I'm in Business School and took a class in Finance. In a lecture the professor presented what to do if a company has too much cash, the options where:

1. Invest in positive NPV projects 2. Store some for a rainy day 3/4. Pay divdends or stock buybacks

Only after did I think "You know, what about lowering prices or paying employees, these options are soley about shareholders". But... yes, managers are taught to think about increasing shareholder wealth above all.