DOCSLIB.ORG

Defining the Value of the Cooperative Business Model: an Introduction

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Defining the Value of the Cooperative Business Model: an Introduction This white paper is available through CHS Center for Cooperative Growth, www.chscenterforcooperativegrowth.com, an initiative that gathers and shares diverse viewpoints from agribusinesses, independent agricultural producers, academia and other leaders to foster greater success among America’s cooperatives. DEFINING THE VALUE OF THE COOPERATIVE BUSINESS MODEL: AN INTRODUCTION By: Anne Reynolds, Assistant Director, University of Wisconsin Center for Cooperatives, Madison, Wis. Introduction People who are unfamiliar with the value by successfully translating and In the following discussion, we will cooperative business model often define aggregating information about their discuss how the value of cooperatives cooperatives in relation to the dominant members’ needs into valued products is expressed and defined. We will model of a firm: investor ownership. and services. Successful cooperatives begin by considering cooperatives’ There is a rich body of knowledge and must find a balance between complex economic value, which is the shared understanding regarding the maximizing the current well-being of value of cooperatives as an influence value of investor-owned firms. Although the owners and maintaining the long- on prices and/or services within the stock prices and financial metrics term economic sustainability of the firm. economy, the value of cooperative don’t reflect the entire value of a firm, business assets at the enterprise level, they are readily available and easily The standard definition of the term and members’ assessment of value. comparable across firms. They can be value combines two concepts: This will be followed by a discussion used by a wide variety of factors in the monetary worth and importance to the of the value of cooperatives’ distinctive economy, including investors, potential possessor. This definition is consistent ability to aggregate and align member merger partners, customers and analysts. with a discussion of the value of the needs while generating trust, loyalty cooperative business model. Important and mutual commitment. In an Lacking transferable shares and strands of thought regarding cooperative increasingly complex and globalized other standard indicators of firm valuation include the economic value business environment, cooperatives are value, cooperatives require a more of the firm, the value of cooperative’s positioned to gain significantly from complex assessment. The source presence in the marketplace, and their special relationship with their of the complexity is embedded in the value of the firm to its owners, member-owners. the cooperative ownership model. which may include both concrete and Cooperatives are owned by their intangible benefits. patrons, and cooperatives create Value of Cooperatives in the Economy Cooperatives are often formed in beneficial influence may fade from of 200–1000%. A statute establishing response to a problem in the market, memory (Hueth, 2011). Credit unions, credit unions was passed in 1931, and usually due to an imbalance of power which are consumer owned financial by 1939 there were over 500 credit between a supplier of goods and cooperatives, provide a good example unions operating in Wisconsin, meeting the customer. By pooling members’ of this phenomenon. Credit unions the market demand for fair consumer purchasing power, a cooperative may began offering savings and lending loans. In 2013, almost 75 years later, serve as a force to lower prices or raise services to consumers in the 1920s, at banks and credit unions offer fairly the quality of service, or influence the a time when many banks did not offer standard consumer credit products. market in other significant ways. these services to ordinary working In order to compete, credit unions people. In Wisconsin, for example, must differentiate themselves through The cooperative’s positive impact on 85% of the citizens did not qualify for qualities like price, access and service. prices or services will eventually be met bank credit. An early version of today’s by competitors, and the cooperative’s payday lenders offered credit at rates >>> © 2013 CHS Inc. • For more information, contact us at [email protected] or call 1-800-232-3639, ext. 4502. 1 Value of Cooperative Business Assets Cooperative firms are evaluated based on value; and replacement value (what Cooperatives have adopted industry their business assets, with the same tools would a willing buyer have to pay to expectations for return on investments, used to value other firms. As with other replace assets at current prices?). EBITDA using the same benchmarking tools. closely-held businesses, where there is is a financial metric used to value and For example, value creation is defined no public market for stock, analysts use assess the performance of companies by the return on invested capital minus financial metrics and estimated revenue across industries. It focuses on how much the cost of capital times the amount of projections to assess cooperatives. profit is made on the products that a firm invested capital. This financial metric buys and sells, under present operations shifts attention from revenues to return Business valuation tools include the and assets. The goal of estimating future on investment, providing a critical balance sheet method, EBITDA (earnings cash flows is to accurately understand tool for analyzing use of capital. Like before interest, taxes, depreciation and the projected value of an investment, their competitors, cooperatives have amortization) and estimated future cash based on future costs of money and increased profits by focusing on strongly flows. The balance sheet method of