Different shareholders have different preferences for how money should be returned to them. A buyback is tax efficient but very abstract as the share price may

Different shareholders have different preferences for how money should be returned to them. A buyback is tax efficient but very abstract as the share price may actually fall during a buyback meaning that it's harder to see the money being returned to you. With a dividend you actually get cash in your brokerage account which is much more visible, even if you have to pay tax on it immediately. I guess appealing to both groups of investors is better than appealing to just one?