From a tax-paying investor's point of view,a stock repurchase:

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From a tax-paying investor's point of view, a stock repurchase is more desirable than a cash dividend because it is not subject to immediate taxation. When a company pays a cash dividend, shareholders are required to pay taxes on those distributions immediately, whether they reinvest the dividend or not. In contrast, a stock repurchase does not trigger immediate taxation and allows the shareholder to defer taxes until they sell their shares. This can be advantageous for investors who want to delay paying taxes and potentially lower their tax liability by timing the sale of their shares.

From a Tax-Paying Investor's Point of View,a Stock Repurchase