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.

Reducing Policy Shareholdings May Be a Sign of Seriousness to Improve Management

Clues to Management Change Are % Independent Directors and .....

Although the Cost of Capital for CBs Should Be Considered Much Higher than for SBs

Policy Shareholdings, if Reduced, Should Be Used for Profitable Investments

Why Should Policy Shares Be Viewed as Including Deemed Shares Held?

Keisei Electric Railway's Problems Are Part of a Cross-Shareholding Dissolution Process

Golden Egg Was Not Lost, but How Long Can Keisei Electric Railway Buy Time?

Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Toyota Group and non-life insurances, which recently announced reductions in their policy shareholdings, are well-known for their large holdings, but a look at total asset ratios reveals a different aspect.</li>
<li>Companies with high policy shareholdings relative to total assets have lower ROE and ROA as well as foreign ownership, market capitalization, and valuations.</li>
<li>These companies with inconspicuously held policy shares are reluctant to take corporate governance initiatives and face many challenges in both board practices and key actions.</li>
</ul>


Toyota Group and non-life insurances, which recently announced reductions in their policy shareholdings, are well-known for their large holdings, but a look at total asset ratios reveals a different aspect.
Companies with high policy shareholdings relative to total assets have lower ROE and ROA as well as foreign ownership, market capitalization, and valuations.
These companies with inconspicuously held policy shares are reluctant to take corporate governance initiatives and face many challenges in both board practices and key actions.


Looking at Policy Shareholdings as a Percentage of Total Assets Reveals a Different Aspect

TSE Tokyo Price Index TOPIX

Looking at Policy Shareholdings as a Percentage of Total Assets Reveals a Different Aspect