Thing that's been going down quite a while is to link a label first which most of the time isn't a company entity by itself.
King Record Co., Ltd. is the main company entity which has been shifted to a primary distributor role here -
http://vgmdb.net/org/1251 (when it's 販売元: キングレコード株式会社)
while King Records is the main label of the company itself, not the same (albums carrying a King lion logo) and has been separated to this entry -
http://vgmdb.net/org/4
So long story short, even if the field says "Published by", main concern is to link the label first and then the companies when possible (a good example is Starchild Records which is no longer being linked as a once usual "Starchild Records / King Records", it's just a "publisher" now).
That's the thing I've observed last couple of years and I'm just rolling along with it.