Tavares, RodrigoSchiewe, Luca Jonathan2024-10-032024-10-032023-06-052023-06-05http://hdl.handle.net/10362/172891This thesis analyzes whether ESG scores differ between companies that export arms to war zones and companies that do not, and whether the ESG scores of companies that export more weapons to more war zones differ from companies with fewer exports to fewer war zones. The findings indicate that common ESG ratings assessing financial sustainability risks relative to peer industries tend to be positively related to arms exports to war zones. Large discrepancies are found between the expectations of consumers about ESG ratings and the actual approaches of these ratings.engCorporate sustainabilitySocial responsibilityEsg rating agenciesEsg rating disagreementEsg scores methodologiesDefense industryArms exportsmaster thesis203366298