Employee Profile

Leon Bogdan Stacescu

Associate Professor - Department of Finance

Image of Leon Bogdan Stacescu

Publications

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

When Does the Family Govern the Family Firm?

54(5) , s. 2085- 2117. Doi: https://doi.org/10.1017/S0022109018001102 - Full text in research archive

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.

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

Dividends and taxes: The moderating role of agency conflicts

58(October) , s. 583- 604. Doi: https://doi.org/10.1016/j.jcorpfin.2019.07.003 - Full text in research archive

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.

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

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

, s. 99- 118. Doi: https://doi.org/10.18261/9788215031583-2018-08

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

Shareholder conflicts and dividends

22(5) , s. 1807- 1840. Doi: https://doi.org/10.1093/rof/rfx046 - Full text in research archive

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.

Karapetyan, Artashes & Stacescu, Bogdan (2014)

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

43(1) , s. 48- 57. Doi: https://doi.org/10.1016/j.jbankfin.2014.02.010 - Full text in research archive

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.

Karapetyan, Artashes & Stacescu, Bogdan (2013)

Information Sharing and Information Acquisition in Credit Markets

18(4) , s. 1583- 1615. Doi: https://doi.org/10.1093/rof/rft031 - Full text in research archive

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

Berzins, Janis; Ribe, Marcus, Stacescu, Bogdan & Sveistrup, Kasper (2025)

Oppdrett er blitt mindre attraktivt

[Kronikk]

Bøhren, Øyvind; Stacescu, Bogdan, Almli, Line & Søndergaard, Kathrine (2018)

Når er en familie aktiv eier?

[Kronikk]

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

Makt og styring i familiebedrifter

[Kronikk]

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

Majoritetseiere beskytter minoriteten

[Kronikk]

Bøhren, Øyvind; Berzins, Janis, Stacescu, Bogdan, Josefsen, Morten & Steen, Pål Erik (2013)

Høyt utbytte - lavt konfliktnivå

[Kronikk]

Bøhren, Øyvind; Berzins, Janis, Stacescu, Bogdan, Josefsen, Morten & Steen, Pål Erik (2013)

Høyt utbytte gir mindre konflikter

[Kronikk]

Stacescu, Bogdan & Berzins, Janis (2025)

An Overview of Norwegian Firms

[Report Research].

Berzins, Janis; Miglietta, Salvatore, Gautam, Himal & Stacescu, Leon Bogdan (2024)

Family firms and employment

[Conference Lecture]. Event

Stacescu, Leon Bogdan; Berzins, Janis & Bøhren, Øyvind (2024)

Illiquid Owners and Firm Behavior

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

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

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

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

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

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

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2019)

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

[Conference Lecture]. Event

Stacescu, Bogdan & Karapetyan, Artashes (2018)

Lending Technologies and Lending Relationships

[Conference Lecture]. Event

Bøhren, Øyvind; Berzins, Janis & Stacescu, Bogdan (2018)

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

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

Dividends and taxes: The moderating role of agency conflicts

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

The Family Firm Premium

[Conference Lecture]. Event

Stacescu, Bogdan; Berzins, Janis & Bøhren, Øyvind (2018)

Illiquid Shareholders and Firm Cash Flows

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

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

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

What Explains the Large Family Firm Premium?

[Conference Lecture]. Event

Bøhren, Øyvind; Berzins, Janis & Stacescu, Bogdan (2018)

Illiquid Shareholders and Firm Cash Flows

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2018)

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

[Report Research].

Stacescu, Bogdan; Berzins, Janis & Bøhren, Øyvind (2018)

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

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

Shareholder Conflicts and Dividends

[Professional Article].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2017)

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

[Lecture]. Event

Stacescu, Bogdan & Karapetyan, Artashes (2017)

Lending Relationships and Lending Technologies

[Conference Lecture]. Event

Stacescu, Bogdan; Bøhren, Øyvind & Berzins, Janis (2017)

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Conference Lecture]. Event

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Conference Lecture]. Event

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Conference Lecture]. Event

Stacescu, Bogdan & Bøhren, Øyvind (2016)

The governance of family firms

[Conference Lecture]. Event

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Conference Lecture]. Event

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Conference Lecture]. Event

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

When does the family govern the family firm?

[Report Research].

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

When does the family govern the family firm?

[Conference Lecture]. Event

Stacescu, Bogdan (2015)

Dividends, Taxes, and AgencyCosts

[Conference Lecture]. Event

Bukhvalova, Barbara A.; Stacescu, Bogdan & Karapetyan, Artashes (2014)

Housing Consumption Decisions: Household Assets and Liabilities

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2014)

Stockholder conflicts and dividends

[Report Research].

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (2014)

Dividends, taxes, and agency costs

[Report Research].

Stacescu, Bogdan; Berzins, Janis & Bøhren, Øyvind (2014)

Dividends, taxes and agency costs

[Lecture]. Event

Stacescu, Bogdan & Karapetyan, Artashes (2012)

Collateral and repeated lending

[Conference Lecture]. Event

Stacescu, Leon Bogdan; Berzins, Janis & Bøhren, Øyvind (2011)

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Conference Lecture]. Event

Alstadsæter, Annette; Bøhren, Øyvind, Stacescu, Leon Bogdan & Berzins, Janis (2011)

Ownership, Taxes and Dividends

[Conference Lecture]. Event

Alstadsæter, Annette; Berzins, Janis, Bøhren, Øyvind & Stacescu, Leon Bogdan (2011)

Illiquid stockholders and firm payout

[Conference Lecture]. Event

Berzins, Janis; Stacescu, Leon Bogdan, Alstadsæter, Annette & Bøhren, Øyvind (2011)

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

[Conference Lecture]. Event

Alstadsæter, Annette; Bøhren, Øyvind, Berzins, Janis & Stacescu, Leon Bogdan (2011)

Ownership, Taxes and Dividends

[Conference Lecture]. Event

Berzins, Janis; Bøhren, Øyvind & Stacescu, Leon Bogdan (2011)

Dividends and stockholder conflicts: A comprehensive test for private firms

[Report Research].

Stacescu, Leon Bogdan; Berzins, Janis & Bøhren, Øyvind (2011)

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Conference Lecture]. Event

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