SK-19 Power Knob: What specifically does it adjust?

Just so there's no confusion, I'm talking about the silver power adjustment wheel/knob under the rear of the SK-19, not the regulator knob out front.

Exactly what is adjusted when you turn the power knob? Does it directly adjust the valve in some way? Like the tension of a spring on the valve? Or does it adjust the size of some orifice between the valve and the projectile? Supposedly the gun doesn't have a hammer, which also means there is not a hammer spring that would be adjusted by the knob.

Thanks, Kirk