Peer review has long been considered a valuable educational tool, but its impact on student performance remains an area of ongoing research. This paper presents a statistical framework to investigate the relationship between peer review participation and student performance in programming assignments. Utilizing panel data regression models, we aim to isolate the effect of peer review from other contributing factors, such as prior academic performance and time spent on assignments. Our framework is designed to be robust, accounting for both observed and unobserved heterogeneity among students as well as potential temporal effects. The proposed statistical framework of this research may have implications for educational policy and instructional design, offering insights into the efficacy o f peer review as a pedagogical tool.