The evolution of tourism destinations and industries is receiving increasing attention within the tourism literature (Brouder & Eriksson, 2013), which has recently incorporated co-evolution as a key concept to better understand tourism evolution (Ma & Hassink, 2013). According to evolutionary principles, firms’ micro-level agency—such as innovation and its transference between stakeholders— drives evolution over time (Brouder & Eriksson, 2013). But in a period of economic crisis firms in the tourism industry can be expected to have an incentive to act as institutional entrepreneurs to enhance their competitiveness; that is, firms may perform as institutional change agents to promote changes in institutions that benefit them. Firms may also become involved in competing interactions to prevent undesired changes (Khavul, Chavez, & Bruton, 2013) attempted by government to combat the crisis, if they consider these changes negatively affect them. These deliberate actions aimed at influencing the institutions are possible according to new institutionalism (Ahlstrom & Bruton, 2010). The co-evolutionary approach has emerged to show the bi-directional influence between firms’ managerial decisions and the institutional environment.