OK, going with my understanding, which I can't promise is perfect.
Volt-drop - as others have said is not too much of an issue because of the very low current.
Signal type - Single ended signals will have a lower maximum length than Differential.
See here for a description of Differential.
Cable Type - Use twisted pair cable with a Differential signal, see the RS422 description above.
Cable Screening - Always use a screened cable with the screen grounded at one end only.
High Voltage versus Low Voltage - Though high voltage will tend to be less susceptible to electrical noise it also means having to change the voltage of the cable through a much greater range. It takes time to change the voltage which will limit the maximum pulse rate on the cable. Also due to the capacitance there will be a larger current needed at signal change and the output circuit has to be able to cope with that current.
Cable Diameter - It feels like a bigger cable will be better than a small one and with low speed pulses it will be, providing that the output circuit can switch the larger current due to increased capacitance. For higher speed signals it is actually better to go with a thinner cable. If you don't have a supply voltage available at the encoder end then use multiple cores for the Supply and Zero volt. Get the cable resistance specs and current needed to calculate supply voltage drop.
Cable placement - always run signal cables away from sources of electrical noise, cables carrying mains voltages, VSDs etc.
So the answer to your question is that there is no simple answer. It is a balance of maximum speed with maximum distance with minimum cost, working with the measuring device inputs that you have available. The best way is to get the encoder manufacturers specs for maximum distance and speed. Then if it all goes tits up you can blame the supplier. Your distance of 50 metres isn't that far but if you don't use screened twisted pair cable, or if you want a very high speed rate of pulses, or if you run the cable in the same tray as mains cables, you will have problems. To give you some perspective RS422 works typically in the 5V range and at 1200 metres has a maximum speed of 100kbps, that is 100000 pulses per second. That would be a 100ppr encoder spinning at 60,000rpm.
If ever distance is a major issue then look at optic fibre rather than electrical cable transmission.
Oh, and finally, why so many 5V encoders out there, History, when encoders were first made the kit they had available was 5V so they made them 5V.
Bryan