You can achieve this by setting the selectable object source to "Xpath". Once you do that you can either write a constraint in the xpath constraint box or choose a constraint in the "constrained by" section.
From reading your question, I'm assuming your domain model looks similar to this.
And the record that a user would be entering into the system would be a sales record. And that this is where the references will be set to company, division, and location.
I created a page with a dataview of sale, and reference selectors for Company, Division, and Location.
To constrict the Division selection based on the company selection, as well as location selection based on the division selection, you would add these two constraints.
Now no options will appear in the Location drop down until a division is chosen, and no option will appear in the division drop down until a company is chosen.
If you wanted to take it a step further, you can add conditional visibility on the division and location drop downs to appear once their dependency association is set.
Conditional Visibility for Division reference selector
Conditional visibility for Location reference selector
Now the page will display the company drop down and wont display the division drop down until a company is selected. Same goes with Location and division.
Also to make all of this work, you would need administration screens to create a division and associate it to a company, as well as create a location and associate it to a division.
Hope this helps!
You could also use data source from microflow and create a microflow similar to this.
This way will only work if you use the conditional visibility. Otherwise the microflow will run before the reference to company is set and will always return an empty list.