Dear all,

I am working with panel data, Fixed and Random effects models, and doing my interpretation part now. However, i am not sure if R squared in panel data should be interpreted in the same way as in cross-sections data.
Please see below the output of my FE model regression

Code:
. xtreg risk age income health chilsize eduyears marstat empstat lifesat, fe vce (cluster id)

Fixed-effects (within) regression               Number of obs      =     15543
Group variable: id                              Number of groups   =      1459

R-sq:  within  = 0.0072                         Obs per group: min =         1
       between = 0.0486                                        avg =      10.7
       overall = 0.0292                                        max =        13

                                                F(8,1458)          =     10.02
corr(u_i, Xb)  = 0.0674                         Prob > F           =    0.0000

                                  (Std. Err. adjusted for 1459 clusters in id)
------------------------------------------------------------------------------
             |               Robust
        risk |      Coef.   Std. Err.      t    P>|t|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
         age |  -.0074099   .0044295    -1.67   0.095    -.0160988    .0012789
      income |   .0000404   .0000157     2.56   0.010     9.46e-06    .0000712
      health |   .0468225   .0244021     1.92   0.055    -.0010445    .0946895
    chilsize |  -.0213291   .0323559    -0.66   0.510    -.0847981      .04214
    eduyears |  -.0166755    .045874    -0.36   0.716    -.1066617    .0733106
     marstat |  -.3777056   .0998787    -3.78   0.000    -.5736269   -.1817844
     empstat |   .1179813   .1050466     1.12   0.262    -.0880773      .32404
     lifesat |   .0817402   .0151808     5.38   0.000     .0519618    .1115187
       _cons |   4.479306   .6160986     7.27   0.000     3.270771     5.68784
-------------+----------------------------------------------------------------
     sigma_u |  1.5979702
     sigma_e |  1.4577463
         rho |  .54579262   (fraction of variance due to u_i)
------------------------------------------------------------------------------
My question is how would you interpret the above within R squared?

Thank you for your kind feedback.

Best