YERLİ VE YABANCI YATIRIMCILARA AİT RİSK İŞTAHLARINDAKİ DEĞİŞİMLERİN BIST ENDEKSLERİNE ETKİSİ: FOURİER TESTLERİNDEN KANITLAR

Yıl 2024, Cilt: 26 Sayı: 46, 567 – 584, 30.06.2024

Pınar Avcı Uğur Çınar

Öz

A positive or elevated level of investor sentiment in the market encourages investors to buy risky stocks and sell safe ones. Investor’s risk appetite, which is defined as the investor’s sensitivity to risk, whether they are willing to carry it or not, is an important factor in the prediction of financial markets and investors’ decision to invest in stocks. Therefore, the aim of this study is to examine the relationship between Borsa Istanbul indices and Risk Appetite indices in Turkey during the period June 2016 – December 2022. The current unit root test, cointegration test and causality analysis developed by adding Fourier function are conducted in the study. Empirical findings show that the model variables are stationary at the first difference level. There is a long-run relationship between BIST30, BIST50 and BIST indices and Risk Appetite indices. Moreover, the findings reveal that there is a causality relationship running from BIST30, BIST50 and BIST indices to TRISE, YERRISE and YABRISE Risk Appetite indices. In conclusion, the findings of the study provide important recommendations for investors and policy makers.

