Faculty Profile

Leon Bogdan Stacescu

Associate Professor - Department of Finance

Publications

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

Dividends and taxes: The moderating role of agency conflicts

Journal of Corporate Finance, 58, s. 583- 604. Doi: 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.

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

When Does the Family Govern the Family Firm?

Journal of Financial and Quantitative Analysis, 54(5), s. 2085- 2117. Doi: 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 (2018)

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

Sasson, Amir (red.). At the Forefront, Looking Ahead: Research-Based Answers to Contemporary Uncertainties of Management

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

Shareholder conflicts and dividends

Review of Finance, 22(5), s. 1807- 1840. Doi: 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.

Karapetyan, Artashes & Stacescu, Bogdan (2014)

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

Journal of Banking & Finance, 43(1), s. 48- 57. Doi: 10.1016/j.jbankfin.2014.02.010 - Full text in research archive

Karapetyan, Artashes & Stacescu, Bogdan (2014)

Information Sharing and Information Acquisition in Credit Markets

Review of Finance, 18(4), s. 1583- 1615. Doi: 10.1093/rof/rft031 - Full text in research archive

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

Høyt utbytte gir mindre konflikter

BI Business Review [Kronikk]

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

Høyt utbytte - lavt konfliktnivå

Dagens næringsliv [Kronikk]

Bøhren, Øyvind; Stacescu, Bogdan, Almli, Line & Søndergaard, Kathrine (1)

Når er en familie aktiv eier?

Dagens næringsliv [Kronikk]

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (1)

Makt og styring i familiebedrifter

Dagens næringsliv [Kronikk]

Berzins, Janis; Bøhren, Øyvind & Stacescu, Bogdan (1)

Majoritetseiere beskytter minoriteten

Dagens næringsliv [Kronikk]

Stacescu, Bogdan & Karapetyan, Artashes (2018)

Lending Technologies and Lending Relationships

[Academic lecture]. 16th Paris December Finance Meeting.

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

Illiquid Shareholders and Firm Cash Flows

[Academic lecture]. ERMAS Annual Conference of the Romanian Academic Economists from Abroad.

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

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

[Academic lecture]. Comparative Corporate Governance Workshop.

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

Illiquid Shareholders and Firm Cash Flows

[Academic lecture]. Skatteforum, Sandefjord.

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

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

[Report]. BI Norwegian Business School.

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

The Family Firm Premium

[Academic lecture]. BI Finance Brown Bag Seminar.

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

What Explains the Large Family Firm Premium?

[Academic lecture]. 19th Workshop on Corporate Governance and Investment.

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

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

[Report]. BI Norwegian Business School.

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

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

[Report]. BI Norwegian Business School.

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

Dividends and taxes: The moderating role of agency conflicts

[Report]. BI Norwegian Business School.

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

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Academic lecture]. Research Seminar.

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

Dividends and Taxes: The Moderating Role of Agency Conflicts

[Academic lecture]. Multinational Finance Society Conference.

Stacescu, Bogdan & Karapetyan, Artashes (2017)

Lending Relationships and Lending Technologies

[Academic lecture]. Marstrand Finance Conference.

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Academic lecture]. FIBE 2016.

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Academic lecture]. 2016 UECE Lisbon Meetings in Game Theory and Applications.

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Academic lecture]. European Economic Association Meeting.

Stacescu, Bogdan & Karapetyan, Artashes (2016)

Collateral and Informed Screening During Banking Relationships

[Academic lecture]. Oxford Financial Theory.

Stacescu, Bogdan & Bøhren, Øyvind (2016)

The governance of family firms

[Academic lecture]. Seminar series, University of Edinburgh.

Stacescu, Bogdan (2015)

Dividends, Taxes, and AgencyCosts

[Academic lecture]. Seminar series, Universitat Autonoma de Barcelona.

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

When does the family govern the family firm?

[Report]. Handelshøyskolen BI.

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

When does the family govern the family firm?

[Academic lecture]. 16th Workshop in Corporate Governance and Investment.

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

Housing Consumption Decisions: Household Assets and Liabilities

[Academic lecture]. American Real Estate Society 30th Annual Meeting.

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

Dividends, taxes, and agency costs

[Report]. Working paper, CCGR.

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

Stockholder conflicts and dividends

[Report]. Working paper; CCGR.

Stacescu, Bogdan & Karapetyan, Artashes (2012)

Collateral and repeated lending

[Academic lecture]. Research seminar.

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

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

[Academic lecture]. SEVENTH NORWEGIAN-GERMAN SEMINAR ON PUBLIC ECONOMICS.

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

Dividends and stockholder conflicts: A comprehensive test for private firms

[Report]. BI Norwegian Business School.

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

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Academic lecture]. 12th Workshop on Corporate Governance and Investment.

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

Dividends and Stockholder Conflicts: A Comprehensive Test for Private Firms

[Academic lecture]. Multinational Finance Society Conference.

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

Illiquid stockholders and firm payout

[Academic lecture]. CCGR Workshop.

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

Ownership, Taxes and Dividends

[Academic lecture]. Internseminar.

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

Ownership, Taxes and Dividends

[Academic lecture]. Norwegian-German Seminar on Public Economics.

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