Question: Can we use unstandardized coefficients derived from linear regression to remove the effect of an independent variable on the dependent variable?
I have a large dataset and suspect that an (unwanted) independent variable (IV) influences the hundreds of dependent values (DV) under research. All variables are ratio/interval. I need to remove this effect before continuing further analysis and would like to create a new, corrected estimated dataset. My idea has been to calculate the regression coefficient through linear regression, between the IV and each of the DV. If the effect of the IV (X) on DV (Y) turns out to be significant, consequently, I will calculate a new estimated Y that subtracts the regression coefficient multiplied by the IV value in to a corrected estimated Y value for the new dataset.
Y^new = Y^old - bX
Y = dependent variable
X = independent variable
b = unstandardized regression coefficient
Is this method appropriate? What should I do for IV-DV that are not significantly correlated?