I'm using Stata 15.1 to run certain regressions of a dependent variable on 12 independent variables, 2 of which are dummies. I have about 13000 observations of about firms and 11 years. The following is a sample of my data:
Code:
* Example generated by -dataex-. To install: ssc install dataex clear input float id double fyear float depvar double indepvar float(avg_acc bign btm) double ib float(lev ln_mve negearn) double(returns returns_sd) float roa double turnover 1 2008 .21098053 .5637141535615172 .008471157 1 .3294921 693 .2857335 8.957575 0 -.009528047869725224 .043552877898948815 .09318274 .008361675741150975 1 2009 .19782035 .5812519272278756 .0576721 1 .29263046 -31 .3815029 9.055287 1 .005355215185532733 .06399085279101045 -.004072517 .010527989189140498 1 2010 .196463 .5812519272278756 .0035066006 1 .26797697 684 .22586633 9.396472 0 .0068172405747016175 .04030163330312947 .070544556 .01009467148128897 1 2011 .19716935 .6583745239445751 .027382135 1 .3355041 1012 .21331567 9.46035 0 .002321546803264377 .057455056678877264 .11173678 .012597314028069377 1 2012 .19436316 .6920832995705375 .007118451 1 .4155719 1153 .20045558 9.4310465 0 .000574310337576796 .048660550088320056 .10943432 .009339219935238362 1 2013 .18369286 .6920832995705375 .04005241 1 .3133838 724 .25257346 9.733144 0 .0073712712373190485 .028140228933663403 .0677522 .009011035441420972 1 2014 .180157 .715292459478506 .01911181 1 .2861167 504 .25500876 9.82644 0 .002056485512293875 .028562754063788047 .0465331 .0067959762928076085 1 2015 .17802577 .7040169133192389 .012033694 1 .3323942 438 .22128627 9.436385 0 .00011126648795017797 .0269186764339904 .05361679 .007689854548778385 1 2016 .17573275 .7040169133192389 .04242502 1 .3010673 462 .24506536 9.553448 0 .003445337727988282 .030085134101758067 .05921559 .006401633309200406 1 2017 .17838474 .723684210526316 .024329456 1 .22055374 684 .2137432 9.994423 0 .008917151643030453 .021258123519906528 .0811773 .005766246012412012 1 2018 .17764647 .6660412757973732 .09027046 1 .22186323 316 .21063107 9.932306 0 -.0002192192306906423 .03571619570176653 .03699801 .00796381507301703 2 2008 .14732866 .3602941176470588 .0455329 1 .4634591 -273.829 .4979979 6.274389 1 .004488017717552073 .1523623373863852 -.1327424 .031082197126001118 2 2009 .18914294 .3035714285714285 .00719254 1 .7137276 134.662 .47676665 6.55574 0 .009821480704256548 .11954877456868047 .0589544 .02977910908870399 2 2010 .18234695 .4 .05607961 1 .5380657 38.543 .4342996 6.910154 0 .010715832983036168 .10333402652174215 .017685564 .030142837908118964 3 2014 .14020246 .2490118577075098 .004523543 1 .05402936 2882 .40903795 10.529575 0 .01575231987785978 .04715140656536541 .06584268 .017945348266512156 3 2015 .11068071 .29090909090909095 .02811112 1 .2130214 7610 .4246824 10.183115 0 -.0028670972365384493 .051643774805462055 .1571827 .016255052791908385 3 2016 .14916953 .29090909090909095 .07504778 1 .15980203 2676 .4747825 10.07262 0 .003643968411219808 .05328928039386283 .05219019 .015726902717724443 3 2017 .14504911 .29090909090909095 .05496537 1 .158686 1919 .4876839 10.116204 0 .002807587695525189 .04086280597844709 .03733754 .011680605379864574 3 2018 .1349146 .21538461538461545 .035011556 1 -.01142647 1412 .56172 9.601722 0 -.0062770233815535904 .058583369794131965 .02330802 .015764765104278922
Code:
xtset id fyear xtreg depvar indepvar avg_accruals bign btm ib lev ln_mve negearn returns returns_sd roa turnover, fe vce(robust) reghdfe depvar indepvar avg_accruals bign btm ib lev ln_mve negearn returns returns_sd roa turnover, absorb(id fyear) vce(robust)
The following are the first half of the results that I am getting - is there a reason why the degrees of freedom for F values are different?
xtreg:
Code:
Fixed-effects (within) regression Number of obs = 13,398 Group variable: id Number of groups = 1,538 R-sq: Obs per group: within = 0.2122 min = 2 between = 0.0148 avg = 8.7 overall = 0.0273 max = 12 F(12,1537) = 59.05 corr(u_i, Xb) = -0.2804 Prob > F = 0.0000 (Std. Err. adjusted for 1,538 clusters in id)
Code:
HDFE Linear regression Number of obs = 13,398 Absorbing 2 HDFE groups F( 12, 11837) = 32.01 Prob > F = 0.0000 R-squared = 0.9124 Adj R-squared = 0.9008 Within R-sq. = 0.0436 Root MSE = 0.0167
Code:
xtreg depvar indepvar avg_accruals bign btm ib lev ln_mve negearn returns returns_sd roa turnover i.id i.fyear, fe vce(robust)
Code:
xtreg depvar indepvar controls, fe vce(robust)
0 Response to Different results using xtreg, fe and reghdfe, absorb
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