I am using panel data and I want to test for autocorrelation in my dataset. The data covers 1059 companies, with for each company 2 (DV) Dependent Variables (ROA and Tobin's Q) and 5 (IV) Independent Variables. The data covers a maximum of 81 months (Jan 2014 - Oct 2020), where most of the companies only cover 24-36 months. Furthermore, in some cases there is data missing in the DV or IV in the relevant month (see the #N/A in the overview). Overview:
ExtractionDate | EntityName | DV1 | DV2 | IV1 | IV2 | IV3 | IV4 | IV5 | CompanyID |
1-9-2014 | Company A | #N/A | 0,128 | 6,296 | 0,9 | 2536,192 | 30,308 | 0,004 | 1 |
1-10-2014 | Company A | #N/A | 0,128 | 6,296 | 0,9 | 2536,192 | 30,308 | 0,004 | 1 |
1-11-2014 | Company A | #N/A | 0,128 | 6,296 | 0,9 | 2536,192 | 30,308 | 0,004 | 1 |
1-12-2014 | Company A | #N/A | 0,128 | 6,296 | 0,9 | 2536,192 | 30,308 | 0,004 | 1 |
1-1-2015 | Company A | 5,158 | 0,079 | 6,927 | 0,9 | 892,200 | 0,000 | 0,195 | 1 |
1-2-2015 | Company A | 5,158 | 0,079 | 6,927 | 0,9 | 892,200 | 0,000 | 0,195 | 1 |
1-3-2015 | Company A | 5,158 | 0,079 | 6,927 | 0,9 | 892,200 | 0,000 | 0,195 | 1 |
1-4-2015 | Company A | 5,158 | 0,079 | 6,927 | 0,9 | 892,200 | 0,000 | 0,195 | 1 |
1-5-2015 | Company A | 5,158 | 0,079 | 6,927 | 0,9 | 892,200 | 0,000 | 0,195 | 1 |
1-11-2015 | Company B | 5,491 | 0,135 | 8,580 | 0,9 | 1107,4 | 0 | 0,170 | 2 |
1-12-2015 | Company B | 5,491 | 0,135 | 8,580 | 0,9 | 1107,4 | 0 | 0,170 | 2 |
1-1-2016 | Company B | 4,229 | 0,106 | 8,616 | 0,9 | 1399 | 0 | 0,181 | 2 |
1-2-2016 | Company B | 4,229 | 0,106 | 8,616 | 0,9 | 1399 | 0 | 0,181 | 2 |
1-3-2016 | Company B | 4,229 | 0,106 | 8,616 | 0,9 | 1399 | 0 | 0,181 | 2 |
1-4-2016 | Company B | 4,229 | 0,106 | 8,616 | 0,9 | 1399 | 0 | 0,181 | 2 |
1-5-2016 | Company B | 4,229 | 0,106 | 8,616 | 0,9 | 1399 | 0 | 0,181 | 2 |
1-6-2016 | Company B | 4,229 | 0,106 | 8,616 | 0,9 | 1399 | 0 | 0,181 | 2 |
1-1-2014 | Company C | 0,946 | 0,00713573 | 14,755008 | 1,15 | 870128 | 352 | 0,0539174 | 3 |
1-2-2014 | Company C | 0,946 | 0,00713573 | 14,755008 | 1,15 | 870128 | 352 | 0,0539174 | 3 |
1-3-2014 | Company C | 0,946 | 0,00713573 | 14,755008 | 1,15 | 870128 | 352 | 0,0539174 | 3 |
1-4-2014 | Company C | 0,946 | 0,00713573 | 14,755008 | 1,15 | 870128 | 352 | 0,0539174 | 3 |
1-5-2014 | Company C | 0,946 | 0,00713573 | 14,755008 | 1,15 | 870128 | 352 | 0,0539174 | 3 |
1-6-2014 | Company C | 0,946 | 0,00713573 | 14,755008 | 1,15 | 870128 | 352 | 0,0539174 | 3 |
1-7-2014 | Company C | 0,946 | 0,00713573 | 14,755008 | 1,15 | 870128 | 352 | 0,0539174 | 3 |
1-8-2014 | Company C | 0,809 | 0,00229936 | 14,755008 | 1,15 | 930695 | 352 | 0,0635052 | 3 |
1-9-2014 | Company C | 0,809 | 0,00229936 | 14,755008 | 1,15 | 930695 | 352 | 0,0635052 | 3 |
1-10-2014 | Company C | 0,809 | 0,00229936 | 14,755008 | 1,15 | 930695 | 352 | 0,0635052 | 3 |
1-11-2014 | Company C | 0,809 | 0,00229936 | 14,755008 | 1,15 | 930695 | 352 | 0,0635052 | 3 |
sort EntityName ExtractionDate
egen CompanyID = group(EntityName)
To follow up on the latter, I have stated to STATA that I use panel data using the commands:
xtset CompanyID ExtractionDate
tsset CompanyID ExtractionDate
(resulting in):
. xtset CompanyID ExtractionDate
panel variable: CompanyID (unbalanced)
time variable: ExtractionD~e, 1/1/2014 to 10/1/2020, but with gaps
delta: 1 day
. tsset CompanyID ExtractionDate
panel variable: CompanyID (unbalanced)
time variable: ExtractionD~e, 1/1/2014 to 10/1/2020, but with gaps
delta: 1 day
I want to test for autocorrelation by using the Breusch-Godfrey test (command: estat bgodfrey), but whatever I try I keep getting the error 'sample may not include multiple panels'. The commands I use are:
reg DV1 IV1 IV2 IV3 IV4 IV5
estat bgodfrey
(and then I receive the error 'sample may not include multiple panels')
Does anyone know how I can avoid this error and perform a Breusch-Godfrey test?
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