yes, love can be in different forms, not just in hugging and pampering and ... spoiling! :)
but it is important to explain why punishment was done - otherwise child may not fully understand why such a measures. physical pain especially causes emotional reactions.
in this regards it might be more effective to use other forms of punishments (not physical), which may not sting buttocks as much - yet be even more punishing. like some task to do or not allow to play or watch TV or deny some yummy snacks, etc :)
after all, to certain extent, kids are still driven a lot by conditioned reflexes (as in Pavlov's theory). even dangerous carnivorous predator animals in circus performances are possible to be taught by using those reflexes. (most basic one is food) what to speak of human children! :)
who are naturally more intelligent. as well as can understand human language. as well as human emotions.