revenue projections. performing sections of their business and valuation looks at net book value (total maximizing their strengths. assets less total liabilities); liquidation Member Assessment of Value In order to fully understand the value make the connection between present prices were high, this allocation of their cooperative to their life or investments and future gains, with both system rewarded fertilizer patrons, business, cooperative members must short- and long-term advantages. who might otherwise have left the estimate several things: the economic cooperative for the competition. The value of the prices and services Cooperatives price their products and additional cash patronage contributed offered by the cooperative; the future services competitively, and then use significantly to members’ perception value of the investments made by the patronage refunds (and occasionally of the cooperative’s value. Cooperative cooperative, the value of annual cash dividends) to return a portion of Group UK uses a similar system to patronage distributions, and the value the profits to members after the encourage members to patronize its of their investment in the cooperative. completion of the financial year. When various retail locations. With 4,800 The cooperative model depends on the cooperative is competitive within retail outlets offering members banking, collective investment in a firm that a market, patronage and equity may grocery, insurance and utility services, delivers most of its value through use of differentiate it from competitors. the Cooperative Group offers one the cooperative. Members may view cash patronage membership card, which tracks patron distributions as a significant incentive usage. The card allows the Cooperative This means that cooperative firms to patronize the cooperative. Group to distribute patronage refunds must anticipate the needs of their based on a strategic formula. Members Cooperatives also have the option members, in order to be relevant to are encouraged to patronize the various of using patronage distributions current and future demands. As they retail outlets through a system of strategically, to reward members assess strategic decisions, they should rewards and “bonus” points, all related for patronizing profitable business have a long-term time horizon. This is to annual patronage distributions. where cooperatives have an important units, or to increase loyalty by easing advantage over public companies, difficult conditions for their members. Except for the membership share, the which are increasingly challenged Badgerland Financial, a Wisconsin-based other equity owned by cooperative by their focus on quarterly reports. farm credit association, used a special members does not require an upfront On the other hand, cooperatives, as patronage distribution to help members investment. As Michael Boland writes member-driven organizations, must with post-drought financial burdens in in another section of this website, consider members’ differing time October 2012. Producers Cooperative cooperatives are continuously horizons for active participation in of Bryan, Texas, offers differential cash innovating in the way that they handle the cooperative. Cooperatives may patronage allocations to encourage member equity and capital. Several be pressured to return high cash use of profitable divisions. After an cooperatives, including West Central patronage refunds, preserve under- annual analysis of each unit’s financial and Organic Valley, convert member utilized services or revolve equity, results, the cooperative gives patrons equity into preferred stock, which rather than investing in valuable future. of top performing areas higher cash is not tradable but earns an annual allocations. In 2008, when fertilizer Leadership must educate members to >>> © 2013 CHS Inc. • For more information,
Load more

Recommended publications
  • 3 Models of Creating Social Impact Through Trading Activities
    The 3 Models of Social Enterprise: Creating social impact through trading activities Introduction Within the emerging social investment market, the same words frequently mean different things to different people. In particular, the label “social enterprise” can be especially problematic. In part, this is because there is no shared understanding of the underlying business models beneath the “social enterprise” umbrella. For investors, as the number of organisations labelled as “social enterprises” proliferates, it is becoming increasingly urgent to agree, and then to adopt, a common methodology for disentangling the assessment of financial risk from the likelihood of an investment achieving social returns. Others have already written about ways in which social enterprises may be categorised and described1. We wish to contribute to this ongoing discussion by outlining Venturesome’s current thinking about this issue. This paper introduces a conceptual framework which we hope both investors and investees will find useful as a guide to thinking through how different business models create social impact - and the consequences of this for generating financial returns. The 3 Models Framework We believe that there are three fundamental ways that social impact2 can be created through trading activities: • Model 1 – Engage in a trading activity that has no direct social impact, make a profit, and then transfer some or all of that profit to another activity that does have direct social impact • Model 2 – Engage in a trading activity that does have direct social impact, but manage a trade-off between producing financial return and social impact • Model 3 – Engage in a trading activity that not only has direct social impact, but also generates a financial return in direct correlation to the social impact created It is important to note that these three models are statements of fact, not judgment.
