A Scoping Review of ChatGPT Research in Accounting and Finance

Paper: arXiv 2412.05731

Authors: Mengming Michael Dong, Theophanis C. Stratopoulos, Victor Xiaoqi Wang

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.

Complexity vs Empirical Score

• Math Complexity: 1.5/10
• Empirical Rigor: 4.0/10
• Quadrant: Philosophers — conceptual discussion, limited math and data

Why this score: This paper is a qualitative scoping review synthesizing 264 papers on ChatGPT/LLMs in accounting and finance using an input-process-output framework. It contains virtually no mathematical derivations or quantitative empirical backtesting, but it offers a highly clear, structured, and complete overview of an emerging domain.

Research Flowchart

  flowchart TD
    A[Goal: Map ChatGPT & LLM Research in Accounting & Finance] --> B[Method: Scoping Review of Publications & Working Papers]
    B --> C[Analyze Literature across Accounting & Finance Domains]
    C --> D{Synthesize Core Research Themes}
    D --> E1[Theme 1: Field Applications]
    D --> E2[Theme 2: Research Tool Usage]
    D --> E3[Theme 3: Professional & Organizational Impacts]
    E1 & E2 & E3 --> F[Outcomes: Future Research Venues & Technical Guidance]