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This study examines the short‐ and long‐term impacts of overinvestments on the profitability of Chinese agri‐food processing firms. We construct an overinvestment age variable measured as the number of years since the most recent overinvestment and use a two‐way fixed effects model based on firm‐level data for the Chinese agri‐food‐processing industry from 1998 to 2013 to conduct the research. We...