Corporate Governance Survey
The 7th JCGIndex Survey of 2008
Between August and October 2008, we carried out our survey for the seventh time. This year, we received responses from 252 firms, for a response rate of 14.7%, which is less than our response rate of 18.0% (311 firms) for 2007. However, we received responses from 45 firms that have not responded to our survey in the past, which shows that interest in corporate governance continues to deepen. In the analyses that follow, we report results for the 251 firms of the total 252 firms which are listed on the First Section of the Tokyo Stock Exchange (one moved to the second section). The results of our analyses show that consistent with the previous six years, high JCGIndex firms enjoy higher financial performance as measured by ROA and ROE. However, different from previous years, it was the low JCGIndex firms that had a greater return to shareholders in terms of returns on equity investment.
The 6th JCGIndex Survey of 2007
The 6th JCGIndex Survey was conducted from August through November, 2007. Questionnaires were sent to all the listed companies on the Tokyo Stock Exchange Fist Section and got 307 responses. The report was published in Japanese on December 1, 2007. The following is an translation of the summar of the original report in Japanese.
The 5th JCGIndex Survey of 2006
The 5th JCGIndex Survey was conducted from August through October. JCGR sent mail questionnaires to all the listed companies on the Tokyo Stock Exchange Fist Section and got 312 responses. The report was published in Japanese on December 1, 2006. The following is an English translation.
The 4th JCGIndex Survey of 2005
The 4th JCGIndex Survey was conducted in August and September. 405 companies responded to the mail questionnaire. The report was published in Japanese on December 1, 2005. The following are a translation into English.
The 3rd JCGIndex Survey 2004
On December 1, 2004 the Japan Corporate Governance Research Institute published 2004 JCGIndex Survey Report (a mail survey to all the firms listed on Tokyo Stock Exchange First Section.) JCGR sent the questionnaire to 1560 firms and received valid replies from 341 firms (21.9%). Significant corelationship between corporate governance and firms' performances was also found.
The 2nd JCGIndex Survey of 2003
In July 2003, the Japan Corporate Governance Research Institute sent a mail survey to all Tokyo Stock Exchange First Section firms (1523 firms as of July 2, 2003). We received valid responses from 201 firms. We used these responses to generate corporate governance index scores (JCGIndex) to assess how closely governance practices of these firms conformed to JCGR's Corporate Governance Principles.
The 1st JCGIndex Survey of 2002
From March to May 2002, The Japan Corporate Governance Research Institute, Inc. surveyed Tokyo Stock Exchange First Section firms (1,504 firms as of March 11, 2002) on their corporate governance practices. We received 159 valid responses. We used these responses to develop the JCGIndex, which measures how closely a firm adheres to a model of corporate governance based on the "Revised Corporate Governance Principles" of the Japan Corporate Governance Forum. On September 2, 2002, we reported our findings.
