This study analyzes the influences of transformational leadership on organizational performance through the
dynamic capabilities of organizational learning and innovation. Although these indirect interrelations are very
important for improving organizational performance, previous research has not usually explored them. The
study confirms these influences empirically, basing the analysis on a sample of 168 Spanish firms. The results
reveal that (1) transformational leadership influences organizational performance positively through
organizational learning and innovation; (2) organizational learning influences organizational performance
positively, both directly and indirectly through organizational innovation; (3) organizational innovation
influences organizational performance positively.