Mak Yuen Teen and Tan Yi Jie

Excessive share buybacks, sometimes funded by debt, have been blamed for recent scandals or bankruptcies in companies such as Boeing and Bed Bath & Beyond.

Rethinking the purpose of share buybacks

IN 2022, companies listed on the Singapore Exchange (SGX) spent a three-year high of about S$1.7 billion on share buybacks. Those listed...