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 allows for further functionalization or participation in hydrogen bonding, enhancing catalyst stability or selectivity. Also employed in the synthesis of functional materials and organometallic complexes for use in homogeneous catalysis. Solubility in common organic solvents makes it suitable for solution-phase reaction systems.