Programming the statistical procedures from SAS

Proc Panel Error

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Proc Panel Error

[ Edited ]

Hello SAS Support Communities,

I received an error while running proc panel.  I used the following code:

proc panel data=dissert1.restatements70;
id cik1 fyear;
model average_delay = negative_effect income_statement_restatement n_exincome_statement_restatement
pyceoltpercent npyceoltpercent pycfoltpercent npycfoltpercent inst_investors audit_committee_fin_exp auditor_change
nauditor_change restatement_impact periods fraud repeat_restater lev roa earn_var mb logta big4 sec_investigation
qtr_1 earnings_news company_age cik1 fyear / fixtwo hccme=4;


I received the following error:

ERROR: There is only one cross section or time series observation. Computations will be terminated.


I'm using company (cik1) and fiscal year (fyear) fixed effects in my model.  I have observations from 2009 through 2015 in my sample.  Ideally, I want two steps: 

1. Run the model and figure out which variables have significant heteroskedasticity p-values.

2. Run the model with all the variables and use the hccme = 4 code for only the significant values from step one.


How do I correct my error?  How should I run my model?


God bless, best regards, and thank you so much for your help,


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