Empty "NoWorkingDirectory" string value is often used in Windows Registry when user-defined Right-Click menu items are created. For example to be able to open PowerShell when right-clicking on folder backround in Windows Explorer (as opposed to right-clicking on folder itself, in that case "NoWorkingDirectory" is not used):
[HKEY_CLASSES_ROOT\Directory\Background\shell\powershell]
@="Open PowerShell Here"
"NoWorkingDirectory"=""
[HKEY_CLASSES_ROOT\Directory\Background\shell\powershell\command]
@="C:\\\\Windows\\\\System32\\\\WindowsPowerShell\\\\v1.0\\\\powershell.exe -NoExit -Command Set-Location -LiteralPath '%V'"
However, I am not clear on actual purpose of this value. It is always used empty in all samples I found. What exactly does it signify?