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. The purpose of this research is to explore the Emerging Market Manufacturing Business Groups’ (EMBG’s) innovation processes through their internationalization activities and the interplay between innovation in environmental sustainability, digitalization, networks, and corporate governance structures. This study focuses on the business dynamics of manufacturing Turkish Business Groups, namely Turkish Holding Companies. It gives a clear illustration of how manufacturing can be innovative in environmental sustainability while internationalizing and exceling its competitive advantage through utilizing both foreign and domestic resources and digitalization. The paper also demonstrates how these companies share continuous knowledge across subsidiaries and other network systems with the support of their organizational forms and/or corporate governance structures. The study comprises Turkish manufacturing multinationals that operate in the continent of Europe. It examines 15 parent firms and 200 subsidiaries that conduct manufacturing operations in countries, such as United States, Germany, Spain, Italy, Netherlands, and United Kingdom.Keywords.Emerging market manufacturing business groups, Environmental sustainability, Innovation, Digitalization, Network systems.JEL.O31, O32, O35, G34, F23, D21

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The Emerging Market Manufacturing Business Groups (EMBGs) and the Interplay between Innovation in Environmental Sustainability, Digitalization, Internationalization and Corporate Governance Structures: The Case of Turkish Holding Companies