Many firms see organizational learning systems as critical to facilitating competitive advantage. However, until now, few tourism studies have empirically investigated and identified how the different characteristics of highly competitive organizations, such as travel agencies, influence competitive advantage in a dynamic environment. This study uses a mediation-moderation analysis for such an empirical examination. A total of 288 travel agencies from Taiwan were analysed. The authors found that travel agencies’ shared goals may influence competitive advantage through characteristics of dynamic capability development, differential strategy implication and social capital accumulation. Greater levels of organizational learning may positively strengthen the relationships between (a) shared goals and dynamic capability, (b) shared goals and social capital, and (c) social capital and competitive advantage. Implications of these findings for managerial and theoretical frameworks are also discussed.