Board characteristics and corporate value: evidence from Thailand

Purpose – This paper aims to examine the influence of corporate board structure on corporate value. Design/methodology/approach – The data were collected on a sample of 245 Thai non‐financial listed companies to examine the effect of board structure on firm performance. Findings – The results show that neither independent directors nor grey directors are the significant determinants of improving firm value. Research limitations/implications – This research was confined to 245 Thai non‐financial listed companies. It would be useful to replicate it using larger samples under different country settings. Practical implications – The findings provide guidance to top managers in deciding the Board structure as corporate value is also grounded in corporate board structure. Originality/value – The paper provides far reaching implications for corporate managers about the relationship between Board characteristics and corporate value.