Hello could you please help for the following question?
I am working for company level panel data but would like to test country level too.

First, I set up the panel dataset as follows:

xtset corporate_number year

However, I would like to test the panel specification with country and year.
Then, I use

areg xxx xxx i.year, absorb (country_number) robust

But in this case the standard error would be clustered by company or country?
If you could please help me understand the above question, it would highly be appreciated.