The answer will depend in part on the aspect ratio of the original sheet of wood, that is, the ratio of length to width.
For two sheets of the same aspect ratio but different sizes, that is,
two similar rectangles, you can take any plan for cutting one sheet and
assembling a box, and scale it up or down to build a similar box with the other sheet. An optimal plan for a box using one sheet translates in this
way into an optimal plan for the other sheet.
If one sheet is $x$ times as wide as the other, its area
will be $x^2$ as great as that of the other sheet, but the volume of the similar box will be $x^3$ as great as that of the other box.
For any sheet of a given aspect ratio,
the volume of the optimal box will be some constant times the
$3/2$ power of the area of the sheet, that is, $V_{\max} = k_{\max} A^{3/2}$,
where $k_{\max}$ is a best-case multiplier
determined by your sheet's aspect ratio.
The question then is how to find $k_{\max}$, given an aspect ratio.
The theoretical best case
The best value of $k_{\max}$ that any sheet of wood could possibly have
would occur in the cases where you are able to cut a thin sheet so as to
build a cube with no wood discarded.
Assuming an extremely thin sheet, a sheet of dimensions either
$w \times 6w$ or $2w \times 3w$ can be cut into six squares of
side $w$, which then enclose a cube of side $w$ and volume $V = w^3$.
The original area of the sheet was $A = 6w^2$, giving us the relation
$\sqrt[3]{\strut V} = \sqrt{\frac16 A}$, so
$$
V = \frac{\sqrt{6}}{36} A^{3/2}
$$
Since a cube is the rectangular box of maximum value for a given surface
area, and since these plans use all the area of the original sheet,
the factor $\sqrt 6/36 \approx 0.06804138174$ is the best possible such factor for any sheet of any aspect ratio.
But you can do this only with the two aspect ratios $1:6$ or $2:3$.
You cannot build a cube without waste from any other sheet of wood,
so for any other sheet you will be forced to use a different pattern
and if you are able to determine the value of $k_{\max}$, you will
find that $k_{\max} < \sqrt 6/36$.
A more practical example
Sheets of wood seem more likely to come with an aspect ratio of $1:2$
rather than $1:6$ or $2:3$; a typical sheet for construction in
seems to be $4$ feet wide by $8$ feet long.
(Even in countries using the metric system, it seems the size may be given in metric but will be $4\ \text{feet}\times8\ \text{feet}$ to within less than $\frac1{10}\%$ in each dimension;
for our purposes, however, only the aspect ratio matters.)
But rather than $4$ feet or $1.2$ meters, let's just say the
width of the sheet of wood is $w$ and its length is $2w$.
A likely plan for a sheet of wood of dimensions $w \times 2w$
(area $A = 2w^2$)
is to cut it lengthwise in half, and then cut three pieces of dimensions
$h \times \frac12 w$, $h \times \frac12 w$, and
$2(w - h) \times \frac12 w$ from each of the two halves.
If $h = \frac34 w$, for example, the resulting box would have dimensions
$\frac34 w \times \frac12 w \times \frac12 w$ and volume
$$
V = \frac{3}{16} w^3 = \frac{3\sqrt 2}{64} A^{3/2}
\approx 0.06629126073 A^{3/2}.
$$
This is almost as good as the theoretical best $k_{max}$ for sheets of
any aspect ratio.
But can we do better? What about other values of $h$?
If we let $h$ be less than $\frac34 w$, after cutting off two pieces
of width $h$ from each half of the sheet, the dimension $2(w-h)$
of the remaining pieces would be greater than $\frac12 w$.
In order to use the four $h \times \frac12 w$ pieces as "sides" of the box,
we would have to cut down the top and bottom to $\frac12 w \times \frac12 w$,
and the resulting box would have volume
$V = \frac14 w^2h < \frac{3}{16} w^3$,
less than when $h = \frac34 w$. So we can reject any $h < \frac34 w$.
If we let $h$ be greater than
$\frac34 w$, the width of the "top" of the box, $2(w-h)$, will be
less than $\frac12 w$. We can still build a box of height $h$ using
the $h \times \frac12 w$ pieces as "sides", but two of the "side"
pieces will be incompletely used.
The box will have dimensions $h \times 2(w-h) \times \frac12 w$.
As a function of $h$, the volume will be
$V = (w - h)wh = w^2 h - w h^2.$
Over the interval $\frac34 w \leq h \leq w $, this function reaches its
maximum value at $h = \frac34 w$.
That is, for any box made according to this pattern, the volume of the box
is maximized at $h = \frac34 w$, with volume
$V = \frac{3\sqrt 2}{64} A^{3/2}.$
Here's another attempt to build a better box from the $w \times 2w$ sheet:
An alternative plan for building a box from the $w \times 2w$ sheet
is to cut it widthwise into pieces of dimensions
$y \times w$, $(w - \frac12 y) \times w$, and $(w - \frac12 y) \times w$,
where $\frac12 w \leq y < w$.
We then cut two $y \times (w - y)$ pieces from the $y \times w$ piece,
discarding the part left over, and cut a $(w - \frac12 y) \times (w -y)$
piece from each of the remaining pieces, leaving a
$(w - \frac12 y) \times y$ piece. The resulting box has dimensions
$y \times (w - y) \times (w - \frac12 y)$, with volume
$V = \frac12 y^3 - \frac32 wy^2 + w^2 y$.
Over the interval $\frac12 w \leq y < w$, however, the volume of the
box is maximized at $y = \frac12 w$, where it turns out that
$$
V = \frac{3}{16} w^3 = \frac{3\sqrt 2}{64} A^{3/2},
$$
the same maximum volume (in fact the same pieces) as in the other plan.
For a $4\ \text{feet}\times8\ \text{feet}$ sheet of plywood this
results in a box of dimensions
$2\ \text{feet}\times2\ \text{feet}\times3\ \text{feet}$
with volume $12\ \text{feet}^3$ or about $0.339802$ cubic meters.
This does not prove there is no better way to build the box
(that is, I am not claiming that $k_{max}$ is $3\sqrt 2/64$ for
a sheet of aspect ratio $1:2$), but I have
not yet found a better way, and the volume achieved is fairly close to the
theoretical maximum volume of any box built from a sheet with the
given area.
The general case
A more general formula would take any aspect ratio, reduce it to a
single number (length divided by width), and then express
$k_{max}$ as a function of that number.
The tricky thing about such a function is that there is no single
"pattern" for cutting the wood that will be best for sheets of all shapes.
(Notice how very differently we cut a $1:6$ sheet and a $2:3$ sheet,
even though they end up with the exact same value of $k_{max}$.)
We have not even begun to look at all the possible aspect ratios
(such as $1:3$, $4:5$, $1:\frac12(1+\sqrt5)$, and so forth);
and even for the $1:2$ sheet we have not yet (at least not in any answer to
this question) gotten a proven value of $k_{max}$, only a
"pretty good" multiplier that is at least close to if not equal to
$k_{max}$ for the aspect ratio $1:2$.