected by terrorism
or the threat of terrorism? (Check all that apply)	21
Q8b. How has your company been affected by terrorism or the threat of terrorism? [Other]	22
8c & 8d. Negative impact of terrorism.	23
8. Negative impact of terrorism.	24
Check here if the threat of terrorism has benefited (on net) your firm	25
Threat of terrorism has benefited (on net) your firm - Industry	26

Industry	27
Industry (Other specified)	28
Sales Revenue (U.S. Dollars)	29
Weighted Sales Revenue (Millions)	30
Number of Employees	31
Weighted Number of Employees	32
Headquarters Europe	33
Headquarters Europe (Other specified)	34
Ownership Europe	35
Primary Customers	36
Primary Customers (Other specified)	37
Foreign Sales	38
 
1

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	 	Number	Percent
	3=More optimistic	77	43.0 %
	2=No change	73	40.8 %
	1=Less optimistic	29	16.2 %
	Total	179	100.0 %

	Mean = 2.27
	SD = .72

	Missing Cases = 1 
	Response Percent = 99.4 %

2

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

1b. 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.

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

	Minimum = 5

	Maximum = 95

	Mean = 64.89

	Median = 70

	Variance (Unbiased) = 275.74

	Standard Deviation (Unbiased) = 16.61

	Standard Error Of The Mean  = 1.36

	95 Percent Confidence Interval Around The Mean = 62.22 - 67.55

	99 Percent Confidence Interval Around The Mean = 61.38 - 68.39

Valid Cases = 149 
Missing Cases = 31 
Response Percent = 82.8%

3

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	 	Number	Percent
	3=More optimistic	97	53.9 %
	2=No change	53	29.4 %
	1=Less optimistic	30	16.7 %
	Total	180	100.0 %

	Mean = 2.37
	SD = .76

	Missing Cases = 0 
	Response Percent = 100.0 %

4

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	Minimum = 0

	Maximum = 100

	Mean = 67.97

	Median = 75

	Variance (Unbiased) = 417.03

	Standard Deviation (Unbiased) = 20.42

	Standard Error Of The Mean  = 1.67

	95 Percent Confidence Interval Around The Mean = 64.69 - 71.25

	99 Percent Confidence Interval Around The Mean = 63.66 - 72.27

Valid Cases = 149 
Missing Cases = 31 
Response Percent = 82.8%

5

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

3. What are the top three concerns your corporation faces? (rank #1, #2, #3)

(N=180)

	Mean & SD	1st	2nd	3rd	
	1.47	10	3	2
Other:	0.74	5.6%	1.7%	1.1%

	1.74	37	18	18
Consumer demand	0.83	20.6%	10.0%	10.0%

	1.74	24	20	10
Cost of non-fuel commodities	0.76	13.3%	11.1%	5.6%

	1.83	24	27	13
Skilled labor shortage	0.75	13.3%	15.0%	7.2%

	1.88	19	7	14
Cost of fuel	0.91	10.6%	3.9%	7.8%

	2.00	2	2	2
Litigation	0.89	1.1%	1.1%	1.1%

Cost of labor (wages, salaries,	2.03	27	33	30
bonuses)	0.80	15.0%	18.3%	16.7%

	2.10	8	12	11
Interest rates	0.79	4.4%	6.7%	6.1%

	2.10	14	16	19
Regulation	0.82	7.8%	8.9%	10.6%

	2.17	2	6	4
Health care costs	0.72	1.1%	3.3%	2.2%

	2.20	6	4	10
Political stability	0.89	3.3%	2.2%	5.6%

	2.25	11	26	27
Foreign competition	0.73	6.1%	14.4%	15.0%

	2.40	3	3	9
Terrorism	0.83	1.7%	1.7%	5.0%

	2.42	3	5	11
Currency values	0.77	1.7%	2.8%	6.1%

6

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

3. What are the top three concerns your corporation faces? (rank #1, #2, #3) OTHER SPECIFIED

1.Lohnkosten in Management Bereich (mehr manager als indianer), 2. Mangel an Entscheidungsträger	
acquisition	
Approvisionnement Matières Premières	
Capacity	
capacity constraints	
Cost of electricity	
Cost of raw material	
Digital Technology Changes	
Domestic competition	
Economic slowdown	
Energiekosten	
interne reorganisaties	
Local Competition	
Taxes for small businesses	
upcoming merger	
Weak top management in parent company	
Wettbewerbsverhalten	

7

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	Mean	SD	95% CI	Median	Minimum	Maximum	Total

