Hofstede:  Long Term / Short Term

Hofstede' new dimension is based on the study of Michael Bond in Hong Kong which had noted that Hofstede’s previous four cultural dimensions did not adequately reflect Asian perspectives on culture.  It also reflects the time orientation of Kluckhohn and Strodbeck.
But, not just a time situation.  As Hofstede notes:

"Long Term Orientation stands for the fostering of virtues oriented towards future rewards, in particular perseverance and thrift. It’s opposite pole, Short Term Orientation, stands for the fostering of virtues related to the past and present, in particular, respect for tradition, preservation of ‘face’ and fulfilling social obligations.”

From Hofstede (2001), Culture’s Consequences, 2nd ed., p 359

 See Hofstede’s country ranking for Long Term / Short Term. 

Traits of Long Term / Short Term
High Long Term Low Long Term (i.e. Short Term)
emphasis on persistence emphasis on quick results
relationships ordered by status status not a major issue in relationships
personal adaptability important  personal steadfastness and stability important
face considerations common but seen as a weakness protection of one’s face is important
leisure time not too important leisure time important
save, be thrifty spend
invest in real estate invest in mutual funds
relationships and market position important bottom line important
good or evil depnds on circumstances belief in absolutes about good and evil