Shareholders receive dividends. Employees earn wages.

股东们拿红利，员工们领工资，供应商获得合同。

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Shareholders receive dividends. Employees earn wages. Suppliers win contracts.

股东们拿红利，员工们领工资，供应商获得合同。

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The effect is that shareholders receive much lower dividends as owners, than might otherwise be the case.

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It does not guarantee that shareholders will receive the missed dividends in the future, but rather confers the right to accrue a balance.

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So you can think of earnings yield as the engine that drives both dividends and capital gains, the two forms in which shareholders receive most of their income from their shares.

ECONOMIST: Shared values