Table 5

Theories used in AI and bias in banking and finance research

TheoryFrequency%Exemplary articles
Concept of cognitive bias56.9Król and Król (2021) 
Prospect theory45.6Bhatia et al. (2020) 
Economic theory22.8Yao et al. (2024) 
Framing effects22.8Athota et al. (2023) 
Information asymmetry theory22.8Tigges et al. (2024) 
Resource-based view22.8Rubin et al. (2025) 
Statistical discrimination theory22.8Li et al. (2024) 
Technology acceptance model (TAM)22.8Bin-Nashwan et al. (2025) 
Actor network theory11.4Kear (2017) 
Affirmative action theory11.4Li et al. (2024) 
Arrow–Bilir–Sorensen (ABS) model11.4Tubadji et al. (2021) 
Attribution theory11.4Athota et al. (2023) 
Computers are social actors (CASA) framework11.4Miazek and Bocian (2025) 
Contextual integrity theory11.4Packin and Lev-Aretz (2024) 
Design theory framework11.4Sulastri et al. (2024) 
Divide and conquer framework11.4Wu et al. (2025) 
Egocentric ethics theory11.4Miazek and Bocian (2025) 
Evolutionary theory11.4Peng et al. (2022) 
Financial theory11.4Rubin et al. (2025) 
Game theory11.4Lu and Calabrese (2023) 
Implicit personality theory11.4Hsieh et al. (2020) 
Information manipulation theory11.4Li et al. (2024) 
Information system theories on trusting beliefs11.4Rubin et al. (2025) 
Markowitz model11.4Zhang et al. (2022) 
Neyman–Rubin potential outcomes framework11.4Bockel-Rickermann et al. (2025) 
Organizational trust model11.4Hsieh et al. (2020) 
Parallel-constraint-satisfaction theory11.4Antretter et al. (2025) 
Role theory11.4Matthews et al. (2024) 
Signaling theory11.4Momtaz (2021) 
Social exchange theory11.4Liu et al. (2024) 
Social role theory11.4Matthews et al. (2024) 
Spreading activation theory of memory11.4Yoo et al. (2022) 
Theory of mind deficits11.4Król and Król (2021) 
Theory of social justice11.4Diniz et al. (2024) 
Technological-organizational-environmental (TOE) framework11.4Bin-Nashwan et al. (2025) 
Other theories2433.3Tubadji et al. (2021), Gurdgiev and O'Loughlin (2020), Zhang et al. (2022) 
Source(s): Created by authors

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