Anahtar Kelimeler

Stock prices, Risk Appetite index, Investor sentiment, Fourier tests

Kaynakça

• Akdag, S., İskenderoglu, Ö. ve Alola, A.A. (2020). The Volatility Spillover Effects Among Risk Appetite Indexes: Insight From the VIX and the Rise. Letters in Spatial and Resource Sciences, 13(1), 49-65.
• Banerjee, P., Arčabić, V. ve Lee, H. (2017). Fourier ADL Cointegration Test to Approximate Smooth Breaks with New Evidence From Crude Oil Market. Economic Modelling, 67, 114-124.
• Belghitar, Y. ve Clark, E.A. (2012) The Effect of CEO Risk Appetite on Firm Volatility: An Empirical Analysis of Financial Firms. International Journal of the Economics of Business, 19(2), 195-211. https://doi.org/10.1080/13571516.2012.642640
• Bellardini, L., Murro, P. ve Previtali, D. (2024). Measuring the Risk Appetite of Bank-Controlling Shareholders: The Risk-Weighted Ownership index. Global Finance Journal, 100935.
• Bozoklu, S., Yilanci, V. ve Gorus, M.S. (2020). Persistence in Per Capita Energy Consumption: A Fractional İntegration Approach with a Fourier Function. Energy economics, 91, 104926.
• Chang, H.W., Chang, T. ve Wang, M.C. (2024). Revisit The Impact of Exchange Rate on Stock Market Returns During The Pandemic Period. The North American Journal of Economics and Finance, 102068.
• Christopoulos, D.K. ve Leon-Ledesma, M.A. (2011). International Output Convergence, Breaks, and Asymmetric Adjustment. Studies in Nonlinear Dynamics & Econometrics. 15(3).
• De Mendonça, H.F. ve Díaz, R.R.R. (2023). Can Ignorance About The Interest Rate and Macroeconomic Surprises Affect The Stock Market Return? Evidence From A Large Emerging Economy. The North American Journal of Economics and Finance, 64, 101868.
• Demirci, F. ve Sinoplu, Ç. (2023). Yatırımcıların Risk İştahları ve Hisse Senedi Getirileri Arasındaki İlişki: Borsa İstanbul’da Bir Araştırma. Muhasebe ve Finansman Dergisi, 98, 155-170.
• Demirer, R., Gkillas, K., Kountzakis, C. ve Mavragani, A. (2020). Risk Appetite and Jumps in Realized Correlation. Mathematics, 8(12), 2255. https://doi.org/10.3390/math8122255
• Enders, W. ve Jones, P. (2016). Grain Prices, Oil Prices, and Multiple Smooth Breaks in a VAR. Studies in Nonlinear Dynamics & Econometrics, 20(4), 399-419.
• Enders, W. ve Lee, J. (2012). The Flexible Fourier Form and Dickey–Fuller Type Unit Root Tests. Econ. Lett. 117(1), 196-199.
• Ergün, Z.C., Cagli, E.C. ve Salı, M.B.D. (2022). The Interconnectedness Across Risk Appetite of Distinct Investor Types in Borsa Istanbul. Studies in Economics and Finance, Emerald Group Publishing Limited, 40(3), 425- 444.
• Fang, H., Chung, C. P., Lu, Y. C., Lee, Y. H. ve Wang, W. H. (2021). The Impacts of Investors' Sentiments on Stock Returns Using Fintech Approaches. International Review of Financial Analysis, 77, 101858.
• Fettahoğlu, S. (2019). Kredi Temerrüt Swap Primi İle Yatırımcı Sınıflarına Göre Risk İştahı Arasındaki İlişki: Türkiye Analizi. Muhasebe ve Finansman Dergisi, 84, 265-278. https://doi.org/10.25095/mufad.625880
• Gemici, E., Gök, R. ve Bouri, E. (2023). Predictability of Risk Appetite in Turkey: Local Versus Global Factors. Emerging Markets Review, 55, 101018.
• Ilkay, S.C., Yilanci, V., Ulucak, R. ve Jones, K. (2021). Technology Spillovers and Sustainable Environment: Evidence From Time-Series Analyses with Fourier Extension. Journal of Environmental Management, 294, 113033.
• Kalafatcilar, K. ve Keles, G. (2011). Risk Istahi Endeksleri ve Ifade Ettikleri (No. 1112). Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
• Kaya, A. (2021). Menkul Kıymet Yatırımcıların Risk Alma Eğilimleri. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 15(2), 261-287.
• Kongkuah, M., Yao, H. ve Yilanci, V. (2021). The Relationship Between Energy Consumption, Economic Growth, and CO2 Emissions in China: The Role of Urbanisation and International Trade. Environment, Development and Sustainability, 1-25.
• Liu, Q., Wang, S. ve Sui, C. (2023). Risk Appetite and Option Prices: Evidence From The Chinese SSE50 Options Market. International Review of Financial Analysis, 86, 102541. https://doi.org/10.1016/j.irfa.2023.102541
• Longin, F. ve Solnik, B. (2001). Extreme Correlation of International Equity Markets. Journal of Finance, 56, 649- 676.
• Nazlioglu, S., Gormus, N. A. ve Soytas, U. (2016). Oil Prices and Real Estate İnvestment Trusts (REITs): Gradual- Shift Causality and Volatility Transmission Analysis. Energy Economics, 60, 168-175.
