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Discuss How Leader-Member Exchange (lmx) Theory Helps Enhance Leadership Effectiveness Essay Preview: Discuss How Leader-Member Exchange (lmx) Theory Helps Enhance Leadership Effectiveness Report this essay 3.Discuss how Leader-Member Exchange (LMX) Theory helps enhance leadership effectiveness.The leader–member exchange (LMX) theory is a relationship-based approach to leadership that focuses on the two-way (dyadic) relationship between leaders and followers. Because.