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This paper is an empirical investigation that uses IPI benefits (tax advantages) offered by the Brazilian government as an exogenous shock to the relationship between firm and industry leverage. We use data from Brazilian companies between 2007 and 2015. The econometric model rests on a diff-in-diff-in-diff approach. Results show a direct relationship between the mean industry leverage and the firm’s leverage. The relationship remains for the treatment group after we include the exogenous shock of IPI reduction in the model. These results are in line with studies that consider the industry as the principal influence on a firm’s capital structure.

O setor como determinante da estrutura de capital: evidências após as alterações das alíquotas do IPI no Brasil