Just over a quarter of travel managers (25.5%) are cutting their travel programmes because of the global financial crisis.
Of those, 34.4% said they had frozen all travel, the poll by the Business Travel Coalition (BTC) said.
At companies which said they had not introduced cuts, 46% said they were placing controls on travel.
The survey was conducted by BTC last week and received replies from 196 corporate travel managers in 17 countries.
Among these were France, Germany, Belgium, the UK, the Netherlands, Norway, South Africa, and the US.
34% of the respondents had a travel budget of $20m or more while 12% spent more than $75m annually.
Kevin Mitchell, BTC chairman, said in a statement there was "an eerie similarity in the current economic environment compared with the last cyclical downturn in the fall of 2000.
"However, there is an order-of-magnitude increase in the seriousness of the current situation and in corporate responses vis-à-vis travel policy changes this time around."