What effect do share repurchases (undertaken as part of the firms dividend decision) have on the value

Question:

What effect do share repurchases (undertaken as part of the firm’s decision) have on the value of the firm?

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...