I do not know the details, but in broad terms US taxation is...

I do not know the details, but in broad terms US taxation is biased against dividends, and it is rare for US stocks to pay dividends. In broad terms, one should adapt US thinking on stock investing to the Australian reality, and this is rarely done.

The concept of reinvesting earnings into company growth tends to be presented in a too-rosy manner IMO. In theory, by reinvesting earnings in growth, a company is supposed to grow at the rate of its ROE. So if ROE is 15%, the rate of growth is supposed to be 15% per year. In thirty years the company would grow by 1.15^30 = 66 fold, as the following table shows
- 10 years 4.046 fold
- 20 years 16.367 fold
- 30 years 66.212 fold
- 40 years 267.864 fold
- 50 years 1083.657 fold

How many companies that were profitable and largish fity years ago are now circa times 1,090 larger? None. If company managers has too much money, they tend to do stupid things. I like to invest in boring companies that distribute about half their earnings, and grow at the rate of half their ROE. I do not mind if spare cash is used to buy stock, and the shares are cancelled the shares, which is fairly common in the USA, probably the tax system encourages that. Encore Capital, a CCP-like stock, but bigger, buys its own shares regularly. In its 2021 financial year ending december 2021, Encore bought 22% of its total shares of common stock outstanding as of December 2020.
So when CCP was diluting the value of CCP shares via capital raising, Encore did the opposite, as did Intrum in Sweden.

One has to be careful when considering CCP's accounts, because if it can find an excuse to impair or over provision, it will. The large Covid-related impairmentcum-provision that reduced FY20 NPAT by $64.1 million was never reversed, whereas when collections transpired to be better than expected, both Encore and Intrum soon reversed much of what they had impaired. CCP simply let the over-impairment to be whittled away in subsequent years.