Insights From Industry, Educators, and Graduates (Enhancing Financial Sustainability and Competency Development in Maritime Education)
DOI:
https://doi.org/10.59725/de.v31i2.123Keywords:
Maritime Education, Financial Sustainability, Business Competency, Shipping Management, Vocational TrainingAbstract
The maritime industry requires financially literate and strategically competent professionals to navigate challenges in shipping management, business sustainability, and economic resilience. However, vocational maritime education often lacks practical financial training and sustainability-driven business strategies, creating gaps between academic learning and industry needs. This research addresses these gaps by analyzing how maritime education aligns with financial sustainability and business competency development. Unlike previous studies that separately examine maritime education or financial sustainability, this research integrates expert insights, graduate experiences, and educator perspectives to develop a holistic framework for maritime business and financial training. The findings contribute to policy discussions on improving vocational curricula and bridging industry-academia gaps. This study investigates the effectiveness of maritime vocational education in developing competencies in financial decision-making, economic resilience, and business sustainability. It evaluates curriculum alignment with industry demands and identifies key areas for enhancement. A qualitative research design was used, incorporating semi-structured interviews with 13 maritime professionals, 4 educators, and 33 graduates. Thematic analysis was applied to assess vocational training effectiveness in financial sustainability and business resilience. Findings reveal strong technical competency but gaps in financial literacy and sustainability-driven business strategies. Maritime education programs scored 9/10 in effectiveness, but practical applications of financial decision-making and risk management need reinforcement. This study provides actionable insights for vocational training reforms, emphasizing applied financial education, industry collaboration, and sustainability-driven business strategies. The findings support future curriculum development to equip maritime professionals with enhanced financial and managerial competencies for industry leadership.
References
Agrifoglio, R., Cannavale, C., Laurenza, E., & Metallo, C. (2017). How emerging digital technologies affect operations management through co-creation: Empirical evidence from the maritime industry. Production Planning & Control, 28(16), 1298–1306. https://doi.org/10.1080/09537287.2017.1350986
Akpinar, H., & Ozer-Caylan, D. (2021). Managing complexity in maritime business: Understanding the smart changes of globalization. Competitiveness Review: An International Business Journal, 32(4), 582–599. https://doi.org/10.1108/CR-10-2020-0162
Bankole, O. A., Lalitha, V. V. M., Khan, H. U., & Jinugu, A. (2017). Information technology in the maritime industry past, present and future: Focus on LNG carriers. In 2017 IEEE 7th International Advance Computing Conference (IACC) (pp. 759–763). IEEE. https://doi.org/10.1109/IACC.2017.126
Comtois, C., & Slack, B. (2017). Sustainable development and corporate strategies of the maritime industry. In Ports, Cities, and Global Supply Chains (pp. 249–262). Routledge.
Goyal, K., & Kumar, S. (2021). Financial literacy: A systematic review and bibliometric analysis. International Journal of Consumer Studies, 45(1), 80–105. https://doi.org/10.1111/ijcs.12572
Hasan, M., Le, T., & Hoque, A. (2021). How does financial literacy impact on inclusive finance? Financial Innovation, 7(1), 40. https://doi.org/10.1186/s40854-021-00279-z
Issa, M., Ilinca, A., & Martini, F. (2022). Ship energy efficiency and maritime sector initiatives to reduce carbon emissions. Energies, 15(21), 7910. https://doi.org/10.3390/en15217910
Joseph, A., & Dalaklis, D. (2021). The international convention for the safety of life at sea: Highlighting interrelations of measures towards effective risk mitigation. Journal of International Maritime Safety, Environmental Affairs, and Shipping, 5(1), 1–11. https://doi.org/10.1080/23247965.2021.1889640
Kadoya, Y., & Khan, M. S. R. (2020). What determines financial literacy in Japan? Journal of Pension Economics & Finance, 19(3), 353–371. https://doi.org/10.1017/S1474747219000161
Karakasnaki, M., Pantouvakis, A., & Vlachos, I. (2023). Maritime social sustainability: Conceptualization and scale development. Transportation Research Part D: Transport and Environment, 121(December 2022). https://doi.org/10.1016/j.trd.2023.103804
Katz, J. (2015). A theory of qualitative methodology: The social system of analytic fieldwork. Méthod (e) s: African Review of Social Sciences Methodology, 1(1–2), 131–146. https://doi.org/10.1080/23268991.2015.1030789
Kongsvik, T. Ø., Størkersen, K. V., & Antonsen, S. (2014). The relationship between regulation, safety management systems and safety culture in the maritime industry. In Safety, Reliability and Risk Analysis: Beyond the Horizon (pp. 467–473). CRC Press.
Nguyen, T.-T., My Tran, D. T., Duc, T. T. H., & Thai, V. V. (2023). Managing disruptions in the maritime industry: A systematic literature review. Maritime Business Review, 8(2), 170–190. https://doi.org/10.1108/MABR-01-2022-0144
Padgett, D. K. (2016). Qualitative methods in social work research (Vol. 36). Sage Publications.
Santoso, S., Kusnanto, E., & Saputra, M. R. (2022). Perbandingan metode pengumpulan data dalam penelitian kualitatif dan kuantitatif serta aplikasinya dalam penelitian akuntansi interpretatif. OPTIMAL Jurnal Ekonomi dan Manajemen, 2(3), 351-360. https://doi.org/10.32493/optimal.v2i3.1062
Zaderei, A. (2020). Ensuring the sustainability of the human resources management system of maritime industry enterprises. Access: Access to Science, Business, Innovation in Digital Economy, 1(2), 146–156.
