Why do we sometimes say that the dividend discount model is actually an earnings model? How does

Question:

Why do we sometimes say that the discount model is actually an earnings model? How does Lintner’s findings relate dividends and earnings?
Dividend
A dividend is a distribution of a portion of company’s earnings, decided and managed by the company’s board of directors, and paid to the shareholders. Dividends are given on the shares. It is a token reward paid to the shareholders for their...