Dividends	16.59	37.64	0.86 - 32.32	0	0	150	22

Earnings	9.53	18.96	6.18 - 12.88	5	-50	100	123

Number of foreign/off-shore outsourced
employees	7.66	18.59	3.66 - 11.66	1	-15	100	83

Cash on the balance sheet	7.29	34.76	0.07 - 14.51	2	-80	200	89

Technology spending	5.50	10.40	3.46 - 7.54	2	-15	50	100

Capital spending	5.01	21.08	1.05 - 8.97	3	-80	100	109

Marketing/advertising spending	4.46	12.30	2.07 - 6.84	2	-20	100	102

Wages/Salaries	3.24	2.56	2.83 - 3.65	3	-10	20	150

Number of domestic employees	2.78	13.09	0.42 - 5.15	0.50	-50	100	118

Prices of your products	2.58	5.20	1.75 - 3.41	2	-35	20	151

Productivity (output per hour worked)	2.49	5.52	1.49 - 3.48	2	-50	13	118

Inventory	1.91	10.64	-0.32 - 4.15	0	-24	50	87

Health care costs	1.89	2.72	1.29 - 2.50	0.50	-5	10	78

8

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	M&A activity	Number	Percent
	Increase	41	34.2 %
	No change	59	49.2 %
	Decrease	20	16.7 %
	Total	120	100.0 %

	Missing Cases = 60 
	Response Percent = 66.7 %

9

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

(N=180)

	Mean & SD	Positive	Zero	Negative
	  	1	0	-1	
	0.93	143	4	3
Wages/Salaries	0.32	95.3%	2.7%	2.0%

	0.82	100	15	3
Productivity (output per hour worked)	0.45	84.7%	12.7%	2.5%

	0.68	97	13	13
Earnings	0.66	78.9%	10.6%	10.6%

	0.63	115	16	20
Prices of your products	0.71	76.2%	10.6%	13.2%

	0.56	60	36	4
Technology spending	0.57	60.0%	36.0%	4.0%

	0.49	62	28	12
Marketing/advertising spending	0.70	60.8%	27.5%	11.8%

	0.48	67	27	15
Capital spending	0.73	61.5%	24.8%	13.8%

	0.47	39	37	2
Health care costs	0.55	50.0%	47.4%	2.6%

Number of foreign/off-shore	0.46	43	35	5
outsourced employees	0.61	51.8%	42.2%	6.0%

	0.45	10	12	0
Dividends	0.51	45.5%	54.5%	0.0%

	0.33	45	28	16
Cash on the balance sheet	0.77	50.6%	31.5%	18.0%

	0.23	59	27	32
Number of domestic employees	0.85	50.0%	22.9%	27.1%

	0.17	41	59	20
M&A activity	0.69	34.2%	49.2%	16.7%

	0.05	30	31	26
Inventory	0.81	34.5%	35.6%	29.9%

10

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Dividends	13.78	23.46	12.11 - 15.45	5	0	90.36

Earnings	10.45	11.90	9.94 - 10.97	6	-27.60	46.69

Cash on the balance sheet	7.89	24.50	6.49 - 9.30	0	-60.80	75.42

Capital spending	6.04	12.29	5.46 - 6.61	5	-36.30	46.33

Technology spending	5.27	6.83	4.94 - 5.60	3	-14.90	25.88

Marketing/advertising spending	2.72	6.80	2.38 - 3.06	0	-19.60	28.57

Prices of your products	1.73	4.25	1.56 - 1.90	2	-7.61	12.77

Inventory	1.02	7.34	0.63 - 1.40	0	-18.90	22.76

11

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Number of foreign/off-shore outsourced employees	6.10	9.90	5.64 - 6.55	2	-15	44.10

Productivity (output per hour worked)	3.25	2.03	3.17 - 3.34	3	-8.33	13

Wages/Salaries	2.98	1.62	2.93 - 3.04	3	-1.78	8.26

Health care costs	1.63	1.94	1.54 - 1.73	2	-3.44	7.22

Number of domestic employees	-0.21	6.29	-0.44 - 0.03	-1	-22.90	28.44

12

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

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

	Mean	SD	95% CI	Median	Minimum	Maximum

Earnings	11.09	12.42	10.41 - 11.76	10	-5	46.69

Dividends	13.78	23.46	12.11 - 15.45	5	0	90.36

Cash on the balance sheet	9.82	29.58	7.69 - 11.96	0	-60.80	75.42

13

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

All Respondents: 5. How strong do you anticipate demand from your own customers will be over the next six months? 