    [Show full text]
  • AT&T Business Trade-In Program in Premier
    AT&T Business Trade-In program in Premier Company Administrator Quick Guide July 2019 1 © 2019 AT&T Intellectual Property. All rights reserved. AT&T, Globe logo, Mobilizing Your World and DIRECTV are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners. AT&T Business Trade-In overview © 2019 AT&T Intellectual Property. All rights reserved. AT&T, Globe logo, Mobilizing Your World and DIRECTV 2 are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks are the property of their respective owners. AT&T Business Trade-In benefits Capitalize on the mobile lifecycle The AT&T Business Trade-In program helps company administrators get the newest devices faster - and with less out- of-pocket costs. The program enables you to trade in your old wireless devices from any carrier and receive credit for their value. The credit is applied directly to your AT&T wireless account, usually within 2 billing cycles, helping to offset the costs of future investments. Value Security Environmental Stewardship Device value is applied as credits Industry-leading data Devices are responsibly recycled, to your wireless bill, offsetting protection with certified in compliance with environmental future device investments. sanitization process. certifications of R2, ISO 14001 & OHSAS 1800. Images provided in this presentation are for illustrative purposes only. 3 © 2019 AT&T Intellectual Property. All rights reserved. AT&T, Globe logo, Mobilizing Your World and DIRECTV are registered trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies.
    [Show full text]
  • College of Business and Economics Supply Chain Management
    COLLEGE OF BUSINESS AND ECONOMICS SUPPLY CHAIN MANAGEMENT BACHELOR OF SCIENCE DEGREE IN SUPPLY CHAIN MANAGEMENT What is Supply Chain Management? Much more than logistics, Supply Chain Management (SCM) integrates supply and demand management within and across companies. It is one of the most critical issues in global business today, and offers outstanding career opportunities for suitably qualified graduates. Supply chain spending is growing faster than the overall economy, and in 2006 over $1.3 trillion was spent on SCM activities, which was more than 9.5% of the U.S. GDP. What are the typical job opportunities in SCM? There is plenty of good news for new graduates in the fascinating and diverse field of SCM. Opportunities abound in manufacturing and production companies, retailers and distributors, consulting firms, service firms, government agencies, transportation companies, third party logistics providers, and universities and educational institutions. Famous firms such as Nestlé, WalMart, Disney, Best Buy, Caterpillar, Boeing, Microsoft, Hewlett- Packard, and Nike, are just a few of the names of firms whose SCM expertise is legendary. What is the salary outlook in SCM? Excellent employment prospects, a fast-paced, fulfilling work environment, and the opportunity for career growth all sound great, but you’re still thinking “show me the money!” Starting SCM salaries for 2007 college graduates with a SCM major average $45,771 according to the National Association of Colleges and Employers. And that’s just the beginning! As your experience and responsibilities grow, you can expect to earn an average of $89,300 as a Supply Chain Manager, according to the 2007 Mercer Benchmark Database for Logistics and Supply Chain Positions.
    [Show full text]
  • 1.1 International Trade 1.2 Global Business Basics 1.3
    GLOBAL BUSINESS U.S. DEPARTMENT OF COMMERCE “How can our company sell electric motors in Eastern Europe?” “What are the biggest markets for soft drinks in Asia?” “What trade barriers might be encountered when doing business in Latin America?” Trade Specialists at Export 1.1 INTERNATIONAL TRADE Assistance Centers of the U.S. Department of Commerce are ready to answer these, and other, international trade questions. With offices in more than 80 cities around the U.S., Trade Specialists are able to 1.2 GLOBAL BUSINESS • research potential foreign markets for a product or service • help locate customers in other BASICS countries • assist with developing an interna- tional marketing plan Additional exporting and interna- tional trade information is available 1.3 ECONOMICS OF GLOBAL from the U.S. Department of Commerce at www.ita.doc.gov and www.usatrade.gov BUSINESS THINK CRITICALLY 1. Why are Export Assistance Centers important to business and the economy? 2. What skills would be necessary to work as a trade specialist in an Export Assistance Center? The Chapter 1 video for this module introduces the concepts in this chapter. A Global Business Plan PROJECT OBJECTIVES I Become aware of the geographic, economic, cultural, and political factors that influence international business activities I Develop an understanding of methods used for measuring international trade activities I Explain the factors that influence the level of economic development in a country GETTING STARTED Read through the Project Process below. Make a list of materials that you will need. Decide how you will get the needed materials or information.
