“…Government can serve two main roles regarding these resource flows. First, the government can directly provide resources to firms, such as through direct cash transfers (e.g., corporate bailouts—Faccio, Masulis, & McConnell, 2006) and government contracts (Eckerd & Girth, 2017; Harland, Telgen, Callender, Grimm, & Patrucco, 2019). We do not examine this role given that past work provides detailed treatment of the direct flow of resources from government to firms (e.g., Eckerd & Girth, 2017; Harland et al, 2019).…”