Definition:
Geert Hofstede a Dutch social psychologist developed concepts of short team and long term orientation. Long-term orientation is one of the five cultural dimensions which are individualism, masculinity, uncertainty avoidance index and power distance.
Long–term orientation is when you are focused on the future. You are willing to delay short–term material or social success or even short–term emotional gratification in order to prepare for the future. If you have this cultural perspective, you value persistence, perseverance, saving and being able to adapt.
Further Reading:
Book: SUCCEEDING WITH AGILE Software Development Using Scrum by Mike Cohn