    [Show full text]
  • Ownership and Control of Private Firms
    WJEC BUSINESS STUDIES A LEVEL 2008 Spec. Issue 2 2012 Page 1 RESOURCES. Ownership and Control of Private Firms. Introduction Sole traders are the most popular of business Business managers as a businesses steadily legal forms, owned and often run by a single in- grows in size, are in the main able to cope, dividual they are found on every street corner learn and develop new skills. Change is grad- in the country. A quick examination of a busi- ual, there are few major shocks. Unfortu- ness directory such as yellow pages, will show nately business growth is unlikely to be a that there are thousands in every town or city. steady process, with regular growth of say There are both advantages and disadvantages 5% a year. Instead business growth often oc- to operating as a sole trader, and these are: curs as rapid bursts, followed by a period of steady growth, then followed again by a rapid Advantages. burst in growth.. Easy to set up – it is just a matter of in- The change in legal form of business often forming the Inland Revenue that an individ- mirrors this growth pattern. The move from ual is self employed and registering for sole trader to partnership involves injections class 2 national insurance contributions of further capital, move into new markets or within three months of starting in business. market niches. The switch from partnership Low cost – no legal formalities mean there to private limited company expands the num- is little administrative costs to setting up ber of manager / owners, moves and rear- as a sole trader.
    [Show full text]
  • Partnership Agreement Example
    Partnership Agreement Example THIS PARTNERSHIP AGREEMENT is made this __________ day of ___________, 20__, by and between the following individuals: Address: __________________________ ___________________________ City/State/ZIP:______________________ Address: __________________________ ___________________________ City/State/ZIP:______________________ 1. Nature of Business. The partners listed above hereby agree that they shall be considered partners in business for the following purpose: ______________________________________________________________________________ ______________________________________________________________________________ 2. Name. The partnership shall be conducted under the name of ________________ and shall maintain offices at [STREET ADDRESS], [CITY, STATE, ZIP]. 3. Day-To-Day Operation. The partners shall provide their full-time services and best efforts on behalf of the partnership. No partner shall receive a salary for services rendered to the partnership. Each partner shall have equal rights to manage and control the partnership and its business. Should there be differences between the partners concerning ordinary business matters, a decision shall be made by unanimous vote. It is understood that the partners may elect one of the partners to conduct the day-to-day business of the partnership; however, no partner shall be able to bind the partnership by act or contract to any liability exceeding $_________ without the prior written consent of each partner. 4. Capital Contribution. The capital contribution of
    [Show full text]
  • The Business Model in Context of Business Strategy
    Master Thesis - public version - The Business Model in Context of Business Strategy A framework proposition for connecting business model and business strategy Johannes Christian Gaedicke Master Student Business Administration Track Innovation Management and Entrepreneurship University of Twente Master Student Innovation Management & Entrepreneurship Dual Degree Program Technical University Berlin December 2012 The Business Model in Context of Business Strategy A framework proposition for connecting business model and business strategy Author Johannes Christian Gaedicke Study Program Double Degree Master Program Master of Science in Business Administration University of Twente, Enschede, The Netherlands Master of Science in Innovation Management & Entrepreneurship Technical University Berlin, Berlin, Germany Student Number University Twente: s1231324 TU Berlin: 335724 E-mail [email protected] / [email protected] Committee members Dr. Kasia Zalewska-Kurek First Supervisor University of Twente Dr. ir. Jeroen Kraaijenbrink Second Supervisor University of Twente Dipl.-Ing. Tim Franke Third Supervisor Technical University Berlin Pieter-Paul Lerou (PhD) External Supervisor Kryoz Technologies BV 2 Confidentiality Clause This master thesis contains confidential data of Kryoz Technology BV. This work may only be made available to the first, second and third reviewer and authorized members of the board of examiners. Any publication and duplication of this thesis is prohibited. An inspection of this work by third parties requires the expressed permission of the author and Kryoz Technology BV. A public version of this thesis is available. Sperrvermerk Die vorliegende Arbeit enthält Information zur Firma Kryoz Technology BV und ist streng vertraulich zu behandeln. Die Inhalte der Arbeit dürfen weder ganz noch teilweise Dritten zugänglich gemacht und nicht direkt oder indirekt verwendet werden.
