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.

Can the Gap Between Investors and Passive Management Be Bridged?

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

Investment Opportunities in the Standard Market that Involve TOBs and MBOs Continue to Increase

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

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

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

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>Companies that changed Tobin's Q tend to have high ROE, ROA, and foreign ownership. Conversely, companies with low ROE and ROA struggle to attract foreign investors, leaving stock valuations depressed.</li>
<li>The companies showing a notable increase in Tobin's Q also tends to have higher ratios of independent outside directors and female board members.</li>
<li>The increase in growth policy scores across all groups except those with declining Tobin's Q suggests that stock valuations are expected to rise going forward.</li>
</ul>


Companies that changed Tobin's Q tend to have high ROE, ROA, and foreign ownership. Conversely, companies with low ROE and ROA struggle to attract foreign investors, leaving stock valuations depressed.
The companies showing a notable increase in Tobin's Q also tends to have higher ratios of independent outside directors and female board members.
The increase in growth policy scores across all groups except those with declining Tobin's Q suggests that stock valuations are expected to rise going forward.


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

TSE Tokyo Price Index TOPIX

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