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.

Solving the Issue of Increasing Trading Liquidity in Japanese Stocks Is More Than Analyst Coverage..

ETFs Held by BOJ with No Prospect of Sale Are Unfortunate for Shareholders

Drivers of Corporate Governance Improvement Are the Percentage of Foreign Shareholdings

ROE Trends Do Not Seem to Indicate a Significant Change in Management's Mindset?

Is Japan's Culture the Psychology of Managers Who Prefer to Keep Cash on Hand over Higher ROE?

Shareholder Returns Should Be Examined on a Cash Basis, Not on a Net Profit Basis

First Step in Engagement in Term of Listening to Overseas Investors Is Seeking Disclosure in English

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Characteristic of companies TSE introduced as good disclosure examples is that they include more companies with a high foreign ownership and those that pay relatively close attention to cash allocation.</li>
<li>Not all companies that are good examples have increased their valuations noticeably compared to before TSE market restructuring, but TSE has chosen them based on the content of their initiatives.</li>
<li>These companies didn't create their cash allocation policies abruptly, but had more opportunities to think through cost of capital, return on capital and stock price through engagements with overseas investors.</li>
</ul>


Characteristic of companies TSE introduced as good disclosure examples is that they include more companies with a high foreign ownership and those that pay relatively close attention to cash allocation.
Not all companies that are good examples have increased their valuations noticeably compared to before TSE market restructuring, but TSE has chosen them based on the content of their initiatives.
These companies didn't create their cash allocation policies abruptly, but had more opportunities to think through cost of capital, return on capital and stock price through engagements with overseas investors.


The Good Case Companies Had More Opportunities to Reflect on Cost of Capital and Return on Capital

TSE Tokyo Price Index TOPIX

The Good Case Companies Had More Opportunities to Reflect on Cost of Capital and Return on Capital