An indene derivative for selectively modulating the activities of peroxisome proliferator activated receptors (PPARs) having the following formula (I): ##STR00001## wherein, R.sub.1 is C.sub.1-6 alkyl, C.sub.1-6 alkenyl, or C.sub.3-6 cycloalkyl, each of which is unsubstituted or substituted with one or more phenyl groups; R.sub.2 is H, CN, CO.sub.2R.sup.a, CH.sub.2CO.sub.2R.sup.a, CONR.sup.bR.sup.c, ##STR00002## or phenyl; R.sub.3 is C.sub.1-6 alkyl, C.sub.3-6 cycloalkyl, naphthyl, phenyl, ##STR00003## being each unsubstituted or substituted with one or more substituents selected from the group consisting of halogen, CN, NH.sub.2, NO.sub.2, OR.sup.a, phenyloxy, C.sub.1-6 alkyl, and C.sub.3-6 cycloalkyl; and R.sub.4, R.sub.5, R.sub.6, and R.sub.7 are each independently H, OH, OSO.sub.2CH.sub.3, O(CH.sub.2).sub.mR.sup.e, CH.sub.2R.sup.f, OCOCH.sub.2OR.sup.g, OCH.sub.2CH.sub.2OR.sup.g, OCH.sub.2CH.dbd.CHR.sup.g, or pyridine-2-yloxy, or R.sub.5 and R.sub.6 together form OCH.sub.2O.