Employee Profile

Leon Bogdan Stacescu

Associate Professor

Department of Finance

Phone +4746410519
E-mail bogdan.stacescu@bi.no

Area of Expertise

Banking
Corporate finance
Corporate Governance
ESG
Family Business
Financial economics

Publications

Scientific publications

In the media

Other

Shows 5 of 6 publication(s)

Article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)

Dividends and taxes: The moderating role of agency conflicts

Journal of Corporate Finance 58(October) p. 583-604 Doi: https://doi.org/10.1016/j.jcorpfin.2019.07.003

We find that potential conflicts between majority and minority shareholders strongly influence how dividends respond to taxes. When the controlling shareholder has a smaller stake, the incentives to extract private benefits are stronger – a shareholder conflict that can be mitigated by dividend payout. We study a large and clean regulatory shock in Norway that increases the dividend tax rate for all individuals from 0% to 28%. We find that dividends drop less the higher the potential shareholder conflict, suggesting that dividend policy trades off tax and agency considerations. The average payout ratio falls by 30 percentage points when the conflict potential is low, but by only 18 points when it is high. These lower dividends cannot be explained by higher salaries to shareholders or diverse liquidity needs. We also observe a strong increase in indirect ownership of high-conflict firms through tax-exempt holding companies and suggest policy implications for intercorporate dividend taxation.

Article Øyvind Bøhren, Bogdan Stacescu, Line Almli, Kathrine Søndergaard (2019)

When Does the Family Govern the Family Firm?

Journal of Financial and Quantitative Analysis 54(5) p. 2085-2117 Doi: https://doi.org/10.1017/S0022109018001102

We find that the controlling family holds both the chief executive officer and chair positions in 79% of Norwegian family firms. The family holds more governance positions when it owns large stakes in small, profitable, low-risk firms. This result suggests that the family trades off expected costs and benefits by conditioning participation intensity on observable firm characteristics. We find that the positive effect of performance on participation is twice as strong as the positive effect of participation on performance. The endogeneity of participation, therefore, should be carefully accounted for when analyzing the effect of family governance on the family firm’s behavior.

Chapter Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

The under-researched family firm: New insights from unique Norwegian data

At the Forefront, Looking Ahead: Research-Based Answers to Contemporary Uncertainties of Management p. 99-118 Doi: https://doi.org/10.18261/9788215031583-2018-08

Article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

Shareholder conflicts and dividends

Review of Finance 22(5) p. 1807-1840 Doi: https://doi.org/10.1093/rof/rfx046

We examine how dividend policy is used to mitigate potential conflicts of interest between majority and minority shareholders in private Norwegian firms. The average payout is 50% higher if the majority shareholder’s equity stake is 55% (high conflict potential) rather than 95% (low conflict potential). Such minority-friendly payout is also associated with higher subsequent minority shareholder investment. These results suggest that controlling shareholders voluntarily use dividends to reduce agency conflicts and build trust, rather than opportunistically preferring private benefits to dividends. We show that our results are unlikely to arise from liquidity or signaling motives.

Article Artashes Karapetyan, Bogdan Stacescu (2014)

Does information sharing reduce the role of collateral as a screening device?

Journal of Banking & Finance 43(1) p. 48-57 Doi: https://doi.org/10.1016/j.jbankfin.2014.02.010

Information sharing and collateral are both devices that help banks reduce the cost of adverse selection. We examine whether they are likely to be used as substitutes (information sharing reduces the need for collateral) or complements. We show that information sharing via a credit bureaus and registers may increase, rather than decrease, the role of collateral: it can be required in loans to high-risk borrowers in cases when it is not in the absence of information sharing. Higher adverse selection makes the use of collateral more likely both with and without information sharing. Our results are in line with recent empirical evidence.

Article Artashes Karapetyan, Bogdan Stacescu (2013)

Information Sharing and Information Acquisition in Credit Markets

Review of Finance 18(4) p. 1583-1615 Doi: https://doi.org/10.1093/rof/rft031

We examine the effect of information sharing via credit bureaus or credit registers on banks’ incentives to collect information about their borrowers. Information asymmetries have been identified as an important source of bank profits, and sharing knowledge about borrowers can reduce those rents. Despite that, we show that banks’ incentives to collect information actually increase in the presence of information sharing. The reason is that when hard, standardized information is shared, banks’ incentives to invest in soft, nonverifiable information increase. The result can be more accurate lending decisions and improved welfare

Shows 5 of 9 publication(s)

Feature article Bogdan Stacescu, Janis Berzins (2025)

Også økonomien forgubbes i distriktene | DN

Akkurat som menneskene, eldes også økonomien i distriktene. Bedriftene og bedriftslederne blir eldre, tilveksten svakere, viser ny studie.

