Capital management is very important for any listed company and can be perceived and viewed negatively by the market if the surplus cash is not managed prudently or put in very good use (meaning park lazily in the bank).
One company I know KAR (O&G space) which has $700 m cash when they sold one of their asset, their SP has been lingering 30 to 40% discount to the cash backing from day one and still the case today essentially the money resting in the bank without smart capital management and its SP got punished and little hope of turning around once the market /analysts mindset set in.
My preferred prudent management for such cash is a "responsible" shares buy back scheme and also let the size and timing of the scheme excite the market.
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