Generally no problem. I do it all the time. Given that your cables are decent quality ( nothing esoteric needed ) .
You should of course only use long cables for balanced runs. All phantom powered mics and almost all modern dynamic mics run balanced. Specialties like extra small condensor mics ( stander DPA 406x ) start out as unbalanced at the mic end and might not like long cable runs.
To put things into perspective, Neumann advises agains using cables longer than 300m ( about 900 feet ) with their phantom powered mics. I generally keep cables below 100 meter to be on the safe side.
// Gunnar