Since the 1997 financial crisis, good corporate governance is one of the most contentious problems for Thai listed companies’ long-term viability. Unlike earlier research in Thailand, this article uses a three-level hierarchical regression model to examine the moderating effects of board independence and the separation of chairman–chief executive officer (CEO) duality roles on the firm’s value of the Thai listed firms between 2010 and 2019. This study confirms a negative relationship between family ownership and a firm’s value in Thailand. Nevertheless, it reveals that the association between family ownership and firm’s value becomes positive if the Thai listed firms have a high proportion of independent directors. Further evidence confirms that the separation of chairman–CEO duality roles can increase a firm’s value, but it cannot solely enhance the value in those firms with high family ownership. Finally, this study discusses empirically-based practical implications and recommendations.

自 1997 年金融危机以来，良好的公司治理是泰国上市公司长期生存能力最受争议的问题之一。与泰国早期的研究不同，本文使用三级层次回归模型来检验 2010 年至 2010 年间董事会独立性和董事长兼首席执行官 (CEO) 双重角色分离对泰国上市公司价值的调节作用。 2019. 这项研究证实了家庭所有权与泰国公司价值之间的负相关关系。然而，它表明，如果泰国上市公司的独立董事比例较高，则家族所有权与公司价值之间的关联变为正相关。进一步的证据证实，董事长和 CEO 双重角色的分离可以增加公司的价值，但它不能仅仅提高那些拥有高家族所有权的公司的价值。最后，本研究讨论了基于经验的实际意义和建议。