Hard to say. The only technical effect I know of is the width if the resonance of the parasitic wire inductances, capacitances, and resistances, none of which are practical to measure. All of those resonance(s) are at much higher frequencies than audio, so science is no real help - nobody really knows why a difference is heard by so many people. But putting the bypass cap nearer the circuit would seem best.
In any case, the long connection should be done with a twisted pair of wires, to minimize any wire inductance or interference pickup.