	 	Number	Percent
	1=Very strong	20	11.2 %
	2=Somewhat strong	83	46.4 %
	3=Neutral	62	34.6 %
	4=Somewhat weak	13	7.3 %
	5=Very weak	1	0.6 %
	Total	179	100.0 %

	Mean = 2.40
	SD = .80

	Missing Cases = 1 
	Response Percent = 99.4 %

14

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Primary Customers are Consumers: 5. How strong do you anticipate demand from your own customers will be over the next six months?

	 	Number	Percent
	1=Very strong	4	9.5 %
	2=Somewhat strong	23	54.8 %
	3=Neutral	11	26.2 %
	4=Somewhat weak	4	9.5 %
	Total	42	100.0 %

	Mean = 2.36
	SD = .79

	Missing Cases = 0 
	Response Percent = 100.0 %

15

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

6. There is a growing worry that the recent slowdown of U.S. economic growth may lead to recession. If the U.S. economy tipped into recession, how damaging would this be to the European economy's recent recovery?

	 	Number	Percent
	1=Very damaging, fate of European economy closely tied
	   to health of U.S. economy	13	7.3 %
	2=Somewhat damaging, U.S. recession will hinder
	   European recovery	99	55.3 %
	3=Slightly damaging, but European recovery will continue
	   for the most part	61	34.1 %
	4=Not at all damaging	6	3.4 %
	Total	179	100.0 %

	Mean = 2.34
	SD = .66

	Missing Cases = 1 
	Response Percent = 99.4 %

16

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

7. The European Central Bank is expected to continue raising interest rates at its meetings later this year, as it considers the risk of higher inflation greater than the risk of a slowdown in economic growth in the euro zone. What do you think of this assessment?

	 	Number	Percent
	1=The ECB is right, the risk of higher inflation is greater
	   than the risk of a slowdown in growth	49	27.2 %
	0=The ECB is wrong, the risks to inflation and growth are
	   balanced	71	39.4 %
	-1=The ECB is wrong, the risk of a slowdown in growth is
	   greater than the risk of higher inflation	47	26.1 %
	=No opinion	13	7.2 %
	Total	180	100.0 %

	Mean = .01
	SD = .76

	Missing Cases = 0 
	Response Percent = 100.0 %

17

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

8a. Please check here if your company or its immediate predecessors did not exist five years ago.

	 	Number	Percent
	Checked	6	3.3 %
	Not Checked	174	96.7 %
	Total	180	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

18

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

8. Security & Indirect Costs of Terrorism

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

Before September 11, 2001, approximately how
large were your company's annual direct costs for
security, as a percentage of revenue?	1.28	2.66	1	0	20	0.64 - 1.92	67

Today, how large are those direct costs for
security?	2.00	3.51	1	0	20	1.16 - 2.83	68

Today, how large are the indirect costs of terrorism
on your company? (Please include costs such as
lost productivity or reduced consumer spending
due to terror fears)	1.03	2.04	0	0	9	0.51 - 1.56	59

19

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Revenue Weighted for Firms That Existed 5 Years Ago: 8. Security & Indirect Costs of Terrorism

	Mean	SD	95% CI	Median	Minimum	Maximum

Before September 11, 2001, approximately how large were
your company's annual direct costs for security, as a
percentage of revenue?	1.06	1.15	0.98 - 1.13	1	0	5

Today, how large are those direct costs for security?	1.56	1.81	1.44 - 1.68	1	0	8.88

Today, how large are the indirect costs of terrorism on
your company? (Please include costs such as lost
productivity or reduced consumer spending due to terror
fears)	1.17	1.76	1.06 - 1.29	0	0	5.03

20

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Q8b. How has your company been affected by terrorism or the threat of terrorism? (Check all that apply)

	 	Number	Percent
	There has been little to no impact	76	42.2 %
	There have been physical act(s) of terrorism on our firm or
	   firms in our industry	2	1.1 %
	Fear of terrorism hurts our firm (e.g., terror fears have
	   affected our customers or have made our company less
	   inclined to invest)	9	5.0 %
	Increased infrastructure and or software spending, such as
	   for the creation of satellite operations	9	5.0 %
	Carrying more inventory in case of disruption	9	5.0 %
	Increased planning for business disruptions	27	15.0 %
	Increased hedging of key inputs	1	0.6 %
	Insurance for acts of terrorism	19	10.6 %
	Insurance for business interruptions resulting from
	   terrorism	18	10.0 %
	Reduced air travel	25	13.9 %
	Diversifying into other lines of business as a hedge	1	0.6 %
	Added employment positions, such as head of security	8	4.4 %
	High cost of oil and energy	38	21.1 %
	Other	2	1.1 %
	Total	244

