What is meant by the term distribution policy? How have dividend payouts versus stock repurchases changed over

Question:

What is meant by the term “distribution policy”? How have payouts versus stock repurchases changed over time?

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...