Confused as to what regression I should use?

[John Banksman]

Hi, I'm researching CEO compensation and have a dataset over a span of 20 years consisting of the amount of ceo compensation for their respective year. I want to see the effects of economic indicators on their compensation.
I have lots of control vars and will share the regressions I ran.

reg CEO_compensation Economic_Indicator Control_Vars i.year i.SIC , robust. --> gives very significant results but I figured I should use xtset because I have panel data?

xtset Name year
xtreg CEO_compensation Economic_Indicator Control_Vars i.year i.SIC, robust

My question is if this is the correct way to perform my regressions. Thanks in advance!

[George Ford]

ssc install reghdfe
reghdfe lnCEO_compensation   Economic_Indicator   Control_Vars  ,  absorb(Name year SIC) cluster(Name)

You'll want the log of the DV.

[George Ford]

You'll need at least 30 CEOs for cluster, else you'll have to do some more work on your hypothesis tests (boottest).