The paper discusses the relationship between learning, innovation and (institutional) reflexivity. It is often held that reflexivity is a crucial factor for learning and innovation processes. However, a rather formalistic approach to reflexivity is predominant. We propose to overcome this limitation and to develop a more meaningful concept of reflexivity which "reflects" the contingent, relational, dynamic and complex character of organizational environments and reality. Based on this broadened understanding it appears that reflexivity is imminently a dialectic category and, under specific circumstances, it can also inhibit innovation. This is especially the case when reflexive tools are abused to push performance only. In order to illustrate our concept and hypotheses we added two case studies which highlight the conflicting counterparts of reflexivity and innovation and pointed us to important cultural "success factors".