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 nonfinancial 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 nonfinancial 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.