Among the many forms the process of contemporay financial globalization takes, one of the most challenging is the search of the firms to raise capital in other countries. The effects of such a process are very complex and challenge the traditional wisdom. Such firms, even if they bear a certain nationality, are confronted with totally different set of environmental forces and their corporate governance rassembles more to the system of the country of listing than their own country. Japan, with its specific corporate governance, offers however a lot of case-studies.