The authors investigate the extent to which central customer-based brand equity dimensions (Differentiation, Relevance, Esteem, Knowledge, and Energy) influence a firm’s systematic risk (i.e., beta) during both market upturns and downturns. The results demonstrate that aggregating upside and downside beta or different dimensions of brand equity masks the true associations which can be seen only in the disaggregate analyses. The authors find that Relevance and Knowledge play roles as stabilizers, showing negative relationships with both upside gains and downside risk, while Esteem plays the role of protector, showing a negative relationship with only downside losses and not influencing upside gains; Energy acts as a booster, being positively associated with a firm’s potential gains in a period of market growth without increasing the firm’s expected losses during a bad market. The positive relationship of Energy with aggregate risk could be misleading as it hides the beneficial effect of Energy as a booster. The authors also find that Relevance is the most important consideration when people make choices in bad market situations, while Energy becomes the most crucial deciding factor in good market situations. Taking advantage of the multidimensional constructs of brand equity while allowing for the asymmetrical characteristics of risk enables managers to capture the differential role of each brand equity dimension in influencing firm risks, which leads to more sophisticated strategic decisions regarding risk management. In addition to general brand strategy, the authors provide tailored brand strategies to firms from different industries or with different financial characteristics.

作者调查了基于核心客户的品牌资产维度（差异化、相关性、尊重、知识和能量）在市场上升和下降期间对公司系统风险（即贝塔系数）的影响程度。结果表明，汇总上行和下行 Beta 或品牌资产的不同维度掩盖了真正的关联，而这只能在分解分析中看到。作者发现 Relevance 和 Knowledge 起到稳定器的作用，与上行收益和下行风险均呈负相关，而 Esteem 则起到保护者的作用，仅与下行损失呈负相关，不影响上行收益；能量充当助推器，与公司在市场增长时期的潜在收益正相关，而不会增加公司在糟糕市场期间的预期损失。能源与总风险的正相关可能会产生误导，因为它隐藏了能源作为助推器的有益效果。作者还发现，当人们在糟糕的市场情况下做出选择时，相关性是最重要的考虑因素，而在良好的市场情况下，能源成为最关键的决定因素。利用品牌资产的多维结构，同时考虑到风险的不对称特征，管理人员能够捕捉到每个品牌资产维度在影响公司风险方面的不同作用，从而导致关于风险管理的更复杂的战略决策。除了一般的品牌战略，