Provided herein are alkynyl derivatives, which have PPAR agonist activity, and can be used as antidiabetic compounds. Compounds disclosed herein can be used for the treatment of diabetes and diabetes-associated complications, to diseases and conditions in which insulin resistance is a pathophysiological mechanism, and to diseases or conditions such as Type II diabetes, dyslipidaemia, hypertension, coronary heart disease, cardiovascular disease, atherosclerosis, nephrosclerosis, polycystic ovarian syndrome, eating disorders, diabetes nephropathy, glomerulonephritis, glomerularsclerosis, nephrotic syndrome, psoriasis, obesity or dementia. Compounds disclosed herein also can inhibit aldose reductase. Processes for the preparation of disclosed compounds, pharmaceutical compositions containing the disclosed compounds, and methods for treating diabetes mellitus and diseases and conditions mediated through insulin resistance are provided.