This study investigated the relations among authentic leadership, psychological capital, job satisfaction and intention to leave within state–owned enterprises in Namibia. Participants were a convenience sample of 452 employees (females = 49.6%, mean age = 37.36, SD = 8.57) state–owned enterprises in Namibia. They completed the Authentic Leadership Questionnaire, Psychological Capital Questionnaire, Job Satisfaction Questionnaire and Turnover Intention Scale. Structural equation modelling was utilised to investigate the relations among authentic leadership, psychological capital, job satisfaction and intention to leave. The findings indicated that authentic leadership was positively associated with psychological capital (i.e. experiences of hope, optimism, self–efficacy and resilience) and job satisfaction. Authentic leadership affected job satisfaction indirectly via psychological capital. Psychological capital had a medium to large indirect effect on employees intentions to leave. The findings suggest that authentic leadership and psychological capital explain job satisfaction and retention of employees in state–owned enterprises.