I think it boosts share price. Supposed to reduce tax burden vs. just giving investors dividends? With dividends, I think valuation only gets affected if it is

I think it boosts share price. Supposed to reduce tax burden vs. just giving investors dividends? With dividends, I think valuation only gets affected if it is done on a regular cadence (so old companies that are cash cows but don't really grow). IBM used to do this crap a lot but also promised a target dividend (back in the 2010s). IBM may have borrowed to pay dividends .. again some kind of financial engineering which may have made sense.