An unprecedented coalition of large companies, pension funds, and trade unions will on Monday urge corporate America to scrap quarterly earnings guidance in an attempt to curtail the influence of hedge funds and other short-term investors.

The move, backed by leading corporate figures such as Jeff Kindler, chief executive of Pfizer, and Anne Mulcahy, his counterpart at Xerox, will increase pressure on companies and fund managers to focus on long-term objectives rather than short-term fixes.