Over two years after the pandemic ravaged corporate balance sheets, dozens of companies haven't turned their dividends back on. Some of them wonder whether nowduring an economic slowdownis the right time to do so (please find the article "Companies Buying Back Stock Enjoy a Discount as Markets Tumble" under the reading list).

So, why are some companies hesitant to reinstate their dividends? What factors do companies consider in connection with the decision to pay dividends to their shareholders? Why might a company choose to buy back stock instead of pay dividends? Why might shareholders prefer dividends over share buybacks or vice versa? Please discuss