Table A2 Government incentive,...

Table A2

Government incentive, government support, and SOA

	(2)	(4)
Variables	ΔBook lev	ΔMarket lev
Panel A. Investment tax credit (Government incentive)
Book Dev	0.069***
Book Dev	(0.005)
ITC*Book Dev	0.007**
ITC*Book Dev	(0.003)
Market Dev		0.093***
Market Dev		(0.007)
ITC*Market Dev		0.061***
ITC*Market Dev		(0.008)
ITC	−0.004	−0.010**
ITC	(0.005)	(0.004)
Constant	−0.019***	−0.052***
Constant	(0.003)	(0.003)
Observations	11,157	11,157
R-squared	0.208	0.305
Firm FE	Yes	Yes
Qtr FE	Yes	Yes
Note(s): This table report findings from using investment tax credit as a moderator to examine the impact on SOA during the pandemic. Robust standard errors are presented in parentheses. *p < 0.01, p < 0.05, p < 0.1 signifies significance at 1%, 5%, and 10% respectively Source(s):* Table by authors

	(2)	(4)
Variables	ΔBook lev	ΔMarket lev
Panel A. Investment tax credit (Government incentive)
Book Dev	0.069***
Book Dev	(0.005)
ITC*Book Dev	0.007**
ITC*Book Dev	(0.003)
Market Dev		0.093***
Market Dev		(0.007)
ITC*Market Dev		0.061***
ITC*Market Dev		(0.008)
ITC	−0.004	−0.010**
ITC	(0.005)	(0.004)
Constant	−0.019***	−0.052***
Constant	(0.003)	(0.003)
Observations	11,157	11,157
R-squared	0.208	0.305
Firm FE	Yes	Yes
Qtr FE	Yes	Yes
Note(s): This table report findings from using investment tax credit as a moderator to examine the impact on SOA during the pandemic. Robust standard errors are presented in parentheses. *p < 0.01, p < 0.05, *p < 0.1 signifies significance at 1%, 5%, and 10% respectivelySource(s): Table by authors

	(1)	(2)	(3)	(4)
Variables	ΔBook lev	ΔBook lev	ΔMarket lev	ΔMarket lev
Panel B. COVID-19 government support
Book Dev	0.177	0.194***
Book Dev	(0.111)	(0.070)
Market Dev			0.025	0.155*
Market Dev			(0.118)	(0.085)
Constant	0.275	0.076**	0.026	−0.021**
Constant	(0.170)	(0.035)	(0.037)	(0.010)
Observations	45	66	45	66
R-squared	0.320	0.378	0.437	0.322
Firm FE	Yes	Yes	Yes	Yes
Qtr FE	Yes	Yes	Yes	Yes

	(1)	(2)	(3)	(4)
Variables	ΔBook lev	ΔBook lev	ΔMarket lev	ΔMarket lev
Panel B. COVID-19 government support
Book Dev	0.177	0.194***
Book Dev	(0.111)	(0.070)
Market Dev			0.025	0.155*
Market Dev			(0.118)	(0.085)
Constant	0.275	0.076**	0.026	−0.021**
Constant	(0.170)	(0.035)	(0.037)	(0.010)
Observations	45	66	45	66
R-squared	0.320	0.378	0.437	0.322
Firm FE	Yes	Yes	Yes	Yes
Qtr FE	Yes	Yes	Yes	Yes

Note(s): List of companies - Akoustis Technologies, Inc. (AKTS), Allied Esports Entertainment Inc. (AESE), Alphatec Holdings, Inc. (ATEC), Amplify Energy Corp. (AMPY), Ekso Bionics Holdings, Inc. (EKSO), Dynatronics Corporation (DYNT), Ekso Bionics Holdings, Inc. (EKSO), Emmis Communications Corporation (EMMS), EyePoint Pharmaceuticals, Inc. (EYPT), Flux Power Holdings, Inc. (FLUX), Horizon Global Corporation (HZN), iBio, Inc. (IBIO), Jones Soda Co. (JSDA), Lazydays Holdings, Inc. (LAZY), and One Stop Systems, Inc. (OSS)

This table presents findings from randomly sampling firms that received direct Covid-support from the federal government. Robust standard errors are presented in parentheses. ***p < 0.01, **p < 0.05, *p < 0.1 signifies significance at 1%, 5%, and 10% respectively

Source(s): Table by authors

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