Well to nitpick, long term growth of per share intrinsic value...

Well to nitpick, long term growth of per share intrinsic value is the goal. You're quite correct that in some circumstances this can be achieved through share buy backs though that is only true in cases where shares are undervalued (its destructive to value to buy back overpriced shares).

You can increase the intrinsic value of the business by:
Lowering debt, issuing overvalued shares, buying back undervalued shares, undervalued acquisitions, and organic growth .

Conversely you decrease intrinsic value by:
Raising debt, issuing undervalued shares, buying back overvalued shares, overvalued acquisitions and a declining core business.

In some circumstances you might trade off one for the other if there's a net benefit. i.e. Taking on debt to achieve a greater return on investment than is paid on interest. It does not make sense to pay out a dividend if the business can reinvest the cash for a greater benefit than the investor could achieve through direct investment elsewhere. Conversely if the business has no ideas to increase value then is the appropriate time to pay out.

What a business should never do (or only do under exceptional circumstances) is take on debt to issue dividends. This would only make sense if the return an investor could earn investing elsewhere exceeds the interest cost. If this is whats happening then investors would be better off taking all of their money elsewhere.