Two reasons why float shrinkers outperform dividend payers: The first is that float shrink is much more tax efficient.

FORBES: Float Shrink Outperforms Dividends

The second reason float shrinkers outperform is that insiders who really like their corporate future would be much more incentivized by owning a bigger piece of the pie via aggressive float shrink then by paying dividends.

FORBES: Float Shrink Outperforms Dividends