Proceedings

services that meet the requirements of international markets while citizens obtain a
growing and long-term sustainable standard of living”. U.S. Energy Department
defines industrial competitiveness as the ability of a company or industry to meet the
challenges of foreign competitors(Havlik,2001). An interesting approach on
competitiveness is the one conducted by the Ministry of Industries in Denmark
(Nicolescu O, Nicolescu L, Economia, firma şi managementul bazate pe cunoştinţe -
Economy, firm and knowledge based management) who prepares a competitive
pyramid, containing seven factors considered to be relevant, but allowing the
consideration of others as well, and leaving opened the evolution to new factors
(openness is suggested by the top blank quadrilateral). The seven factors are
favourable environmental and social conditions, continuous innovation and
technological competence, building new markets and international profiles, fast
delivery, confidence in the sales, efficient manufacturing and low price.
In our opinion, any approach to measuring competitiveness and competitive
advantages must take into account, on one hand, the level at which the analysis -
micro, mezzo and macro is made - and on the other hand the fact they are the resultant
of many variables which are conditioned directly or indirectly. Among the variables
which determine the competitiveness and competitive advantage, regardless of the
approach, there is reflected the technological competence. This depends, at any
approach level, on the quantity, quality and reliability of the existent technique as well
as on the way the decision factors understand how to develop and conduct an
investment policy. Investment policy was and still represents a concern for all
professionals in the economic field. At a company level, financial and accounting
specialists have investigated the correlation between capital expenditures and the
volume of loans. Thus, G. Nini., D. Smith and A. Sufi showed in a study in the 90
years in Britain that over 30% of loan contracts held by companies under investigation
included limitations on capital expenditures.
The study showed the impact of these loan contracts limitations on the market value
of the business and its operational performance. Another study in Belgium conducted
by Marc Deloof in the period 1992-1996 and published in 2003 in the Journal of
Business Finance & Accounting, shows the relationship between the intensity of the
policy investment in the company, working capital levels and profitability of the
company. Since the 60s, in U.S., concerns are obvious in the investment policy and
starting with the 80s the issue of social responsibility and prudent behaviour of the
management in the investment policy at the microeconomic level has been set. The
concept of social responsibility was standardized in 2010 (ISO_DIS 26 000 -
Guidance of Social Responsibility) and is considered a higher level of sustainable
development approach.
In our approach to identify the competitive advantages of the extractive industry in
Romania in the context of a national funded research, an important step was
conducting a survey of the companies listed on Bucharest Stock Exchange, whose
main activity object is coal mining, in order to identify correlation between the
firm's investment policy and long-term business profitability. In the following, we
present our approach and results of the study.
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