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This study aims to investigate the relationship between family managers and firms’ risk levels in a context characterized by low investor protection and firm opacity. Specifically, this paper examines whether the level of risk faced by firms is affected by family shareholders’ ownership stake and activism.

Corporate governance data were hand-collected for a sample of 90 Italian listed companies and 540 observations from the year 2018. Regression analysis was then used to test the research hypotheses.

This study provides evidence of a positive association between active family ownership and risk faced by sampled firms. This study also finds that the number of inside directors is negatively correlated with firms’ risk-taking. Overall, the results confirm family managers’ influence on firms’ risk choices and show consistency with theoretical arguments in favor of hiring professional managers to guide family-owned firms.

Practical implications emerge from the study findings. First, family owners should consider to hire a larger number of professional managers to support firms’ wealth maximization and retention and to reduce default risks. Second, investors should take into account the firms’ board of directors and management composition to better assess the investments risk level. Finally, the positive correlation between active family owners and systematic risk suggests the opportunity for regulators to improve the legal requirements related to minority directors to increase their effectiveness and, therefore, minority shareholders’ protection.

This study extends the literature on the association between ownership structure and firms’ risk levels, showing the effect of family managers on firms’ risk levels. Besides, to the best of the authors’ knowledge, no previous study investigates professional executives’ influence on risk when family ownership prevails.

This article discusses the consequences of unethical leadership, particularly, the leader-follower relationship in the delivery of agricultural advisory services in Tanzania. It analyses the means through which ethical leadership framework can be used to address the problem of unethical leadership in this context.

The article uses a comparative case study design to explain the position of ethical leadership in the delivery of agricultural advisory services in two local governments: Morogoro Municipality in Eastern Tanzania, and Hai District in Northern Tanzania.

The research shows that the delivery of agricultural extension services in Tanzania is guided by formal rules, which define the roles and responsibilities of local government officials and field workers. These roles and responsibilities are driven by national-level guidelines written by the Ministry of Agriculture. The guidelines define the key responsibilities of village, Ward and District level Agricultural Extension Officers. In developing the working schedule, agricultural extension workers at the village and ward levels are guided by an annual calendar that defines the seasons of the year and the relevant knowledge required by farmers. Nevertheless, the implementation of these schedules is compromised by a lack of resources and morale of field workers who in turn, cope through charging for the services, which is considered as their prime motives.

The findings can be of interest to national and local government policymakers and officials dealing with the delivery of agricultural advisory services in Tanzania.