Growth factor of the TGF-beta superfamily that plays essential roles in many developmental processes, including cartilage and bone formation or neurogenesis (PubMed:11580864, PubMed:29321139). Initiates the canonical BMP signaling cascade by associating with type I receptor BMPR1A and type II receptor BMPR2 (PubMed:11580864). In turn, BMPR1A propagates signal by phosphorylating SMAD1/5/8 that travel to the nucleus and act as activators and repressors of transcription of target genes (PubMed:11580864, PubMed:29321139). Can also signal through non-canonical pathway such as MAPK p38 signaling cascade to promote chondrogenic differentiation (PubMed:20402566). Promotes the expression of HAMP, this is repressed by its interaction with ERFE (PubMed:30097509). {ECO:0000269|PubMed:11580864, ECO:0000269|PubMed:20402566, ECO:0000269|PubMed:29321139, ECO:0000269|PubMed:30097509}. This is the function of Ensembl gene identifier ENSG00000112175 (BMP5, bone morphogenetic protein 5).