Capital structure analyze of firms of developing countries: Comparison Turkey and Brazil.

In this case, theories of capital structure have been studied and capital structure of Turkey and Brazil which are developing countries has been compared with an empirical study. Data of 211 firms belongs to manufacturing sector, coted BIST and 79 firms belongs to BOVESPA industry index has been used and analyzed by using panel data. Turkish and Brazilian companies' variables of conclusion, tangibility, profitability, size and growth opportunities have same characteristics but there are difference in liquidity and non-debt tax shield variables. Findings are parallel with both pecking order theory and trade-off theory. Keywords: Capital structure, Panel data Analyze, Turkey, Brazil