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.

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Japan's Governance: ESG Fund Considerations

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>During the period from December 2020 to February 2022, the increase in foreign ownership and the increase in Tobin's q contributed to the increase in market capitalization.</li>
<li>Since it's difficult to expect board practices to directly affect market capitalization over one-year, I maintain the hypothesis that improving board practices raise it by leading to improving key actions.</li>
<li>Regarding key actions, rather than implementation of individual shareholder return policies alone, systematic implementation of such policies in the context of growth and capital allocation management policies is more effective.</li>
</ul>


During the period from December 2020 to February 2022, the increase in foreign ownership and the increase in Tobin's q contributed to the increase in market capitalization.
Since it's difficult to expect board practices to directly affect market capitalization over one-year, I maintain the hypothesis that improving board practices raise it by leading to improving key actions.
Regarding key actions, rather than implementation of individual shareholder return policies alone, systematic implementation of such policies in the context of growth and capital allocation management policies is more effective.


Japan's Governance: What Are the Effective Factors for Stock Returns?

TSE Tokyo Price Index TOPIX

Japan's Governance: What Are the Effective Factors for Stock Returns?