I am using an unbalanced firm-level panel data. I am regressing the market share of the firms on a set of independent variables that account for the firm characteristics.
I am running a fixed-effect model. My panel variable is the firm id.
I would like to cluster my error by sector to get rid of any serial correlation between firms in the same sector.
I am using this command
xtreg lshare ltariff ltfp lwages lage trade, fe vce (cluster sector)
However, I got this error "panels are not nested within clusters".
What should I do to correct for this?
Thanks in advance.
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