One possible way is if we consider capital allocation in terms of acquisitions, where one company acquires other companies by giving them stock instead of cash

One possible way is if we consider capital allocation in terms of acquisitions, where one company acquires other companies by giving them stock instead of cash (which is what a lot of pre dot-com era telecom companies did to acquire customers + coverage like Verizon or the notorious Worldcom) and the ease of those acquisitions was largely based on the demand of that stock and thus the stock price.