Many firms have adopted customer satisfaction management systems emphasizing customer satisfaction, and customer satisfaction has been recognized as an important factor determining firm performance. Accordingly, academia has made efforts to establish the validity of customer satisfaction management by empirically investigating the relationship between customer satisfaction and firm performance. Recently, from the perspective of customer value management, attention has been drawn to the importance of word-of-mouth. Reichheld (2003) introduced a new metric called the Net Promoter Score (NPS) based on customer recommendations, claiming that NPS is an ideal metric that is easy to evaluate and diagnose and has the highest relevance to firm performance. However, some researchers have countered that their analyses of the relationship between NPS and firm performance indicators found no evidence that NPS has a statistically significant effect on firm performance. Accordingly, this study empirically analyzed the effects of customer satisfaction and customer recommendation on firm performance using the Korean Customer Satisfaction Index (KCSI) and the Korean Net Promoter Score (KNPS). To this end, not only the contemporaneous effects of customer satisfaction and recommendation intention on firm performance were considered, but also their dynamic effects. The results showed that customer satisfaction and recommendation intention affect firm performance not only in the short term but also in the long term. Looking at the results by industry, for services and non-durable goods, the effects of customer satisfaction on firm performance exhibited both short-term and dynamic effects. For durable goods, while short-term effects did not exist, dynamic effects were found to exist. In the analysis of the relationship between recommendation intention and firm performance, it was confirmed that both short-term and dynamic effects exist across all industries.