Shortcuts to program files are not executed
In this particular case, the problem is usually caused by the removal of the shortcut arrows. To solve the problem, you must first start the Windows Registry Editor (regedit.exe).
Then locate the following sections in the Registry Editor:
HKEY_LOCAL_MACHINE\SOFTWARE\Classes\lnkfile
and
HKEY_LOCAL_MACHINE\SOFTWARE\Classes\piffile
If the string IsShortCut is missing in one of these two sections, this will lead to the behavior in SpeedCommander described above. If you restore the missing string, shortcuts will work again in SpeedCommander.
After this change, the shortcut arrow will be visible again. To hide it permanently and still be able to execute shortcuts in SpeedCommander, create a new string named 29 in the section
HKEY_LOCAL_MACHINE\SOFTWARE\Microsoft\Windows\CurrentVersion\Explorer\Shell Icons
The value must be a path to an icon (e.g., C:\Icons\AnIcon.ico), which should preferably be transparent.