Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

Too Many Portfolio Companies Is One of the Reasons for Not Enough Engagement

Challenge Is to Simultaneously Reduce Cash on Hand and Achieve Profitability over Cost of Capital

Companies with over 50% Independent Directors Have High Profitability and Stock Valuations

Quality Issues Are a Common Challenge for TSE Market Restructuring and Corporate Governance Reform

Advisors' Disclosure Is Inadequate and Other Companies May Have Similar Cases

More Important to Keep Prime Market Quality High, Not to Give to Listed Companies a Grace Period

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Regardless of "TSE request," only 31% of prime market listed companies disclosed "measures to realize management with awareness of cost of capital and stock price" in their corporate governance reports.</li>
<li>The lack of ready disclosure measures on companies' side seems to be the reason why few companies disclosed information, but many of those that did are also poor in content.</li>
<li>For companies with large shareholders and low P/B, the parent company has not yet TOB or sold the company, which may be the reason for the delay in disclosure.</li>
</ul>


Regardless of "TSE request," only 31% of prime market listed companies disclosed "measures to realize management with awareness of cost of capital and stock price" in their corporate governance reports.
The lack of ready disclosure measures on companies' side seems to be the reason why few companies disclosed information, but many of those that did are also poor in content.
For companies with large shareholders and low P/B, the parent company has not yet TOB or sold the company, which may be the reason for the delay in disclosure.


Disclosure of Management Strategies with Cost of Capital and Stock Price in Mind Is Still Limited

TSE Tokyo Price Index TOPIX

Disclosure of Management Strategies with Cost of Capital and Stock Price in Mind Is Still Limited