Gets or sets the value of the member property specified by the ListControl.ValueMember property.
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If a property is not specified in ListControl.ValueMember, ListControl.SelectedValue returns the results of the ToString method of the object.
ComboBox.SelectedIndex, ListControl.SelectedValue, and ListControl.FormattingEnabled are related as follows:
If ListControl.FormattingEnabled is false, ComboBox.SelectedIndex will not be set to -1 when ListControl.SelectedValue is blank.
If ListControl.FormattingEnabled is true, ComboBox.SelectedIndex will be set to -1 when ListControl.SelectedValue is blank.