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.

Whether a New Target for % Independent Director Ratio Will Be Set Is Key in 2026

Scores for Policy-Held Shares and Share Cancellation Improved, but Other Key Actions Slow Progress

Why Is It that Many Companies Have Formulated Succession Plans but Have Not Disclosed Them?

Is Progressive Dividend Distribution the Result of Half-Baked Cash Allocation?

To Companies that Adopt DOE: It's Good to Consider ROE, but Are They Falling into Short-Termism?

The Response to the Tokyo Stock Exchange's Request (To Raise P/B) Has Already Been Given

Will Companies Change with Cash Allocation Disclosures that Don't Allow Copy-And-Paste Solutions?

For Both the Company and Investors, Pre-Negotiation Process as SR Is Becoming Increasingly Important

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Since FY2021, DOE and dividend payout ratio have gradually increased. Given that ROE remains low for many companies, companies intend to demonstrate commitment to improving ROE by strengthening shareholder returns.</li>
<li>The expectation that the shift from deflation to inflation would prompt companies to use cash for growth investments rather than hoarding it has been dashed.</li>
<li>Neither economic rationality nor TSE's thoughtful guidance has succeeded in changing management's mindset. Likewise, the amended Corporate Governance Code is unlikely to lead to companies using cash for growth investments.</li>
</ul>


Since FY2021, DOE and dividend payout ratio have gradually increased. Given that ROE remains low for many companies, companies intend to demonstrate commitment to improving ROE by strengthening shareholder returns.
The expectation that the shift from deflation to inflation would prompt companies to use cash for growth investments rather than hoarding it has been dashed.
Neither economic rationality nor TSE's thoughtful guidance has succeeded in changing management's mindset. Likewise, the amended Corporate Governance Code is unlikely to lead to companies using cash for growth investments.


What Could Possibly Sway the Resolute Determination Not to Use Cash for Growth Investments?

TSE Tokyo Price Index TOPIX

What Could Possibly Sway the Resolute Determination Not to Use Cash for Growth Investments?