This research aims to examine ethical leadership’s moderating role on the effect psychological empowerment has on psychological ownership in line with social exchange theory. Data were obtained from 204 bank employees in accordance with this purpose. The dimensions of ethical leadership are role clarification, morality and fairness, and power sharing. While psychological empowerment consists of the dimensions of meaningfulness, competence, self-determination, and impact, psychological ownership is handled within the dimensions of eownership and job-based ownership. The study’s findings show a significant positive relationship to exist between the dimensions of psychological empowerment and the dimensions of psychological ownership. The dimensions of ethical leadership also strengthen the effects self-determination and impact have on job-based ownership. At the same time, the dimension of morality and fairness has been found to strengthen the effect meaningfulness has on job-based ownership. These findings are also supported within the framework of social exchange theory. Based on the finding that ethical leadership’s dimensions do not moderate the effects of psychological empowerment’s dimensions on emotional ownership, strengthening these effects can be suggested within the framework of social exchange theory through other leadership styles such as servant leadership, spiritual leadership, or transformational leadership in addition to ethical leadership. The research contributes to the literature in terms of examining these effects among the variables’ sub-dimensions and evaluating them in the line with social exchange theory.