I think it can depend on the child. Some listen to reason and some don't. On occasions, sometimes a mild physical 'incentive' can work wonders. If they can't listen to the reason why they shouldn't do something, then the immediate 'action-consequence' of physical interaction can do the trick.
My son would always listen and understand explanations. One of my step-sons is the same. Another of my step-sons is quite the opposite, despite being a bright little lad, he seems to just not believe adults sometimes when you tell him the reasons behind the discipline. Why? I don't know. It could be the way his mum treats him as ther baby of the family or it could just be his personality. He has no sense of danger. But it does mean that sometimes I do give him a smack when he is endangering himself and won't listen. Example - I was in the garden with one boy and he, indoors on the first floor, decided to climb up on the windowcill and lean out. Told him to get down, he did. Turned my back and he was hanging out the window again. I went indoors, sat him down, talked about how dangerous it is to hang out of windows, and went back outside. Again, there he was hanging out of the window. Went upstairs, told him off, applied slap to leg, no more hanging out of the window.
Another example - I was cooking in the kitchen and he kept leaning down and putting his face very close to the glass oven door to look at the food (the door gets hot). I explained to him about 3 times that the door was hot and getting too close was dangerous - he might burn himself - and gently moved him away. The fourth time I didn't say anything just bopped him lightly on the head with the spoon I was holding and he shot away from the oven and stayed away. He wasn't able to absorb getting too close to oven=getting burnt as it was too abstract a reason for him, never having burnt himself, but he could absorb getting too close to oven=being bopped by a spoon.