A Scoping Review of ChatGPT Research in Accounting and Finance

45 Pages Posted: 8 Jan 2024

See all articles by Mengming (Michael) Dong

Mengming (Michael) Dong

Missouri State University; Rice University

Theophanis C. Stratopoulos

University of Waterloo - School of Accounting and Finance

Victor Xiaoqi Wang

California State University, Long Beach - College of Business Administration

Date Written: December 30, 2023

Abstract

This paper provides a review of recent publications and working papers on ChatGPT and related Large Language Models (LLMs) in accounting and finance. The aim is to understand the current state of research in these two areas and identify potential research opportunities for future inquiry. We identify three common themes from these earlier studies. The first theme focuses on applications of ChatGPT and LLMs in various fields of accounting and finance. The second theme utilizes ChatGPT and LLMs as a new research tool by leveraging their capabilities such as classification, summarization, and text generation. The third theme investigates implications of LLM adoption for accounting and finance professionals, as well as for various organizations and sectors. While these earlier studies provide valuable insights, they leave many important questions unanswered or partially addressed. We propose venues for further exploration and provide technical guidance for researchers seeking to employ ChatGPT and related LLMs as a tool for their research.

Keywords: ChatGPT, Generative AI, LLMs, audit, financial reporting, tax, AIS, asset pricing, corporate finance

JEL Classification: C45, G3, G11, G12, G14, M41, M42

Suggested Citation

Dong, Mengming (Michael) and Stratopoulos, Theophanis C. and Wang, Victor Xiaoqi, A Scoping Review of ChatGPT Research in Accounting and Finance (December 30, 2023). Available at SSRN: https://ssrn.com/abstract=4680203 or http://dx.doi.org/10.2139/ssrn.4680203

Mengming (Michael) Dong

Missouri State University ( email )

Rice University ( email )

6100 South Main Street
Houston, TX 77005-1892
United States

Theophanis C. Stratopoulos

University of Waterloo - School of Accounting and Finance ( email )

200 University Avenue West
Waterloo, Ontario N2L 3G1 N2L 3G1
Canada
519-888-4567 x35943 (Phone)

Victor Xiaoqi Wang (Contact Author)

California State University, Long Beach - College of Business Administration ( email )

1250 Bellflower Blvd.
Long Beach, CA 90840
United States

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