My views on the 3 main form of punishment for an animal/child (since Kasic clumped 'em together..I shall as well). Scolding, "time-out", and spanking
Scolding
Easily the weakest of the 3. This one is dependent completely on the morals of the animal/child. If child/animal feels bad/remorse due to your scolding..then negative reinforcement will take affect. If the child/animal does not feel so (as in..relatively low morals) then there will be no negative association to the actions that said child/animal did.
Time-out
For animals, this is usually done by placing them in a kennel for some time. This one may work very well, as they could associate the action taken to having to take "time-out"...however, if the child/animal received a good amount of "thrill" (such as an adrenaline rush) then that thrill might give the actions taken a positive association, and having a time-out would just be a cost to that thrill
Spanking
Now keep in mind, this is not punching the child/animal here..just a reasonably measured spank. This gives an association of pain (although it is a minor amount of pain..it is pain nonetheless) and pain is a great reinforcer. Whether the child/animal received a "thrill" or not..or has low morals or not..they will still associate pain to that action, and that pain will override that thrill or morals (now, there are extremes out there that will show otherwise..but again..those are extremes)