• Nur, T. (2022). Yatırımcı Risk İştahının Pay Piyasasına Etkisi: BİST Mali Endeksi Üzerine Bir Araştırma. Fiscaoeconomia, 6(3), 1103-1125.
• Obradović, S. ve Lojanica, N. (2023). What was Done Under the Argentine Sun: An Econometric Study of Environmental Quality Along with Economic Growth and Financial Development. Air Quality, Atmosphere & Health, 16(3), 567-582.
• Otieno, D.A., Ngugi, R.W. ve Muriu, P.W. (2019). The Impact of Inflation Rate on Stock Market Returns: Evidence From Kenya. Journal of Economics and Finance, 43, 73-90.
• Önk, H. ve Saygın, O. (2022). Bitcoin, Risk İştahı, BİST100 Endeksi İlişkisi: Türkiye Örneği. International Journal of Disciplines in Economics & Administrative Sciences Studies, 8(42), 419-427.
• Özer, A. (2020). Determinants of Risk Appetite and Sectoral Effects of Risk Appetite: The Case of Turkey. Y. Akay Unvan ve İ. Serbestoğlu (Ed.), Current Researches in Economics and Administrative Sciences içinde (ss. 141-162). IVPE Yayınevi
• Pata, U.K. ve Yilanci, V. (2020). Financial Development, Globalization and Ecological Footprint in G7: Further Evidence From Threshold Cointegration and Fractional Frequency Causality Tests. Environmental and Ecological Statistics, 27(4), 803-825.
• Pericoli, M. ve Sbracia, M. (2009). Capital Asset Pricing Model and the Risk Appetite Index: Theoretical Differences, Empirical Similarities and Implementation Problems. International Finance, 12(2), 123-150.
• Perron, P. (1989). The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis. Econometrica, 57 (6), 1361–1401.
• Qadan, M. (2019a). Risk Appetite, Idiosyncratic Volatility and Expected Returns. International Review of Financial Analysis, 65, 101372.
• Qadan, M. (2019b). Risk Appetite and The Prices of Precious Metals. Resources Policy, 62, 136-153.
• Qadan, M. ve Jacob, M. (2022). The Value Premium and Investors' Appetite for Risk. International Review of Economics & Finance, 82, 194-219.
• Qadan, M. ve Idilbi-Bayaa, Y. (2020). Risk Appetite and Oil Prices. Energy Economics, 85, 104595. https://doi.org/10.1016/j.eneco.2019.104595
• Sajid, A.N., Saleem, H.M.N. ve Iqbal, J. (2022). Risk-Appetite Discriminated Investors' Portfolio Optimization: Lessons from Pakistan Stock Exchange Listed Fertilizer Industry. Journal of Finance & Economics Research, 7(2), 51-65.
• Saiti, K., Mwangi, C.I., Okiro, K. ve Gathiaka, K. (2023). Sentiment, Risk Appetite and Stock Returns of Individual Investors at The Nairobi Securities Exchange. African Journal of Emerging Issues, 5(12), 87-101.
• Saraç, T.B., İskenderoğlu, Ö. ve Akdağ, S. (2016). Yerli ve Yabancı Yatırımcılara Ait Risk İştahlarının İncelenmesi: Türkiye örneği. Sosyoekonomi, 24(30), 29-44.
• Shahbaz, M., Loganathan, N., Tiwari, A.K. ve Sherafatian-Jahromi, R. (2015). Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?. Social Indicators Research, 124, 357-382.
• Shaikh, I. (2018). Investors’ Fear and Stock Returns: Evidence From National Stock Exchange of India. Engineering Economics, 29(1), 4-12.
• Sözen, Ç., İspiroğlu, F. ve Şeyranlıoğlu, O. (2022). Investigation of the Effect of Investor Risk Appetite Index and Macroeconomic Indicators on the BIST-100 Index. Bulletin of Economic Theory and Analysis, 7(2), 355-378.
• Topaloğlu, E.E. ve Cihangir, Ç.K. (2022). Risk İştahının Pay Piyasa Getirisi ve Volatilitesine Etkisi: FIEGARCH, NARDL ve Hatemi-J Modelleri ile Borsa İstanbul Üzerine Bir Araştırma. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(3), 973-1004.
• Vogelsang, T.J. ve Perron, P. (1998) Additional Tests for a Unit Root Allowing for a Break in the Trend Function at an Unknown Time. Int Econ Rev. 1073-1100.
• Zhang, L., Bai, J., Zhang, Y. ve Cui, C. (2023). Global Economic Uncertainty and the Chinese Stock Market: Assessing the Impacts of Global Indicators. Research in International Business and Finance, 65, 101949.
• Zhu, H., Yu, D., Hau, L., Wu, H. ve Ye, F. (2022). Time-Frequency Effect of Crude Oil and Exchange Rates on Stock Markets in BRICS Countries: Evidence From Wavelet Quantile Regression Analysis. The North American Journal of Economics and Finance, 61, 101708.
• Zivot, E. ve Andrews, D.W.K. (2002). Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit- Root Hypothesis. Journal of Business & Economic Statistics, 20(1), 25-44.

