Hi Statalist members,

I recently found we are able to run fixed effects to the ordered logit model. However, I don't know why the number of firms and obs in the fixed effects ordered logit model decreases compared with the random effects (default) model.

Random effects model: 206,445 obs, 25,957 firms
Code:
 

. ologit DebtMat_D KS_oi_5_w01 $CONTROLSF LEV_w01 $CONTROLSC, cluster(gvkey_n)

Iteration 0:   log pseudolikelihood = -140510.67  
Iteration 1:   log pseudolikelihood = -113303.82  
Iteration 2:   log pseudolikelihood = -105523.71  
Iteration 3:   log pseudolikelihood = -104558.41  
Iteration 4:   log pseudolikelihood =  -104543.3  
Iteration 5:   log pseudolikelihood = -104543.28  
Iteration 6:   log pseudolikelihood = -104543.28  

Ordered logistic regression                     Number of obs     =    206,445
                                                Wald chi2(16)     =    6620.20
                                                Prob > chi2       =     0.0000
Log pseudolikelihood = -104543.28               Pseudo R2         =     0.2560

                           (Std. Err. adjusted for 25,957 clusters in gvkey_n)
------------------------------------------------------------------------------
             |               Robust
   DebtMat_D |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 KS_oi_5_w01 |   .0152759   .0009607    15.90   0.000     .0133929    .0171588
     MB2_w01 |  -.0993666   .0067298   -14.77   0.000    -.1125568   -.0861764
    amat_w01 |   .0114257   .0005626    20.31   0.000     .0103231    .0125283
   fsize_w01 |  -.2787021   .0088328   -31.55   0.000    -.2960141   -.2613901
    abne_w01 |   -.270203   .0458447    -5.89   0.000     -.360057    -.180349
    tang_w01 |   -.877234    .045055   -19.47   0.000    -.9655401   -.7889279
    prof_w01 |   .1890342   .0716216     2.64   0.008     .0486584      .32941
  xrd_at_w01 |   .0313527   .2107822     0.15   0.882    -.3817729    .4444783
     LEV_w01 |  -8.469879   .1944697   -43.55   0.000    -8.851033   -8.088726
    g_gdpcap |   .0346774   .0033836    10.25   0.000     .0280457     .041309
   Inflation |  -.0001904    .000247    -0.77   0.441    -.0006745    .0002936
 lawandorder |  -.0764271   .0173026    -4.42   0.000    -.1103395   -.0425146
  corruption |  -.1995165   .0137202   -14.54   0.000    -.2264077   -.1726254
    stmktcap |   -.002578   .0003136    -8.22   0.000    -.0031927   -.0019634
      prbond |   .0054808   .0005011    10.94   0.000     .0044986     .006463
      dbagdp |   .0037042   .0003146    11.77   0.000     .0030875    .0043208
-------------+----------------------------------------------------------------
       /cut1 |  -2.318402   .0971453                     -2.508803      -2.128
       /cut2 |  -1.263156    .095973                      -1.45126   -1.075052
------------------------------------------------------------------------------

.
Fixed effects model:
Code:
. feologit DebtMat_D KS_oi_5_w01 $CONTROLSF LEV_w01 $CONTROLSC, group(gvkey_n) cluster(gvke
> y_n)

note: multiple positive outcomes within groups encountered.

Iteration 0:   log conditional likelihood = -43257.074  
Iteration 1:   log conditional likelihood = -41739.535  
Iteration 2:   log conditional likelihood = -41724.439  
Iteration 3:   log conditional likelihood = -41724.433  
Iteration 4:   log conditional likelihood = -41724.433  

Fixed-effects ordered logistic regression

                                         N. of obs. (inc. copies) =     128749
                                         N. of observations       =      85518
                                         N. of panel units        =       8666
                                         Wald chi2(16)            =    1951.93
                                         Prob > chi2              =     0.0000
Log conditional likelihood = -41724.433  Pseudo R2                =     0.1958
                            (Std. Err. adjusted for 8,666 clusters in gvkey_n)
------------------------------------------------------------------------------
             |               Robust
   DebtMat_D |      Coef.   Std. Err.      z    P>|z|     [95% Conf. Interval]
-------------+----------------------------------------------------------------
 KS_oi_5_w01 |   .0043495   .0016068     2.71   0.007     .0012003    .0074987
     MB2_w01 |  -.0787541   .0096785    -8.14   0.000    -.0977236   -.0597845
    amat_w01 |   .0061931   .0009245     6.70   0.000      .004381    .0080052
   fsize_w01 |  -.5205221   .0339207   -15.35   0.000    -.5870054   -.4540388
    abne_w01 |  -.1495407   .0490377    -3.05   0.002    -.2456529   -.0534286
    tang_w01 |  -.8534134   .0999987    -8.53   0.000    -1.049407   -.6574196
    prof_w01 |   .0631142   .1064506     0.59   0.553    -.1455252    .2717535
  xrd_at_w01 |  -.9581672   .3847432    -2.49   0.013     -1.71225   -.2040845
     LEV_w01 |  -10.41296   .2942963   -35.38   0.000    -10.98977   -9.836153
    g_gdpcap |   .0104853   .0050467     2.08   0.038      .000594    .0203766
   Inflation |  -.0009479   .0013757    -0.69   0.491    -.0036441    .0017483
 lawandorder |  -.3423384   .0437399    -7.83   0.000     -.428067   -.2566099
  corruption |   -.135947   .0314069    -4.33   0.000    -.1975034   -.0743907
    stmktcap |  -.0011825   .0007712    -1.53   0.125    -.0026941     .000329
      prbond |   .0167317   .0017496     9.56   0.000     .0133026    .0201608
      dbagdp |   .0018411   .0011145     1.65   0.099    -.0003433    .0040255
------------------------------------------------------------------------------
Regards
Huyen