My vote is for Ass and Abs! Since they are ultimately responsible for the largest percentage of the motion associated with a good punch. But spending time developing speed should be secondary to developing timing. Timing is far more important in terms of being an effective puncher than is speed. Go watch a couple of Alfred Angulo fights, guy is probably one of the slowest guys I have seen in the lower weight division, but he keeps putting his competition on their asses!
Truth is, that is probably the most accurate answer you will get. The nervous system controls the bodies reaction! Essentially, brain tells body what to do, then a series of nerve synapses are how the brain relays that signal to the muscles associated with the movement or reaction. In short, the faster the nerve synapses occur, the faster the body reacts.......