When you click on a hyperlink in Excel that points to a folder location, it always opens the folder with navigation pane enabled, even if the user has disabled the navigation pane. This is because Excel invokes the "explore" verb instead of “open”, when launching a hyperlink to a folder. To prevent the navigation pane from being shown when clicking a hyperlink in Excel, use the steps:
Click Start, type Regedit.exe and press ENTER
Navigate to the following location:
In the right-pane, rename LaunchExplorerFlags to LaunchExplorerFlags-Old
Exit the Registry Editor.