You can use the Link Properties dialog to set or change two properties of the link.
Set these properties
Link
You can type or browse for the file to which to link. The text box remembers the paths and names you've entered previously.
Learn more about working with Links
Default View
Every link can have a view associated with it. A view is defined by two elements, the location and height of an observer and the location and height of a target. As you navigate over the map, you implicitly adjust the view. You can set or clear the view associated with a link in the lower portion of the link's Properties dialog by clicking the respective buttons.
If you've established a link's view, when you double-click the link in the Contents window the link will display and the map will display the view.