Hi,

I am performing fixed effects panel regression and some of my control variables have outliers.
For eg:

Code:
 univar land_amount
                                        -------------- Quantiles --------------
Variable       n     Mean     S.D.      Min      .25      Mdn      .75      Max
-------------------------------------------------------------------------------
land_amount    5734     1.87     4.17     0.00     0.02     0.55     2.50   100.00
-------------------------------------------------------------------------------
Now had 100 been an one off figure, there was a possibility that it is a recording error. However, a tabulation of the variable shows there are several such uncharacteristically high (given the context of the data) values, which makes me believe that these are not recording errors.
Code:
tab land_amount

land_amount |      Freq.     Percent        Cum.
------------+-----------------------------------
          0 |        504        8.79        8.79
        .01 |        382        6.66       15.45
        .02 |        694       12.10       27.55
        .03 |        484        8.44       36.00
        .04 |        150        2.62       38.61
        .05 |        167        2.91       41.52
        .06 |         36        0.63       42.15
        .06 |          2        0.03       42.19
        .07 |         14        0.24       42.43
        .08 |         10        0.17       42.61
        .09 |          6        0.10       42.71
         .1 |          1        0.02       42.73
         .1 |         23        0.40       43.13
        .11 |          5        0.09       43.22
        .12 |          4        0.07       43.29
        .12 |          2        0.03       43.32
        .13 |          1        0.02       43.34
        .14 |          2        0.03       43.37
        .15 |         11        0.19       43.56
        .16 |          1        0.02       43.58
        .18 |          1        0.02       43.60
        .18 |          1        0.02       43.62
        .19 |          1        0.02       43.63
         .2 |         23        0.40       44.04
        .21 |          2        0.03       44.07
        .22 |          3        0.05       44.12
        .23 |          8        0.14       44.26
        .24 |          1        0.02       44.28
        .24 |          1        0.02       44.30
        .25 |          3        0.05       44.35
        .26 |          1        0.02       44.37
        .27 |          9        0.16       44.52
        .28 |          8        0.14       44.66
        .29 |          1        0.02       44.68
         .3 |         12        0.21       44.89
        .31 |         10        0.17       45.06
        .32 |          2        0.03       45.10
        .32 |         18        0.31       45.41
        .33 |          6        0.10       45.52
        .34 |          2        0.03       45.55
        .35 |          4        0.07       45.62
        .35 |          3        0.05       45.67
        .36 |          1        0.02       45.69
        .36 |          1        0.02       45.71
        .37 |          4        0.07       45.78
        .38 |          3        0.05       45.83
        .39 |          1        0.02       45.85
         .4 |         10        0.17       46.02
        .41 |          4        0.07       46.09
        .42 |          1        0.02       46.11
        .42 |         14        0.24       46.36
        .43 |          7        0.12       46.48
        .44 |          2        0.03       46.51
        .45 |          1        0.02       46.53
        .46 |          1        0.02       46.55
        .47 |          1        0.02       46.56
        .49 |          1        0.02       46.58
         .5 |         15        0.26       46.84
        .51 |         20        0.35       47.19
        .52 |         67        1.17       48.36
        .53 |         50        0.87       49.23
        .54 |         28        0.49       49.72
        .55 |         19        0.33       50.05
        .56 |          3        0.05       50.10
        .57 |          4        0.07       50.17
        .59 |          1        0.02       50.19
         .6 |          5        0.09       50.28
        .62 |          7        0.12       50.40
        .63 |          5        0.09       50.49
        .64 |          2        0.03       50.52
        .67 |          1        0.02       50.54
        .68 |          1        0.02       50.56
         .7 |          6        0.10       50.66
        .71 |          4        0.07       50.73
        .71 |          1        0.02       50.75
        .72 |          7        0.12       50.87
        .73 |         10        0.17       51.05
        .73 |          1        0.02       51.06
        .74 |          3        0.05       51.12
        .75 |          3        0.05       51.17
        .76 |          4        0.07       51.24
        .77 |          4        0.07       51.31
        .78 |          6        0.10       51.41
        .79 |          1        0.02       51.43
         .8 |         11        0.19       51.62
