Dear community!

I need your help I have been reading many posts in this forum and generally on the world wide web but I failed to find an answer to my question. Maybe it is too simple and that is why I cannot find it..

I ran a FE regression without time dummies first:
Array


I do know that the interpretation then would be "for a given firm as the Members-to-beneficiaries-ratio (MBRatio) varies across time by 1 unit, the Return (Y) changes by 0.221 units (%)."

However, if I include time dummies with i.year (I did testparm i.year to test for time fixed-effects) then I get confused about the interpretation of the coefficients. First of all, I have to leave out "interest rate (IntRate)" and "inflation (infl)" as those factors are equal for all firms and will then, as I understand it, be part of the time fixed-effects (year d. coefficients) - but correct me on that if I misinterpret this (too).

So the regression with the year dummies looks as follows:
Array

1) Would it the interpretation then still be "for a given firm as the Members-to-beneficiaries-ratio (MBRatio) varies across time by 1 unit, the Return (Y) changes by 0.0997 units (%)."?

and 2) how do I interpret the time dummies? Because obviously the interpretation as above does not really make any sense. Does it mean something like that the year 2020 (itself with its factors) had an influence of 13.065 unit increase in Return (Y) relative to 2016. Or how do I interpret these? Do I even or do they just tell me that some factors (i.e. interest rates) that are equal for all funds in a certain year singificantly influenced my dependent variable (return)?

I am not sure where I make the error in thinking exactly, but I hope someone of you out there can help me with it

Thanks a lot in advance already!

Best,
Marina