The study looked at how stock market conditions affect the relationship between beta coefficients and returns in the ICT sector. They found that the connection between returns and beta coefficients depends on whether the market has positive or negative excess returns. In periods of positive market excess returns, the premium for systematic risk is higher than zero, while in periods of negative excess returns, it is lower. This shows that beta coefficients are useful in measuring risk in portfolio management, especially when considering how actual returns behave in relation to market risks.