        .81 |          4        0.07       51.69
        .82 |          6        0.10       51.80
        .83 |          9        0.16       51.95
        .84 |          1        0.02       51.97
        .85 |          2        0.03       52.01
        .86 |          3        0.05       52.06
        .88 |          2        0.03       52.09
        .89 |          1        0.02       52.11
         .9 |          1        0.02       52.13
         .9 |          1        0.02       52.15
        .92 |          1        0.02       52.16
   .9299999 |          1        0.02       52.18
        .95 |          2        0.03       52.21
        .96 |          1        0.02       52.23
        .97 |          1        0.02       52.25
          1 |          9        0.16       52.41
       1.01 |         53        0.92       53.33
       1.02 |        146        2.55       55.88
       1.03 |        122        2.13       58.00
       1.04 |         52        0.91       58.91
       1.05 |         56        0.98       59.89
       1.06 |         17        0.30       60.18
       1.07 |          6        0.10       60.29
       1.08 |          2        0.03       60.32
       1.08 |          2        0.03       60.36
       1.09 |          3        0.05       60.41
        1.1 |          1        0.02       60.43
        1.1 |         10        0.17       60.60
       1.11 |          1        0.02       60.62
       1.12 |          4        0.07       60.69
       1.13 |          1        0.02       60.71
       1.14 |          1        0.02       60.73
       1.18 |          1        0.02       60.74
       1.19 |          1        0.02       60.76
        1.2 |          5        0.09       60.85
       1.22 |          1        0.02       60.87
       1.25 |          1        0.02       60.88
       1.26 |          2        0.03       60.92
       1.27 |          3        0.05       60.97
       1.28 |          5        0.09       61.06
       1.28 |          1        0.02       61.07
        1.3 |          5        0.09       61.16
       1.31 |          1        0.02       61.18
       1.32 |          2        0.03       61.21
       1.33 |          1        0.02       61.23
       1.35 |          2        0.03       61.27
       1.36 |          1        0.02       61.28
       1.39 |          1        0.02       61.30
        1.4 |          3        0.05       61.35
        1.4 |          1        0.02       61.37
       1.41 |          1        0.02       61.39
       1.42 |          2        0.03       61.42
       1.43 |          1        0.02       61.44
        1.5 |         11        0.19       61.63
       1.51 |         27        0.47       62.10
       1.52 |         57        0.99       63.10
       1.53 |         38        0.66       63.76
       1.54 |         17        0.30       64.06
       1.55 |         11        0.19       64.25
       1.56 |          3        0.05       64.30
       1.58 |          3        0.05       64.35
        1.6 |          4        0.07       64.42
       1.61 |          2        0.03       64.46
       1.62 |          3        0.05       64.51
       1.63 |          1        0.02       64.53
       1.72 |          3        0.05       64.58
       1.74 |          1        0.02       64.60
       1.75 |          1        0.02       64.61
       1.76 |          2        0.03       64.65
       1.77 |          3        0.05       64.70
       1.79 |          2        0.03       64.74
        1.8 |          3        0.05       64.79
       1.82 |          2        0.03       64.82
       1.83 |          1        0.02       64.84
       1.83 |          1        0.02       64.86
        1.9 |          1        0.02       64.88
       1.92 |          1        0.02       64.89
       1.94 |          1        0.02       64.91
          2 |         21        0.37       65.28
       2.01 |         46        0.80       66.08
       2.02 |        143        2.49       68.57
       2.03 |        147        2.56       71.14
       2.04 |         54        0.94       72.08
       2.05 |         65        1.13       73.21
       2.06 |         17        0.30       73.51
       2.07 |          7        0.12       73.63
       2.08 |          8        0.14       73.77
       2.09 |          1        0.02       73.79
        2.1 |         20        0.35       74.14
       2.11 |          1        0.02       74.15
       2.12 |          8        0.14       74.29
       2.13 |          3        0.05       74.35
       2.15 |          1        0.02       74.36
       2.15 |          3        0.05       74.42
       2.16 |          1        0.02       74.43
       2.19 |          2        0.03       74.47
        2.2 |          5        0.09       74.56
       2.23 |          2        0.03       74.59
       2.25 |          3        0.05       74.64
       2.26 |          1        0.02       74.66
       2.27 |          3        0.05       74.71
       2.28 |          3        0.05       74.76
        2.3 |          3        0.05       74.82
       2.33 |          1        0.02       74.83
        2.4 |          3        0.05       74.89
