Transition metals are effective as catalysts for several reasons: 1. Variable Oxidation States: Transition metals can easily change their oxidation states, which allows them to participate in redox reactions. 2. Formation of Complexes: They can form complex compounds with various ligands, enabling different reaction pathways. 3. d-Orbital Availability: The presence of d-orbitals allows for the formation of intermediate species that can stabilize reaction intermediates.