**1. Introduction**

Sustainability is a paradigm that challenges business organizations and society. Organized society highlights the need to think about environmental sustainability and the responsibility of the business organization toward society. In this perspective, there are also providers of resources that demand a company's governance system, aiming to mitigate the problems configured by the possibility of conflict emergence and information asymmetry, focusing on sustainability.

The problem established by the information asymmetry, which refers to the possibility of the emergence of adverse selection and moral hazard [1, 2], underlies the relationship between managers and the organization's stakeholders whenever the control and owners' resources are different. The adverse selection problem happens before the contract is signed, in which one of the parties involved in the relationship has information that the other does not know. The access to information lacks could be of different types, resulting in losses of supply and organization sustainability

because the uninformed contract part would assume that the object to be contracted is like the average of the others offered in the respective market. On the other hand, moral hazard would emerge in an ex-post contractual situation. It would appear whenever the party to the contract, which represents control, adopted decisions different from the stakeholders' interests. Thus, information asymmetry leads to efficiency loss and organizational sustainability difficulties.

Four categories of information represent sustainability and must be highlighted: economic-financial, environmental, social, and cultural. The economic-financial information is classic, representing the object values constituting the contractual relationship. The demand for information describing the environmental impact derives from organized social movements and information on social responsibility. Finally, where companies are, information representing the culture category is more recent and is related to the cultural preservation identified by the society [3].

As a mitigating mechanism for information asymmetry, the literature recommends organizations show discretionary information that allows stakeholders to know them [4–7]. Furthermore, with the representative information, their sustainability would lead to their legitimation [8–11]. In this sense, communication tools have advanced a lot with the information technology advent and the Internet, facilitating new communication channels and making disclosure cheaper [8, 12]. Thus, the transparency of managers improved as the cost of publishing information was mitigated [13]. However, when studying information disclosure, there are challenges such as the expression of possibilities universe a reality or the fact disclosure is an abstract concept. Faced with this reality, the literature on disclosure recommends the indicators used represent information about a given reality [14–18].

The literature review on information sustainability of organizations has grown in recent years. However, this enrichment focused on the managers' perspective. That means the literature analyzes the disclosure level using indicators constructed from the analysis. On the other hand, research that presents the stakeholder's perspective is much more restricted [12, 19–23]. Also, the study concentrates on the sustainability tripod, namely: economic, environmental, and economic, without including information about cultural sustainability identified as forming the fourth sustainability pillar for organizations.

In this sense, the problem of this study refers to the need to create indicators that make it possible to contribute as a guide for managers to meet the stakeholder's demands for information representing the cultural organization's sustainability. Therefore, this study aims to identify representative information on cultural sustainability to mitigate information asymmetry between organizations and their primary stakeholders. The absence of a standardized perspective on demand for information representing cultural aspects for stakeholders points to the relevance of this study.

For the study, a sample was selected, considering the primary stakeholders' accessibility of different types of public and private organizations with participation in the economy in Brazil, distributed in the most diverse economic activity branches. The research development began with the stakeholders' selection and qualification on the sustainability topic. Subsequently, we sent a survey form asking them to indicate information referring to the cultural sustainability pillar, which they considered necessary for disclosure on the organizations' electronic pages, published on the Internet. As a result, we obtained 220 responses from stakeholders, of which 115 declared themselves to be customers, and 105 declared themselves to be organization

employees were part of the sample. After the research stages were carried out, including rounds with specialists, we created a list of 18 cultural sustainability indicators to disclose support and analyze the information disclosure representing the organizations' cultural sustainability on their Internet pages.

By disclosing sustainability information, organizations increase transparency, increasing the organization's management reliability, reputation, and legitimacy, strengthening the relationship between management, customers, and employees [19, 24]. They can also allow benchmarking against competitors, signal competitiveness, motivate employees, and support information encouraging organizational culture [25, 26]. The identity sense has also recognized reporting information on cultural sustainability as an essential contributing factor to corporate sustainability [3, 27]. Therefore, the topic receives greater attention in organizations and academia.

In this sense, the present study contributes to the organizations by presenting them with an indicators list of sustainability information representatives, enabling them to mitigate the cultural information asymmetry with their primary stakeholders that it uses to establish strategic disclosure policies. It also helps regulatory and supervisory bodies to use the indicators list, proposing disclosure standards for organizations, knowing that these indicators are of primary stakeholders' interest and will consider for the organizations' legitimization in the communities where they operate.

In addition to this introduction, the chapter presents a literature review on the subject, the methodological procedures used, the cultural sustainability indicators survey results, the final considerations, and the references used.
