AXA Analysis of GMI CG Data Shows Positive Performance Links, from a risk/return perspective. The research indicates that there is a positive relationship between the CG scores and a number of financial measures such as earnings growth and return on equity. From a risk/return perspective they found that using CG can add alpha: between 2003 and 2007, companies that were upgraded for CG scores were more likely to outperform the benchmark index and vice versa.

Good CG indicates more defensive nature: companies with higher CG scores tended to outperform those with lower scores when the economic backdrop was more uncertain, with lower scored companies outperforming when economic confidence was improving.