The role of identity in the effects of transformational leadership and an organization’s impact in society is crucial yet not well researched. Based on the self-concept theory of transformational leadership (Shamir et al. 1993), this article investigates the role of collective identities within the self-concept, namely organizational and societal identity, as potential moderators of transformational leadership and public value in their effects on extra-role and in-role performance by using cross-sectional data from a sample of 1454 respondents. The results support the hypotheses that organizational identity moderates the effects of transformational leadership and that societal identity moderates the effects of public value. In conclusion, leader can create a competitive advantage when their organizations “give back” and create value in society if the followers’ identities are properly considered. The implications of these results are discussed.