YERLİ VE YABANCI YATIRIMCILARA AİT RİSK İŞTAHLARINDAKİ DEĞİŞİMLERİN BIST ENDEKSLERİNE ETKİSİ: FOURİER TESTLERİNDEN KANITLAR

Yıl 2024, Cilt: 26 Sayı: 46, 567 – 584, 30.06.2024

Pınar Avcı Uğur Çınar

Öz

Piyasadaki yatırımcı duyarlılık düzeyinin olumlu olması ya da bu duyarlılığın yükselmesi, yatırımcıları riskli hisse senetleri satın almaya ve güvenli olanları satmaya teşvik etmektedir. Yatırımcının riske karşı duyarlılığı, risk bağlantısı ya da riski taşımak isteyip istememesi olarak ifade edilen risk iştahı, finansal piyasaların tahmininde ve yatırımcıların hisse senedine yatırım kararı vermesinde önemli bir unsurdur. Dolayısıyla bu çalışmanın amacı, Haziran 2016- Aralık 2022 döneminde Türkiye’deki Borsa İstanbul endeksleri ile Risk İştahı endeksleri arasındaki ilişkiyi incelemektir. Çalışmada Fourier fonksiyonu eklenerek geliştirilen güncel birim kök testi, eşbütünleşme testi ve nedensellik analizi yapılmaktadır. Ampirik bulgular, model değişkenlerinin birinci fark düzeyinde durağan olduğunu göstermektedir. BİST30, BİST50 ve BİST endeksleri ile Risk İştah endeksleri arasında uzun dönemli ilişki olduğu elde edilmektedir. Ayrıca, bulgular BİST30, BİST50 ve BİST endekslerinden TRİSE, YERRİSE ve YABRİSE Risk İştah endekslerine doğru uzanan nedensellik ilişkisi olduğunu ortaya çıkarmaktadır. Sonuç olarak, çalışma bulguları yatırımcılar ve politik yapıcılar için önemli tavsiyeler sunmaktadır.

Anahtar Kelimeler

Hisse senedi fiyatları, Risk İştah endeksi, Yatırımcı duyarlılığı, Fourier testleri

Etik Beyan

“Yerli ve Yabancı Yatırımcılara Ait Risk İştahlarındaki Değişimlerin BIST Endekslerine Etkisi: Fourier Testlerinden Kanıtlar” başlıklı araştırmanın hazırlanması ve yayınlanması süreçlerinde Araştırma ve Yayın Etiği kurallarına uyulmuştur. Çalışma için etik kurul izni gerekmemektedir.

