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 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

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

Background of the Increase in MBOs: Different from the Assumptions at the Time of the IPO

Without Fundamental Solutions, Will Companies Not Chang, After Moving to a Market with Lax Criteria?

The Postponement of the Parent-Subsidiary Listing Issue Provides Further Investment Opportunities

Is the Standard Market, a Collection of Problem Companies, a Gold Mine for Investors?

The Challenge Lies in Reviving a Company that Hasn't Grown, but Future IPO Prospects Are Anticipated

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

<ul>
<li>The number of listed subsidiaries decreased by 109, from 324 in 2014 to 215 in 2025. However, that of listed equity-method affiliates increased by 257, from 741 to 998.</li>
<li>The issue is whether there's substantive control even if the ownership stake falls below 50%. TSE is considering requiring companies with major shareholders holding over 30% stake to disclose information.</li>
<li>The independence criteria for outside directors are under review by TSE. Even if new rules are established, some companies are likely to seek ways to retain their influence.</li>
</ul>


The number of listed subsidiaries decreased by 109, from 324 in 2014 to 215 in 2025. However, that of listed equity-method affiliates increased by 257, from 741 to 998.
The issue is whether there's substantive control even if the ownership stake falls below 50%. TSE is considering requiring companies with major shareholders holding over 30% stake to disclose information.
The independence criteria for outside directors are under review by TSE. Even if new rules are established, some companies are likely to seek ways to retain their influence.


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

TSE Tokyo Price Index TOPIX

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