       2.41 |          1        0.02       74.90
       2.43 |          1        0.02       74.92
       2.49 |          2        0.03       74.96
        2.5 |         15        0.26       75.22
       2.51 |          7        0.12       75.34
       2.52 |         22        0.38       75.72
       2.53 |         34        0.59       76.32
       2.54 |         16        0.28       76.60
       2.55 |         11        0.19       76.79
       2.56 |          1        0.02       76.81
       2.57 |          1        0.02       76.82
       2.58 |          2        0.03       76.86
        2.6 |          2        0.03       76.89
       2.63 |          2        0.03       76.93
       2.65 |          1        0.02       76.94
       2.66 |          1        0.02       76.96
       2.66 |          1        0.02       76.98
       2.73 |          1        0.02       77.00
       2.75 |          2        0.03       77.03
       2.76 |          1        0.02       77.05
       2.77 |          1        0.02       77.07
       2.78 |          1        0.02       77.08
        2.8 |          2        0.03       77.12
       2.81 |          1        0.02       77.14
       2.82 |          2        0.03       77.17
       2.99 |          1        0.02       77.19
          3 |         10        0.17       77.36
       3.01 |         47        0.82       78.18
       3.02 |         88        1.53       79.72
       3.03 |        101        1.76       81.48
       3.04 |         35        0.61       82.09
       3.05 |         41        0.72       82.80
       3.06 |          6        0.10       82.91
       3.07 |          5        0.09       83.00
       3.08 |          2        0.03       83.03
       3.09 |          1        0.02       83.05
        3.1 |         11        0.19       83.24
       3.12 |          6        0.10       83.34
       3.15 |          3        0.05       83.40
       3.16 |          2        0.03       83.43
       3.22 |          1        0.02       83.45
       3.23 |          2        0.03       83.48
       3.24 |          1        0.02       83.50
       3.25 |          4        0.07       83.57
       3.27 |          1        0.02       83.59
       3.28 |          1        0.02       83.61
        3.3 |          5        0.09       83.69
       3.31 |          1        0.02       83.71
       3.34 |          1        0.02       83.73
       3.36 |          1        0.02       83.75
        3.4 |          1        0.02       83.76
        3.4 |          2        0.03       83.80
       3.46 |          1        0.02       83.82
       3.46 |          1        0.02       83.83
       3.48 |          1        0.02       83.85
        3.5 |          7        0.12       83.97
       3.51 |          3        0.05       84.03
       3.52 |          9        0.16       84.18
       3.53 |          7        0.12       84.30
       3.54 |          3        0.05       84.36
       3.55 |          6        0.10       84.46
       3.56 |          1        0.02       84.48
       3.57 |          2        0.03       84.51
       3.58 |          1        0.02       84.53
        3.6 |          3        0.05       84.58
        3.6 |          1        0.02       84.60
       3.62 |          2        0.03       84.64
       3.63 |          1        0.02       84.65
       3.64 |          1        0.02       84.67
       3.65 |          1        0.02       84.69
       3.67 |          1        0.02       84.71
        3.7 |          2        0.03       84.74
       3.74 |          1        0.02       84.76
       3.75 |          3        0.05       84.81
       3.77 |          1        0.02       84.83
       3.78 |          1        0.02       84.84
        3.8 |          1        0.02       84.86
       3.81 |          1        0.02       84.88
       3.88 |          1        0.02       84.90
          4 |          4        0.07       84.97
       4.01 |         13        0.23       85.19
       4.02 |         57        0.99       86.19
       4.03 |          1        0.02       86.21
       4.03 |         61        1.06       87.27
       4.04 |         25        0.44       87.70
       4.05 |         19        0.33       88.04
       4.06 |         10        0.17       88.21
       4.08 |          4        0.07       88.28
       4.08 |          1        0.02       88.30
        4.1 |          6        0.10       88.40
        4.2 |          3        0.05       88.45
       4.22 |          1        0.02       88.47
       4.25 |          2        0.03       88.51
       4.28 |          1        0.02       88.52
        4.4 |          1        0.02       88.54
       4.43 |          1        0.02       88.56
       4.47 |          1        0.02       88.58
        4.5 |          3        0.05       88.63
       4.51 |          1        0.02       88.65
       4.52 |          9        0.16       88.80
       4.53 |          3        0.05       88.86
       4.54 |          5        0.09       88.94
       4.55 |          2        0.03       88.98
       4.66 |          2        0.03       89.01
       4.72 |          1        0.02       89.03
