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The purpose of this paper is to analyse the adaptive market efficiency in the price–volume (P–V) relationship of the stocks listed in the Mexican Stock Exchange. The period under study goes from 1982 to 2015. In order to detect causality and, thus, determine adaptive efficiency in the market, one linear and two non-linear tests are applied. There are few papers in the literature that study the P–V relationship in Latin American markets; as such, this paper may be of interest and importance to financial academics and practitioners alike.

The Diks and Panchenko (DP) non-parametric Granger causality and the Brooks and Hinich (BH) cross-bicorrelation tests are applied.

Derived from the DP test, the findings show that there exists bi-directional non-linear Granger causality in 25.71 per cent of the firms studied, compared to 8 per cent when applying the linear Granger causality test. Therefore, there is evidence of weak-form efficiency in the market. From the BH test, evidence is shown of the adaptive market efficiency, since 71.42 per cent of firms exhibited some form of non-linear dependence in certain periods of time. With these results, the information process should be better studied for a greater comprehension of regulatory policies in the market and better decision-making tools for the investors.

This paper complements studies on the P–V relationship and efficiency in a Latin American market.

Este documento analiza la eficiencia adaptativa del mercado para la relación precio-volumen de las empresas que cotizan en la Bolsa Mexicana de Valores. El periodo bajo estudio es de 1982 a 2015. Para detectar causalidad y determinar la eficiencia adaptativa del mercado, se aplicó una prueba lineal y dos no-lineales. Existen pocos documentos en la literatura que estudien la relación precio-volumen en mercados latinoamericanos. Como tal, este documento puede ser de interés e importancia tanto para académicos como para profesionales de las finanzas.

Se aplicó la prueba de causalidad no-paramétrica de Diks y Panchenko y la prueba de bicorrelación cruzada de Brooks y Hinich.

Derivado de la prueba DP, los hallazgos muestran que existe causalidad no-lineal bidireccional en 25.71% de las empresas bajo estudio, comparado a un 8% cuando se aplica la prueba de causalidad lineal de Granger. Por lo tanto, existe evidencia de eficiencia en forma débil del mercado. De la pruba BH, se muestra evidencia de eficiencia adaptativa del mercado, dado que el 71.42% de las empresas exhibieron alguna forma de dependencia no-lineal en ciertos periodos de tiempo. Con estos resultados, el proceso de información debe ser mejor estudiado para una mayor comprensión de las políticas regulatorias del mercado y mejores herramientas para la toma de decisiones por los inversionistas.

Este documento complementa los estudios sobre la relación precio-volumen y la eficiencia en un mercado latinoamericano.

The purpose of this paper is to identify a useful taxonomy of frugal innovation (FI) applied to women-led family businesses in rural communities in Oaxaca, Mexico when confronted with disruptive situations such as the recent COVID-19 pandemic, thus achieving a greater understanding of FI in this context to provide these businesses with strategies that allow them to face crises more effectively.

The study was cross-sectional and quantitative. A scale was developed and applied to 160 family businesses run by women and located in four rural communities in Oaxaca, Mexico. A review of the literature from the period of 2018–2024 made it possible to identify the essential characteristics of FI.

Through an exploratory factorial analysis, four types of FIs were identified: new production and marketing models, new methods of operation, new financing methods and new organizational methods. Using a discriminant analysis to establish the functionality of the identified FIs, the authors found that shifting to new financing and organizational methods was more important for the survival of family businesses in times of crisis.

This study highlights the forms of FI that develop in small family businesses led by women; this is important for the survival of the family and the business. The research highlights innovation challenges and opportunities for women entrepreneurs in the global south.