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.

Fewer TOPIX Remaining Companies Show the Difficulty of Producing Convincing Disclosures

Valuations Will Rise when the Management Changes To "Maximizing Shareholder Interest"

ROE Isn't Rising Because Managers Don't Think of the Value of the Company and Meaning of the Listing

% of Female Board Members Is a Measure of a Company's Seriousness About Improving Its Practices

The First Thing Managers Should Do Is Disclose Their Cost of Capital and Their Company's Return

Why Do Only 13% of Companies Mention P/B in Mid-Term Management Plans While Half Had P/Bs Below 1x?

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

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

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Although it's important that the quality of companies be maintained and improved through metabolism, the number of listed companies has consistently increased due to the many IPOs and few delistings.</li>
<li>Many founders used IPOs as a tax-saving measure, and many managers were not thoughtful enough to increase shareholder profits, which is why there were many IPOs and few delistings.</li>
<li>Delisting through MBO or TOB for parent and subsidiary listed subsidiaries is much more effective than "TSE request" in reducing the number of companies with P/B below 1x.</li>
</ul>


Although it's important that the quality of companies be maintained and improved through metabolism, the number of listed companies has consistently increased due to the many IPOs and few delistings.
Many founders used IPOs as a tax-saving measure, and many managers were not thoughtful enough to increase shareholder profits, which is why there were many IPOs and few delistings.
Delisting through MBO or TOB for parent and subsidiary listed subsidiaries is much more effective than "TSE request" in reducing the number of companies with P/B below 1x.


Meaningful If "P/B Below 1x" Is a Change of Mindset that Makes Managers Decide to Take an MBO

TSE Tokyo Price Index TOPIX

Meaningful If "P/B Below 1x" Is a Change of Mindset that Makes Managers Decide to Take an MBO