Feature article Bogdan Stacescu, Janis Berzins (2025)

Oppdrett er blitt mindre attraktivt | Finansavisen

En viktig næring for Distrikts-Norge er blitt en svakere investering, skriver Janis Berzins, Bogdan Stacescu, Markus Ribe og Kasper Sveistrup ved Handelshøyskolen BI.

Feature article Janis Berzins, Marcus Ribe, Bogdan Stacescu, Kasper Sveistrup (2025)

Oppdrett er blitt mindre attraktivt

Feature article Øyvind Bøhren, Janis Berzins, Bogdan Stacescu (2020)

Innlegg: Overselger studie om formuesskatt

https://www.dn.no/innlegg/skatt/formuesskatt/forskning/innlegg-overselger-studie-om-formuesskatt/2-1-891219

Feature article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

Makt og styring i familiebedrifter

Feature article Øyvind Bøhren, Bogdan Stacescu, Line Almli, Kathrine Søndergaard (2018)

Når er en familie aktiv eier?

Feature article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)

Majoritetseiere beskytter minoriteten

Feature article Øyvind Bøhren, Janis Berzins, Bogdan Stacescu, Morten Josefsen, Pål Erik Steen (2013)

Høyt utbytte gir mindre konflikter

Feature article Øyvind Bøhren, Janis Berzins, Bogdan Stacescu, Morten Josefsen, Pål Erik Steen (2013)

Høyt utbytte - lavt konfliktnivå

Shows 5 of 43 publication(s)

Report Benedicte Brøgger, Bogdan Stacescu (2025)

Den samfunnsøkonomiske gevinsten av førstehjelpsopplæring i Norge. Sluttrapport fra FØRFORSAM-prosjektet

Norsk Førstehjelpsråd Doi: https://www.norskforstehjelpsrad.no/nyheter/255

Rapporten viser at førstehjelpsopplæring gir store samfunnsøkonomiske gevinster. Likevel understreker forskerne at tallene er svært konservative. Beregningene er avgrenset til tre områder der datagrunnlaget er godt nok: hjertestans, hjerneslag og store skader. På disse tre områdene alene er den beregnede samfunnsgevinsten minst 1:12 – altså tolv kroner tilbake per investerte krone. Den samfunnsøkonomiske nytteverdien av førstehjelpsopplæring måles i hvor mange leveår man potensielt kan redde, minus kostnadene for opplæringen. Bare 45 prosent av nordmenn føler seg i dag trygge nok til å utføre førstehjelp. Den samfunnsøkonomiske verdien av førstehjelp er bare én del av totalbildet. For enkeltmennesket gir førstehjelpskompetanse en økt opplevelse av trygghet og mestring. Å være beredt til å handle i en akutt situasjon, kan redusere hjelpeløshet og ettervirkninger som skyldfølelse eller psykisk stress. Personer som reddes av førstehjelp kan få flere gode leveår, og mulighet til å gjenoppta livsroller, utdanning, arbeid og sosialt fellesskap. På et systemnivå bidrar førstehjelpsberedskap til en mer motstandsdyktig befolkning og økt samfunnstillit. Førstehjelpskunnskap er også med på å fordele akuttberedskapen bredere og gjøre lokalsamfunn bedre rustet til å håndtere uventede hendelser.

Report Bogdan Stacescu, Janis Berzins (2025)

An Overview of Norwegian Firms

Center for Corporate Governance Research

Conference lecture Janis Berzins, Salvatore Miglietta, Himal Gautam, Leon Bogdan Stacescu (2024)

Family firms and employment

European Accounting Association Congress

Conference lecture Leon Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2024)

Illiquid Owners and Firm Behavior

23rd Workshop on Corporate Governance and Investment

Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

Baltic Economic Association Conference

Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

CICF

Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

16th Corporate Finance Day

Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2019)

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

IESEG

Report Øyvind Bøhren, Janis Berzins, Bogdan Stacescu (2018)

The Family Firm Premium and Family Characteristics: Evidence from Population Data

BI Norwegian Business School

Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

The Family Firm Premium

BI Finance Brown Bag Seminar

Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

What Explains the Large Family Firm Premium?

