Running ols when dependent variable is correlation coefficient I am new to this form. I am going to run an OLS regression with dependent variable as a correlation coefficient (between -1 and 1). I am aware that this dependent variable may be problematic in the OLS regression. But what can I do in order to implement the regression? Thanks!
Welcome. Many things can be done. Some simple ones are:

Option 1: Do not care and just do OLS.

Option 2: Do some transformation such as $\ln (1+y) - \ln (1-y)$, logit of $\frac12 (y+1)$, to change the range from $(-1,1)$ to $(-\infty, \infty)$ and do OLS. I assumed that there are no $\pm 1$.

Option 3: Change your model. Let $y_{1,ij}$ and $y_{2,ij}$ be the firm-level ($j$=firm) variables from which you obtain the correlation coefficient $y_i$. As $y_i$ is also obtained by regressing $y_{1,ij}$ on $y_{2,ij}$ (up to a scaling factor), you might want to regress $y_{1,ij}$ on $y_{2,ij}$ including other industry-level variables $x_i$ as regressors. But in that case you need to think about which one of $y_{1,ij}$ and $y_{2,ij}$ to use as the dependent variable. If you are worried about endogeneity, you can also consider instrumental variable estimation, but that's a different story.

I would choose Option 1 unless many correlation coefficients in the sample are very close to $\pm 1$. Note that interpretation changes in Option 2.