Final answer:
The characteristic not associated with transformational leadership theory is B) Transactional exchanges, as transformational leaders focus on inspiration, intellectual stimulation, individualized consideration, and charisma.
Step-by-step explanation:
The statement that is NOT a characteristic of transformational leadership theory is B) Transactional exchanges. Transformational leadership, a popular theory within organizational settings, is mainly characterized by four main components: A) Individualized consideration, C) Inspirational motivation, D) Intellectual stimulation, and the presence of charismatic role models. These leaders aim to inspire and intellectually challenge their followers, while also considering their individual needs and strengths to foster growth and change within the organization. On the other hand, transactional leadership, which is focused on supervision, organizational goals, and a system of rewards and punishments, is not an attribute of transformational leadership but rather a different approach.