If you activate the check "Don't generate code" then no code will be generated for this option.
When you call a Browse window just to browse the file, you will probably have a "Close" button to close the browse. However, if you call this very same Browse to select a record, the user will face the options "Select" and "Close", which not always is clear for the user. This option intends to replace the text and icon from the "Close" button for another option (like "Cancel") so the user knows that with this button he is not selecting anything.
Since you may type a longer text than the original, you may also specify a minimal width and height for the button. If the size is wider than the original, then you may want that the button were moved to the left (as the "Close" button is normally at the right of the window).
From the example, this is the PhoneTypes browse, at design time:
