The present invention provides a novel compound having an excellent PPAR agonist action. More specifically, it provides a compound represented by the following formula, a salt thereof, an ester thereof or a hydrate of them. ##STR00001## Wherein a, b and c are the same as or different from one another and each represents 0 to 4; R.sup.1 to R.sup.6 are the same as or different from one another and each represents a hydrogen atom, a hydroxyl group, a cyano group, a halogen atom, etc.; A.sup.1 and A.sup.2 are the same as or different from each other and each represents a single bond, an oxygen atom, etc.; L, M and T each represent a single bond, an alkylene group having one to six carbon atoms, etc.; W represents a carboxyl group; the partial structure represented by the formula: ##STR00002## represents a single bond or a double bond; X represents a single bond, an oxygen atom, --NR.sup.x1CQ.sup.1O--, etc.; Y represents Y.sup.1--Y.sup.2-- (wherein Y.sup.1 represents a 5 to 14-membered aromatic ring having one to four substituents, etc.; and Y.sup.2 represents a single bond or a 5 to 14-membered aromatic ring); and the ring Z represents a 5 to 14-membered aromatic ring which have one to four substituents selected form the above-mentioned Group A, may have one or more hetero atoms and may be partially saturated.