Özet:

Investors benefit from many macroeconomic indicators together with the financial data of the companies while making investment decisions. However, financial investors expect the share values of the companies they invest in to increase to make a profit. While some of these macroeconomic indicators affect share prices indirectly, some of them directly affect share prices. Export is one of the most important indicators that affect the share value of companies that are especially active in foreign markets. Although financial investors invest in the stocks of national and international companies, new investors and solid investors are more inclined to companies operating in their own region. In this context, the importance of city indices calculated within BIST is increasing. In the study, it is aimed to investigate the causality relationship between the monthly index values of 12 provinces out of 14 provinces for which the BIST city index is calculated and the monthly export figures of these provinces for the period 01.2013-05.2022. In the study, causality relations were analyzed with the help of the Toda-Yamato causality test, and the existence of a causality relation mainly from export to index value was determined.