Resumen
This paper is an empirical investigation that uses IPI benefits (tax benefit) offered by the Brazilian government as an exogenous shock in the relationship between firm and industry leverage. We used data from Brazilian companies between 2007 and 2015. The econometric model used was diff-in-diff-in-diff. The results show a direct relationship between the mean industry leverage and the firm?s leverage. The same remains for the treatment group after inclusion of exogenous shock of IPI reduction in the model. These results are aligned with studies that consider the industry as the principal influencing aspect of the firm's capital structure.