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.

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

Japan's Governance: About the Articles on Record-High Total Dividends Paid

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Japan's Governance: Do Companies with High Corporate Governance Ratings Have High Stock Returns?

Japan's Governance: ESG Fund Considerations

Japan's Governance: Improvement in Governance of Companies that Chose Prime Market in ROA Change

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>This article more directly examines whether the momentum of improvement in corporate governance practices is related to stock returns.</li>
<li>Significant positive correlations are shown between changes in Metrical score and changes in market capitalization, changes in foreign ownership, changes in ROA (past 3-years average) and changes in Tobin's q.</li>
<li>Not every year sees the same degrees of improvement in corporate governance as the current year. In 2021, CG Code was revised and the prime-market-listing-standards adopted some items from it.</li>
</ul>


This article more directly examines whether the momentum of improvement in corporate governance practices is related to stock returns.
Significant positive correlations are shown between changes in Metrical score and changes in market capitalization, changes in foreign ownership, changes in ROA (past 3-years average) and changes in Tobin's q.
Not every year sees the same degrees of improvement in corporate governance as the current year. In 2021, CG Code was revised and the prime-market-listing-standards adopted some items from it.


Japan's Governance: Do Companies that Changed Corporate Governance Rating Have Higher Stock Returns?

TSE Tokyo Price Index TOPIX

Japan's Governance: Do Companies that Changed Corporate Governance Rating Have Higher Stock Returns?