In this study, the radiance and reflectance values of the shadow regions in hyperspectral data, and their relation to the sky-view factors in a physical model are investigated. For this purpose, first, shadow regions are found using LiDAR data and their radiance and reflectance values are plotted. Then, sky-view factors are obtained from LiDAR data. Third, using the Modtran software, sky radiance and sun irradiance values are obtained and the radiance values in the shadow region are examined. Lastly, the parameters obtained from the Modtran software as well as the data collected from shadow areas are placed in the physical radiance model. As a result, the physical radiance model as well as the analysis of the real data confirmed that the photons reflected from the objects surronding the shadow region are more dominant than the sky-view factors. Upon investigating the reflectance and radiance values in comparison to the physical radiance model, it was found that the sky-view factors are not as dominant as the photons reflected from the objects surronding the shadow region.