    [Show full text]
  • Why Are Business Corporation Laws Largely Enabling Elvin R
    Cornell Law Review Volume 50 Article 3 Issue 4 Summer 1965 Why Are Business Corporation Laws Largely Enabling Elvin R. Latty Follow this and additional works at: http://scholarship.law.cornell.edu/clr Part of the Law Commons Recommended Citation Elvin R. Latty, Why Are Business Corporation Laws Largely Enabling , 50 Cornell L. Rev. 599 (1965) Available at: http://scholarship.law.cornell.edu/clr/vol50/iss4/3 This Article is brought to you for free and open access by the Journals at Scholarship@Cornell Law: A Digital Repository. It has been accepted for inclusion in Cornell Law Review by an authorized administrator of Scholarship@Cornell Law: A Digital Repository. For more information, please contact [email protected]. WHY ARE BUSINESS CORPORATION LAWS LARGELY "ENABLING"? Elvin R. Lattyt Professor Wilber G. Katz was unquestionably correct when, a few years ago, he viewed the modern business corporation acts as being ba- sically "enabling" in the underlying philosophy of their general structure and of most of their specific provisions.' Nothing has happened in the intervening years to change the picture. He classified the manifested phi- losophies as: first, those that are "enabling" in the sense that they are characterized by freedom of choice in who among the interested parties takes what in the way of risks, control, and profit; second, those that are still enabling but are supplemented with certain requirements to keep the basic decisions of the interested parties more in line with idealized no- tions of contract, tort, and fiduciary relations; third, those that reflect a "paternal responsibility" theory; and, fourth, those that reflect a "social responsibility" theory.
    [Show full text]
  • The Institutions of Corporate Governance
    ISSN 1045-6333 HARVARD JOHN M. OLIN CENTER FOR LAW, ECONOMICS, AND BUSINESS THE INSTITUTIONS OF CORPORATE GOVERNANCE Mark J. Roe Discussion Paper No. 488 08/2004 Harvard Law School Cambridge, MA 02138 This paper can be downloaded without charge from: The Harvard John M. Olin Discussion Paper Series: http://www.law.harvard.edu/programs/olin_center/ The Social Science Research Network Electronic Paper Collection: http://papers.ssrn.com/abstract_id=###### This paper is also a discussion paper of the John M. Olin Center's Program on Corporate Governance JEL K4, H73, G34, G28 The Institutions of Corporate Governance Mark J. Roe* Abstract In this review piece, I outline the institutions of corporate governance decision- making in the large public firm in the wealthy West. By corporate governance, I mean the relationships at the top of the firm—the board of directors, the senior managers, and the stockholders. By institutions I mean those repeated mechanisms that allocate authority among the three and that affect, modulate, and control the decisions made at the top of the firm. Core corporate governance institutions respond to two distinct problems, one of vertical governance (between distant shareholders and managers) and another of horizontal governance (between a close, controlling shareholder and distant shareholders). Some institutions deal well with vertical corporate governance but do less well with horizontal governance. The institutions interact as complements and substitutes, and many can be seen as developing out of a “primitive” of contract law. In Part I, I sort out the central problems of corporate governance. In Part II, I catalog the basic institutions of corporate governance, from markets to organization to contract.
