This study endeavours to investigate empirically how Information and Communications Technology (ICT) usage affects the bounded rationality and business performance of Small and Medium Enterprises (SMEs) in Sri Lanka. The data collection has been done with 400 owners of SMEs in Sri Lanka by employing telephone and face to face interviews using a structured questionnaire. The Partial Least Squares-Structural Equation Modelling (PLS-SEM) was utilized to analyse the data. The empirical results discovered that the different dimensions of ICT usage such as infrastructure, applications, policy, human resources, and mobile technology have a negative impact on bounded rationality and positive effects on the business performance of SMEs in Sri Lanka. Thus, the study recognizes that several dimensions of ICT usage make proper information flow to pull out information asymmetry and reduce the bounded rationality of SMEs, thereby increasing the business performance of SMEs in Sri Lanka.

The study empirically examined how the use of mobile technology affects the opportunism and business performance of Small and Medium-sized Enterprises (SMEs) in Sri Lanka. The Partial Least Squares-Structural Equation Modelling (PLS-SEM) was utilized to analyze the data that was collected from 400 SMEs by utilizing a structured questionnaire having face-to-face and telephony interviews. Results revealed that mobile technology generates a significant positive effect on business performance and, consequently, a negative effect on opportunism while opportunism makes a negative impact on the business performance of SMEs. Simultaneously, the study revealed that opportunism considerably interposes in the relationship between mobile technology and SME business performance. Finally, the study has made a strong recommendation to strengthen the use of mobile technology and its applications which highly relate to solving the issues faced by SMEs in the current imperfect market mechanism.

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