The Banking Executive Magazine - July Issue 2021

Evolution of the Lebanese Banking Sector Legitimacy It postulates that the Lebanese bank- ing sector is on continuous quest for the legitimacy of the US regulator on which it is dependent to survive and might encounter problems along the way to maintain it. Thus, Dr Nassar's research was about exploring how the US regulations affect the percep- tion of the Lebanese banking sector legitimacy and how legitimacy has evolved over time in the Lebanese context. Also, it investigates how the compliance functions of banks have been influenced by the US regula- tions and the ways in which Lebanese banks use their compli- ance activities to engage in legiti- macy-seeking behavior, along with the strategic responses adopted by the Lebanese banking sector to re- spond to the challenges of its legiti- macy. Results are presented over three tem- the BANKING EXECUTIVE 8 ISSUE 151 JULY 2021 FIRST PRIZE FOR THE BEST DOCTORATE: “Evolution of the Lebanese Banking Sector Legitimacy: Strategic Responses to Pressures of US Regulations”