19th Workshop on Corporate Governance and Investment

Conference lecture Øyvind Bøhren, Janis Berzins, Bogdan Stacescu (2018)

Illiquid Shareholders and Firm Cash Flows

Skatteforum, Sandefjord

Conference lecture Bogdan Stacescu, Artashes Karapetyan (2018)

Lending Technologies and Lending Relationships

16th Paris December Finance Meeting

Conference lecture Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2018)

Illiquid Shareholders and Firm Cash Flows

ERMAS Annual Conference of the Romanian Academic Economists from Abroad

Conference lecture Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2018)

The Performance Premium of Family Firms: New Evidence from Population Data

Comparative Corporate Governance Workshop

Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

The Governance and Finance of Norwegian Family Firms: Main Characteristics of the Population

Handelshøyskolen BI

Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

Illiquid shareholders and real firm effects: The personal wealth tax and financial constraints

BI Norwegian Business School

Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2018)

Dividends and taxes: The moderating role of agency conflicts

BI Norwegian Business School

Lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)

Speech on corporate finance and governance in private Norwegian firms. Oslo, Norway

General Annual Meeting, CFA-Oslo

Conference lecture Bogdan Stacescu, Artashes Karapetyan (2017)

Lending Relationships and Lending Technologies

Marstrand Finance Conference

Conference lecture Bogdan Stacescu, Øyvind Bøhren, Janis Berzins (2017)

Dividends and Taxes: The Moderating Role of Agency Conflicts

Multinational Finance Society Conference

Conference lecture Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)

Dividends and Taxes: The Moderating Role of Agency Conflicts

Research Seminar

Article Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2017)

Shareholder Conflicts and Dividends

Harvard Law School Forum on Corporate Governance and Financial Regulation

Conference lecture Bogdan Stacescu, Artashes Karapetyan (2016)

Collateral and Informed Screening During Banking Relationships

Oxford Financial Theory

Conference lecture Bogdan Stacescu, Artashes Karapetyan (2016)

Collateral and Informed Screening During Banking Relationships

European Economic Association Meeting

Conference lecture Bogdan Stacescu, Artashes Karapetyan (2016)

Collateral and Informed Screening During Banking Relationships

2016 UECE Lisbon Meetings in Game Theory and Applications

Conference lecture Bogdan Stacescu, Øyvind Bøhren (2016)

The governance of family firms

Seminar series, University of Edinburgh

Conference lecture Bogdan Stacescu, Artashes Karapetyan (2016)

Collateral and Informed Screening During Banking Relationships

FIBE 2016

Conference lecture Line Almli, Øyvind Bøhren, Bogdan Stacescu, Kathrine Søndergaard (2015)

When does the family govern the family firm?

16th Workshop in Corporate Governance and Investment

Conference lecture Bogdan Stacescu (2015)

Dividends, Taxes, and AgencyCosts

Seminar series, Universitat Autonoma de Barcelona

Report Line Almli, Øyvind Bøhren, Bogdan Stacescu, Kathrine Søndergaard (2015)

When does the family govern the family firm?

Handelshøyskolen BI

Conference lecture Barbara A. Bukhvalova, Bogdan Stacescu, Artashes Karapetyan (2014)

Housing Consumption Decisions: Household Assets and Liabilities

American Real Estate Society 30th Annual Meeting

Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2014)

Stockholder conflicts and dividends

Working paper; CCGR

Report Janis Berzins, Øyvind Bøhren, Bogdan Stacescu (2014)

Dividends, taxes, and agency costs

Working paper, CCGR

Lecture Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2014)

Dividends, taxes and agency costs

World Finance Conference

Conference lecture Bogdan Stacescu, Artashes Karapetyan (2012)

Collateral and repeated lending

Research seminar

Conference lecture Annette Alstadsæter, Øyvind Bøhren, Leon Bogdan Stacescu, Janis Berzins (2011)

Ownership, Taxes and Dividends

Internseminar

Conference lecture Annette Alstadsæter, Øyvind Bøhren, Janis Berzins, Leon Bogdan Stacescu (2011)

