Hi statalist, I have a question regard to how to interpreting dummy variable with no constant in the model. For example, in this cross sectional regression
stock returni = α1 capital expenditurei + α2 employeei + α3Financial industry + α4Consumer production industry + α5Agro industryεi
where capital expenditure and employee are normal variables, Financial industries, consumer production industry and agro industry are dummy variable where FIN = 1 mean the stock is in financial industries and 0 for other wise, Consumer production =1 mean stock is in consumer production and 0 for other wise Agro=1 mean stock is in agro and 0 for other wise (Note that suppose there are only three industry in the market, financial, consumer production and agricultural)
So in this case, I understand that there is no base dummy variables. Therefore, it can be interpreted that α3 is the coefficient of financial industry (it doesn't require to sum with coefficient from constant) However, what about capital expenditure, can I interpret that α1 is the sensitivity of "overall" stock return to capital expenditure instead of sensitivity of "base dummy variable" stock return to capital expenditure?

Best regards,
Siraphop Swingthong