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We assume a model in which a firm’s indebtedness is strongly influenced by a fund’s supply side because creditors\udand investors (users of CAPM and market multiples) assess their exposure and risk level at relative bases (similar\udcompanies). This behavior induces firms’ capital structure targets towards the industry debt median, so managers\udcan just manage capital structure around this value (financial slack). We investigated the role of financial slack,\udassessed as a measure of relative indebtedness, and industry debt in capital structure rebalancing. We used an\udinitial sample of 32,309 US firm-year observations to estimate the industry median of 64 industries and a\udsubsample of 5,380 observations in 58 industries used to construct a balanced panel for a period of 20 years. The\udresults of the dynamic panel for book leverage indicate that a company’s indebtedness tends to follow industry\udindebtedness, but tends to reverse its trend in a period of two years. Reversion rate is associated with financial\udslack, i.e., companies farthest from the median debt in an industry converge faster.\u

Rebalanceamento da Estrutura de Capital: Endividamento Setorial e Folga Financeira