The compound represented by formula (I) (wherein R.sup.1 and R.sup.2 are cyclic group which may have a substituent(s) and so on; W is a spacer of which main chain has an atom number of 1-6.; X is --O-- and so on; ring A is cyclic group which may have a substituent(s); Y is a spacer of which main chain has an atom number of 1-6 and so on; Z is acidic group.) a salt thereof, a solvent thereof or an N-oxide thereof, or a prodrug thereof Since the compounds in the present invention have a regulatory activity for peroxisome proliferator activated receptor, the compounds in the present invention are useful as a preventive and/or therapeutic agent for diseases associating metabolic disorders (e.g., hypercholesterolemia, hyperlipoproteinemia, etc.), hyperlipidemia, atherosclerosis, hypertension, circulatory diseases, overeating, ischemic heart diseases, etc., an HDL cholesterol-elevating agent, an LDL cholesterol and/or a VLDL cholesterol-lowering agent and a drug for relief from risk factors of diabetes or metabolic syndrom.