	Number of Cases = 180 
	Number of Responses = 244 
	Average Number Of Responses Per Case = 1.4
	Number Of Cases With At Least One Response = 104 
	Response Percent = 57.8 %

21

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Little or No Impact Not Included: Q8b. How has your company been affected by terrorism or the threat of terrorism? (Check all that apply)

	 	Number	Percent
	There have been physical act(s) of terrorism on our firm or
	   firms in our industry	2	1.9 %
	Fear of terrorism hurts our firm (e.g., terror fears have
	   affected our customers or have made our company less
	   inclined to invest)	7	6.7 %
	Increased infrastructure and or software spending, such as
	   for the creation of satellite operations	9	8.7 %
	Carrying more inventory in case of disruption	5	4.8 %
	Increased planning for business disruptions	17	16.3 %
	Insurance for acts of terrorism	11	10.6 %
	Insurance for business interruptions resulting from
	   terrorism	9	8.7 %
	Reduced air travel	13	12.5 %
	Diversifying into other lines of business as a hedge	1	1.0 %
	Added employment positions, such as head of security	6	5.8 %
	High cost of oil and energy	18	17.3 %
	Other	2	1.9 %
	Total	100

	Number of Cases = 104 
	Number of Responses = 100 
	Average Number Of Responses Per Case = 1.0
	Number Of Cases With At Least One Response = 28 
	Response Percent = 26.9 %

22

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Q8b. How has your company been affected by terrorism or the threat of terrorism? [Other]

CANCELLATION OF PROJECTS FOR MIDDLE EAST	
Implementation of a full fledged Business Continuity Plan	
More strict air traffic legislations	
company has benefitted from chanege in the overall security picture	

23

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

8c & 8d. Negative impact of terrorism.

	Mean	SD	Median	Minimum	Maximum	95% CI	Total

8c. On a scale of 0 to 100, what impact is the
threat of terrorism having on your business? (0
means no impact, 100 means maximum negative
impact)	14.68	19.05	10	0	75	10.87 - 18.49	96

8d. What number on this scale would indicate
that the threat of terrorism is affecting your
profitability? (If your answer in 8c is greater
than this answer, it means that the threat of
terrorism is affecting your profitability).	19.66	23.20	10	0	90	14.81 - 24.51	88

9c minus 9d	-3.97	14.46	0	-45	25	-6.99 - -0.94	88

24

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

8. Negative impact of terrorism.

	Cut-off negative impact	Number	Percent
	Threat of terrorism is affecting your profitability.	25	15.4 %
	Negative impact and cut-off negative impact are equal	108	66.7 %
	Threat of terrorism is not affecting your profitability.	29	17.9 %
	Total	162	100.0 %

	Missing Cases = 8 
	Response Percent = 95.3 %

25

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Check here if the threat of terrorism has benefited (on net) your firm

	 	Number	Percent
	Checked	10	5.6 %
	Not Checked	170	94.4 %
	Total	180	100.0 %

	Missing Cases = 0 
	Response Percent = 100.0 %

26

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Threat of terrorism has benefited (on net) your firm - Industry

Communication, Security	
construction	
defence + PS&E	
Insurance	
IRON FOUNDRY	
Smart Cards	
telecommunications	
tractors & spare parts	
Transportation	
Verification, Testing and Certification services	

27

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Industry

	 	Number	Percent
	Manufacturing	66	37.5 %
	Retail/Wholesale	24	13.6 %
	Service/Consulting	18	10.2 %
	Transportation/Energy	17	9.7 %
	Communications/Media	15	8.5 %
	Tech [Software/Biotech]	9	5.1 %
	Banking/Finance/Insurance	7	4.0 %
	Mining/Construction	7	4.0 %
	Other	7	4.0 %
	Healthcare/Pharmaceutical	6	3.4 %
	Total	176	100.0 %

	Missing Cases = 4 
	Response Percent = 97.8 %

28

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Industry (Other specified)

agro alimentaire	
cosmetics	
diamant	
Forest Products	
Steel processing	
telecom	
Transport and logistics	

29

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Sales Revenue (U.S. Dollars)

	 	Number	Percent
	Less than $25 million	34	19.3 %
	$25-$99 million	30	17.0 %
	$100-$499 million	47	26.7 %
	$500-$999 million	23	13.1 %
	$1-$4.9 billion	19	10.8 %
	$5-$9.9 billion	7	4.0 %
	More than $10 billion	16	9.1 %
	Total	176	100.0 %

