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Generative artificial intelligence has moved rapidly from experimental use to practical adoption across digital business and management contexts. Its diffusion has been accelerated by large language models, image generators, code generators, and conversational systems that can support content creation, analysis, automation, and decision support. This systematic review examines the evidence on Generative AI in business and management studies, with particular attention to productivity, decision quality, governance, and organizational risk. The review addresses the need for a balanced synthesis that recognises both the performance promise of Generative AI and the risks created by its probabilistic, opaque, and adaptive nature. The findings show that Generative AI can improve productivity by reducing task completion time, expanding output volume, supporting creative work, and assisting knowledge workers. However, the evidence also indicates uneven benefits across tasks, expertise levels, organizational contexts, and governance conditions, while decision quality remains vulnerable to hallucination, bias, over-reliance, and weak accountability. The review concludes that Generative AI should be understood not merely as a productivity technology but as an organizational transformation phenomenon. Its business value depends on the co-development of human oversight, governance structures, risk controls, workforce capabilities, and context-sensitive implementation practices.