We carried out the fieldwork in 2013 and applied a case study methodology to analyze the period from the onset of the Spanish crisis (year 2008) to 2013. The empirical work comprised five stages. Firstly, we identified the Spanish institutional changes throughout this period using databases. Secondly, we identified the Spanish firms in different industries that played a role in the co-evolutionary process. Thirdly, we interviewed managers and business experts from private and public sectors to triangulate data. Finally, we analyzed the information gathered and sent the results to the participants for validation. Below we present some results from the firms operating in the tourism industry, which was one of the biggest contributors to Spain’s Gross Domestic Product in 2012 (10.9% according to the Spanish National Statistics Institute, INE), with Spain ranking third in the number of overall international arrivals in 2013.