Another nice feature of a lower stock price after a split is the CVX Employee stock buy in. I would really dislike it if CVX witheld a percentage of my paycheck and held onto it without any return untill they had $3600 to buy one share. At $50 I get several shares every payday that are earning dividends.
tHE LESSON IS splits do matter and at 52 more people can afford to buy the stock than at 100+ Had there been no splits this stock would have an astronomical price and could afford to buy it. Now joe six pack can afford it. Splits do matter .