My research looks at the performance of non-acquired sports teams relative to acquired sports teams. I have formed a panel data set with the following credentials:

- Independent Variable: dummy variable which takes on 0 if the team is not acquired and 1 if the team is acquired

- Dependent Variable: each regression is run with a dependent variable which represents a financial metric such as Operational Margin

Problem 1: To determine fixed effects of random effects, I conducted the Wald test and the Breush-Pagan LM test. Both came back with the result of accepting the null hypothesis, hence no fixed effects and no random effects. I read a paper by Park (2011) which stated that I should use a Pooled OLS in this case, hence running regular regressions using “regress Y X”.

Is this ok? Or is there any other thing I could do with a panel data set with a dummy X variable?

Problem 2: Which tests are necessary to conduct to add to the “value” of the statistical analysis?

I have added the “robust” commands to account for heteroskedasticity, and also investigated the correlation matrix.

Any other suggestions or crucial aspects to add?