Used as a ligand in transition metal catalysis, particularly in palladium-catalyzed cross-coupling reactions such as Suzuki and Heck reactions. Its phosphine group coordinates to metals, while the phenolic hydroxyl group can participate in hydrogen bonding or be deprotonated to tune electronic properties. This bifunctional nature enhances catalyst stability and reactivity. Also employed in the synthesis of functional materials, pharmaceuticals, and organometallic complexes for homogeneous catalysis. Solubility in common organic solvents makes it suitable for solution-phase reactions.