In my panel data, I want to control for time dummies and industry dummies. Industry dummies are set according to 2-digit sic code(1-99). However, my sic codes are 4 digit. How do I set industry dummies according to the first two digits sic code? Do you have any suggestions for the code?
For example, when sic code is 3826, the first two digits code is 38, I set industry dummies based on the first two digit sic code.
Also, when including time dummies, it is ok to use code: reg totalstr femaleratio outsiders1 roe logasset RDintensity risk i.year, robust.
i.year represents year dummies?
Thanks for any helps.
Code:
* Example generated by -dataex-. For more info, type help dataex clear input double year str10 Ticker float(totalcsr totalstr totalcon) double NumberDirectors float(femaleratio outsiders1) str6 gvkey str4 sic float(logasset roe RDintensity risk) 2002 "A" 3 6 -3 8 .125 .875 "126554" "3826" 9.012256 -.2230387 .19450915 .14019261 2007 "A" 9 11 -2 9 .111 .8888889 "126554" "3826" 8.929832 .1972789 .12638377 .27627748 2008 "A" 6 8 -2 9 .111 .8888889 "126554" "3826" 8.914223 .2708089 .12192588 .2857335 2009 "A" 6 8 -2 9 .111 .8888889 "126554" "3826" 8.937481 -.012370312 .1432716 .3815029 2010 "A" 4 6 -2 8 .125 .875 "126554" "3826" 9.179469 .21137206 .11202636 .22586633 2011 "A" 5 5 0 9 .111 .8888889 "126554" "3826" 9.111293 .23447637 .09794748 .21331567 2012 "A" 2 2 0 9 .111 .8888889 "126554" "3826" 9.262553 .22237223 .0975503 .20045558 2013 "A" 7 7 0 9 .111 .8888889 "126554" "3826" 9.27669 .13688788 .10395163 .25257346 2004 "AAON" 0 0 0 8 0 .875 "021542" "3585" 4.65612 .10567506 .006186983 .001587045 2005 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 4.732736 .14418517 .0090769185 .00051933876 2006 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 4.867965 .18705782 .008528471 0 2007 "AAON" 0 0 0 6 0 .8333333 "021542" "3585" 4.921002 .2426745 .009458435 0 2008 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 4.946936 .29619154 .00921262 0 2009 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 5.051208 .2349257 .012638514 0 2010 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 5.076903 .1875466 .014720796 0 2011 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 5.18728 .1141677 .0180302 0 2012 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 5.265241 .19870996 .01187672 0 2013 "AAON" 0 0 0 7 0 .8571429 "021542" "3585" 5.372701 .22879724 .016192315 0 2002 "AAP" 0 0 0 11 .091 .9090909 "145977" "5531" 7.583362 .13882388 0 .368829 2004 "AAP" 0 0 0 7 .143 .8571429 "145977" "5531" 7.697104 .26025763 0 .19904976 2006 "AAP" 0 0 0 10 .1 .9 "145977" "5531" 7.894572 .22439453 0 .1778717 2007 "AAP" -2 0 -2 9 .111 .8888889 "145977" "5531" 7.939361 .23277804 0 .18002144 2009 "AAP" -2 0 -2 9 .111 .8888889 "145977" "5531" 8.030397 .21083935 0 .06603626 2010 "AAP" 0 0 0 9 .333 .8888889 "145977" "5531" 8.117973 .3329437 0 .08969336 2012 "AAP" 0 0 0 10 .2 .9 "145977" "5531" 8.4368105 .3202048 0 .13101113 2013 "AAP" 0 0 0 9 .111 .8888889 "145977" "5531" 8.624211 .25838062 0 .18916635 2002 "AAPL" 1 1 0 5 0 .8 "001690" "3663" 8.747988 .015873017 .07784744 .05017466 2003 "AAPL" 0 0 0 6 0 .8333333 "001690" "3663" 8.826881 .016339095 .07588207 0 2004 "AAPL" 1 1 0 8 0 .875 "001690" "3663" 8.993427 .05437352 .0590651 0 2005 "AAPL" 2 2 0 7 0 .8571429 "001690" "3663" 9.354527 .1788106 .03833178 0 2006 "AAPL" 2 2 0 8 0 .875 "001690" "3663" 9.752955 .19921875 .03686254 0 2007 "AAPL" 1 2 -1 7 0 .8571429 "001690" "3663" 10.140415 .24057253 .03257519 0 2008 "AAPL" -1 1 -2 8 .125 .875 "001690" "3663" 10.585877 .2298621 .03414514 0 2009 "AAPL" -1 1 -2 7 .143 .8571429 "001690" "3663" 10.768506 .26027182 .03106864 0 2010 "AAPL" -1 5 -6 6 .167 .8333333 "001690" "3663" 11.22768 .2932142 .027320813 0 2011 "AAPL" 1 4 -3 8 .125 .875 "001690" "3663" 11.664538 .3383411 .022439007 0 2012 "AAPL" -2 4 -6 8 .125 .875 "001690" "3663" 12.078603 .3530412 .02160273 0 2013 "AAPL" 2 8 -6 8 .125 .875 "001690" "3663" 12.240474 .2997758 .02618337 .08193237 2009 "AATI" 0 0 0 6 0 .8333333 "163679" "3674" 4.991412 -.09597123 .3175051 0 2010 "AATI" 0 0 0 7 0 .8571429 "163679" "3674" 4.933193 -.10421536 .3224078 0 2009 "ABAT" -1 0 -1 11 .273 .54545456 "002831" "3690" 5.061493 .1619016 .005474969 0 2010 "ABAT" 0 0 0 11 .273 .54545456 "002831" "3690" 5.427581 .17897487 .002110595 0 2004 "ABAX" -1 0 -1 6 0 .8333333 "024888" "3845" 4.125488 .4403907 .10148484 .00025848977 2005 "ABAX" -1 0 -1 6 0 .8333333 "024888" "3845" 4.2628064 .07866444 .09761553 0 2006 "ABAX" -1 0 -1 6 0 .8333333 "024888" "3845" 4.41978 .10522537 .08888986 0 2007 "ABAX" 0 0 0 6 0 .8333333 "024888" "3845" 4.631958 .11471097 .07167628 0 2008 "ABAX" 0 0 0 6 0 .8333333 "024888" "3845" 4.794989 .11947558 .06927828 0 2009 "ABAX" 0 0 0 6 0 .8333333 "024888" "3845" 4.946708 .09467106 .07920464 0 2010 "ABAX" 0 0 0 5 0 .8 "024888" "3845" 5.122868 .08852018 .0858081 0 2011 "ABAX" 0 0 0 6 0 .8333333 "024888" "3845" 5.237824 .08619729 .08333334 .003962605 2012 "ABAX" 1 1 0 6 0 .8333333 "024888" "3845" 5.203105 .08192884 .07820123 .004306078 2013 "ABAX" 1 1 0 6 0 .8333333 "024888" "3845" 5.307094 .15584525 .072984815 .0033802036 2013 "ABBV" 1 4 -3 9 .111 .8888889 "016101" "2836" 10.281856 .9189671 .1699308 .4894856 2004 "ABC" -3 0 -3 9 .111 .7777778 "031673" "5122" 9.363405 .10794771 0 .09928872 2005 "ABC" -3 0 -3 10 .1 .8 "031673" "5122" 9.339716 .06182779 0 .08360113 2006 "ABC" -2 0 -2 10 .1 .8 "031673" "5122" 9.455943 .11294283 0 .08557086 2007 "ABC" -2 0 -2 9 .111 .8888889 "031673" "5122" 9.418173 .15135786 0 .09969875 2008 "ABC" -1 0 -1 9 .111 .8888889 "031673" "5122" 9.410648 .09245566 0 .09718717 2009 "ABC" -1 0 -1 8 .125 .875 "031673" "5122" 9.515819 .185313 0 .086713 2010 "ABC" -1 0 -1 9 .222 .8888889 "031673" "5122" 9.5774 .21553284 0 .09304971 2011 "ABC" -1 0 -1 9 .222 .8888889 "031673" "5122" 9.61465 .2464803 0 .06493255 2012 "ABC" 0 0 0 9 .222 .8888889 "031673" "5122" 9.644984 .2926619 0 .09367768 2013 "ABC" 1 1 0 10 .2 .9 "031673" "5122" 9.847903 .1869632 0 .0738217 2013 "ABC" 1 1 0 10 .2 .9 "031673" "5122" 9.847903 .1869632 0 .0738217 2013 "ABC" 0 0 0 10 .2 .9 "031673" "5122" 9.847903 .1869632 0 .0738217 2010 "ABCD" 0 0 0 8 0 .75 "176939" "7370" 5.948197 -.12861659 .05824782 .42595455 2011 "ABCD" 0 0 0 9 0 .7777778 "176939" "7370" 5.912638 -.54891753 .0576635 .50437945 2007 "ABG" -2 0 -2 11 .182 .9090909 "144640" "5500" 7.609019 .0872181 0 .23501016 2008 "ABG" -2 0 -2 11 .182 .8181818 "144640" "5500" 7.411133 -1.517737 0 .3314393 2009 "ABG" -2 0 -2 11 .182 .8181818 "144640" "5500" 7.24487 .05500821 0 .3774716 2010 "ABG" -1 0 -1 11 .182 .8181818 "144640" "5500" 7.304045 .13270637 0 .359887 2011 "ABG" -1 0 -1 10 .2 .9 "144640" "5500" 7.257989 .20789957 0 .3093561 2012 "ABG" 0 0 0 9 .222 .7777778 "144640" "5500" 7.415416 .2040715 0 .2777176 2013 "ABG" 2 2 0 9 .222 .7777778 "144640" "5500" 7.543591 .22238076 0 .2876734 2013 "ABG" 0 2 -2 9 .222 .7777778 "144640" "5500" 7.543591 .22238076 0 .2876734 2009 "ABII" 0 0 0 8 0 .625 "178855" "2836" 6.973899 -.12184836 .4306225 0 2004 "ABMD" 1 1 0 8 .125 .875 "013619" "3841" 4.0802627 -.17384423 .5391429 0 2005 "ABMD" 1 1 0 9 .111 .7777778 "013619" "3841" 4.111873 -.04168817 .3458761 0 2006 "ABMD" 1 1 0 9 .111 .8888889 "013619" "3841" 4.3635697 -.4237998 .6880009 0 2007 "ABMD" 1 1 0 8 .125 .875 "013619" "3841" 4.914 -.22835498 .4525854 0 2008 "ABMD" 0 0 0 8 .125 .875 "013619" "3841" 4.770947 -.4373144 .4171629 0 2009 "ABMD" 0 0 0 9 .111 .8888889 "013619" "3841" 4.912346 -.27242786 .33942086 0 2010 "ABMD" 0 0 0 9 .111 .8888889 "013619" "3841" 4.864221 -.17621994 .29673445 0 2011 "ABMD" 0 0 0 8 .125 .875 "013619" "3841" 4.879676 -.11222707 .25442162 0 2012 "ABMD" 0 0 0 7 .143 .8571429 "013619" "3841" 5.036375 .011837178 .2034817 0 2013 "ABMD" 1 1 0 7 .143 .8571429 "013619" "3841" 5.135793 .10952728 .1621955 0 2004 "ABR" 0 0 0 7 0 .7142857 "160173" "6798" 6.815963 .09542422 0 .18170877 2005 "ABR" 0 0 0 9 .111 .7777778 "160173" "6798" 7.24142 .1751927 0 .3705381 2006 "ABR" 0 0 0 9 .111 .7777778 "160173" "6798" 7.698186 .17025372 0 .6246259 2007 "ABR" 0 0 0 10 .1 .8 "160173" "6798" 7.972981 .21386772 0 .6591153 2008 "ABR" -1 0 -1 10 .1 .8 "160173" "6798" 7.855248 -.28906855 0 .55695254 2009 "ABR" -1 0 -1 10 .1 .8 "160173" "6798" 7.630837 -2.3382268 0 .8148192 2010 "ABR" 0 0 0 10 .1 .8 "160173" "6798" 7.456575 .5470048 0 .7250463 2011 "ABR" 0 0 0 10 .1 .8 "160173" "6798" 7.482521 -.2329352 0 .6160958 2012 "ABR" 0 0 0 8 .125 .875 "160173" "6798" 7.439489 .09297287 0 .5821112 2001 "ABT" -3 1 -4 14 .143 .7857143 "001078" "3845" 10.056055 .17113546 .1785636 .18610123 2002 "ABT" -2 1 -3 14 .143 .7857143 "001078" "3845" 10.096547 .26196158 .09440338 .1761802 2003 "ABT" -3 1 -4 13 .154 .7692308 "001078" "3845" 10.192993 .2106165 .09317376 .12922646 2004 "ABT" -6 1 -7 13 .154 .7692308 "001078" "3845" 10.267 .22587603 .10039417 .16643555 2005 "ABT" -5 1 -6 14 .143 .7857143 "001078" "3845" 10.279908 .2339231 .08248034 .15687424 end
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