I do not know about any academic research on this, but we do this a lot during a course which we teach to many groups every term and where they learn to discuss linguistic topics in academic English. I have taught the course several times and learned that my example, instructions and feedback are important to the students. They often copy my style when they want to impress me, which is a bit funny. It may also be self-evident, but I only realized this when I taught the course the third time and started to give them more feedback, which they really appreciated.
To specify a little, my students give each other both online feedback and other written feedback which they send by e-mail. Sometimes we also discuss each other's texts orally in the seminars.
Peer review is a form of feedback that students look forward as it involves their buddies. However, the feedback has to be constructive and our guidance is vital in this sense. Attached are articles that may contribute to your literature.
Article Decision Making while Rating ESL/EFL Writing Tasks: A Descri...
Article Peer review in ESL/EFL writing courses: A look at five studies
Article Technology-supported peer feedback in ESL/EFL writing classe...
I was a co-author of a poster session a couple of years ago that addressed peer response. See attached. I am sorry that I do not have a full paper for you to read.
Poster Peer Evaluations via VoiceThread (Web 2.0) to Enhance EFL Or...
Thanks Michael. Your study is interesting and I agree that it's worth further exploration. But by saying "peer evaluations' you mean marking or simply giving feedback? Thanks.
I know of a couple of articles that may be of interest to you including,
AbuSeileek, A., & Abu-Al-Shar, A. (2014). Using peer computer-mediated corrective feedback to support EFL learners' writing. Language Learning & Technology, 18(1), 76-95.
Adiguzel, T., Varank, I., Erkoç, M. F., & Buyukimdat, M. K. (2017). Examining a web-based peer feedback system in an introductory computer literacy course. Eurasia Journal of Mathematics, Science and Technology Education, 13(1), 237-251. doi:10.12973/eurasia.2017.00614a
Ma, Z. (2016). Peer feedback in computer aided college English writing instruction. MATEC Web of Conferences, 44, 2066. doi:10.1051/matecconf/20164402066