       4.78 |          1        0.02       89.05
       4.79 |          1        0.02       89.07
        4.8 |          1        0.02       89.08
        4.9 |          1        0.02       89.10
          5 |          6        0.10       89.20
       5.01 |         16        0.28       89.48
       5.02 |         74        1.29       90.77
       5.03 |         40        0.70       91.47
       5.04 |         34        0.59       92.06
       5.05 |         36        0.63       92.69
       5.06 |          8        0.14       92.83
       5.07 |          3        0.05       92.88
       5.08 |          8        0.14       93.02
        5.1 |          7        0.12       93.15
       5.12 |          3        0.05       93.20
       5.15 |          1        0.02       93.22
       5.18 |          1        0.02       93.23
        5.2 |          1        0.02       93.25
       5.25 |          3        0.05       93.30
       5.26 |          1        0.02       93.32
       5.28 |          1        0.02       93.34
        5.3 |          1        0.02       93.36
       5.34 |          1        0.02       93.37
       5.35 |          1        0.02       93.39
        5.4 |          2        0.03       93.43
        5.5 |          3        0.05       93.48
       5.51 |          1        0.02       93.49
       5.52 |          4        0.07       93.56
       5.53 |          3        0.05       93.62
       5.54 |          2        0.03       93.65
       5.55 |          2        0.03       93.69
       5.56 |          1        0.02       93.70
        5.6 |          1        0.02       93.72
       5.84 |          1        0.02       93.74
          6 |          1        0.02       93.76
       6.01 |          5        0.09       93.84
       6.02 |         12        0.21       94.05
       6.03 |         15        0.26       94.31
       6.04 |          5        0.09       94.40
       6.05 |          7        0.12       94.52
       6.06 |          5        0.09       94.61
       6.07 |          4        0.07       94.68
       6.08 |          2        0.03       94.72
        6.1 |          1        0.02       94.73
       6.12 |          2        0.03       94.77
       6.15 |          1        0.02       94.79
        6.2 |          1        0.02       94.80
       6.25 |          1        0.02       94.82
       6.35 |          1        0.02       94.84
       6.37 |          1        0.02       94.86
        6.5 |          1        0.02       94.87
       6.52 |          3        0.05       94.93
       6.53 |          1        0.02       94.94
       6.54 |          2        0.03       94.98
       6.55 |          1        0.02       94.99
        6.6 |          1        0.02       95.01
        6.7 |          1        0.02       95.03
       6.75 |          1        0.02       95.05
        6.8 |          1        0.02       95.06
       6.83 |          1        0.02       95.08
       7.01 |          4        0.07       95.15
       7.02 |         15        0.26       95.41
       7.03 |          8        0.14       95.55
       7.04 |         10        0.17       95.73
       7.05 |         10        0.17       95.90
       7.06 |          1        0.02       95.92
       7.07 |          3        0.05       95.97
        7.2 |          1        0.02       95.99
        7.5 |          1        0.02       96.01
       7.53 |          2        0.03       96.04
       7.54 |          1        0.02       96.06
       7.55 |          2        0.03       96.09
       7.75 |          1        0.02       96.11
       7.79 |          1        0.02       96.13
        7.8 |          1        0.02       96.15
       7.81 |          1        0.02       96.16
       8.02 |         10        0.17       96.34
       8.03 |          8        0.14       96.48
       8.04 |          8        0.14       96.62
       8.05 |          6        0.10       96.72
       8.06 |          6        0.10       96.83
       8.07 |          1        0.02       96.84
        8.1 |          3        0.05       96.90
       8.15 |          1        0.02       96.91
        8.5 |          1        0.02       96.93
       8.52 |          2        0.03       96.97
       8.53 |          1        0.02       96.98
       8.54 |          3        0.05       97.04
       8.64 |          1        0.02       97.05
       9.01 |          1        0.02       97.07
       9.02 |          1        0.02       97.09
       9.03 |          4        0.07       97.16
   9.030001 |          1        0.02       97.17
       9.04 |          3        0.05       97.23
       9.05 |          1        0.02       97.24
       9.06 |          1        0.02       97.26
       9.08 |          1        0.02       97.28
        9.1 |          2        0.03       97.31
       9.18 |          1        0.02       97.33
       9.28 |          1        0.02       97.35
        9.5 |          1        0.02       97.37
         10 |          3        0.05       97.42
      10.02 |          7        0.12       97.54
      10.03 |          8        0.14       97.68