	Missing Cases = 4 
	Response Percent = 97.8 %

30

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Weighted Sales Revenue (Millions)

	Minimum = 25

	Maximum = 11000

	Mean = 1815.68

	Median = 300

	Variance (Unbiased) = 11073341.65

	Standard Deviation (Unbiased) = 3327.66

	Standard Error Of The Mean  = 250.83

	95 Percent Confidence Interval Around The Mean = 1324.05 - 2307.31

	99 Percent Confidence Interval Around The Mean = 1169.79 - 2461.57

	Skewness = 2.05

	Kolmogorov-Smirnov Statistic For Normality = 5.16

Quartiles

	 1 = 62
	 2 = 300
	 3 = 750

Valid Cases = 176 
Missing Cases = 4 
Response Percent = 97.8%

31

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Number of Employees

	 	Number	Percent
	Fewer than 100	32	20.4 %
	100-499	28	17.8 %
	500-999	19	12.1 %
	1,000-2,499	25	15.9 %
	2,500-4,999	19	12.1 %
	5,000-9,999	5	3.2 %
	Over 10,000	29	18.5 %
	Total	157	100.0 %

	Missing Cases = 23 
	Response Percent = 87.2 %

32

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Weighted Number of Employees

	Minimum = 100

	Maximum = 12000

	Mean = 3352.55

	Median = 750

	Variance (Unbiased) = 19550730.65

	Standard Deviation (Unbiased) = 4421.62

	Standard Error Of The Mean  = 352.88

	95 Percent Confidence Interval Around The Mean = 2660.90 - 4044.20

	99 Percent Confidence Interval Around The Mean = 2443.87 - 4261.22

	Skewness = 1.25

	Kolmogorov-Smirnov Statistic For Normality = 3.83

Quartiles

	 1 = 300
	 2 = 750
	 3 = 3750

Valid Cases = 157 
Missing Cases = 23 
Response Percent = 87.2%

33

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Headquarters Europe

	 	Number	Percent
	United States=United States	19	10.6 %
	Germany=Germany	18	10.1 %
	France=France	17	9.5 %
	Sweden=Sweden	17	9.5 %
	Belgium=Belgium	16	8.9 %
	Netherlands=Netherlands	15	8.4 %
	United Kingdom=United Kingdom	11	6.1 %
	Denmark=Denmark	10	5.6 %
	Switzerland=Switzerland	10	5.6 %
	Italy=Italy	7	3.9 %
	Other=Other (please specify)	6	3.4 %
	Finland=Finland	6	3.4 %
	Portugal=Portugal	5	2.8 %
	Spain=Spain	5	2.8 %
	Greece=Greece	5	2.8 %
	Norway=Norway	4	2.2 %
	Ireland=Ireland	2	1.1 %
	Luxembourg=Luxembourg	2	1.1 %
	Russia=Russia	1	0.6 %
	Asia=Asia	1	0.6 %
	Latin America=Latin America	1	0.6 %
	Austria=Austria	1	0.6 %
	Total	179	100.0 %

	Missing Cases = 1 
	Response Percent = 99.4 %

34

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Headquarters Europe (Other specified)

Croatia	
Czech Republic	
Hainaut	
Latvia	
monaco	
Paris	
Paris	
Paris	
Poland	
Turkey	
Turkey	
Zaventem	

35

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Ownership Europe

	 	Number	Percent
	Private	113	63.5 %
	Public	62	34.8 %
	Nonprofit	2	1.1 %
	Government	1	0.6 %
	Total	178	100.0 %

	Missing Cases = 2 
	Response Percent = 98.9 %

36

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Primary Customers

	 	Number	Percent
	Businesses	121	69.5 %
	Consumers	42	24.1 %
	Government	8	4.6 %
	Other	3	1.7 %
	Total	174	100.0 %

	Missing Cases = 6 
	Response Percent = 96.7 %

37

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Primary Customers (Other specified)

CONTSRUCTION COMPANIES	
Patienten / Dokters / Payors/ Overheden	
Telecom	

38

Duke University/Erasmus University/CFO Magazine Business Outlook Survey - Europe - Summer, 2006

Foreign Sales

	 	Number	Percent
	0%	30	16.8 %
	1-24%	41	22.9 %
	25-50%	34	19.0 %
	Over 50%	74	41.3 %
	Total	179	100.0 %

	Missing Cases = 1 
	Response Percent = 99.4 %