Your group is part of an asset management team and is tasked with investigating whether executive directors of listed companies are being paid in line with the value they create for shareholders.

You are provided with the following information:

$10-$year history of $\%$ change in CEO salaries for a sample of the top $100$ companies listed on the JSE.

$10-$year history of $\%$ change of total shareholder return $($TSR$)$ for the period.

ALSI returns for the sample period.

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Using the above information, compute and submit the following information to be contained in the research report:

Graphically illustrate the relationship between the TSR and the CEO salaries, interpret and comment.

Using regression analysis, investigate the relationship between these two variables.

Show all calculations, interpret the results and comment

As a robustness check, also illustrate the relationship between the TSR and the ALSI returns. Using regression analysis, investigate the relationship between the two varibles.

Compile a report of your findings to be included in the research report