Much of contemporary scientific discussion regarding factors that influence software development productivity is undertaken in various domains where there is an insufficient empirical basis for exploring socio-technical factors of productivity that are specific to a software development organization. The purpose of the study is to characterize the multidimensional nature of software development productivity and its social aspects as a set of latent constructs (i.e. variables that are not directly observed) for a medium-sized software company. To this end, we designed an exploratory in-depth field study based on the hypothesized productivity constructs, which were modeled by a set of factors identified from literature reviews, and later refined by industrial focus groups. In order to demonstrate the applicability of our approach, we conducted confirmatory factor analysis with the data attained from a questionnaire with 216 participants. To investigate factors of influence further, we analyzed the impact of selected team-based variables over the latent constructs of productivity. Taken together, our findings confirm that such an approach can be used to explore the quantifiable influence of socio-technical factors that would affect productivity of a particular software development organization. Ultimately, the resulting model provides guidance to explore the comparative importance of a set of firm-specific factors that may help to improve the productivity of the organization.