Generative Artificial Intelligence (GenAI) is revolutionizing business operations with possible uses in customer service, coding, risk evaluation, and human resources activities. Despite its potential, GenAI may simultaneously generate or intensify ethical, legal, and security issues within the business realm. Therefore, researchers ought to explore its function and influence, particularly within the practical business setting. This systematic review employing multiple methods investigates GenAI literature in applied business research, highlighting prevailing themes such as ChatGPT and language models while acknowledging a lack of business-focused studies. Examination of GenAI research attributes in applied business studies reveals a narrow emphasis on theoretical frameworks, methods of data collection, and data analysis procedures. We propose structures for upcoming studies to evaluate the effect of GenAI on system and information quality, user satisfaction, and organizational results based on our discoveries. This evaluation establishes an essential basis for comprehending and promoting GenAI in practical business research scenarios.