The present invention provides a compound represented by the formula (I): [wherein R is an optionally substituted hydrocarbon group or an optionally substituted heterocyclic group, p is 0, 1 or 2, and when p is 2, each R may be the same or different, R.sup.1 is a hydrogen atom or an optionally substituted hydrocarbon group, R.sup.2 is an optionally substituted aromatic group, Ring A is an optionally substituted monocyclic aromatic ring or optionally substituted bicyclic aromatic fused ring, X.sup.1 is an oxygen atom or a sulfur atom, X.sup.2 is a bond, an oxygen atom or --S(O).sub.n-- (wherein n is 0, 1 or 2), Y is a bond, an oxygen atom, --S(O).sub.m--, --C(.dbd.O)--N(R.sup.3)-- or --N(R.sup.3)--C(.dbd.O)-- (R.sup.3 is a hydrogen atom, an optionally substituted hydrocarbon group or an optionally substituted heterocyclic group, and m is 0, 1 or 2), M.sup.1, M.sup.2 and M.sup.3 may be the same or different and are each independently a bond or an optionally substituted divalent aliphatic hydrocarbon group, and M.sup.4 is an optionally substituted divalent aliphatic hydrocarbon group] or a salt thereof, which is useful as a prophylactic and/or therapeutic agent for lipid metabolism abnormality, arteriosclerotic disease and sequelae thereof, diabetes mellitus and the like.