The purpose of this study was to examine whether the N400 is affected by the semantic richness of associated neighboring word members or by the density of the orthographic syllable neighborhood. Another purpose of this study was to investigate the source of the different LPC in respect to the semantic richness. To do so, the density of the syllable neighborhood and the size of the morphological family of a word were orthogonally manipulated. ERPs from 24 participants were collected during a go/no-go semantic categorization task. The results showed that the N400 effect was mainly influenced by the density of the syllable neighborhood rather than by the morphological family size. The results also showed that words with a larger morphological family size generate significantly larger LPC than words with a smaller morphological family size. The present study did not support the assumption that the main source of the N400 effect is the semantic richness of the associated neighbors. The present results suggest that the N400 is more sensitive to the density of the syllable neighborhood and LPC is sensitive to the density of the semantic neighborhood reflected by the morphological family size. (Contains 1 table and 3 figures.)