Although I am not yet a father, but I have so many children as students that I discipline on daily basis. And so, I will be speaking from the perspective of teacher, which I guess it would reflect the attitude of a father on how a child can be punished. From personal experience, I have discovered that children of nowadays are more unruly than how it used to be back in the days. And they are very disrespectful and uncourteous too.
Basically, what I do is to ensure that I don't spare the rod so that they don't go wayward in life. Anytime they mishave is either I punish them by flogging them or give them physical punishment that would make them realized what they've done is wrong. And I also make sure the lesson is learnt so that it won't be of waste of time for me and to them too. This is usually achieved by making sure they see the reason behind why they were punished. I even go as far as councelling them through admonition, which is primarily targeted to psychologically sharpen them up and also to make them to be remorseful for whatever they've done.
But one thing I don't do is to discipline them out of wickedness. I ensure that they are punished out of love, so that I don't get to inflict injuries on their body. Surprising, this method has been working for me, as they turn a new leaf from their attitudinal approach to their academics, and how they relate with their teachers.