I wanted to reduce a large number of items down to a smaller number (e.g. 140 items to 40), and then show that these 40 items can accurately predict two related variables.
I have attempted CFA however this has revealed a very large number of factors (20+). I was wondering what statistical technique would be the best to achieve this? Is it possible to complete regressions but setting the number of items in the final model (rather than basing it upon a given significance level)?