In a properly tightened bolt/nut thread set there is elastic tension and friction (at least). As long as the elastic tension is holding the friction surfaces together there is "holding". Torque values are an attempt to quantify the desired amount of tension, bolt elongation is measured as a representation of it in critical applications.
Errr, Ummmm, I think that is most of it - its been a long time.
Oh, improper selection of bolt size, material, thread profile, improper tightening, corrosion, etc can all lead to loosening. Overtightening is BAD, but you probably knew that.
EDIT; Consider bicycle pedals. The rotation relative to the crank suggests that they should have a left hand thread on the right hand pedal and a right hand thread on the left hand (foot) pedal. Due to some whacky epicyclic effect they're the other way around. So yes, proper DESIGN counts. ;END EDIT