Electronic structure and band characteristics for zinc monochalcogenides with zinc-blende-and wurtzite-type structures are studied by first-principles density-functional-theory calculations with different approximations. It is shown that the local-density approximation underestimates the band gap and energy splitting between the states at the top of the valence band, misplaces the energy levels of the Zn-3d states, and overestimates the crystal-field-splitting energy. The spin-orbit-coupling energy is found to be overestimated for both variants of ZnO, underestimated for ZnS with wurtzitetype structure, and more or less correct for ZnSe and ZnTe with zinc-blende-type structure. The order of the states at the top of the valence band is found to be anomalous for both variants of ZnO, but is normal for the other zinc monochalcogenides considered. It is shown that the Zn-3d electrons and their interference with the O-2p electrons are responsible for the anomalous order. The effective masses of the electrons at the conduction-band minimum and of the holes at the valence-band maximum have been calculated and show that the holes are much heavier than the conduction-band electrons in agreement with experimental findings. The calculations, moreover, indicate that the effective masses of the holes are much more anisotropic than the electrons. The typical errors in the calculated band gaps and related parameters for ZnO originate from strong Coulomb correlations, which are found to be highly significant for this compound. The local-density-approximation with multiorbital mean-field Hubbard potential approach is found to correct the strong correlation of the Zn-3d electrons, and thus to improve the agreement between the experimentally established location of the Zn-3d levels and that derived from pure LDA calculations.