I have a simple question related to the variables in a time series analysis.

I am using a panel fixed effect regression to see the impact of instrument issuance on firm performance. My independent variable of interest is a firm issue dummy (1 = issue; 0 = not issue). In the first regression, I use year $t$ for all variables to see the effect. But I would like to the see the impact of issuance on firm performance one year after issuance.

In this case, is it right to lag the independent variable? Or, should I lead the dependent variable by one year? And, if I lead the dependent variable, should I also lead my independent variables, except the variable of interest (Dummy)?