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.

What Kind of Companies Raised Their Stock Valuations After TSE's Request?

Can the Gap Between Investors and Passive Management Be Bridged?

Profit Growth Remains Insufficient, Ample Capacity for Shareholder Returns Is Now in Place

What Factors Have Raised Stock Valuations over the 2 Years and 8 Months Since the TSE's Request?

With Parent-Subsidiary Listing Permitted, Will Concerns on Independence Be Alleviated by Disclosure?

How Many Substantial Measures—not Piecemeal Shareholder Returns—will Be Unveiled in 2026?

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Overseas investors pay more attention to changes in ROA than ROE. This trend was confirmed in the analysis of the past year, consistent with that over the previous longer period.</li>
<li>The difference from 2-year-and-8-month analysis was that in the analysis covering the past year, no relationship existed between changes in Tobin's Q and changes in board practices or key actions.</li>
<li>It may be too short a timeframe for the stock price to reflect initiatives such as setting capital profitability as a KPI, reducing policy-held shares, and disclosing cash allocation plans.</li>
</ul>


Overseas investors pay more attention to changes in ROA than ROE. This trend was confirmed in the analysis of the past year, consistent with that over the previous longer period.
The difference from 2-year-and-8-month analysis was that in the analysis covering the past year, no relationship existed between changes in Tobin's Q and changes in board practices or key actions.
It may be too short a timeframe for the stock price to reflect initiatives such as setting capital profitability as a KPI, reducing policy-held shares, and disclosing cash allocation plans.


Company Initiatives Appear to Take Longer than a Year to Be Reflected in Stock Valuations

TSE Tokyo Price Index TOPIX

Company Initiatives Appear to Take Longer than a Year to Be Reflected in Stock Valuations