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