Explanation for warning and note in SAS log when using proc panel

[Tasneem]

Basically, I want to run a panel regression on firm-years using industry and year fixed effects, and also get robust standard errors. I get the following in my SAS log when I use proc panel (sample code provided below):

**********************************************************************************************************************;

NOTE: The transformed regression does not have full rank. Be aware of possible multicollinearity
and/or identification problems before using the FixOneTm method results.
WARNING: Unable to scale time series group 2 for variable CSIndex. Values are all missing, or series
is nearly constant.
WARNING: Unable to scale time series group 8 for variable CSIndex. Values are all missing, or series
is nearly constant.
WARNING: Unable to scale time series group 12 for variable CSIndex. Values are all missing, or
series is nearly constant.

*********************************************************************************************************************;

The warning keeps getting generated with increasing "time series group" numbers until the results finally come out. My dataset is unbalanced (some firms have more years than others) but I do not think that is causing the problem. What do the note and warnings mean?

Here is some sample code I run:

/* "gvkey" is cross-sectional id & "fyear" is time-series id */

proc sort data=a; by gvkey fyear; run;

proc panel data=a;
    id gvkey fyear;
    class x1 x2;
    model y = x1 x2 x3 ind1-ind40 / fixonetime hccme=1;
run;

/* x1 and x2 are categorical variables so I put them in a class statement */
/* ind1-ind40 are industry dummies for my data that I generated already*/

Thanks for you help! [SAS 9.4 on Windows 10]

[pink_poodle]

There are probably variables in the model with data that is similar to other variables, producing multicollinearity. CSIndex values are monotonous or missing.

ranking - sorting numerical or ordinal variables in ascending order 

multicollinearity - when one predictor variable in multiple regression model can be linearly predicted from the others

problem of multicollinearity - the coefficient estimates of the multiple regression may change erratically in response to small changes in the model or the data

some causes of multicollienarity:   inclusion of a variable which is computed from other variables in the data set; the repetition of the same kind of variable. 

scaling - normalizing data to a common range

See also,

The Panel procedure: Unbalanced data