1 2 3 4 5 6

.2 .4 .6 .8
0

7 8 9 10 11 12
.2 .4 .6 .8
0

13 14 15 16 17 18
accdisc
.2 .4 .6 .8
0

19 20 21 22 23 24
.2 .4 .6 .8
0

25 26 27 28 29 30
.2 .4 .6 .8
0

2000 2002 2004 2006 2008 2000 2002 2004 2006 2008 2000 2002 2004 2006 2008 2000 2002 2004 2006 2008 2000 2002 2004 2006 2008 2000 2002 2004 2006 2008

annee
Graphs by group(firme)
0 .2 .4 .6 .8 2000 2001 2002

2003 2004 2005

0 .2 .4 .6 .8

2006 2007 2008

0 .2 .4 .6 .8

0 10 20 30 0 10 20 30 0 10 20 30
group(firme)
accdisc salairebase
bonus
Graphs by annee
-10-5 0 5 10 2000 2001 2002

2003 2004 2005

-10-5 0 5 10

2006 2007 2008

-10-5 0 5 10

0 10 20 30 0 10 20 30 0 10 20 30
group(firme)
accdisc RPA
Graphs by annee
1
.5
0 2000 2001 2002

2003 2004 2005

1
.5
0

2006 2007 2008

1
.5
0

0 10 20 30 0 10 20 30 0 10 20 30
group(firme)
accdisc investInst
Graphs by annee
-10-5 0 5 10 2000 2001 2002

2003 2004 2005

-10-5 0 5 10

2006 2007 2008

-10-5 0 5 10

0 10 20 30 0 10 20 30 0 10 20 30
group(firme)
accdisc RPA
investInst
Graphs by annee
-10-5 0 5 10 2000 2001 2002

2003 2004 2005

-10-5 0 5 10

2006 2007 2008

-10-5 0 5 10

0 10 20 30 0 10 20 30 0 10 20 30
group(firme)
accdisc salairebase
bonus RPA
investInst
Graphs by annee
------------------------------------------------------------
(1) (2) (3)
accdisc accdisc accdisc
------------------------------------------------------------
salairebase 9.123* 9.180*
(2.12) (2.11)

bonus 9.442* 9.556*

(2.16) (2.16)

RPA 0.00124 0.00159

(0.33) (0.43)

investInst -0.00345 0.00653

(-0.04) (0.08)

_cons -9.122* 0.0688* -9.197*

(-2.13) (2.03) (-2.13)
------------------------------------------------------------
N 270 269 269
------------------------------------------------------------
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

1. accdisc = 9.12*salairebase + 9.44*bonus - 9.12

2. accdisc = 0.00*RPA - 0.00*investInst + 0.07
3. accdisc = 9.18*salairebase + 9.56*bonus + 0.00*RPA +
0.01*investInst - 9.20
------------------------------------------------------------
(1) (2) (3)
accdisc accdisc accdisc
------------------------------------------------------------
salairebase 6.771 6.700
(1.82) (1.78)

bonus 6.759 6.680

(1.81) (1.77)

RPA 0.00122 0.00144

(0.48) (0.53)

investInst -0.0176 -0.0131

(-0.70) (-0.50)

_cons -6.697 0.0748*** -6.621

(-1.80) (5.82) (-1.76)
------------------------------------------------------------
N 270 269 269
------------------------------------------------------------
t statistics in parentheses
* p<0.05, ** p<0.01, *** p<0.001

1. accdisc = 6.77*salairebase + 6.76*bonus - 6.70

2. accdisc = 0.00*RPA - 0.02*investInst + 0.07
3. accdisc = 6.70*salairebase + 6.68*bonus + 0.00*RPA - 0.01*investInst -
6.62