A compound represented by formula (I) (wherein all the symbols are as defined in the specification) or a salt thereof Since the compound represented by formula (I) or a salt thereof has a regulatory activity for peroxisome proliferator activated receptor, the compound represented by formula (I) is useful as a hypoglycemic agent, a hypolipidemic agent, a preventive and/or therapeutic agent for diseases associating metabolic disorders (e.g., diabetes, adiposity, metabolic syndrome, hypercholesterolemia, hyperlipoproteinemia, etc.), hyperlipidemia, atherosclerosis, hypertension, circulatory diseases, overeating, ischemic heart diseases, etc., a HDL cholesterol-elevating agent, a LDL cholesterol and/or VLDL cholesterol-lowering agent and a drug for relief from risk factors of diabetes or metabolic syndrome.