Below is how I would have implemented the solution. In short, I'd use constants instead of magical values, and I'd hide C-ish bits in a sub that provides an interface better suited to Perl.

use v5.10.0;

use strict;
use warnings;

use Win32::API qw( );


use constant MAX_PATH          => 260;
use constant MAX_FEATURE_CHARS => 38;

use constant {
    INSTALLSTATE_NOTUSED      => -7,  # component disabled
    INSTALLSTATE_BADCONFIG    => -6,  # configuration data corrupt
    INSTALLSTATE_INCOMPLETE   => -5,  # installation suspended or in p
+rogress
    INSTALLSTATE_SOURCEABSENT => -4,  # run from source, source is una
+vailable
    INSTALLSTATE_MOREDATA     => -3,  # return buffer overflow
    INSTALLSTATE_INVALIDARG   => -2,  # invalid function argument
    INSTALLSTATE_UNKNOWN      => -1,  # unrecognized product or featur
+e
    INSTALLSTATE_BROKEN       =>  0,  # broken
    INSTALLSTATE_ADVERTISED   =>  1,  # advertised feature
    INSTALLSTATE_REMOVED      =>  1,  # component being removed (actio
+n state, not settable)
    INSTALLSTATE_ABSENT       =>  2,  # uninstalled (or action state a
+bsent but clients remain)
    INSTALLSTATE_LOCAL        =>  3,  # installed on local drive
    INSTALLSTATE_SOURCE       =>  4,  # run from source, CD or net
    INSTALLSTATE_DEFAULT      =>  5,  # use default, local or source
};

my %INSTALLSTATE_DESC = (
    INSTALLSTATE_NOTUSED()      => 'The component being requested is d
+isabled on the computer',
    INSTALLSTATE_BADCONFIG()    => '[configuration data corrupt]',
    INSTALLSTATE_INCOMPLETE()   => '[installation suspended or in prog
+ress]',
    INSTALLSTATE_SOURCEABSENT() => 'The component source is inaccessib
+le',
    INSTALLSTATE_MOREDATA()     => '[return buffer overflow]',
    INSTALLSTATE_INVALIDARG()   => 'One of the function parameters is 
+invalid',
    INSTALLSTATE_UNKNOWN()      => 'The product code or component ID i
+s unknown',
    INSTALLSTATE_BROKEN()       => '[broken]',
    INSTALLSTATE_ADVERTISED()   => '[advertised feature]',
    INSTALLSTATE_REMOVED()      => '[component being removed (action s
+tate, not settable)]',
    INSTALLSTATE_ABSENT()       => 'The component is not installed',
    INSTALLSTATE_LOCAL()        => 'The component is installed locally
+',
    INSTALLSTATE_SOURCE()       => 'The component is installed to run 
+from source',
    INSTALLSTATE_DEFAULT()      => '[use default, local or source]',
);


{
    # UINT MsiGetShortcutTarget(
    #     __in   LPCTSTR szShortcutTarget,
    #     __out  LPTSTR szProductCode,
    #     __out  LPTSTR szFeatureId,
    #     __out  LPTSTR szComponentCode
    # );

    my $MsiGetShortcutTarget = Win32::API->new(
        'msi.dll', 'MsiGetShortcutTarget', 'PPPP', 'N');

    sub MsiGetShortcutTarget {
        my ($szShortcutTarget) = @_;

        $szShortcutTarget  .= "\0";
        my $szProductCode   = "\0" x 39;
        my $szFeatureId     = "\0" x (MAX_FEATURE_CHARS+1);
        my $szComponentCode = "\0" x 39;

        return () if $^E = $MsiGetShortcutTarget->Call(
            $szShortcutTarget,
            $szProductCode,
            $szFeatureId,
            $szComponentCode,
        );

        s/\0.*//s for $szProductCode, $szFeatureId, $szComponentCode;
        return ( $szProductCode, $szFeatureId, $szComponentCode );
    }
}

{
    # INSTALLSTATE MsiGetComponentPath(
    #     __in     LPCTSTR szProduct,
    #     __in     LPCTSTR szComponent,
    #     __out    LPTSTR lpPathBuf,
    #     __inout  DWORD *pcchBuf
    # );

    my $MsiGetComponentPath = Win32::API->new(
       'msi.dll', 'MsiGetComponentPath', 'PPPP', 'I');

    sub MsiGetComponentPath {
        my ($szProduct, $szComponent) = @_;

        $szProduct   .= "\0";
        $szComponent .= "\0";
        my $lpPathBuf = "\0" x MAX_PATH;
        my $pcchBuf   = pack('L', MAX_PATH);

        my $rv = $MsiGetComponentPath->Call(
            $szProduct,
            $szComponent,
            $lpPathBuf,
            $pcchBuf,
        );

        return ( $rv, substr($lpPathBuf, 0, unpack('L', $pcchBuf)) );
    }
}


{
    my $shortcut = 'Microsoft Office Word 2007.lnk';

    my ($product, $feature, $component) = MsiGetShortcutTarget($shortc
+ut)
        or die("MsiGetShortcutTarget: $^E\n");

    say "product:       $product";
    say "feature:       $feature";
    say "component:     $component";

    my ($install_state, $path) =
        MsiGetComponentPath($product, $component);

    say "install state: $INSTALLSTATE_DESC{$install_state}";
    say "install path:  $path";
}
[download]

Untested (since I don't know of what advertised shortcuts exist on my machine).

Update: Changed +CONSTANT to CONSTANT() for hash keys.