I currently using a random effects model for my panel data and my regression is as follows: Beta(t) = constant + Env Score(t-1) + Controls(t) + i.Industry + error
- The main independent variable Env.Score is lagged. When i calculate the Pearson correlation in my descriptive statistics, should I include the lagged version of the ENV Score as it is in the regression or just the ENV Score variable without being lagged?
- When I perform the random effects model, the first industry and the first year are ommited from my regression results. But this industry is my main one from my data, is there a way that I can still calculate the effect of the first industry and the first year on Beta?