Kaynakça

• Akdag, S., İskenderoglu, Ö. ve Alola, A.A. (2020). The Volatility Spillover Effects Among Risk Appetite Indexes: Insight From the VIX and the Rise. Letters in Spatial and Resource Sciences, 13(1), 49-65.
• Banerjee, P., Arčabić, V. ve Lee, H. (2017). Fourier ADL Cointegration Test to Approximate Smooth Breaks with New Evidence From Crude Oil Market. Economic Modelling, 67, 114-124.
• Belghitar, Y. ve Clark, E.A. (2012) The Effect of CEO Risk Appetite on Firm Volatility: An Empirical Analysis of Financial Firms. International Journal of the Economics of Business, 19(2), 195-211. https://doi.org/10.1080/13571516.2012.642640
• Bellardini, L., Murro, P. ve Previtali, D. (2024). Measuring the Risk Appetite of Bank-Controlling Shareholders: The Risk-Weighted Ownership index. Global Finance Journal, 100935.
• Bozoklu, S., Yilanci, V. ve Gorus, M.S. (2020). Persistence in Per Capita Energy Consumption: A Fractional İntegration Approach with a Fourier Function. Energy economics, 91, 104926.
• Chang, H.W., Chang, T. ve Wang, M.C. (2024). Revisit The Impact of Exchange Rate on Stock Market Returns During The Pandemic Period. The North American Journal of Economics and Finance, 102068.
• Christopoulos, D.K. ve Leon-Ledesma, M.A. (2011). International Output Convergence, Breaks, and Asymmetric Adjustment. Studies in Nonlinear Dynamics & Econometrics. 15(3).
• De Mendonça, H.F. ve Díaz, R.R.R. (2023). Can Ignorance About The Interest Rate and Macroeconomic Surprises Affect The Stock Market Return? Evidence From A Large Emerging Economy. The North American Journal of Economics and Finance, 64, 101868.
• Demirci, F. ve Sinoplu, Ç. (2023). Yatırımcıların Risk İştahları ve Hisse Senedi Getirileri Arasındaki İlişki: Borsa İstanbul’da Bir Araştırma. Muhasebe ve Finansman Dergisi, 98, 155-170.
• Demirer, R., Gkillas, K., Kountzakis, C. ve Mavragani, A. (2020). Risk Appetite and Jumps in Realized Correlation. Mathematics, 8(12), 2255. https://doi.org/10.3390/math8122255
• Enders, W. ve Jones, P. (2016). Grain Prices, Oil Prices, and Multiple Smooth Breaks in a VAR. Studies in Nonlinear Dynamics & Econometrics, 20(4), 399-419.
• Enders, W. ve Lee, J. (2012). The Flexible Fourier Form and Dickey–Fuller Type Unit Root Tests. Econ. Lett. 117(1), 196-199.
• Ergün, Z.C., Cagli, E.C. ve Salı, M.B.D. (2022). The Interconnectedness Across Risk Appetite of Distinct Investor Types in Borsa Istanbul. Studies in Economics and Finance, Emerald Group Publishing Limited, 40(3), 425- 444.
• Fang, H., Chung, C. P., Lu, Y. C., Lee, Y. H. ve Wang, W. H. (2021). The Impacts of Investors' Sentiments on Stock Returns Using Fintech Approaches. International Review of Financial Analysis, 77, 101858.
• Fettahoğlu, S. (2019). Kredi Temerrüt Swap Primi İle Yatırımcı Sınıflarına Göre Risk İştahı Arasındaki İlişki: Türkiye Analizi. Muhasebe ve Finansman Dergisi, 84, 265-278. https://doi.org/10.25095/mufad.625880
• Gemici, E., Gök, R. ve Bouri, E. (2023). Predictability of Risk Appetite in Turkey: Local Versus Global Factors. Emerging Markets Review, 55, 101018.
• Ilkay, S.C., Yilanci, V., Ulucak, R. ve Jones, K. (2021). Technology Spillovers and Sustainable Environment: Evidence From Time-Series Analyses with Fourier Extension. Journal of Environmental Management, 294, 113033.
• Kalafatcilar, K. ve Keles, G. (2011). Risk Istahi Endeksleri ve Ifade Ettikleri (No. 1112). Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
• Kaya, A. (2021). Menkul Kıymet Yatırımcıların Risk Alma Eğilimleri. BDDK Bankacılık ve Finansal Piyasalar Dergisi, 15(2), 261-287.
• Kongkuah, M., Yao, H. ve Yilanci, V. (2021). The Relationship Between Energy Consumption, Economic Growth, and CO2 Emissions in China: The Role of Urbanisation and International Trade. Environment, Development and Sustainability, 1-25.
• Liu, Q., Wang, S. ve Sui, C. (2023). Risk Appetite and Option Prices: Evidence From The Chinese SSE50 Options Market. International Review of Financial Analysis, 86, 102541. https://doi.org/10.1016/j.irfa.2023.102541
• Longin, F. ve Solnik, B. (2001). Extreme Correlation of International Equity Markets. Journal of Finance, 56, 649- 676.
• Nazlioglu, S., Gormus, N. A. ve Soytas, U. (2016). Oil Prices and Real Estate İnvestment Trusts (REITs): Gradual- Shift Causality and Volatility Transmission Analysis. Energy Economics, 60, 168-175.
