The other important thing that predicates when the panenka can be brought out of the locker is the pressure on the goalkeeper. If the keeper doesn't dive for a penalty, they end up looking a bit silly. To hold your ground as a keeper until the last minute (through the strikers run-up) is a game of chicken.

There was a suggestion that Jorginho (Chelsea midfielder) unique technique (similar to Bruno Fernandes from Manchester United) can be countered by the keeper playing a double dummy.

There's the old managers adage of "when in doubt, go for power" which has always worked well.