INSTITUTIONAL ECONOMIC APPROACH IN MARITIME TRANSPORTATION RISK MANAGEMENT FOR SMALL FISHERMEN IN CILACAP REGENCY

Abstract

Sea transportation is an important aspect in supporting the economic activities of small-scale fishermen in Cilacap Regency, but it also contains various significant risks, such as extreme weather, limited navigation technology, and low access to information and institutional protection. This research aims to analyze the role of the institutional economic approach in managing maritime transportation risks for small-scale fishermen. The method used is a qualitative approach with data collection techniques through in-depth interviews, field observations and documentation studies. The research results show that local institutions, such as fishing groups and cooperatives, have a strategic role in reducing risk through information sharing mechanisms, strengthening social solidarity, and access to economic resources. Apart from that, social norms and trust between community members also strengthen fishermen's resilience in facing uncertainty. However, the effectiveness of these institutions still faces various obstacles, such as limited organizational capacity, weak coordination between institutions, and inadequate government policy support. Therefore, it is necessary to strengthen community-based institutions that are integrated with formal policies to increase the adaptive capacity and resilience of small-scale fishermen to the risks of maritime transportation in a sustainable manner.