This paper focuses on university–firm relationships in terms of individual interactions between researchers and practitioners. More specifically, we focus on an analysis of the main factors that influence the use of the action research (AR) to achieve a successful doctoral thesis. In order to achieve this, we developed a Delphi study with 15 panelists whose common characteristic is that they defended or supervised an AR-based thesis in the field of business and management. The primary contribution of the research is the development of a reference framework that should be considered in the design of a doctoral thesis for which an AR methodology is put into practice. Four dimensions were defined: profiles of both the PhD candidate and supervisor, PhD program/university, and firm/organization. Three main conclusions were reached. First, it is crucial to have a cooperative “eye-to-eye” relationship between the university and the company. Second, the AR process must respond unequivocally to its own dichotomous nature. Third, there must be a straightforward academic process for the PhD thesis. We believe that this study may impel the development of doctoral theses based on AR as a tool to potentiate collaborative university–firm relationships.