Hello everyone,

I have a panel dataset. The dependent variable is information on whether an investment fund follows an active or passive investment strategy (1=active, 0=passive). The sample includes 36 funds and 5 years. The five independent variables are fund specific characteristics such as number of members, investment costs etc.

My advisor told me to use clustered standard errors, but Stata then returns no standard errors (for some variables) if I use the following command:
xtlogit y x1 x2 x3 x4 x5 i.year, vce(cluster cvar)

Looking at other posts in this forum, I realised that this command does not work, but I am not sure what I should use instead. I was thinking of maybe using a conditional fixed-effects model (xtlogit y x1 x2 i.a, fe) or population-averaged model with robust standard errors (xtlogit y x1 x2 i.a, pa vce(robust))

Thank you in advance for your help!