Initial Combobox blank value in a Form is Null

My Excel is 2003 SP3.

I have a Combo in a Form with MatchRequired false (because I want to customize the error message).

There is a 2 columns range whose name is stored in RowSource property.

Blank is a valid choice, so I have included a empty line in that range.

First column ( BoundColumn=1 Linked to Value default property) indicates the final return.

Second column ( TextColumn=2 Linked to Text property) is what I see in the form (WidthColumn="0 pt")

When I choice the empty value in the Combo, the Excel correctly set value property to "".
However, when I set the value to "" before show it, Excel puts the null value,

Why? How to I can circumvent it?

I've tested Combobox issue with more detail

There is a "solution" that works but it's not OK because it's not natural.

I have assigned "" to text property in Combo and the value property changes to "".

Other weird effect that I've found is when one cleans a RowSource property: the Value property is set to null. However, if you change the value column to "nuts",
the Value property from Combo changes accordingly.

It must be really a bug in Excel, I do not know if it was fixed in newer versions.

Could someone test the same issue in Excel 2007 or Excel 2010?

It's just creates a Form called FTest and just have added a Combo called cCombo

The below code does the rest

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