If your company has too much cash, someone will attempt take control to carve it up and get their hands on the cash.
So, every business basically runs fairly close to cashless or even carries debt in order to avoid corporate raiders unless they have SO much cash that nobody can even hope to buy them (see: Apple).
And then people complain that they're holding onto cash rather than 1.) Doing something "productive with it" or 2.) Returning it to the owners (shareholders)--the latter of which at least is not a wholly unreasonable position as it isn't really the company's money to hold on to at some level.
The problem started with people like Carl Icahn.
If your company has too much cash, someone will attempt take control to carve it up and get their hands on the cash.
So, every business basically runs fairly close to cashless or even carries debt in order to avoid corporate raiders unless they have SO much cash that nobody can even hope to buy them (see: Apple).