This study examines the effect of the relative use of earnings management methods (i.e., derivatives / discretionary accruals) on firm value. Further, we study how the ownership structure of public corporations is associated with the relative use of derivatives to discretionary accruals. We find that there is a positive association between the relative use of derivatives to discretionary accruals and firm value. In addition, the controlling shareholder's ownership structure will affect the choice of earnings management devices. When the corporate governance mechanism is weaker, firms are likely to use more discretionary accruals than derivatives as their earnings management method.