This article contributes to the theoretical understanding of the relationship between authentic leadership and follower psychological capital. Structural equation models using a representative national sample of working adults revealed a positive relationship between authentic leadership and followers' psychological capital, partially mediated by positive work climate, and a significant moderating effect from gender. Findings support previous predictions about the effects of authentic leadership and begin to reveal the mechanisms by which authentic leaders affect followers. Moreover, they underscore the need to consider the influence of follower characteristics in understanding leadership outcomes. Implications and directions for future research are discussed.