Over two years after the pandemic ravaged corporate balance sheets, dozens of companies have not turned their dividends back on. Some of them wonder whether now during an economic slowdown is the right time to do so (please find the WSJ 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