Physical punishment is a disciplinary technique that many parents utilize and report as being effective. Nevertheless, researchers continue to debate its usefulness and impact on child adjustment. Many have argued that physical punishment is detrimental to children's socio-emotional functioning, and in particular, that it increases aggression. However, some have argued that whether parents utilize physical punishment is less important than how they use it, citing strong evidence that not all children who are spanked display abnormal levels of aggression. This has lead to the theory that various parenting characteristics and techniques may moderate the relationship between physical punishment and aggression. The current study examines parental warmth as a moderator of the relationship between physical punishment and aggression 30 months later. Results of the study yielded no evidence that this relationship exists. Several limitations are believed to have contributed to the null findings. Directions for future research are discussed.