    [Show full text]
  • Sustainable Business Models Through the Lens of Organizational Design: a Systematic Literature Review
    sustainability Review Sustainable Business Models through the Lens of Organizational Design: A Systematic Literature Review Isaac Lemus-Aguilar 1,2,* , Gustavo Morales-Alonso 1 , Andres Ramirez-Portilla 3 and Antonio Hidalgo 1 1 Department of Industrial Engineering, Business Administration and Statistics, Universidad Politécnica de Madrid, C/José Gutiérrez Abascal, 2, 2006 Madrid, Spain; [email protected] (G.M.-A.); [email protected] (A.H.) 2 Department of Management, Economics and Industrial Engineering, Politecnico di Milano, via Lambruschini 4/B, 20156 Milan, Italy 3 Departament of Business Studies, Universidad Iberoamericana Ciudad de México, Prolongación Paseo de la Reforma 880, Lomas de Santa Fe, Mexico City 01219, Mexico; [email protected] * Correspondence: [email protected] Received: 7 August 2019; Accepted: 11 September 2019; Published: 28 September 2019 Abstract: The interest in sustainable business models has grown rapidly in recent years. Although some progress has been made in identifying this concept and making the practices more sustainable, little is known about the organizational design that is most appropriate for creating new business models or implementing changes in existing ones towards a sustainability approach. This paper presents a review of sustainable business models in terms of the key factors that influence firm design based on organization theory. We retrieved 394 Journal Citation Reports papers from the WoK and Scopus databases, identifying 19 papers that have addressed the interplay between both constructs. We used the Galbraith Star Model to analyze the selected papers. We discuss three key findings for the cross-fertilization of both literatures: (i) the extension of the design elements outside the firm boundaries at the inter-organizational and ecosystem levels; (ii) the emphasis on certain design elements (strategy, process, people, structure) rather than others (rewards); and (iii) the use of the organizational design construct as a tactic tool for strategy execution of the sustainable business model.
    [Show full text]
  • Business License Renewal Application Packet
    2021 Occupation Tax Renewal Notice This notice serves as an official billing notification to explain how to determine your business occupation tax amount. All Occupation Tax renewals are due by March 15, 2021 for the 2021 calendar year. Occupation Tax is determined using a method based on gross receipts. The standard exemption for all businesses is $100,000. Other deductions as described in the City of Roswell Code of Ordinances, Section 10.3.1 may also apply. Additionally, all businesses with 100 or more full-time employees will be assessed a fee of $12 per employee. Gross receipts are the total amount a business received from all sources during its annual accounting period, without subtracting any costs or expenses. Business types are categorized by NAICS (North American Industry Classification System) codes. This code is assigned a profitability index which corresponds with a specific tax rate. The tax rate applied to gross receipts will determine the tax assessment. New for 2021 Businesses will no longer provide an estimate of gross receipts for the upcoming year as the basis for calculating occupation tax. Beginning in 2021, occupation tax will be calculated based upon the prior year’s actual gross receipts. Tax rates for each NAICS code have been updated based upon the latest available profitability information from the Internal Revenue Service (IRS). This may result in a change to your business’s tax class and rate for 2021. 1 2021 Fee Structure Commercial Business The tax due will equal gross receipts, less a $100,000 exemption and any other allowable deductions, multiplied by the tax rate.
    [Show full text]
  • Community-Based Cooperatives: a New Business Model for the Development of Italian Inner Areas
    sustainability Article Community-Based Cooperatives: A New Business Model for the Development of Italian Inner Areas Luigi Mastronardi and Luca Romagnoli * Department of Economics, University of Molise, 86100 Campobasso, Italy; [email protected] * Correspondence: [email protected] Received: 4 February 2020; Accepted: 6 March 2020; Published: 8 March 2020 Abstract: Italian municipalities distant from main service supply hubs are defined by the Development Ministry as “inner areas”. A new business model, called community-based cooperatives, has recently developed in these areas. The name itself highlights the strong link between these firms and the local population. Their essential features are the pursuit of general interest and the creation of partnerships. This research explores the potential contribution of these enterprises to the growth of Italian inner areas. The data come from a direct survey, and the methodology includes text analysis techniques and correspondence analysis to create useful concept maps that define the paths that community-based cooperatives can take to regenerate their territories. The results highlight the critical issues of inner areas and the needs of their communities, together with the potential fields of business for the establishment of a community-based cooperative. In conclusion, these new firms may lead to real and enduring benefits to local communities. They could also contribute to demographic decline inversion by introducing new practices that reduce inequalities, enhance social, natural, and artificial capital, and boost the sustainable development process. Keywords: cooperation; community; place-based approach; content and sentiment analysis; correspondence analysis; inner areas; Italy 1. Introduction Inner areas (IAs) are municipalities that are distant from cities but capable of offering some essential services, which condition the standard of living for residents and their degree of social inclusion [1].
    [Show full text]