      10.04 |          6        0.10       97.79
      10.05 |         10        0.17       97.96
      10.06 |          1        0.02       97.98
      10.06 |          3        0.05       98.03
      10.08 |          2        0.03       98.06
       10.1 |          2        0.03       98.10
      10.12 |          1        0.02       98.12
      10.15 |          2        0.03       98.15
         11 |          1        0.02       98.17
      11.03 |          1        0.02       98.19
      11.04 |          1        0.02       98.20
      11.07 |          1        0.02       98.22
       11.2 |          1        0.02       98.24
         12 |          1        0.02       98.26
      12.03 |          2        0.03       98.29
      12.04 |          2        0.03       98.33
      12.05 |          4        0.07       98.40
      12.06 |          1        0.02       98.41
      12.07 |          1        0.02       98.43
       12.3 |          2        0.03       98.47
      12.53 |          1        0.02       98.48
      12.89 |          1        0.02       98.50
         13 |          1        0.02       98.52
      13.02 |          1        0.02       98.54
      13.03 |          1        0.02       98.55
      13.04 |          1        0.02       98.57
      13.05 |          2        0.03       98.60
      13.06 |          1        0.02       98.62
      13.12 |          1        0.02       98.64
      13.53 |          1        0.02       98.66
      13.58 |          1        0.02       98.67
      14.02 |          2        0.03       98.71
      14.03 |          1        0.02       98.73
      14.07 |          1        0.02       98.74
      14.54 |          1        0.02       98.76
       14.8 |          1        0.02       98.78
      14.91 |          1        0.02       98.80
         15 |          1        0.02       98.81
      15.03 |          2        0.03       98.85
      15.04 |          4        0.07       98.92
      15.05 |          3        0.05       98.97
      15.06 |          2        0.03       99.01
      15.07 |          1        0.02       99.02
      15.08 |          1        0.02       99.04
       15.5 |          1        0.02       99.06
      15.53 |          1        0.02       99.08
      15.55 |          1        0.02       99.09
      16.03 |          1        0.02       99.11
      16.04 |          1        0.02       99.13
      16.05 |          1        0.02       99.15
      17.02 |          1        0.02       99.16
      17.05 |          1        0.02       99.18
      17.06 |          1        0.02       99.20
      18.02 |          1        0.02       99.22
      18.03 |          1        0.02       99.23
       18.1 |          1        0.02       99.25
      18.15 |          1        0.02       99.27
       18.5 |          1        0.02       99.28
      19.03 |          1        0.02       99.30
      20.01 |          2        0.03       99.34
      20.02 |          1        0.02       99.35
      20.04 |          4        0.07       99.42
      20.05 |          1        0.02       99.44
      20.06 |          1        0.02       99.46
      20.08 |          1        0.02       99.48
       20.1 |          1        0.02       99.49
       20.8 |          1        0.02       99.51
       22.2 |          1        0.02       99.53
       23.1 |          1        0.02       99.55
      24.12 |          1        0.02       99.56
      25.03 |          2        0.03       99.60
      25.04 |          1        0.02       99.62
      25.06 |          1        0.02       99.63
      27.05 |          1        0.02       99.65
      28.14 |          1        0.02       99.67
      28.15 |          1        0.02       99.69
       28.2 |          1        0.02       99.70
      29.03 |          1        0.02       99.72
         30 |          1        0.02       99.74
      30.04 |          1        0.02       99.76
      30.05 |          1        0.02       99.77
         33 |          1        0.02       99.79
      35.05 |          1        0.02       99.81
       35.1 |          1        0.02       99.83
      38.26 |          1        0.02       99.84
       43.5 |          1        0.02       99.86
         45 |          1        0.02       99.88
      50.03 |          1        0.02       99.90
      50.04 |          1        0.02       99.91
         75 |          1        0.02       99.93
      75.02 |          1        0.02       99.95
        100 |          3        0.05      100.00
------------+-----------------------------------
      Total |      5,734      100.00
I understand I can adopt several methods to deal with these outliers like winsorizing, trimming, transformation. I think, in my context, trimming would take away the natural variation that exists in my data and would not be appropriate.Will winsorizing be appropriate here, given the distribution of the data? Also, are there other methods of estimation where one can deal with outliers without doing any of the operations beforehand?

P.S: I'm in economics, if it is important to answer the question.

Would appreciate your help in this regard.
Thanks!