Generous dividend payouts and high price-earnings multiples are correlated positively. Does this imply that paying out cash

Question:

Generous payouts and high price-earnings multiples are correlated positively. Does this imply that paying out cash as dividends instead of repurchases increases share price?
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...