You omitted the second part of that > as well as rights to participate in government of the entity It's easy to underestimate this -- the price of the stock r

You omitted the second part of that > as well as rights to participate in government of the entity It's easy to underestimate this -- the price of the stock represents a barrier to acquisition of the company. If the stock falls below a certain point, it would become profitable for an entity or group of entities to gain a controlling interest and reform the company in a way that suits their needs. That is, not just the promise of future dividends paid to the shareholders, but a barrier against the profits being dispersed in a more aggressive fashion.