Why do companies consolidate their shares?
I've noticed that it is often companies with more than a billion shares on issue that tend to do this. Why is having an extremely large number of shares on issue considered a negative? Is it an issue of perception? Do consolidations help?
Also, does the consolidation ratio affect things? I've seen consolidations from anywhere from 2:1 to 100:1 and wonder why there can be such a considerable difference in scale.
Any insights appreciated.