fitlm takes first values as an Intercept

Hello Matlab Community,

I have a question regarding fitlm which is probably quite stupid but anyway.

I have the data of 28 companies and I am trying to do a panel data Regression therefore I am using fitlm:

My data looks like this

And I used the following code:

Test1=fitlm(DataTest1,'TOTRETEUROLAG ~ 1 + BETA:ID + ESGSC:ID')

But once I look at the results:

It seems that matlab takes my ID 1 as the intercept.

Any idea what I am doing wrong?

Greetings

Erik

Answer 1

[Erik Beste]

So it seems like that one of the IDs is taken as a reference value!

[Star Strider]

What precisely does that mean?

What is it actually doing?