. use total_compensation, clear
. tsset stkcd year
panel variable: stkcd (unbalanced)
time variable: year, 2005 to 2010
delta: 1 unit
. xtprobit total_compen FFI FDcomm lgmktcap boardsize1 indepboard duality bdhd,fe
Fixed-effects model not available
r(198);
Stata reference manual states "there is no command for a conditional probit fixed-effects model, as there does not exist a sufficient statistic allowing the fixed effects to be conditioned out of the likelihood. Unconditional fixed-effects probit models may be estimated with the probit command with indicator variables for the panels... However, unconditional fixed fixed-effect estimates are biased".
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