• Nur, T. (2022). Yatırımcı Risk İştahının Pay Piyasasına Etkisi: BİST Mali Endeksi Üzerine Bir Araştırma. Fiscaoeconomia, 6(3), 1103-1125.
• Obradović, S. ve Lojanica, N. (2023). What was Done Under the Argentine Sun: An Econometric Study of Environmental Quality Along with Economic Growth and Financial Development. Air Quality, Atmosphere & Health, 16(3), 567-582.
• Otieno, D.A., Ngugi, R.W. ve Muriu, P.W. (2019). The Impact of Inflation Rate on Stock Market Returns: Evidence From Kenya. Journal of Economics and Finance, 43, 73-90.
• Önk, H. ve Saygın, O. (2022). Bitcoin, Risk İştahı, BİST100 Endeksi İlişkisi: Türkiye Örneği. International Journal of Disciplines in Economics & Administrative Sciences Studies, 8(42), 419-427.
• Özer, A. (2020). Determinants of Risk Appetite and Sectoral Effects of Risk Appetite: The Case of Turkey. Y. Akay Unvan ve İ. Serbestoğlu (Ed.), Current Researches in Economics and Administrative Sciences içinde (ss. 141-162). IVPE Yayınevi
• Pata, U.K. ve Yilanci, V. (2020). Financial Development, Globalization and Ecological Footprint in G7: Further Evidence From Threshold Cointegration and Fractional Frequency Causality Tests. Environmental and Ecological Statistics, 27(4), 803-825.
• Pericoli, M. ve Sbracia, M. (2009). Capital Asset Pricing Model and the Risk Appetite Index: Theoretical Differences, Empirical Similarities and Implementation Problems. International Finance, 12(2), 123-150.
• Perron, P. (1989). The Great Crash, The Oil Price Shock, and The Unit Root Hypothesis. Econometrica, 57 (6), 1361–1401.
• Qadan, M. (2019a). Risk Appetite, Idiosyncratic Volatility and Expected Returns. International Review of Financial Analysis, 65, 101372.
• Qadan, M. (2019b). Risk Appetite and The Prices of Precious Metals. Resources Policy, 62, 136-153.
• Qadan, M. ve Jacob, M. (2022). The Value Premium and Investors' Appetite for Risk. International Review of Economics & Finance, 82, 194-219.
• Qadan, M. ve Idilbi-Bayaa, Y. (2020). Risk Appetite and Oil Prices. Energy Economics, 85, 104595. https://doi.org/10.1016/j.eneco.2019.104595
• Sajid, A.N., Saleem, H.M.N. ve Iqbal, J. (2022). Risk-Appetite Discriminated Investors' Portfolio Optimization: Lessons from Pakistan Stock Exchange Listed Fertilizer Industry. Journal of Finance & Economics Research, 7(2), 51-65.
• Saiti, K., Mwangi, C.I., Okiro, K. ve Gathiaka, K. (2023). Sentiment, Risk Appetite and Stock Returns of Individual Investors at The Nairobi Securities Exchange. African Journal of Emerging Issues, 5(12), 87-101.
• Saraç, T.B., İskenderoğlu, Ö. ve Akdağ, S. (2016). Yerli ve Yabancı Yatırımcılara Ait Risk İştahlarının İncelenmesi: Türkiye örneği. Sosyoekonomi, 24(30), 29-44.
• Shahbaz, M., Loganathan, N., Tiwari, A.K. ve Sherafatian-Jahromi, R. (2015). Financial Development and Income Inequality: Is There Any Financial Kuznets Curve in Iran?. Social Indicators Research, 124, 357-382.
• Shaikh, I. (2018). Investors’ Fear and Stock Returns: Evidence From National Stock Exchange of India. Engineering Economics, 29(1), 4-12.
• Sözen, Ç., İspiroğlu, F. ve Şeyranlıoğlu, O. (2022). Investigation of the Effect of Investor Risk Appetite Index and Macroeconomic Indicators on the BIST-100 Index. Bulletin of Economic Theory and Analysis, 7(2), 355-378.
• Topaloğlu, E.E. ve Cihangir, Ç.K. (2022). Risk İştahının Pay Piyasa Getirisi ve Volatilitesine Etkisi: FIEGARCH, NARDL ve Hatemi-J Modelleri ile Borsa İstanbul Üzerine Bir Araştırma. Ankara Hacı Bayram Veli Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 24(3), 973-1004.
• Vogelsang, T.J. ve Perron, P. (1998) Additional Tests for a Unit Root Allowing for a Break in the Trend Function at an Unknown Time. Int Econ Rev. 1073-1100.
• Zhang, L., Bai, J., Zhang, Y. ve Cui, C. (2023). Global Economic Uncertainty and the Chinese Stock Market: Assessing the Impacts of Global Indicators. Research in International Business and Finance, 65, 101949.
• Zhu, H., Yu, D., Hau, L., Wu, H. ve Ye, F. (2022). Time-Frequency Effect of Crude Oil and Exchange Rates on Stock Markets in BRICS Countries: Evidence From Wavelet Quantile Regression Analysis. The North American Journal of Economics and Finance, 61, 101708.
• Zivot, E. ve Andrews, D.W.K. (2002). Further Evidence on the Great Crash, the Oil-Price Shock, and the Unit- Root Hypothesis. Journal of Business & Economic Statistics, 20(1), 25-44.

Toplam 46 adet kaynakça vardır.

Ayrıntılar

Kaynak Göster

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