I need help to create industry groups. I have a data set with different companies that I want to group into industry codes. So for example: One firm has the value 2, which is agriculture and hunting companies, another firm has the value 5 which is fishing companies, and another company with value 13 are mining firms... I want to create a group called Id1 where all these 3 companies take on the industry code 1 for Agricultural companies . The point here is that I must not include firms which take on the values in between 2, 5, and 13, because they are not agricultural firms. etc. Then I would like to do the same for Manufaturing companies that shall take on the value 2.
Afterwards when I have created these groups I would like to create an industry dummy variable, to see how the different industry groups affect our data. How do I do this?
Very greatful for all help I can get!
series id1 = 0
smpl if firm=2 or firm=5 or firm=13
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