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In contemporary cities, private actors, such as luxury fashion houses, increasingly participate in projects, affirming themselves as relevant players in urban transformation. Based on the case of “SouPra” district (Milan, Italy), this chapter focuses on the effects of the opening of a fashionable artistic venue on the tourism development. It explores the promotional actions implemented by tourism entrepreneurs after the opening of the Prada Foundation. The analysis leads to two main results: actors in tourism exploit the urban brand conveyed by Prada, which becomes an integral part of the city branding. Fashion houses also act as marketing devices, producing new urban narratives that influence both the tourist and the real estate market.

This chapter investigates the importance of fashion houses in the progressive redefinition of tourism geography within a metropolitan context. The purpose is to highlight how these brands manage both to integrate marginal urban areas into the tourist circuits and to co-construct market-oriented heritage policies. Through the case of Fendi Roma and the EUR district (Rome, Italy), this chapter explores their degrees of involvement in the processes of requalification and estheticization of peripheral urban areas. The study found that the involvement of the luxury brand in Roman urban governance is symptomatic of evolutions in the political strategies pursued by public actors in their relations with private investors.

Luxury fashion brands have started differentiating their investment strategies and enlarging their sectors of activity, for instance, entering tourism. The overlay between traditional behaviors and innovative strategies has left a mark on the cities and neighborhoods. This chapter explores the spatial distribution of luxury tourism infrastructure in Milan. This transition does not affect only preeminent locations, such as monumental squares and high streets, but also places traditionally excluded from the “luxury circuits.” The location of 5-star hotels and premium tourism facilities in Milan (Michelin restaurants and spas) differ from the general tourism infrastructure. The study identifies polarization in the touristic offer and a parallel influence in the real estate market.

The essence of finance has become essential in the sustainability discussion in recent times as a result of the capital intensive nature of sustainable projects. This has motivated financial experts and institutions to develop various financial instruments and mechanisms to further advance the course of protecting the environment, and decreasing the release of excess carbon and GreenHouse Gases. This is to also provide the opportunity for funding Green or sustainable infrastructure development. This chapter advances a discourse on matters relating to sustainable financing of infrastructure projects. The fundamentals of sustainable or green funding of infrastructure projects, and sustainable schemes of financing green infrastructure projects are discussed.

This chapter analyzes how the macro-environment determines corporate dividend decisions. First, political factors including political uncertainty, economic policy uncertainty, political corruption, and democracy may have two opposite effects on dividend decisions. For example, firms learn democratic practices to improve their corporate governance, but dividend policy may be the outcome of strong corporate governance or the substitute for poor corporate governance. Second, firms in countries of high national income, low inflation, and highly developed stock markets tend to pay more dividends. A monetary restriction (expansion) reduces (increases) dividend payments, as economic shocks like financial crises and the COVID-19 may negatively affect corporate dividend policy through higher external financial constraint, economic uncertainty, and agency costs. On the other hand, they may positively influence corporate dividend policy through agency costs of debt, shareholders' bird-in-hand motive, substitution of weak corporate governance, and signaling motive. Third, social factors including national culture, religion, and language affect dividend decisions since they govern both managers' and shareholders' views and behaviors. Fourth, firms tend to reduce their dividends when they face stronger pressure to reduce pollution, produce environment-friendly products, or follow a green policy. Finally, firms have high levels of dividends when shareholders are strongly protected by laws. However, firms tend to pay more dividends in countries of weak creditor rights since dividend payments are a substitute for poor legal protection of creditors. Furthermore, corporate dividend policy changes when tax laws change the comparative tax rates on dividends and capital gains.