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's Behind the Underperformance of Companies with Takeover Defenses?

Japan's Governance: How Far Has Corporate Governance Progressed in 2021? (1)

Japan's Governance: How Far Has Corporate Governance Progressed in 2021 (2)

Japan's Governance: Prime Market Listing Criteria and Use of E-Voting Platform/Disclosure in English

Japan's Governance: Takeover Defense Provisions

Japan's Governance: Takeover Defense Update

Japan's Governance: TSE Market Reclassification and Transitional Measures (3): Geechs (7060)

Japan's Governance: TSE Market Reclassification and Transitional Measures (2):Sakai Heavy Industries

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>23 companies that have not been confirmed to have proposed anti-takeover measures at AGM since 2014, but have anti-takeover, include companies with high P/B, but not superior ROE and ROA.</li>
<li>The market capitalization of the 271 companies that have takeover defense measures shows that many of them are relatively small companies.</li>
<li>The stock price performance of the 271 companies that still have takeover defenses has underperformed their respective stock indices, which means that their market capitalization has not expanded.</li>
</ul>


23 companies that have not been confirmed to have proposed anti-takeover measures at AGM since 2014, but have anti-takeover, include companies with high P/B, but not superior ROE and ROA.
The market capitalization of the 271 companies that have takeover defense measures shows that many of them are relatively small companies.
The stock price performance of the 271 companies that still have takeover defenses has underperformed their respective stock indices, which means that their market capitalization has not expanded.


Japan's Governance: What Kind of Firm Adopts Takeover Defenses? What Is the Stock Price Performance?

TSE Tokyo Price Index TOPIX

Japan's Governance: What Kind of Firm Adopts Takeover Defenses? What Is the Stock Price Performance?