I'm quoting, so don't blame me!
".. the maximum cable length is 50 feet, or the cable length equal to a capacitance of 2500 pF. This means that using a cable with low capacitance allows you to span longer distances without going beyond the limitations of the standard. If for example UTP CAT-5 cable is used with a typical capacitance of 17 pF/ft, the maximum allowed cable length is 147 feet.
Texas Instruments has done some practical experiments years ago at different baud rates. Keep in mind, that the RS232 standard was originally developed for 20 kbps. By halving the maximum communication speed, the allowed cable length increases a factor ten!
RS232 cable length according to Texas Instruments
Baud rate Maximum cable length (ft)
19200 50
9600 500
4800 1000
2400 3000"