I'm not a father, but I will share my views.
Hitting your children will not necessarily make them respect you. My mother use to discipline us (my siblings and I) with physical contact and we never respected her like we did our father. If she didn't hit us out of anger, she would sometimes give us a choice between an arse woopin' or a punishment. I would always take the arse woopins because her punishments were equivalent to solitary confinement in prison. No TV, no nintendo, no toys, no friends, etc. Sitting in your room all day staring at the ceiling is torture when your friends are outside playing.
I behaved as a child because I did not want to be punished; punishments were absolute torture. My friends parents use to punish them and then un-punish them 15min later when they begged for mercy. My mom never let us out of our punishments and would either tack on more days or woop your arse if you asked her to shorten/lighten the punishment. This is why punishing us worked. We knew there would be consequences for our actions, and these consequences were severe and non-negotiable.
The moral of the above story is this: Figure out what form of punishment you can do to make your kid miserable, and use it against them to make them aware that their are consequences for their actions. Next time they are considering doing something wrong, they will weigh the consequences in their decision. An arse woopin every now and then to let your child know that you can and will, if necessary, is ok by me. However, there are much better ways to punish your children imo, like solitary confinement. Inconsistency violence and "giving in" are not things you want to teach your children; stand your ground even if it is painful.
We respected our father because he respected us and treated us more like adults. He would talk about what we did, why it was wrong, and tell us he was disappointed in us. This hurt much more than a spanking, but not more than a few days in solitary confinement.