Ownership, Taxes and Dividends

Norwegian-German Seminar on Public Economics

Conference lecture Annette Alstadsæter, Janis Berzins, Øyvind Bøhren, Leon Bogdan Stacescu (2011)

Illiquid stockholders and firm payout

CCGR Workshop

Conference lecture Janis Berzins, Leon Bogdan Stacescu, Annette Alstadsæter, Øyvind Bøhren (2011)

Tax concerns and agency concerns in dividend policy: Holding companies as a separating device

SEVENTH NORWEGIAN-GERMAN SEMINAR ON PUBLIC ECONOMICS

Report Janis Berzins, Øyvind Bøhren, Leon Bogdan Stacescu (2011)

Dividends and stockholder conflicts: A comprehensive test for private firms

BI Norwegian Business School

Conference lecture Leon Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2011)

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

Multinational Finance Society Conference

Conference lecture Leon Bogdan Stacescu, Janis Berzins, Øyvind Bøhren (2011)

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

12th Workshop on Corporate Governance and Investment

Academic Degrees
Year	Academic Department	Degree
2008	University of Zurich	Ph.D.
2003	Central European University	M.A.
2000	Al. I. Cuza University	B.A.

Work Experience
Year	Employer	Job Title
2008 - Present	BI Norwegian Business School	Associate Professor

BI Business Review articles:

BI Business Review

Long-term banks are good

Does it matter if banks offer one-shot lending or if they are concerned with establishing long-term relationships? It does, according to a study conducted by BI Norwegian Business School.

Leon Bogdan Stacescu

Area of Expertise

Publications

Dividends and taxes: The moderating role of agency conflicts

When Does the Family Govern the Family Firm?

The under-researched family firm: New insights from unique Norwegian data

Shareholder conflicts and dividends

Does information sharing reduce the role of collateral as a screening device?

Information Sharing and Information Acquisition in Credit Markets

Også økonomien forgubbes i distriktene | DN

Oppdrett er blitt mindre attraktivt | Finansavisen

Oppdrett er blitt mindre attraktivt

Innlegg: Overselger studie om formuesskatt

Makt og styring i familiebedrifter

Når er en familie aktiv eier?

Majoritetseiere beskytter minoriteten

Høyt utbytte gir mindre konflikter

Høyt utbytte - lavt konfliktnivå

Den samfunnsøkonomiske gevinsten av førstehjelpsopplæring i Norge. Sluttrapport fra FØRFORSAM-prosjektet

An Overview of Norwegian Firms

Family firms and employment

Illiquid Owners and Firm Behavior

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

Shareholder illiquidity and firm behavior: Financial and real effects of the personal wealth tax in private firms

The Family Firm Premium and Family Characteristics: Evidence from Population Data

The Family Firm Premium

What Explains the Large Family Firm Premium?

Illiquid Shareholders and Firm Cash Flows

Lending Technologies and Lending Relationships

Illiquid Shareholders and Firm Cash Flows

The Performance Premium of Family Firms: New Evidence from Population Data

The Governance and Finance of Norwegian Family Firms: Main Characteristics of the Population

Illiquid shareholders and real firm effects: The personal wealth tax and financial constraints

Dividends and taxes: The moderating role of agency conflicts

Speech on corporate finance and governance in private Norwegian firms. Oslo, Norway

Lending Relationships and Lending Technologies

Dividends and Taxes: The Moderating Role of Agency Conflicts

Dividends and Taxes: The Moderating Role of Agency Conflicts

Shareholder Conflicts and Dividends

Collateral and Informed Screening During Banking Relationships

Collateral and Informed Screening During Banking Relationships

Collateral and Informed Screening During Banking Relationships

The governance of family firms

Collateral and Informed Screening During Banking Relationships

When does the family govern the family firm?

Dividends, Taxes, and AgencyCosts

When does the family govern the family firm?

Housing Consumption Decisions: Household Assets and Liabilities

Stockholder conflicts and dividends

Dividends, taxes, and agency costs

Dividends, taxes and agency costs

Collateral and repeated lending

Ownership, Taxes and Dividends

Ownership, Taxes and Dividends

Illiquid stockholders and firm payout

Tax concerns and agency concerns in dividend policy: Holding companies as a separating device

Dividends and stockholder conflicts: A comprehensive test for private firms

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

BI Business Review articles:

Long-term banks are good