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In this study, the validity of the five-factor model in developing and underdeveloped countries was investigated in 2012-2020, as well as the validity of the model to be created by using the inflation rate instead of the risk-free interest rate, and the answers to the questions of its comparison with the original model. In seeking an answer to this question, Pakistan, Malaysia, Indonesia and Turkey were selected as the countries with interest-sensitive investors. In the study, the Kuala Lumpur Composite Index (KLCI) for Malaysia, the Jakarta Islamic Index (JKII) for Indonesia, the Karachi Meezan Index (KMI) for Pakistan and the Participation Index (KATLM) for Turkey were selected for the study and analysis was carried out on the top 30 companies in the index. In terms of the created portfolios, it is seen that different portfolios are effective in terms of the highest excess return in selected countries. In fact, it has been observed that the portfolio with the highest extreme return in a country has the lowest return in the other country. It can only be said that the excessive return of small firms is greater than that of large firms. Looking at the fluctuation of excess returns, it is seen that Pakistan and Indonesia markets are risky, while Malaysia is the least risky. As a result of the analysis, evidence has been obtained that the original model has little advantage over the inflation model and that they are very close to each other. It can be said that the FF5F model is also effective in developing and underdeveloped country markets, and interest-sensitive investors can model using the inflation rate. [ABSTRACT FROM AUTHOR]