I think this article is interesting, but I think it is mistaken on focusing on the mechanism (stock buybacks) vs the attitude, which is a general focus on value extraction rather than value creation.

I think that in this era of American business, companies are so efficient at extracting value that they've basically forgotten how to innovate. Innovation is delegated to startups, and incumbents focus on financial engineering and extraction. It's foolish to think that one rule change caused this attitude shift and that one rule change will change it back.